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1. Which of the following firms is most likely to be characterized

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1. Which of the following firms is most likely to be characterized as perfectly competitive:

    a. Your local phone company
    b. A small wheat farmer
    c. A company that builds cars
    d. A local clothing store

2. Which of the following is not a decision made by a perfectly competitive firm?

    a. How much to charge
    b. how much to produce
    c. how to produce (what method)
    d. How much of each input to demand

3. If a firm, after paying all of its bills, has money left at the end of the fiscal year, it has certainly made an economic profit.

    a. True
    b. False

4. The primary features that distinguish short run from long run do not include:

    a. a short period of time.
    b. the use of some fixed, or unchangeable, unit.
    c. the lack of firms entering the market to compete.
    d. the inability of a firm to shut down and leave the market

5. Hand crafted furniture involves ______ production.

    a. Labor-intensive
    b. Capital-intensive

6. Computers involve ______ production.

    a. Labor-intensive
    b. Capital-intensive

7. Electric power generation involves _______ production.

    a. Labor-intensive
    b. Capital-intensive

8. Oil paintings involve _______ production.

    a. Labor-intensive
    b. Capital-intensive

9. The law of diminishing returns says that:

    a. as you add more to a fixed input to a variable input, the marginal product will eventually fall
    b. as you add more to a fixed input to a variable input, the total product will eventually fall.
    c. as you add more to a variable input to a fixed input, the marginal product will eventually fall.
    d. as you add more of a variable input to a fixed input, the total product will eventual fall.
10. The marginal production curve is always rising.

    a. True
    b. False

11. If total production is rising, then marginal production must be rising.

    a. True
    b. False

12. If average product is falling, the marginal product is falling.

    a. True
    b. False

13. If marginal product is negative, then total product is falling.

    a. True
    b. False

14. as a country’s wages rise, one would expect the production in that country to become more:

    a. capital-intensive.
    b. labor-intensive.

* 15. Which of the following is a fixed cost?

    a. The milk used for producing ice cream
    b. The assembly line used for producing cars
    c. The sugar used for making soft drinks
    d. The paper used for making a book

16. The average fixed cost curve slopes down and then up (i.e., it u-shaped).

    a. True
    b. False

17. Variable costs are costs that increase with output. These costs reflect the use of:

    a. labor
    b. capital
    c. land
    d. all of the above

18. If marginal cost is rising then marginal products must be ____________

    a. rising
    b. falling

19. If market demand for a good rises, the MR curve for a perfectly competitive firm in that industry will ______________.

    a. shift up
    b. shift down
    c. get steeper
    d. get flatter

20. If a perfectly competitive firm is maximizing profit, then which of the following is not true? (Note: P refers to the market equilibrium price)

    a. P = MR
    b. P = MC
    c. TC = TR
    d. MC = MR

21. A perfectly competitive firm’s supply curve is:

    a. flat
    b. vertical
    c. the ATC curve
    d. the MC curve

*22. The Great Depression lasted for 37 Years.

    a. True
    b. False

23. During good times, unemployment usually falls to zero.

    a. True
    b. False

24. The three basic markets in the macro economy are the goods and services market, the labor market, and the money market.

    a. True
    b. False

25. The business cycle is a short-term phenomenon.

    a. True
    b. False

26. A recession is a period of time during which aggregate output declines for two consecutive quarters.

    a. True
    b. False

27. _____________ prices adjust slowly to maintain equality between quantity supplied and quantity demanded.

    a. Stiff
    b. Sticky
    c. Inflationary
    d. Market

28. The General Theory of Employment, Interest, and Money was written by:

    a. Walter Prescott Webb
    b. John Updike
    c. Milton Friedman
    d. John Maynard Keynes

29. Periods of extremely rapid increases in the overall price level are known as:

    a. hyperinflations
    b. super inflations
    c. reverse deflations
    d, over-inflations

30. The organization in charge of monetary policy in the United States is known as:

    a. The Bank of New York
    b. The U.S. Senate
    c. The Federal Reserve
    d. The U.S. Treasury Department

31. One of the major ways in which the federal government affects the economy is through its tax and expenditure decisions. This is known as:

    a. Fiscal Policy
    b. Monetary Policy
    c. Incomes Policy
    d. Supply-sde Policy

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