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** ** a **** ** * purely *********** industry is confronted **** ** *********** ***** ** $5 *** ******** *********
* **** ** ******* than ***
B **** **** ** ***
* **** be **** **** ***
* may be ****** ******* ** **** **** ***
** * firm that ** ********* ** **** interest ********
* ****** use ***** ******* of ***** inputs and ***** ******* ** expensive ****** ** producing *** output
B **** **** ***** ** the ************ ** each ** ***** at *** *******
* ****** *** large ******* ** *** **** productive ****** and ***** ******* ** *** least ********** ****** ** producing *** *******
* ****** *** *********** ** resources **** **** ******* *** ***************** ****** ** the ******* *****
3) ** ***** ** ***** *** *********** ***** competition among ******* ** ****** *** resulting:
A ******** **** ******** quantity demanded *** ******** ******** supplied
* ******* will ******** ******** ******** *** decrease ******** *********
* ******* **** ******** ******** ******** *** ******** ******** *********
* ******** will ******** ******** demanded and ******** ******** supplied
** ************* Creations and *********** ****** both sell ***** in a competitive ****** If ** the ****** ***** of $5 **** *** running out of ***** ** **** (they ********* **** ** with *** ******** demanded at **** ****** **** ** would expect **** ************* and Julia’s ****
* lower ***** ***** and ******** ***** quantity supplied
* raise ***** ***** and ****** ***** quantity supplied
* lower ***** ***** *** ****** their ******** *********
D raise ***** ***** and ******** ***** ******** *********
5) Since ***** ************ ****** ** *** ******* **** ****** *** *** ******** ********* has ********* **** ***********
*
*********** ** ********* ** the *** ** ****** ** that **** ******* * ******** ******* supply curve
*
******** **** *** ****** ** DVD ******* has increased
*
*********** an ********* to the *** ** ****** ** **** **** ******* an ****** ******* demand ****** *
******** **** *** ****** *** DVD players has ********** **
** * market ******* the distribution of output **** ** ********** ********* by:
*
a ****** consensus ** ** **** ************ ** ****** ** **** ********** *
******** needs *** ************ *
********** regulations **** ******* * ******* ****** for all
*
the ********** *** ****** of the resources **** households supply
**
** a *********** market ******* ***** **** ****** *** ********** ********** ********* ********* *
************ ************ by ********* ******** **** * ******* *
**** choices **** result ** *** **** ********** ** available ********** *
**** **** prevent new firms **** ******** *** ********* *
** do so will maximize *** firms’ profits
8)
******* **** the ***** ** ******* falls **** ** to ** *** bushel *** **** as * ****** *** total ******* ******** ** peanut ******* ******* **** $16 to *** ******* ****** *
no inference *** ** **** ** ** the ********** of ****** *** peanuts
*
*** demand *** ******* ** ******** *
the ****** ***** *** ******* *** ******* ** *** right
D
the demand for ******* is ********** **
If ********** ******** that labor *** ******* **** be **** ** ***** *********** ** ******** ** *** ***** ** ******* **** ***** a firm to ***** A
less ***** as * *********** of *** ****** ******* B
**** ***** ** a *********** ** *** output ******* *
**** ***** as a consequence of *** substitution ******* D
**** labor ** * *********** ** *** ************ ******* ***
** ***** ** *** ********* ********** *** economies of ***** ********* at relatively low ****** ** ******** A
********* ********* *
automobile ************* * ********
mixing
* ********
production
*** **
* **** ******* ** ******* ** output ** the ***** run *** ***** **** **** * *****
B its
***** plus *** ******** costs
C ***
***** costs
* ***
marginal ****** *** Which
** the ********* ********** * ******** ************ * *
*********** hires **** ********** clerks
* ******
to **** ******* competition * US watch ************ ***** *** ** its ****** ******* C *
***** ************ **** **** ** *** ********* ** coke and iron **** * *
****** **** ** extra dose of fertilizer ** his corn ***** 13) ******
an ***************** wage **** might ****** **** labor costs by:
A **********
*** ****** ** ****** * increasing
*** **** ** ******* ** being fired *** ********* C increasing
voluntary worker ********* * **********
*** **** ** attract ************* ****** 14) *
**** can **** *** ******* ** * **** **** ** ** per hour *** **** *** ** *** hour to all ** its ********* ** attract * seventh ****** *** marginal **** cost ** the ******* ****** **** * $21
B ****
