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Economics Final Exam FALL ’17

question
Assume the XYZ Corporation is producing 20 units of output. It is selling this output in a purely competitive market at $10 per unit. Its total fixed costs are $100 and its average variable cost is $3 at 20 units of output. This corporation
A. should close down in the short run.
B. is maximizing its profits.
C. is realizing a loss of $60.
D. is realizing an economic profit of $40.
answer
is realizing an economic profit of $40.
question
Which of the following industries most closely approximates pure competition?
A. agriculture
B. farm implements
C. clothing
D. steel
answer
agriculture
question
An industry comprised of 40 firms, none of which has more than 3 percent of the total market for a
differentiated product is an example of:
A. monopolistic competition.
B. oligopoly.
C. pure monopoly.
D. pure competition
answer
monopolistic competition.
question
Refer to the above short-run data. The profit-maximizing output for this firm is:
A. above 440 units.
B. 440 units.
C. 320 units.
D. 100 units
answer
320 units
question
79. Economic theory suggests that the optimal level of immigration in the United States:
A.
is zero.
B.
occurs where the marginal benefit of the last immigrant equals or just exceeds the marginal
cost of the last immigrant.
C.
occurs where the marginal benefit of the last immigrant equals or just exceeds zero.
D.
occurs at the level where the difference between the marginal benefit and marginal cost of
the last immigrant is maximized.
answer
occurs where the marginal benefit of the last immigrant equals or just exceeds the marginal
cost of the last immigrant
question
Suppose population A,
consisting of Al, Bob, Curt, Doris, and Ellie, receive annual incomes of $5,000, $2,500, $1,250,
$750, and $500, respectively.
[Question]
18. Refer to the above information. What percentage of total income is received by the richest
quintile?
A. 50
B. 5
C. 25
D. 20
answer
50% (Add together then divide by 5)
question
A significant difference between a monopolistically competitive firm and a purely competitive firm is that the:


A. former does not seek to maximize profits.

B. latter recognizes that price must be reduced to sell more output.

C. former sells similar, although not identical, products.

D. former's demand curve is perfectly inelastic.
answer
former sells similar, although not identical, products.
question
in a short run equilibrium, the monopolistic competitive firm will show their price
answer
below ATC
question
24. The demand curve in a purely competitive industry is _____, while the demand curve to a
single firm in that industry is _____.
A.
perfectly inelastic, perfectly elastic
B.
downsloping, perfectly elastic
C.
downsloping, perfectly inelastic
D.
perfectly elastic, downsloping
answer
downsloping, perfectly elastic
question
Refer to the diagram, which pertains to a purely competitive firm. Curve C represents:
A.total revenue and marginal revenue.
B.marginal revenue only.
C.total revenue and average revenue.
D.average revenue and marginal revenue.
answer
average revenue and marginal revenue
question
13. The market supply curve for labor is upsloping because:
A. of diminishing returns.
B. employers as a group must pay higher wages to obtain more workers.
C. of declining MRC.
D. each employer is a "wage taker."
answer
employers as a group must pay higher wages to obtain more workers
question
the herfindahl index for a pure monopolist is
answer
10,000
question
critics of min wage contend high minimum cause employers to move up their labor demand curve true or false
answer
True
1 of 13
question
Assume the XYZ Corporation is producing 20 units of output. It is selling this output in a purely competitive market at $10 per unit. Its total fixed costs are $100 and its average variable cost is $3 at 20 units of output. This corporation
A. should close down in the short run.
B. is maximizing its profits.
C. is realizing a loss of $60.
D. is realizing an economic profit of $40.
answer
is realizing an economic profit of $40.
question
Which of the following industries most closely approximates pure competition?
A. agriculture
B. farm implements
C. clothing
D. steel
answer
agriculture
question
An industry comprised of 40 firms, none of which has more than 3 percent of the total market for a
differentiated product is an example of:
A. monopolistic competition.
B. oligopoly.
C. pure monopoly.
D. pure competition
answer
monopolistic competition.
question
Refer to the above short-run data. The profit-maximizing output for this firm is:
A. above 440 units.
B. 440 units.
C. 320 units.
D. 100 units
answer
320 units
question
79. Economic theory suggests that the optimal level of immigration in the United States:
A.
is zero.
B.
occurs where the marginal benefit of the last immigrant equals or just exceeds the marginal
cost of the last immigrant.
C.
occurs where the marginal benefit of the last immigrant equals or just exceeds zero.
D.
occurs at the level where the difference between the marginal benefit and marginal cost of
the last immigrant is maximized.
answer
occurs where the marginal benefit of the last immigrant equals or just exceeds the marginal
cost of the last immigrant
question
Suppose population A,
consisting of Al, Bob, Curt, Doris, and Ellie, receive annual incomes of $5,000, $2,500, $1,250,
$750, and $500, respectively.
[Question]
18. Refer to the above information. What percentage of total income is received by the richest
quintile?
A. 50
B. 5
C. 25
D. 20
answer
50% (Add together then divide by 5)
question
A significant difference between a monopolistically competitive firm and a purely competitive firm is that the:


A. former does not seek to maximize profits.

B. latter recognizes that price must be reduced to sell more output.

C. former sells similar, although not identical, products.

D. former's demand curve is perfectly inelastic.
answer
former sells similar, although not identical, products.
question
in a short run equilibrium, the monopolistic competitive firm will show their price
answer
below ATC
question
24. The demand curve in a purely competitive industry is _____, while the demand curve to a
single firm in that industry is _____.
A.
perfectly inelastic, perfectly elastic
B.
downsloping, perfectly elastic
C.
downsloping, perfectly inelastic
D.
perfectly elastic, downsloping
answer
downsloping, perfectly elastic
question
Refer to the diagram, which pertains to a purely competitive firm. Curve C represents:
A.total revenue and marginal revenue.
B.marginal revenue only.
C.total revenue and average revenue.
D.average revenue and marginal revenue.
answer
average revenue and marginal revenue
question
13. The market supply curve for labor is upsloping because:
A. of diminishing returns.
B. employers as a group must pay higher wages to obtain more workers.
C. of declining MRC.
D. each employer is a "wage taker."
answer
employers as a group must pay higher wages to obtain more workers
question
the herfindahl index for a pure monopolist is
answer
10,000
question
critics of min wage contend high minimum cause employers to move up their labor demand curve true or false
answer
True
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