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Title: ECo 561 Final Exam


1
ECO 561 Final Exam
Brilliant course! It's definitely the best
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  • Find latest Questions and Answers of ECO 561
    Final Exam University of Phoenix course.
  •  
  • Suppose that in the clothing market, production
    costs have fallen, but the equilibrium price and
    quantity purchased have both increased. Based on
    this information you can conclude that
  • A. the supply of clothing has grown faster than
    the demand for clothing
  • B. demand for clothing has grown faster than the
    supply of clothing
  • C. the supply of and demand for clothing have
    grown by the same proportion
  • D. there is no way to determine what has happened
    to supply and demand with this information
  • 2) Camille's Creations and Julia's Jewels both
    sell beads in a competitive market. If at the
    market price of 5, both are running out of beads
    to sell (they can't keep up with the quantity
    demanded at that price), then we would expect
    both Camille's and Julia's to
  • A. raise their price and reduce their quantity
    supplied
  • B. raise their price and increase their quantity
    supplied
  • C. lower their price and reduce their quantity
    supplied
  • D. lower their price and increase their quantity
    supplied

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3) In which of the following industries are
economies of scale exhausted at relatively low
levels of output? A. Aircraft production B.
Automobile manufacturing C. Concrete mixing D.
Newspaper printing 4) The average cost curves
(AVC and ATC) should be minimized A. where MC
ATC and MC AVC B. where FC ATC and FC
AVC C. where TC starts to increase at a faster
rate D. where ATC AVC
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5) If the wage rate increases, A. a purely
competitive producer will hire less labour, but
an imperfectly competitive producer will not B.
an imperfectly competitive producer will hire
less labour, but a purely competitive producer
will not C. a purely competitive and an
imperfectly competitive producer will both hire
less labour D. an imperfectly competitive
producer may find it profitable to hire either
more or less labour 6) The real wage will rise
if the nominal wage A. falls more rapidly than
the general price level B. increases at the same
rate as labor productivity C. increases more
rapidly than the general price level D. falls at
the same rate as the general price level
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7) Construction workers frequently sponsor
political lobbying in support of greater public
spending on highways and public buildings. One
reason they do this is to A. restrict the supply
of construction workers B. increase the
elasticity of demand for construction workers C.
increase the demand for construction workers D.
increase the price of substitute inputs 8)
Paying an above-equilibrium wage rate might
reduce unit labour costs by A. permitting the
firm to attract lower-quality labour B.
increasing the cost to workers of being fired for
shirking C. increasing voluntary worker
turnover D. increasing the supply of labour
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9) A good real-world example of monopolistic
competition is A. lawyers B. gas stations C.
Time Warner Cable D. groceries store 10) An
industry comprising a small number of firms, each
of which considers the potential reactions of its
rivals in making price-output decisions, is
called A. monopolistic competition B.
oligopoly C. pure monopoly D. pure competition
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11) Price is constant or given to the individual
firm selling in a purely competitive market
because A. the firm's demand curve is downward
sloping B. of product differentiation reinforced
by extensive advertising C. each seller supplies
a negligible fraction of total supply D. there
are no good substitutes for its product 12)
The most important pricing strategy for a
perfectly competitive firm is A. minimizing
cost B. maximizing sales C. product
differentiation D. advertising
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13) Which of the following is a nonprice barrier
of entry? A. Huge sunk cost B. Discounts C.
Product differentiation D. Advertising 14) A
third-degree price discrimination can be applied
to which of the following market structures? A.
A monopoly B. An oligopoly C. A monopolistic
competition D. A perfect competition
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15) Investing in RD is more likely to occur in
markets where A. firms have monopoly power
protected by regulatory barriers B. markets are
closely competitive markets with close to zero
economic profits C. markets are oligopoly markets
with strong collusion agreements D. markets are
monopolistic competitive markets 16) All
economies of scale are achieved at the minimum
of A. average total cost B. total cost C.
average variable cost D. average fixed cost
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17) Inflation is undesirable because it A.
arbitrarily redistributes real income and
wealth B. invariably leads to hyperinflation C.
usually is accompanied by declining real GDP D.
reduces everyones standard of living in the same
proportion 18) An economys aggregate demand
curve shifts leftward or rightward by more than
changes in initial spending because of the A.
net export effect B. wealth effect C.
real-balances effect D. multiplier effect
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19) Suppose productivity rises in a particular
economy, but wages stay the same. Other things
equal, A. the demand curve will shift
leftward B. the supply curve will shift
rightward C. the supply curve will shift
leftward D. expenditures curve will shift
rightward 20) If personal taxes were
decreased and resource productivity increased
simultaneously, the equilibrium A. output would
rise B. output would fall C. price level would
necessarily fall D. price level would necessarily
rise
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21) Expansionary fiscal policy is so named
because it A. involves an expansion of the
nation's money supply B. can only be attained by
expanding government consumption C. is aimed at
achieving greater price stability D. can motivate
an expansion of real GDP 22) Suppose the price
level is fixed, the MPC is .5, and the GDP gap is
a negative100 billion. To achieve
full-employment output (exactly), government
should A. increase government expenditures by
100 billion B. increase government expenditures
by 50 billion C. reduce taxes by 50 billion D.
reduce taxes by 200 billion
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23) GDP understates the value of output produced
by an economy because it A. includes
transactions that do not take place in organized
markets, such as home cooked meals B. includes
environmental degradation caused by increased
output production C. excludes value added from
the underground economy, such as tips taken under
the table D. excludes the value of the wages and
benefits of government employee 24) Other
things equal, a decrease in the real interest
rate will A. shift the investment demand curve
to the right B. shift the investment demand curve
to the left C. move the economy upward along its
existing investment demand curve D. move the
economy downward along its existing investment
demand curve
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25) Other things equal, a decrease in corporate
income taxes will A. decrease the market price
of real capital goods B. have no effect on the
location of the investment demand curve C. shift
the investment demand curve to the right D. shift
the investment demand curve to the left 26)
Inflation in U.S. prices will cause A. an
increase in the demand for U.S. dollars and an
appreciation in the exchange rate B. an increase
in the supply of U.S. dollars and a depreciation
in the exchange rate C. a decrease in the demand
for U.S. dollars and a depreciation in the
exchange rate D. a decrease in the supply of U.S.
dollars and an appreciation in the exchange rate
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27) The quantity theory of money states that A.
the money supply divided by the velocity of money
equals the price level divided by real output B.
the money supply times the velocity of money
equals the price level times real output C. the
money supply times the price level equals real
output divided by the velocity of money D. the
money supply times the price level equals real
output times the velocity of money 28) Suppose
that U.S. prices rise 4 over the next year while
prices in Mexicorise 6. According to the
purchasing power parity theory of exchange
rates,what should happen to the exchange rate
between the dollar and the peso? A. The dollar
should depreciate. B. The peso should
appreciate. C. The peso should depreciate. D. The
dollar will be revalued.
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29) A rise in the domestic interest rate leads to
capital A. outflows and exchange rate
appreciation B. outflows and exchange rate
depreciation C. inflows and exchange rate
depreciation D. inflows and exchange rate
appreciation 30) A firm under monopolistic
competition will earn A. a positive economic
profit as it has some monopoly power B. zero
economic profit as it sets P MC C. zero
economic profit as its P ATC D. a positive
economic profit as it sets MC MR
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