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Title: ECO 365 Final Exam Assignment

1
ECO 365 Final Exam Assignment

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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
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.
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
Economies of scope
Diseconomies of scale
Diminishing marginal productivity
Economies of scale
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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
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.
4). A monopoly firm is different from a perfectly
competitive firm in that
A monopolists demand curve is perfectly
inelastic whereas a perfectly competitive firms
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 monopolists
product whereas there are no substitutes for a
competitive firms product.
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5). The best example of positive externality is
Alcoholic beverages
Pollution
Education
Roller coaster rides
6). The theory that quantity supplied and price
are positively related, other things constant, is
referred to as the law of
supply
profit maximization
opportunity cost
demand
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Exam

7). A reduction in the supply of labor will cause
wages to
Decrease and employment to decrease.
Increase and employment to increase.
Decrease and employment to increase.
Increase and employment to decrease.
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
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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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
doesnt care. Alexs music playing is an example
of
Pareto externality
Positive externality
Negative externality
Normative externality
10). Oligopoly is probably the best market for
technological change because
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.
Complete paper here ECO 365 Week 5 Final Exam

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 firms goal is to maximize profit, it
should
Produce more widgets
Produce fewer widgets
Continue producing 500 widgets
Shut down
12). Graphically, a change in price causes
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.
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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
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.
14). In 2011, the Department of Justice sued ATT
to block its merger with the cell phone service
provider T-Mobile. To defend itself against the
charge, ATT argued that the
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.
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15). The law of diminishing marginal productivity
implies that the marginal product of a variable
input
Never declines
Always declines
Is constant
Eventually declines
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
supply curve shifting to the right.
demand curve shifting to the left.
demand curve shifting to the right.
supply curve shifting to the left.
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Knowledge Check

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?
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.
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
persons income to provide the same level of
coverage as before. What can be said about
deadweight loss in each case?
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 ones own doesnt
result in deadweight loss.
There is no difference between goods that are
purchased in the market in either case.
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365 Week 4 Knowledge Check

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
Diminishing marginal product
Decreasing returns to scale
Constant returns to scale
Increasing returns to scale
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
Perfectly competitive.
Monopolistically competitive.
A pure monopoly.
An oligopoly.
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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?
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.
22). For a monopolist, the price of a product
Is less than the marginal revenue.
Exceeds the marginal revenue.
Equals the marginal cost.
Equals the marginal revenue.
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Knowledge Check

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?
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.
24). Mr. Woodwards 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?
The law of demand
The law of diminishing marginal productivity
The law of supply
The law of diminishing marginal utility
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ECO 365 Final Exam

25). Price elasticity of demand is the
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.
26). Which of the following statements is true
about a downward-sloping demand curve that is a
straight line?
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.
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Assignments

27). Strategic decision making is most important
in
Monopolistically competitive markets.
Monopolistic markets.
Oligopolistic markets.
Competitive markets.
28). Cartels are organizations that
Encourage price wars.
Keep markets contestable.
Use predatory pricing to monopolize industries.
Coordinate the output and pricing decisions of a
group of firms.
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29). Microeconomics and macroeconomics are
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.
30). Microeconomics is the study of
a firm's pricing policies
inflation
unemployment
business cycles

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Final Exam Assignments from UOP. Other topics in
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ECO 365 Week 5 Final Exam
ECO 365 Week 1 Knowledge Check
ECO 365 Week 2 Knowledge Check
ECO 365 Week 3 Knowledge Check
ECO 365 Week 4 Knowledge Check
ECO 365 Week 5 Knowledge Check
ECO 365 Week 5 Final Exam (Latest - August 2015)
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