21) If an industry has an HHI of 2,500, the market structure is that of A) a monopoly. B) monopolistic competition. C) an oligopoly. D) perfect competition. E) either monopoly or perfect competition, depending on the existence or absence of barriers to entry. 22) The figure above shows the market demand curve and the ATC curve for a firm. If all firms in the […]
12) Which of the following statements is correct? A) A firm in oligopoly will charge a price that is lower than the price charged in perfect competition. B) If firms in oligopoly look only at their own self-interest in deciding the output they should produce, the total market output will exceed that of a monopoly. C) If one oligopolist reduces the price of its […]
81.ResidentsofHongKongareabletofindrestaurantsthatadvertiseadishthatcontainsgrizzlybearpaws.Sinceitisunlikelythatgrizzlybearpawsarepurchasedfromaprivateproducerofanimalpaws,wecanlikelyconcludethat a.internationallawsmakingitillegaltosellgrizzlybearpawsarelikelytobeveryeffectiveateliminatingtheseofferingsatHongKongrestaurants. b.higherpenaltiesforpoachinggrizzlybearswillpreventpoachersfromkilling. c.therearelikelytobeveryfewgrizzlybearpoachers. d.allowingindividualstoownandraisegrizzlybearsformeatwouldlikelyreducethethreatofextinctiontogrizzlybearpopulations. 82.Imaginea2,000-acreparkwithpicnicbenches,trees,andapond.Supposeitispubliclyowned,andpeopleareinvitedtoenjoyitsbeauty.Whentheweatherisnice,itisdifficulttofindparking,andthetrashcansoverflowwithfoodwrappersonsummerafternoons.Otherwise,itisagreatplace.Theparkisacommonresourcebecause a.peoplecanbepreventedfromusingit. b.accessislimitedduetodrivingdistances. c.iftoomanypeopleuseit,oneperson’susediminishesotherpeoples’use. d.anyonecanuseitwithoutaffectinganyoneelse. 83.Imaginea2,000-acreparkwithpicnicbenches,trees,andapond.Supposeitispubliclyowned,andpeopleareinvitedtoenjoyitsbeauty.Whentheweatherisnice,itisdifficulttofindparkingonsummerafternoons.Otherwise,itisagreatplace.Anefficientsolutiontotheparkingproblemwouldbeto a.prohibitparkingin thevicinityof thepark. b.chargehigherpricesforparkingatbusytimes. c.policetheparkingareaandticketcarsthatareparkedillegally. d.donothing. 84.Astairwellinacertainofficebuildingisalwayscongestedat12:00p.m.and1:00p.m.Thecongestionissobadthatpeoplehavebeencomplainingtothebuilding’sowner.Whichofthefollowingmethodswouldbethemostefficientwayofreducingcongestion? a.Assigneachpersoninthebuildingatimewhentheyareallowedtousethestairwell. b.Encouragepeopletovoluntarilykeepoffthestairwellduringpeaktimes. c.Chargeeveryonewhousesthestairwellwhenitiscongestedthesamefee.Peoplewhovaluetheuseofthestairsthemostwillbetheoneswhousethestairwellatpeaktimes. d.Holdalotterytodeterminewhowinstherighttousethestairwellatpeaktimes. 85.Onhotsummerdays,electricity-generatingcapacityissometimesstretchedtothelimit.Atthesetimes,electriccompaniesmayaskpeopletovoluntarilycutbackontheiruseofelectricity.Aneconomistwouldsuggestthat a.everyelectriccustomerhasanincentivetopreventthesystemfromoverloading,sothisvoluntaryapproachisthemostefficient. b.itwouldbemoreefficientiftheelectriccompanyraiseditsratesforelectricityatpeaktimes. c.itwouldbemoreefficienttohavealotterytodecidewhohadtocutbacktheiruseofelectricityatpeaktimes. d.itwouldbemoreefficienttoforceeveryonetocuttheirusageofelectricitybythesameamount. 86.Onhotsummerdays,electricity-generatingcapacityissometimesstretchedtothelimit.Atthesetimes,electriccompaniesmayaskpeopletovoluntarilycutbackontheiruseofelectricity.Onthesedays,electricityis a.excludable,butnonrivalinconsumption. b.notexcludable,butrivalinconsumption. c.excludableandrivalinconsumption. d.notexcludableandnonrivalinconsumption. 87.Seymourowns3acresofbeautifulwaterfrontpropertyonalargeinlandlake.Inhiswill,Seymourdonatesthelandtothestatewiththeunderstandingthatthelandwillbeusedasastatebeachthatanyonemayusewithoutpayinganyfees.Thisstatebeach a.willtendtobeoverusedbecauseitisnonexcludable. b.isacommonresourcewhenitbecomescrowdedonsunnysummerweekends. c.isrivalinconsumptionwhenitbecomescrowdedonsunnysummerweekends. d.Alloftheabovearecorrect. 88.Seymourowns3acresofbeautifulwaterfrontpropertyonalargeinlandlake.Inhiswill,Seymourdonatesthelandtothestatewiththeunderstandingthatthelandwillbeusedasastatebeach.Seymourwantsanefficientwaytopreventovercrowdingatthebeach,soheshouldrequire a.thatallbeachvisitorspaythesameentryfeeregardlessofthedayoftheweekortimeoftheyear. b.thatthebeachlimitthenumberofvisitorsto500perday,withoutanentryfee. c.anentryfeebechargedonsummerweekenddayswhenmanypeopletendtovisitthebeach. d.thatonlylocalresidentsbeadmittedtothebeach. 