Econ Final

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1.  If total investment exceeds saving, 
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2.  Which of the following best describes the views of economists who favor policy rules?
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3.  Which of the following remains constant at all points on a given aggregate demand curve?
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4.  Which of the following is not a component of domestic product?
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5.  If there is an increase in demand in a perfectly competitive industry
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6.  Which of the following is counted as part of M2?
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7.  Rising marginal cost of production is due primarily to: 
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8.  Firms in a competitive industry are said to be price takers because:
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9.  Suppose that in year 1, the market exchange rate is 1.4 U.S. dollars per euro, and in year 2, the rate is 1.50 U.S. dollars per euro. Which of the following statements accurately describes the change?
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10.  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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11.  Control of climate change is likely to be a particulary difficult problem for environmental policy because
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12.  The phenomenon of the "twin deficits" refers to a situation where there is a government budget deficit and
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13.  Which of the following is an example of a supply shock that would shift the aggregate supply curve upward?
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14.  The money multiplier is 5, a $100,000 open market purchase by the Fed will cause the money stock to
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15.  If a firm has total revenues of $100 million, explicit costs of $90 million, and implicit costs of $20 million, its pure economic profit is
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16.  Other things being equal, which of the following would tend to cause the British pound to appreciate?
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17.  The marginal external cost of pollution means
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18.  Starting from a point of long-run equilibrium, the intial effects of demand-side inflation would include an increase in
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19.  In a democracy, which of the following voting groups is most likely to see their desired level of pollution control met?
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20.  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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21.  In a two-good, two-country world, international trade can increase
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22.  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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23.  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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24.  A point representing 500 roast turkey dinners and 600 steak dinners lies outside the production possibilty frontier of Joe's Restaurant, given the factors of production and technology available to it. This means that
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25.  Japan can produce a car in 1,000 hours and a computer in 100 hours. Brazil can produce a car in 2,000 hours and a computer in 250 hours. Which of the following statements is correct?
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26.  Which of the following is a major advantage claimed for the cap-and-trade approach, compared to the command and control approach?
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27.  Which of the following produces an effect that is properly represented by a movement along a given aggregate demand curve?
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28.  Which of the following best characterizes the official policy of the Federal Reserve regarding asset bubbles, as implemented during the period before the recession that started at the end of 2007? 
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29.  During the Great Depression of the 1930's 
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30.  Budget items like social security and Medicare that are not subject to annual appropriations are known as
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31.  Which of the following is the most important operating target for the Fed?
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32.  If a marginal physical product curve and an average physical product curve were both drawn on a single diagram, 
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33.  The optimal quantity of pollution is found at the point where the marginal cost of pollution abatement curve crosses
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34.  At the market equilibrium in a perfectly competitive market, consumer surplus is
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35.  Where is the cap-and-trade approach used most extensively for carbon emissions as of 2008? 
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36.  Which of the following is commonly used to refer to the nation's total output of goods and services, adjusted for inflation?
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37.  A country that has a government budget deficit and domestic investment that exceeds domestic saving will also have
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38.  Market equilibrium
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39.  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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40.  To be officially counted as part of the labor force, a person must be
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41.  An increase in the cost of raising hogs, other things being equal, would be likely to affect the price of bacon via
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42.  Which of the following would be considered an instrument of fiscal policy?
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43.  In Norway, it takes 5 labor hours to produce a ton of wheat and 5 to produce a ton of fish; in Greece it takes 3 labor hours to produce a ton of wheat and 3 to produce a ton of fish. If these are the only two goods and only two trading countries, we would expect
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44.  If a monopolist is operating at a point where its marginal revenue curve is less than marginal cost but P is greater than AVC, the firm should do which of the following?
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45.  According to a supply and demand analysis, the likely effect of a minimum wage law would be
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46.  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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47.  If the short-run  aggregate supply curve intersects the aggregate demand curve at a point to the right of the natural level of real output, then, over time, the expected level of input prices will tend to
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48.  If an individual member of a cartel could be certain of escaping detection, it would be tempted to cheat by 
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49.  If the government budget is in surplus by $100 and exports exceed imports by $60, then 
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50.  If the equilibrium price of natural gas is $2.50 per thousand cubic feet and a price ceiling is imposed of $3 per thousand cubic feet, the likely result will be
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51.  As the economy moves up and to the left along the aggreagte demand curve from a short-run equilibrium to a new long-run equilibrium
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52.  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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53.  Proponents of protectionism commonly base their case on
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54.  Which of the following is an example of price discrimination?
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55.  The command-and control approach to pollution control can best be described by which statement?
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56.  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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57.  If consumer incomes go up, which of the following is initially most likely?
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58.  Which of the following is key to increased standards of living in the long run?
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59.  A firm in a perfectly competitive industry that wants to maximize profits will produce at an output level where:
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60.  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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61.  Monetizing the deficit refers to:
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62.  Which of the following is likely to make tacit coordination easier in an oligopolistic market?
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63.  When the economy is in a liquidity trap, which of the following is likely to increase fastest?
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64.  Assume an increase in the price of beef increases the demand for pork. Restoration of equilibrium in the pork market will require
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65.  Where the marginal cost curve is below the average variable cost curve, 
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66.  Because of the multiplier effect, a $100 increase in planned investment tends ot cause an increase of more than $100 in 
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67.  Which of the following types of unemployment can be less than 0 at the peak of the business cycle?
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68.  Pollution is an example of which of the following?
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