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Economics

100 Questions  I  By MichaelDodd423
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Economics Quizzes & Trivia

  
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1.  Refer to Exhibit 11-1.  What is the marinal revenue product of the fifth unit of labor?
A.
B.
C.
D.
2.  Which of the following is true under natural monopoly?
A.
B.
C.
D.
3.  An oligopoly is a market structure in which:
A.
B.
C.
D.
4.  Game theory is an expecially useful model for analysis in the following types of markets:
A.
B.
C.
D.
5.  Perfect competition is a market structure in which there is:
A.
B.
C.
D.
6.  A competivie firm maximizes its profits (or minimizes is losses) by producing the quantity where the market price equals the firm's:
A.
B.
C.
D.
7.  A monolpy is:
A.
B.
C.
D.
8.  Which of the following firms best fits the definition of a monopoly?
A.
B.
C.
D.
9.  Which of the following can shift the labor demand curve to the right?
A.
B.
C.
D.
E.
10.  The demand curve any monopolist uses in making output decisions is:
A.
B.
C.
D.
E.
11.  In Exhibit 11-4, the equilibrium wage and the number of food servers employed per day, respectively, are:
A.
B.
C.
D.
12.  Which of the following market structures describes an industry in which a group of firms formally agree to control prices and output of a product?
A.
B.
C.
D.
E.
13.  Game theory is a model for describing oligopoly price decisions among firms that are:
A.
B.
C.
D.
14.  In Exhibit 11-4, assume that both input and output markets are perfectly competitive. If one additional server increased the number of meals sold by four per day and each meal sells for $10, each additional food server will be paid:
A.
B.
C.
D.
E.
15.  A market situation where a small number of sellers dominate the entire industry is called:
A.
B.
C.
D.
16.  Which of the following statements best describes the price, output, and profit conditions of monopoly?
A.
B.
C.
D.
17.  The optimal hiring rule is to employ labor up to the point where:
A.
B.
C.
D.
E.
18.  Which of the following statements best describes the price, output, and price conditions of monopoly?
A.
B.
C.
D.
19.  Nonprice competition, price leadership, and cartels are models in the ____ market structure(s).
A.
B.
C.
D.
E.
20.  A union may atttempt to obtain stricter certification requirements or longer apprenticeships.  These changes would raise workers' wages because they:
A.
B.
C.
D.
21.  Which of the following is the most accurate definition of a worker's "marginal revenue product"?
A.
B.
C.
D.
22.  Which of the following best explains why a firm in a perfectly competitive market must take the price determined in the market?
A.
B.
C.
D.
23.  The kinked demand curve:
A.
B.
C.
D.
E.
24.  In Exhibit 11-4, suppose that in the interest of boosting incomes of the working poor, Congress imposes a minimum wage of $6.00 per hour.  The minimum wage rate creates a(n):
A.
B.
C.
D.
25.  As shown in Exhibit 8-12, suppose the firm's price is OB. The firm's total economic profit at this price is equal to the area of:
A.
B.
C.
D.
E.
26.  Critics of advertising argue that it:
A.
B.
C.
D.
27.  A major characteristic of the theory of oligopoly is that:
A.
B.
C.
D.
28.  A monopolist faces a downward-sloping demand curve because:
A.
B.
C.
D.
29.  Graphically, the marginal revenue curve of a monopolist:
A.
B.
C.
D.
30.  In the long run, both monopolistic competition and perfect competition result in:
A.
B.
C.
D.
31.  The marginal cost of labor for a perfectly competitive firm is given by:
A.
B.
C.
D.
E.
32.  A technological advance that increases the productivity of teachers can be expected to have what effects on the equilibrium labor market for teachers?
A.
B.
C.
D.
E.
33.  A monopoly:
A.
B.
C.
D.
34.  Which of the following is characteristic of a monopolistisally competitive firm?
A.
B.
C.
D.
