Econ Final

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1.  On the whole, it appears that inside and outside lags for fiscal policy are 
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D.
2.  Which of the following types of unemployment can be less than 0 at the peak of the business cycle?
A.
B.
C.
D.
3.  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
A.
B.
C.
D.
4.  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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B.
C.
D.
5.  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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B.
C.
D.
6.  A recession is a 
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7.  Assume that a variable input price, such as labor wages, rises. What will be the short-run impact on the market price for firms in a perfectly competitive industry?
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B.
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D.
8.  Suppose the government passes corporate accounting reforms that improve the investment climate and strengthen business confidence. Taking the multiplier effect into account, which of the following is likely to follow?
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B.
C.
D.
9.  In the absence of trade, world production will tend to be
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10.  Environmental problems and policies provide numerous examples of
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11.  Which of the following best describes the policy of the Fed?
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D.
12.  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.
13.  Monetizing the deficit refers to:
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D.
14.  Which of the following would be considered an instrument of fiscal policy?
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D.
15.  Which of the following is most likely to increase as a country moves from price stability into a period of demand-side deflation?
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16.  Inflation in the United States was highest, on average, during which of the following periods?
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D.
17.  Domestic product equals
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18.  The idea of free trade leading to a "race to the bottom" refers to 
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D.
19.  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?
A.
B.
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D.
20.  A perfectly competitive firm's short-run supply curve is best described as
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21.  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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22.  It takes 5 labor hours to produce a ton of steel in Japan and 3 labor hours in the United States, and it requires 20 labor hours to produce a car in Japan and only 15 labor hours in the United States. If Japan and the United States were the only two countries involved in trade, we would expect
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B.
C.
D.
23.  The command-and control approach to pollution control can best be described by which statement?
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B.
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D.
24.  To be officially counted as part of the labor force, a person must be
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25.  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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B.
C.
D.
26.  Where is the cap-and-trade approach used most extensively for carbon emissions as of 2008? 
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27.  A firm is said to experience economies of scale over the range of output for which long-run average cost
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28.  Assume that a fixed cost, such as property taxes, increases for firms in a perfectly competitive industry. What will be the short-run impact on the output level of individual firms?
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D.
29.  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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B.
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D.
30.  Trade in meat and wheat between two countries is least likely to be profitable if
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D.
31.  If a marginal physical product curve and an average physical product curve were both drawn on a single diagram, 
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32.  Policies to control unemployment are primarily a concern of 
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D.
33.  An unexpected increase in the rate of inflation will tend to
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34.  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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35.  Which of the following actions by the Fed will tend to cause the money stock to expand?
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B.
C.
D.
36.  An open market purchase by the Fed is an example of which of the following?
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D.
37.  Which of the following is a source of diseconomies of scale?
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38.  The total of consumer plus producer surplus under simple monopoly will tend to be 
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39.  Policies related to the government's budget are known as
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40.  If consumer incomes go up, which of the following is initially most likely?
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D.
41.  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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C.
D.
42.  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.
43.  Which of the following is considered an outside lag of economic policy?.
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D.
44.  Which of the following passes through a point of the long-run equilibrium?
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45.  Domestic product minus planned expenditure is equal to
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46.  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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D.
47.  Which of the following is true about a simple monopolist in long-run equilibrium?
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48.  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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D.
49.  Which of the following will produce a rightward shift in the aggregate demand curve?
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D.
50.  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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51.  Which of the following statements is true of MC > ATC?
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D.
52.  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?
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B.
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D.
53.  A perfectly competitive firm sells its output at $40 per unit. At 100 units of output, it has an average total cost of $40. Marginal cost is equal to average total cost at that point. To maximize profit, what should the firm do?
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B.
C.
D.
54.  In the United States the interbank loan market where banks borrow reserves from one another is called
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55.  Which of the following would lead to increased market concentration?
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56.  In 2003, it cost $185 to purchase the same basket of consumer goods that could have been purchased for $100 in 1982. A worker who earned $800 per week in 1982 and $1,550 per week in 2003, therefore, would have experienced
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D.
57.  Budget items like social security and Medicare that are not subject to annual appropriations are known as
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D.
58.  The expected level of input prices can be determined by looking at the intersection of the 
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B.
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D.
59.  Which of the following markets can contain a number of firms producing differentiated products?
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B.
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D.
60.  Which of the following is an example of normative economics
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61.  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.
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D.
62.  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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B.
C.
D.
63.  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.
64.  If the steelworkers' union negotiates a new contract with sharply higher wages, we would expect, once a new equilibrium is reached in the steel market,
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D.
65.  Which of the following is necesssary in order for a monopolist to practice price discrimination?
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B.
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D.
66.  The "other things being equal" clause in the law of demand covers
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D.
67.  Which of the following disciplines relies on theories to explain how facts are related?
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D.
68.  An early study by Joe Bain concluded that
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D.
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