Economics

Question 1 of 50

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A firm bought a pizza over for $13,500 and if it shut down now, could sell the oven for $9,500. Which of the following statements is TRUE?

Question 2 of 50

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If a bottle of fine French wine costs US$250 in the U.S., 2500 rand in South Africa, there are no transaction costs, and the exchange rate is 20 rand/US$, then

Question 3 of 50

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At the current price of a good Al’s consumer surplus equals 8 and Ben’s consumer surplus equals 15. By using two-part pricing a monopolist could increase his profit by

Question 4 of 50

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If a manager is unsure what the entire profit function looks like, then she can

Question 5 of 50

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Suppose a market were currently at equilibrium. A rightward shift of the demand curve would cause

Question 6 of 50

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Concerning an investment project which of the following is TRUE?

Question 7 of 50

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If marginal revenue equals marginal cost, the firm is maximizing profits as long as

Question 8 of 50

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If the inverse demand curve a monopoly faces is p = 100 – 2Q, and MC is constant at 16, then profit maximization is achieved when the monopoly sets price equal to

Question 9 of 50

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If Stock A sometimes increases and sometimes decreases in value when Stock B increases in value at the same time, they are

Question 10 of 50

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The government forcing a monopoly telecommunications company to allow other firms to use its cables is an attempt to

Question 11 of 50

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In the market for used cars, if there is asymmetric information yet all cars sell for the same price

Question 12 of 50

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The difference between producer surplus and profit is always the associated

Question 13 of 50

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A change in a relevant factor other than the price of the good itself causes a ________ the demand curve, and a change in a good’s own price causes a ________ the demand curve.

Question 14 of 50

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A rival good

Question 15 of 50

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In the simplest version of the Cournot model, we assume

Question 16 of 50

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One way to avoid the free rider problem is

Question 17 of 50

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In a Bertrand model, market power is a function of

Question 18 of 50

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The marginal rate of transformation of y for x represents

Question 19 of 50

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If a bottle of fine French wine costs US$250 in the U.S., 2500 rand in South Africa, there are no transaction costs, and the exchange rate is 10 rand/US$, then

Question 20 of 50

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If the demand function for orange juice is expressed as Q = 2000 – 500p, where Q is quantity in gallons and p is price per gallon measured in dollars, then the demand for orange juice has a unitary elasticity when price equals

Question 21 of 50

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When a prisoners’ dilemma game is repeated a finite number of times (T)

Question 22 of 50

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If a firm traded on the New York Stock Exchange posts an accounting profit of $10 million, then the firm is making a positive economic profit

Question 23 of 50

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Which of the following is NOT a property of isoquants?

Question 24 of 50

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Suppose that for each firm in the competitive market for potatoes, long-run average cost is minimized at $0.20 per pound when 500 pounds are grown. The demand for potatoes is Q = 10,000/p. If the long-run supply curve is horizontal, then how much will consumers spend, in total, on potatoes?

Question 25 of 50

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A market’s structure is described by

Question 26 of 50

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The imposition of a quota on an imported good

Question 27 of 50

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Firms in an oligopolistic market ________ because they are ________.

Question 28 of 50

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The t-statistic measures

Question 29 of 50

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In regression analysis, the dependent variable

Question 30 of 50

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An example of a market where a Bertrand model would be not be plausible is the market for

Question 31 of 50

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If market price is greater than the minimum of AVC but below the minimum of AC, then

Question 32 of 50

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The percentage change in the quantity supplied in response to a percentage change in the price is known as the

Question 33 of 50

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In the presence of asymmetric information, a fixed-fee contract

Question 34 of 50

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If average cost is positive

Question 35 of 50

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A primary difference between rebates and coupons?

Question 36 of 50

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Which of the following will cause the average fixed cost curve of making cigarettes to shift?

Question 37 of 50

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Which is a behavioral economics justification for limiting advertising directed towards children?

Question 38 of 50

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Suppose the production of DVD players can be represented by the following production function: q = . Which of the following statements is TRUE?

Question 39 of 50

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Block pricing

Question 40 of 50

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A market failure occurs

Question 41 of 50

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A firm becomes a multinational enterprise when

Question 42 of 50

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If capital is fixed, but a firm varies labor

Question 43 of 50

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Einstein was quoted saying “Everything should be made as simple as possible, but not simpler.” When it comes to economic models this means that

Question 44 of 50

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An interior solution to a consumer’s utility maximization problem implies

Question 45 of 50

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If a firm is operating at an output level where losses are minimized the firm

Question 46 of 50

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A firm’s managers are constrained by

Question 47 of 50

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A microeconomic model CANNOT be used to

Question 48 of 50

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If a person is risk neutral, then she

Question 49 of 50

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What is one way firms can enforce tie-in sales?

Question 50 of 50

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When there is a binding price floor

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