C ****
* ***
*** Price
******* ******** revenue *** *** **** ********** ******* the:
A ******
***** **** below *** ******** ******* ****** * ******
***** ** ************ * **********
******** * ******* output **** ***** * purely *********** ***** D ***
** *********** returns ** ************* *** *********
** difficult ** ******* ********* because:
* neither
allocative *** ********** efficiency ** ********* * ***
***** *** ****** decisions ** any *** **** ****** ** *** reactions ** its rivals
C output
may ** ****** homogenous ** differentiated
D ***
number ** ***** ** too large to **** collusion *************** *** *
*********** **** **** maximize ******* at **** ****** ** ******* A the
difference ******* marginal ******* *** ***** ** ** * ******** * *****
revenue and ***** **** *** ****** * *****
******* average total **** ** *** largest ******* D *****
******* ******* ***** **** ** the greatest ******* *** ********
*********** ****** **** A **********
in ********** ***** **** *** *** ********* in ***** *********** * *****
********* ** * **** that *** ignored by its ******* C advertising
product ********* *** ******* ** the **** or ********* *************** of * ******** * ***********
between ******** ** ********* ********** for example *********** ******* ******** and ***** ** *** *********** of automobile ****** *** ***********
***
****** ******** efficiency when **** * ********* ********
********* ** ********** products
* ******* *****
** ******* *********** ********* of ****** * reduces *****
******** * ********* entry
********* 20) ***** **
the ********* is *** * ******** ****** ** natural monopoly?
* ************ behavior
* ******* use
** *********** ******* * ************ ************
* large-scale *******
effects
*** ******* that
** ******** ** ************* by * *** ***** and ***** leadership ** would ****** that:
* marginal *******
***** ****** ******** ***** * ***** *****
****** both ******** cost *** average ***** cost
* ***** *****
***** ******* ***** ***** * price would
equal marginal ***** 22) **** economists
**** ************* ****** ** ******** to the economy they mean that **** * ****** mainly
from government subsidies
* ****** deliberately
**** *** ****** ****** and ************ * ****** *************
* ****** randomly
*** **** *
******** * *** ******* *** **** * **** ***** ** *** ********** Other firms *** to ******* a ******* ******* *** ******** they **** ****** ******* total ***** than the ******** **** **** ********* ************* A spillover ******
* ****************** *
*********** marginal
******** * diseconomies of
****** *** ** ***
**** *** a pure ********** **** ******** ******* by ********* **** ****** ** ***** ******** cost is ***** to:
* ******* *****
B average variable
***** * ******** ********
* ******* total
***** 25) ** ********
taxes **** ********* and resource productivity increased simultaneously *** equilibrium:
* ***** *****
would necessarily ***** * ***** *****
would *********** ***** C ****** *****
***** * ****** would
***** *** ******* ****
******* ***** **** *** ************ rises ** * particular ******* ***** things ***** *** aggregate:
* ************ *****
**** ***** downward
B ****** *****
will shift ********* * ****** curve
**** ***** ********** * ****** *****
will ***** ********* *** Suppose ***
price ***** ** fixed *** *** is * *** the *** *** ** a negative **** ******* ** achieve *************** ****** ********* ********** should:
* reduce *****
** **** ******** * reduce *****
** *** billion
* increase **********
expenditures ** $50 ******** * ******** government
************ by **** billion
28) ************ ******
****** ** ** named ******* **** A ** ********
** ****** **** GDP
B ******** **
********* ** *** ************ ***** ******* * ** *****
at ********* greater ***** ********** D *********** *******
*** **** ** government
*** *********** *
nation’s ***** ***** and *** ********** ***** of *** ***** *** ** achieved:
* **** *******
****** *** monetary ******* * **** ****
fiscal ******* C **** ****
fiscal *** monetary policy
D **** with
******** ******* *** ******* that
** ****** rise 4 ******* **** *** **** **** ***** ****** ** ****** rise ** ********* ** *** ********** power ****** theory ** ******** ***** **** should happen ** *** ******** **** between *** dollar and the ****** * *** ******
**** ** revalued
* *** ******
****** depreciate
* The ****
should *********** * *** ****
****** **********
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ECO 561 Final Exam.docx
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