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ECO 365 Final Exam

ECO 365 Final Exam
ECO 365 Final Exam -

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Question 1

The DeBeers company is a profit-maximizing monopolist that exercises monopoly power in the distribution of diamonds. If the company earns positive economic profits this year, the price of diamonds will:


Answer

Exceed the marginal cost of diamonds but equal to the average total cost of diamonds.
Exceed both the marginal cost and the average total cost of diamonds.     
Be equal to the marginal cost of diamonds.      
Be equal to the average total cost of diamonds.

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Question 2

Using 100 workers and 10 machines, a firm can produce 10,000 units of output; using 250 workers and 25 machines, the firm produces 21,000 units of output. These facts are best explained by:     

Answer

Economies of scope
Diseconomies of scale
Diminishing marginal productivity
Economies of scale

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Question 3

Suppose that college tuition is higher this year than last and that more students are enrolled in college this year than last year.  Based on this information, we can best conclude that:
    

Answer

despite the increase in price, quantity demanded rose due to some other factors changing.
the demand for a college education is positively sloped.
the law of demand is invalid.
this situation has nothing to do with the law of demand.

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Question 4

A monopoly firm is different from a perfectly competitive firm in that:


Answer

A monopolist’s demand curve is perfectly inelastic whereas a perfectly competitive firm’s demand curve is perfectly elastic.
A competitive firm has a u-shaped average cost curve whereas a monopolist does not.
A monopolist can influence market price whereas a perfectly competitive firm cannot.There are many substitutes for a monopolist’s product whereas there are no substitutes for a competitive firm’s product.

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Question 5

The best example of positive externality is:


Answer

Alcoholic beverages
Pollution
Education
Roller coaster rides

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Question 6

The theory that quantity supplied and price are positively related, other things constant, is referred to as the law of:


Answer

supply
profit maximization
opportunity cost|
demand

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Question 7

A reduction in the supply of labor will cause wages to:


Answer

Decrease and employment to decrease.
Increase and employment to increase.
Decrease and employment to increase.
Increase and employment to decrease.

Question 8

Other things held constant in a competitive labor market, if workers negotiate a contract in which the employer agrees to pay an hourly of $17.85 while the market equilibrium hour rate is $16.50, the:


Answer

Quantity of workers demanded will exceed the quantity of workers supplied.
Quantity of workers supplied will exceed the quantity of workers demanded.
Supply of labor will decrease until the equilibrium wage rate is $17.85.
Demand for labor will increase until the equilibrium wage rate is $17.85.

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Question 9

Alex is playing his music at full volume in his dorm room. The other people living on his floor found this to be a nuisance, but Alex doesn’t care. Alex’s music playing is an example of:

Answer

Pareto externality
Positive externality
Negative externality
Normative externality

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Question 10

Oligopoly is probably the best market for technological change because:


Answer

The typical oligopoly has the funds to carry out research and development and believe that its competitors are innovating, which motivates it to conduct research and development.
The typical oligopoly lacks the funds to carry out research and development and therefore will use basic research from universities.
Research and development occurs only if government subsidizes such activity, and government tends to subsidize oligopolies.
The typical oligopoly keeps price very close to average total cost because it fears the entry of new rivals if its profits are excessively high.

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Question 11

A perfectly competitive firm facing a price of $50 decides to produce 500 widgets. Its marginal cost of producing the last widget is $50. If the firm’s goal is to maximize profit, it should:


Answer

Produce more widgets
Produce fewer widgets
Continue producing 500 widgets
Shut down

Question 12

Graphically, a change in price causes:


Answer

the demand curve to shift.
both supply and demand to shift.
a movement along a given supply curve, not a shift.
the supply curve to shift.

Question 13

In 1997, the federal government reinstated a 10 percent excise tax on airline tickets. The industry tried to pass on the full 10 percent ticket tax to consumers but was able to boost fares by only 4 percent. From this you can conclude that the:


Answer

Supply of airline tickets is perfectly inelastic.
Supply elasticity of airline tickets is less than infinity.
Demand elasticity for airline tickets is greater than zero in absolute value.
Demand for airline tickets is perfectly inelastic.

Question 14

In 2011, the Department of Justice sued AT&T to block its merger with the cell phone service provider T-Mobile. To defend itself against the charge, AT&T argued that the:


Answer

Combined company could raise prices, allowing it to survive in a rapidly changing market.
Government had no authority to block mergers in the telephone industry.
Government had guaranteed it exclusive control of cell phone service.
Merger would improve and expand cellular service to consumers.

Question 15

The law of diminishing marginal productivity implies that the marginal product of a variable input:


Answer

Never declines
Always declines
Is constant
Eventually declines

Question 16

Suppose OPEC announces it will increase production. Using supply and demand analysis to predict the effect of increased production on equilibrium price and quantity, the first step is to show the:


Answer

supply curve shifting to the right.
demand curve shifting to the left.
demand curve shifting to the right.
supply curve shifting to the left.

Question 17

Many call centers that provide telephone customer services for U.S. companies have been established in India, but few or none have been established in China. Why?


