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1) A shift in the demand curve occurs when __________. a. suppliers
1) A shift in the demand curve occurs when __________.
a. suppliers place more goods on the market
b. the price of a commodity rises
c. consumers want to buy more than before at a given price
d. the price of a commodity falls
2) If a 5 percent decrease in the price of long-distance phone calls leads to a 25 percent increase in the number of calls made, we can then conclude that the demand for long-distance phone calls at the current rate is ________.
c. unitarily elastic
d. cannot be determined on the basis of data given
3) A wage concession (agreeing to reductions in wages) by the United Auto Workers would lead to a(n) ________ shift in the ___________ function for cars, leading to a(n) ____________ in the price of domestically produced cars.
a. upward, demand, increase
b. upward, supply, no change
c. downward, supply, decrease
d. downward, demand, increase
4) When a new product (e.g., product “B”) appears on the market, and “B” can be readily used to substitute for an existing product (e.g., product “A”), then the demand function for “A” may be expected to __________________.
a. shift inward
b. shift outward
c. remain unchanged
d. move perfectly vertical
5) The U.S. government banned cigarette advertising on radio and television in the early 1970’s. You would expect to find that, after the ban took effect, ___________________.
a. the demand for magazine ads for cigarettes will also decrease
b. there should be no change in demand for magazine ads for cigarettes
c. the demand for magazine ads for cigarettes will increase
d. the demand for magazine ads for cigarettes will remain unchanged but the
demand for ads by other products will rise.
6) If the international oil price keeps rising, then we can expect the supply curves of products using oil to _______________.
a. shift outward to the right
b. remain unchanged
c. shift inward to the left
d. the supply curve itself will still be the same, except that its slope tilts rightward
7) The costs of a firm that vary with the level of production are called ___________.
a. fixed costs
b. total costs
c. variable costs
d. sunk costs
8) A perfect competitor can reap an economic profit ________________.
a. in the short term
b. in the long term
d. in both the short term and long term
9) The marginal benefit of going to a movie during the week is currently $8 for you, and the marginal cost is $6, which is just the price of admission. Following the economic decision rule, you will
a. continue going to movies until the marginal benefit of doing so falls to
b. choose not to go to any movies during the week.
c. continue going to movies until the marginal benefit falls below $6.
d. not be able to enjoy a net gain from going to the movies during the week.
10) Which of the following is NOT a tool of fiscal policy?
a. Personal taxes
b. Corporate taxes
c. Transfer payments
d. Government purchases of goods and service
e. The money supply
11) In which of the following ways is a monopolist different from a perfect competitor?
a. Average cost will continually decrease as output increases.
b. Price is below marginal revenue.
c. Price is below marginal cost.
d. Price equals average revenue.
e. None of the above.
12) A firm may become a monopolist because:
a. it may control the entire supply of a basic input that is required to manufacture a given product.
b. It has exclusive rights to make a certain product or to use a particular process.
c. It is awarded a market franchise by a government agency.
d. all of the above.
13) A perfectly competitive industry is characterized by:
a. a very large number of producers.
b. all producers produce a homogeneous product.
c. there is free mobility of resources.
d. all of the above.
e. none of the above.
14) An example of a negative externality is:
a. the decrease in your real income that results when photographic equipment you purchase increases in price because of increased demand by others for these items.
b. the reduction in the satisfaction you derive from fishing in a nearby lake caused by dumping of chemicals into the water.
c. the benefit you receive without paying when your neighbor installs a smoke detector.
d. the decrease in income to farmers that results from a drought.
15) When labor supply is inelastic a given increase in the wage rate causes:
a. no change in the quantity of labor supplied.
b. a relatively small increase in the quantity of labor supplied.
c. a relatively large increase in the quantity of labor supplied.
d. a relatively small decrease in the quantity of labor supplied.
16) If a union loses significant monopoly power, then:
a. employment and wages should increase.
b. employment and wages should decrease.
c. employment should increase and wages should decrease.
d. employment should decrease and wages should increase.
17) In principle, __________ have ultimate control over the U.S. economy.
18) The demand curve facing a firm in a monopolistically competitive market
is more ___________ than one facing an oligopoly.
19) In principle, __________ have more market power than oligopolies.
b. perfect competitors
d. monopolistically competitive firms
20)What tends to happen when the number of competitors falls in a market?
a. no change
c. market power of the remaining firms increases
d. the government reduces intervention
5 years ago.
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