89.Aneconomicsprofessor,upsetabouttherisingcostoftextbooks,proposedthathisdepartmentpurchase50copiesofastatisticsbooksothestudentsinthestatisticsclasswouldnothavetopurchasetheirownbooksbutrathercouldborrowabookforthesemesterandthenreturnitforthenextclasstouse.Whichofthefollowingstrategies wouldnotpreventacommonresourceproblemwiththetextbooks? a.Studentswillberequiredtopayadepositforthetextbook,whichisrefundableattheendofthesemesterwhenthebookisreturnedingoodcondition. b.Thetextbooksareplacedinacommonareaofthedepartmentsostudentscanborrowandreturnthemasneeded. c.Studentsmustsignaformagreeingtoreturnthebookorpayafineequaltothereplacementcostofthebook. d.Thetextbooksareplacedintheprofessor’sofficeandwillonlybegiventostudentswhoareregisteredmembersoftheclass.Thesestudentswillnotreceivetheirfinalcoursegradesuntilthebooksarereturned. 90.Pollutionis a a.problemthatisentirelyunrelatedtotheparablecalledtheTragedyoftheCommons. b.problemthatcannotberemediedwithregulationsorcorrectivetaxes. c.negativeexternalitythatcanbeviewedasapublic-goodsproblem. d.negativeexternalitythatcanbeviewedasacommon-resourceproblem. 91.Whichofthefollowingstatementsiscorrect? a.Theefficientprovisionofprivategoodsisintrinsicallymoredifficultthantheefficientprovisionofpublicgoods. b.Theefficientprovisionofpublicgoodsisintrinsicallymoredifficultthantheefficientprovisionofprivategoods. c.Privatemarketsprovidequantitiesofpublicgoodsthatexceedthesocially-efficientquantitiesofthosegoods. d.Privatedecisionmakersutilizequantitiesofcommonresourcesthatfallshortofthesocially-efficientquantitiesofthoseresources. 92.TheenclosuremovementinEnglandinthe17thcenturyrepresentedanattempttotransform a.apublicgoodintoaprivategood. b.aprivategoodintoapublicgood. c.aprivategoodintoacommonresource. d.acommonresourceintoaprivategood. 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61.Which of the following products has a low value-to-weight ratio? A. Electronic components B. Personal computers C. Medical equipment D. Computer software E. Cement 62.A firm that does not want to bear the costs of establishing production facilities in a foreign country should avoid: A. exporting. B. FDI. C. licensing. D. franchising. E. outsourcing. 63.Governments impose quotas to limit _____. A. FDI B. importing C. franchising D. outsourcing E. licensing 64.The argument that firms prefer FDI over licensing to […]
81) In an information systems department, which functional subunit develops, installs, maintains, and oversees the organization’s mission critical software applications? A) Telecommunications and Network services B) Systems C) Operations D) Services Administration 82) Which of the following common functional areas in an information systems department provides services to internal and external customers on technology issues? A) Services Administration B) Telecommunications and Network […]
11) A change in all of the following variables will change the market demand for a product except A) the price of the product. B) population and demographics. C) income. D) tastes. Table 3-1 Loose Leaf Tea Price per lb. (dollars) Sunil’s Quantity Demanded (lbs) Mia’s Quantity Demanded (lbs) Rest of Market Quantity Demanded (lbs) Market Quantity Demanded (lbs) $8 4 […]
The following table shows the market demand schedule and supply schedule for notebooks. Price ($/unit) Quantity Demanded (units) Quantity Supplied (units) 1 20 4 2 16 6 3 14 10 4 12 12 5 10 14 6 7 17 7 4 20 8 2 22 9 1 25 11) Refer to the table above. What is the shortage in the market […]
31) Because the CPI overstates inflation, A) when wages are linked to the CPI, workers’ wages become too low as time passes. B) as time passes, government payments are increasingly lower than intended. C) as time passes, government outlays are increased by more than necessary to compensate for inflation. D) workers do not receive adequate compensation for price changes. E) most contracts use […]
13.2 Monetary Policy Effects 1) An intended goal of expansionary fiscal policy and an easing of monetary policy is A) an increase in interest rates. B) an increase in the price level. C) the equalization of the distribution of income. D) an increase in the level of aggregate output. 2) If an increase in the Z factors resulted in a very large […]
21) The marginal rate of substitution of one good for another is measured by moving A) along an indifference curve. B) among different indifference curves. C) along a budget line. D) among different budget lines. E) along a demand curve. 22) The magnitude of the slope of an indifference curve is the A) marginal rate of substitution. B) rate of relative prices. C) […]
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