Answer

China is at a more advanced stage of economic development than India.
China lacks the political infrastructure to support call centers.
Indian labor costs are equal to Chinese labor costs.
Chinese labor lacks the specific language skills needed to make call centers profitable in China.

Question 18

Suppose people freely choose to spend 40 percent of their income on health care, but then the government decides to tax 40 percent of that person’s income to provide the same level of coverage as before. What can be said about deadweight loss in each case?


Answer

There is no difference because the total spending remains the same and the health care purchased remains the same.
Taxing income results in less deadweight loss because government knows better what health care coverage is good for society.
Taxing income results in deadweight loss, and purchasing health care on one’s own doesn’t result in deadweight loss.
There is no difference between goods that are purchased in the market in either case.

Question 19

At one time, sea lions were depleting the stock of steelhead trout. One idea to scare sea lions away from the Washington coast was to launch fake killer whales, which are predators of sea lions. The cost of making the first whale is $16,000 ($5,000 for materials and $11,000 for the mold). The mold can be reused to make additional whales, and so additional whales cost $5,000 each. Based on these numbers, the production of fake killer whales exhibits:


Answer

Diminishing marginal product
Decreasing returns to scale
Constant returns to scale
Increasing returns to scale

Question 20

There are many restaurants in the city of Raleigh, each one offering food and services that differ from those of its competitors.  There is also free entry of sellers into the market, and each seller serves a very small fraction of the total number of meals served each day.  The restaurant industry in Raleigh is best characterized as:


Answer

Perfectly competitive.
Monopolistically competitive.
A pure monopoly.
An oligopoly.

Question 21

Suppose foreign shrimp prices drop by 32 percent and importers gain a 90 percent market share.  From this information, what would economists strongly suspect about this industry?


Answer

Foreigners have a comparative advantage in shrimping.
The large sales of foreigners indicate they are better strategic business bargainers than Americans are.
Americans have a comparative advantage in shrimping.
Foreign sellers probably are colluding on price to maximize profits.

Question 22

For a monopolist, the price of a product:


Answer

Is less than the marginal revenue.
Exceeds the marginal revenue.
Equals the marginal cost.
Equals the marginal revenue.

Question 23

When Ross Perot ran for president as a third party candidate in 1992, he argued that free trade with Mexico would result in massive job losses in the United States because Mexican wages were so low. Which of the following is the best explanation of why few economists agreed with Perot?


Answer

Although economics predicted that unemployment would rise, the increased profits of corporations would raise stock prices enough to compensate for the lost jobs.
Economists did not believe any jobs would be lost in the United States.
Although economists believed that in some areas the United States would lose jobs, they expected the United States would gain jobs in other areas.
Economics believed that the U.S. unemployment would rise.

Question 24

Mr. Woodward’s cabinet shop is experiencing rapid growth in sales. As sales have increased, Mr. Woodward has found it necessary to hire more workers. However, he has observed that doubling the number of workers has less than doubled his output. What is the likely explanation?


Answer

The law of demand
The law of diminishing marginal productivity
The law of supply
The law of diminishing marginal utility

Question 25

Price elasticity of demand is the:


Answer

Change in the quantity of a good demanded divided by the change in the price of that good.
Percentage change in price of that good divided by the percentage change in the quantity of that good demanded.
Percentage change in quantity of a good demanded divided by the percentage change in the price of that good.
Change in the price of a good divided by the change in the quantity of that good demanded.

Question 26

Which of the following statements is true about a downward-sloping demand curve that is a straight line?


Answer

The slope remains the same, but elasticity falls as you move down the demand curve.
The slope remains the same, but elasticity rises as you move down the demand curve.
The slope and the elasticity fall as you move down the demand curve.
The slope and elasticity are the same at all points.

Question 27

Strategic decision making is most important in:


Answer

Monopolistically competitive markets.
Monopolistic markets.
Oligopolistic markets.
Competitive markets.

Question 28

Cartels are organizations that:


Answer

Encourage price wars.
Keep markets contestable.
Use predatory pricing to monopolize industries.
Coordinate the output and pricing decisions of a group of firms.

Question 29

Microeconomics and macroeconomics are:


Answer

Interrelated because what happens in the economy as a whole is based on individual decisions.
Interrelated because both are often taught by the same instructors.
Not related because they are taught separately.
Virtually identical, though one is much more difficult than the other.

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Question 30

Microeconomics is the study of:


Answer

a firm's pricing policies
inflation
unemployment
business cycles

 

Principles Of Microeconomics - eco 365 Course Content include Topics and Objectives for ECO 365 final exam answers university of phoenix

ECO 365 final exam 2017  has a well-defined syllabus. We have presented the entire syllabus with both compulsory and optional modules for Principles Of Microeconomics - eco 365 Course. Past trend suggests that the focus of exam has changed year-on-year. So, we have covered the entire topics important for the exam.

Learn principles Of microeconomics such as supply and demand, and inflation. Discover online eco 365 final exam answers free from university of phoenix. Thousands of reviews written by uop students help you pick the best answer.

 

  • Production and Cost Analysis
  • Market Structure
  • Public Policy in Economics
  • Global Competition
  • Fundamentals of Microeconomics

 

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