Econ Final

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1.  The cap-and-trade appraoch is sometimes opposed by environmentalists because they
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2.  A Taylor rule favors use of which of the following intermediate targets byt he central bank?
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3.  Assume that England and Germany both produce wheat and oatmeal with England possessing the absolute advantage in the production of both wheat and oatmeal and the comparative advantage in wheat. We would expect
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4.  Which of the following best describes the views of economists who favor policy rules?
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5.  The money multiplier is 5, a $100,000 open market purchase by the Fed will cause the money stock to
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6.  An industry with an eight-firm concentration ratio of 95 percent and a formal agreement on prices and output among the top eight firms would best be described as
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7.  The country of Dispepsia is experiencing run-away inflation. As a strong measure to stabilize prices, the Dispepsian central bank could try which of the following policies?
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8.  Which of the following is required for every market?
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9.  A flow of funds from financial markets to the government indicates that 
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10.  During a visit to Havana, Cuba, you notice long lines outside every butcher shop. The most reasonable conclusion to be drawn from this observation is that the
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11.  If a country exports products of land-intensive indutries and imports products of labor-intensive industires, we would expect that the county's 
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12.  A rise in the price of coffee is likely to have which of the following initial effects on the market for tea, a subsitute?
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13.  In a two-nation world in which both nations specialize in the production of the product for which they possess a comparative advantage
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14.  Given powers granted to the Fed since 2008, and setting aside extreme crisis conditions, which of the following interest rates would normally be expected to be the highest?
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15.  When the economy approaches the peak of a business cycle
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16.  Which of the following market structures is likely to have the most barriers to entry?
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17.  Which of the following best characterizes economists' attitudes toward price discrimination?
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18.  Which of the following disciplines relies on theories to explain how facts are related?
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19.  Domestic product minus planned expenditure is equal to
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20.  When the Fed makes an open market sale of secutiries, the nation's money supply will
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21.  The idea of free trade leading to a "race to the bottom" refers to 
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22.  Pollution is an example of which of the following?
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23.  Which of the following would lead to a contraction in planned expenditure?
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24.  If there is an increase in demand for the product of a perfectly competitive industry
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25.  Suppose the Fed announces a target federal funds rate of 3 percent. Changing market conditions then increase banks' demand for reserves. Which of the following actions would help the Fed to hold the federal funds rate close to its target?
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26.  Observations of the U.S. economy suggest that in the short run, when the price level of final goods changes, input prices tend to adjust
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27.  The government's primary budget deficit takes into account all expenditures except which of the following?
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28.  As a percentage of GDP, which of the following is larger in China than in the United States?
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29.  Purchases of newly produced capital goods are known as
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30.  If an individual member of a cartel could be certain of escaping detection, it would be tempted to cheat by 
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31.  Which of the following passes through a point of the long-run equilibrium?
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32.  U.S. government reforms of social secutiry and Medicare that increased revenues for these programs or reduced expenditures on them would be an example of which of the following?
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33.  To attract the attention of potential customers, U.S. bank spends $500 to hire a band to play at the opening of a branch at the new Walmart shopping center. With regard to the ongoing operations of the new branch, the cost of hiring the band is considered to be
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34.  The command-and control approach to pollution control can best be described by which statement?
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D.
35.  In the United States the interbank loan market where banks borrow reserves from one another is called
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36.  A perfectly competitive firm sells its output for $50 a unit. At 1,000 units of output, marginal cost is $40 and is increasing, average variable cost is $35, and average total cost is $60. To maximize short-run profit, what should the firm do?
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37.  Which of the following is an example of a supply shock that would shift the aggregate supply curve upward?
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38.  Control of climate change is likely to be a particulary difficult problem for environmental policy because
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39.  Proponents of protectionism commonly base their case on
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40.  A country that has a government budget deficit and domestic investment that exceeds domestic saving will also have
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41.  Which of the following is key to increased standards of living in the long run?
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42.  In a certain year, the economy has a negative output gap and a buget deficit of $100 billion. If taxes and spending laws were the same, but real output were at its natural level, the budget deficit would be $25 billion. From this information, it appears that in this year the economy has
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43.  Other things being equal, which of the following would tend to cause the British pound to appreciate?
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44.  Using Qs to indicate quantity supplied and Qd to indicate quantity demanded, which of the following circumstances would be likely to produce an upward movement of the price of a good?
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45.  Trade in meat and wheat between two countries is least likely to be profitable if
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46.  Inflation in the United States was highest, on average, during which of the following periods?
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47.  An episode during which real ouput drops below its natural level while unemployment and the price level both rise is best described as
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48.  If firms in a monopolistically competitive industry are earning pure economic profits in short-run equilibrium, we will expect the number of firms to
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49.  Economists who have made empirical studies of the relationship between concentration and market performance have generally looked at the data relating to
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50.  Which of the following will be true if domestic product exceeds planned expenditure?
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51.  Suppose hot dogs to be an inferior good. An increase in consumer incomes, other things being equal, is likely to cause which of the following?
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52.  Where the marginal cost curve is below the average variable cost curve, 
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53.  A country has a large budget deficit that is financed by creation of new money (monetization) . As a result, the country has a serious danger of 
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54.  If the nomminal interest rate is 6 percent and the inflation rate is 8 percent, the real rate of interest is 
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55.  The phenomenon of the "twin deficits" refers to a situation where there is a government budget deficit and
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56.  In long-run equilibrium for a perfectly competitive firm, ATC equals:
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57.  Which of the following tends to increase during hyperinflation?
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58.  A tax on imports is known as a: 
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59.  Which of the following will produce a rightward shift in the aggregate demand curve?
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60.  In the absence of trade, world production will tend to be
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61.  An economic policy is said to improve inefficiency if
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62.  At an output of 100 units, a monopolist's marginal cost is $33, its marginal revenue is $33, its average variable cost is $30, and its average total cost is $38. To maximize profit or minimize loss in the short run, what should the firm do?
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63.  Which of the following would lead to increased market concentration?
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64.  Which of the following is counted as part of M2?
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65.  An industry in which one firm has a 20 percent share of the market and eight other firms each have a 10 percent share has a Herfindahl index of
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66.  Which of the following would be most likely to cause the production possibility frontier for education and cars to shift outward?
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67.  An early study by Joe Bain concluded that
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68.  If the equilibrium price of sugar is 15 cents per pound and government imposes a minimum price of 20 cents per pound, the likely result will be
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