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Econ Final

68 Questions  I  By AshyMSU
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1.  According to international trade theory, a country should
A.
B.
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D.
2.  If a marginal physical product curve and an average physical product curve were both drawn on a single diagram, 
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B.
C.
D.
3.  Which of the following types of unemployment can be less than 0 at the peak of the business cycle?
A.
B.
C.
D.
4.  When the Fed makes an open market sale of secutiries, the nation's money supply will
A.
B.
C.
D.
5.  Which of the following best describes a fixed exchange rate target?
A.
B.
C.
D.
6.  If domestic product = 1,000, consumption = 800, planned investment = 100, government purchases = 150, exports =50, and imports = 75, then unplanned inventory investment must be
A.
B.
C.
D.
7.  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?
A.
B.
C.
D.
8.  The optimal quantity of pollution is found at the point where the marginal cost of pollution abatement curve crosses
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D.
9.  Of the following persons, which one would be officially classified as unemployed?
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B.
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D.
10.  Which of the following is likely to make tacit coordination more difficult in an oligopolistic market?
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B.
C.
D.
11.  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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C.
D.
12.  If the money stock (M2) is $400 billion, real income is $500 billion, and the price level is 2.0, then velocity must be
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C.
D.
13.  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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D.
14.  The cap-and-trade system controls pollution through
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D.
15.  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?
A.
B.
C.
D.
16.  If the level of final goods prices is higher than the expected level of input prices at the point of short-run equililbrium, we can expect which of the following to occur as the economy adjusts?
A.
B.
C.
D.
17.  A Taylor rule favors use of which of the following intermediate targets byt he central bank?
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B.
C.
D.
18.  A tax on imports is known as a: 
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B.
C.
D.
19.  Which of the following is required for every market?
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D.
20.  If a perfectly competitive firm is operating at a point where marginal cost and product price are between average variable cost and average total cost, its accounting profit must be
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B.
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D.
21.  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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B.
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D.
22.  Economics profit is calculated as:
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B.
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D.
23.  Investment, as the term is used in economics, means
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24.  The study of the factors determining the price of gasoline relative to the price of other fuels would be primarily a concern of
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C.
D.
25.  Which of the following statements is true of MC > ATC?
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B.
C.
D.
26.  A monopolist than wants to maximize profits should produce where:
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B.
C.
D.
27.  Which of the following will cause a shift in the long-run aggregate supply curve?
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B.
C.
28.  On the whole, it appears that inside and outside lags for fiscal policy are 
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29.  Faster economic growth necessarily causes
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30.  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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B.
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D.
31.  Proponents of protectionism commonly base their case on
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32.  Which of the following best characterizes economists' attitudes toward price discrimination?
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D.
33.  Pollution is an example of which of the following?
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D.
34.  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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D.
35.  If the price of leather increases, other things being equal, which of the following would be the most likely initial effect?
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B.
C.
D.
36.  Which of the following is an illustration of entrepreneurship?
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B.
C.
D.
37.  A rise in the price of coffee is likely to have which of the following initial effects on the market for tea, a subsitute?
A.
B.
C.
D.
38.  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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B.
C.
D.
39.  If a country has an unsustainable debt pyramid, it must
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D.
40.  Which of the following could be considered a significant barrier to entry into a market? 
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D.
41.  The phenomenon of the "twin deficits" refers to a situation where there is a government budget deficit and
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D.
42.  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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D.
43.  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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C.
D.
44.  The minimum efficient scale for a firm is the level of output at which 
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B.
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D.
45.  Karen spends $20 to hire a tutor to help her prepare for her economics final. This expense should be considered part of
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D.
46.  Which of the following might cause firms in more concentrated industries to earn higher rates of return, on the average, than firms in less concentrated industries?
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B.
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D.
47.  In long-run equilibrium under monopolistic competition, which of the following is true?
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B.
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D.
48.  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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B.
C.
D.
49.  Long-run equilibrium is possible only when
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D.
50.  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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B.
C.
D.
51.  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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B.
C.
D.
52.  Which of the following describes a special type of expansionary monetary policy that can be used even when nominal interest rates are near the zero interest rate bound?
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B.
C.
D.
53.  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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B.
C.
D.
54.  An early study by Joe Bain concluded that
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D.
55.  It is more likely that at least some groups in a country will be hurt by trade
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D.
56.  The interest rate charged by the Fed on loans of reserve to banks is known as the 
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B.
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D.
57.  Assuming gasoline and tires to be complementary goods, the intial effect on the tire market of an increase in the price of gasoline (other things being equal), would be best described as?
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B.
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D.
58.  Which of the following produces an effect that is properly represented by a movement along a given aggregate demand curve?
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D.
59.  As a percentage of GDP, which of the following is larger in China than in the United States?
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B.
C.
D.
60.  Which of the following is most frequently used monetary tool used by the Fed?
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B.
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D.
61.  Which of the following is a source of diseconomies of scale?
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B.
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D.
62.  The money multiplier is 5, a $100,000 open market purchase by the Fed will cause the money stock to
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B.
C.
D.
63.  Scarcity is
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D.
64.  Which of the following actions by the Fed will tend to cause the money stock to expand?
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B.
C.
D.
65.  A graph showing the relationship between planned expenditures on final goods and the price level of final goods is called a 
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D.
66.  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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D.
67.  The market for hair styling services in a medium- to large-sized community would best be described as which of the following?
A.
B.
C.
D.
68.  If a firm decided it could save on total cost by unplugging itself from the local electric utility and buying its own generating equipment, we could assume that
A.
B.
C.
D.
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