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ECO 365 Final Exam

1. Because you can only obtain more of one good by giving up some of another good, the shape of a production possibility curve is _______________.

2. Refer to the table shown. The average product when eight workers are employed is _____6____

3. A resource is said to have a comparative advantage if

4. Refer to the graph shown. Initially, the market is in equilibrium with price equal to $3 and quantity equal to 100. Government imposes a tax on suppliers of $1 per unit. The effect of the tax is to ?

5. Refer to the table shown. Diminishing marginal productivity begins when the?

6. Refer to the graph shown. If this monopolistically competitive firm maximizes profit, it will

7. The price of a ticket to a rock concert is set at $35. All the tickets for the concert sell out 1 hour after they go on sale and there are still 1,000 fans who want to buy tickets. It follows that

8. Which of the following statements is true?

9. State what type of business combination is occurring in the following scenario: Samsung and Sony become partners in a flat screen manufacturing company.

10. Suppose a firm finds that an additional dollar spent on labor increases output more than does an additional dollar spent on machines. Under these conditions, the firm

11. Economists and laypeople see the pros and cons of international trade in different ways. Which of the following is one of those ways?

12. The morel is a prized mushroom that is often abundant in the Western United States in years after forest fires. Suppose two companies are buying morels from workers willing to find them. One company offers to pay workers $5.00 per pound, and the other company will pay workers only $4.00 per pound. Economists would say that

13. Which of the following is the best example of a macroeconomic externality?

14. If MR < MC, a monopolist should:

15. Opponents of government intervention in the economy argue that externalities

16. State what type of business combination is occurring in the following scenario: IBP meat processing firm buys American Cattle, a very large cattle ranch.

17. Refer to the graph shown. At which point is elasticity zero?

18. A Wall Street Journal headline reads: “Cigar Shortage Draws New Brands into Market.” The shortage resulted from a renewed interest in smoking cigars. What best describes the facts behind the headline?

19. Refer to the graph shown. If hamburger dinners are produced by a perfectly competitive industry with a market demand D:

20. State what type of business combination is occurring in the following scenario: Golf Smith, a golf supply retailer buys its competitor, Vango golf.

21. According to the text, Microeconomics, Colander (2013), economics is the study of how

22. Oligopoly is characterized by

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 for why few economists agreed with Perot?

24. Refer to the graph shown. The figure shows the demand and supply curves for eggs and shows two equilibrium points, E1 and E2. An increase in demand from D1 to D2 would cause

25 Germany restricts the use of nonrefillable bottles and cans. The European Union argues that the rules aren’t just protecting the environment; they also are protecting German beverage makers from competition. The EU sees Germany’s environmentalism as _____________________.?

26. Oligopoly is probably the best market for technological change because

27. George Davis and Michael Wohlgenant estimate that for every 1 percent increase in the price of Christmas trees, quantity demanded falls by 0.6 percent. The demand for Christmas trees is __________________.

28. State what type of business combination is occurring in the following scenario: A tobacco producer buys a carbonated beverage plant.

29. Suppose the minimum possible price of constructing homes is $50 per square foot. As a result of a sharp drop in the demand for home construction, the equilibrium price of home construction falls to $40 per square foot. Assuming the home construction industry is perfectly competitive and there are no specialized inputs, firms will

30 Refer to the table shown. At what level of employment is the marginal product of labor seven?

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ECO 365 Final Exam New. Get an A++.
Tutorial Preview…type xx business xxxxxxxxxxx is occurring xx the following xxxxxxxxx Golf xxxxxx x golf xxxxxx retailer buys xxx competitor, Vango xxxx 21 xxxxxxxxx xx the xxxxx Microeconomics, Colander xxxxxxx economics is xxx study xx xxxxx Oligopoly xx characterized by23 xxxx Ross Perot xxx for xxxxxxxxx xx a xxxxx party candidate xx 1992, he xxxxxx that xxxx xxxxx with xxxxxx would result xx massive job xxxxxx in xxx xxxxxx States xxxxxxx Mexican wages xxxx so low xxxxx of xxx xxxxxxxxx is xxx best explanation xxx why few xxxxxxxxxx agreed xxxx xxxxxxxx Refer xx the graph xxxxx The figure xxxxx the xxxxxx xxx supply xxxxxx for eggs xxx shows two xxxxxxxxxxx points, xx xxx E2 xx increase in xxxxxx from D1 xx D2 xxxxx xxxxxxx Germany xxxxxxxxx the use xx nonrefillable bottles xxx cans xxx xxxxxxxx Union xxxxxx that the xxxxx aren’t just…
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Preview: worker xx hired xxxxx worker is xxxxx fifth worker xx hired6 xxxxx xx the xxxxx shown If xxxx monopolistically competitive xxxx maximizes xxxxxxx xx willcharge xxx per dress xxxxxx $85 per xxxxx charge xxx xxx dress xxxx down because xx cannot cover xxx opportunity xxxxxx xxx price xx a ticket xx a rock xxxxxxx is xxx xx $35 xxx the tickets xxx the concert xxxx out x xxxx after xxxx go on xxxx and there xxx still xxxxx xxxx who xxxx to buy xxxxxxx It follows xxxxxxx quantity xx xxxxxxx demanded xx equal to xxx quantity supplied xx the xxx xxxxx the xxxxxxxxxxx price of xxxxxxx to the xxxxxxx is xxxx xxxx $35 xxx equilibrium price xx tickets to xxx concert xx xxxx than xxx the equilibrium xxxxx of tickets xx the xxxxxxx xx $35 x Which of xxx following statements xx true?Many xxxxxxxxx xxxxxxxxxx processes xxx be economically xxxxxxxxxx but only xxx method xxxx xxxxxxxx the xxxxxx possible cost xx technically efficient xxxx different xxxxxxxxxx xxxxxxxxx can xx technically efficient, xxx only the xxxxxx that xxxxxxxx xxx lowest xxxxxxxx cost is xxxxxxxxxxxx efficient There xxx many xxxxxxxxxx xxxxxxxxx that xxx both technically xxx economically efficient, xxx only xxx xx these xxxxxxxx the lowest xxxxxxxx cost There xx only xxx xxxxxxxxxx process xxxx is technically xxxxxxxxxx and this xxxxxxx is xxxx xxxxxxxxxxxx efficient x State what xxxx of business xxxxxxxxxxx is xxxxxxxxx xx the xxxxxxxxx scenario: Samsung xxx Sony become xxxxxxxx in x xxxx screen xxxxxxxxxxxxx company Joint xxxxxxxxxxxxxxxxxxxxxxxxxxx mergerHorizontal merger10 xxxxxxx a xxxx xxxxx that xx additional dollar xxxxx on labor xxxxxxxxx output xxxx xxxx does xx additional dollar xxxxx on machines xxxxx these xxxxxxxxxxx xxx firmshould xxxxxxxxxx machines for xxxxx if it xxxxx to xxxxxxxx xxxxxxxx efficiencyis xxxxxxxxxxxx efficientis technically xxxxxxxxxxxxxxx substitute labor xxx machines xx xx wants xx increase economic xxxxxxxxxxxx Economists and xxxxxxxxx see xxx xxxx and xxxx of international xxxxx in different xxxx Which xx xxx following

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