35.  A monopolistic competitive firm is inefficient because the firm:
A.
B.
C.
D.
36.  The goal of any monopolist is to maximize:
A.
B.
C.
D.
E.
37.  The point of maximum profit for a business firm is where:
A.
B.
C.
D.
E.
38.  Marginal revenue product is defined as the extra:
A.
B.
C.
D.
E.
39.  The demand for a factor of production depends on the:
A.
B.
C.
D.
40.  A cartel:
A.
B.
C.
D.
41.  As presented in Exhibit 10-3, the long-run profit-maimizing output for the monopolistic competitive firm is:
A.
B.
C.
D.
E.
42.  Supporters of advertising claim that it:
A.
B.
C.
D.
43.  In the short run, if a perfectly competitive firm is producing at a price below average total cost, its economic profit is:
A.
B.
C.
D.
44.  Because a competitive firm is a price taker, it faces a demand curve that is:
A.
B.
C.
D.
45.  Refer to Exhibit 11-1.  If the markey wage rate is $25 per day, how many workers should the firm hire if it wants to maximize profits?
A.
B.
C.
D.
46.  Which of the following would be a human captial investment?
A.
B.
C.
D.
47.  Which of the following statements is true?
A.
B.
C.
D.
48.  A worker's accumulated investment in education, training, experience, and health is called:
A.
B.
C.
D.
49.  Marginal revenue is the change in:
A.
B.
C.
D.
E.
50.  The marginal revenue product of a resource:
A.
B.
C.
D.
51.  For a monopolist:
A.
B.
C.
D.
E.
52.  Firms should hire additional units of a resource as long as the:
A.
B.
C.
D.
53.  In which of the following market structures must the price and output decisions of an individual firm include the possible price and output reactions of the firm's rivals?
A.
B.
C.
D.
54.  If all firms in a monopolistic competitve industry have demand and cost curves like those shown in Exhibit 10-3, we would expect that in the long run:
A.
B.
C.
D.
55.  In Exibit 8-11, the profit-maximizing output level at the price of $8 is:
A.
B.
C.
D.
E.
56.  In a price leadership oligopoly model,
A.
B.
C.
D.
E.
57.  A monopolist will maximize profits by:
A.
B.
C.
D.
58.  Which of the following statements best describes firms under monopolistic competition?
A.
B.
C.
D.
59.  Firms in a monopolistically competitive industry produce:
A.
B.
C.
D.
60.  A characteristic of an oligopoly is:
A.
B.
C.
D.
61.  A monopsony is a:
A.
B.
C.
D.
62.  Which of the following is true of a perfectly competitive firm?
A.
B.
C.
D.
63.  When Pepsi is considering a price hike, it needs to consider how Coke may react.  This situation is called:
A.
B.
C.
D.
64.  Which of the following is the best example of a monopolisticaly competitive market?
A.
B.
C.
D.
65.  Monopolists are criticized because they are inefficient. What is meant by this statment?
A.
B.
C.
D.
E.
66.  To maximize long-run profits, the monopolistically competitive firm shown in Exhibit 10-3 will charge a price per unit of:
A.
B.
C.
D.
E.
67.  The monopolist, unlike the perfectly competitive firm, can continue to earn an economic profit in the long run because of:
A.
B.
C.
D.
E.
68.  One reason the supply of carpenters is geater than the supply of physicians is because:
A.
B.
C.
D.
69.  A natural monolpy is a market where:
A.
B.
C.
D.
70.  Compared to monopoly, the market results with monopolistic competition are usually expected to be:
A.
B.
C.
D.
E.
71.  Under perfect competition, a firm is a price taker because:
A.
B.
C.
D.
72.  When a perfectly competitive firm or a monopolisticaly competitive firm is making zero economic profit,
A.
B.
C.
D.
E.
73.  In the short run, if a perfectly competitive firm is producing at a price above average total cost, its exonomic profit must be:
A.
B.
C.
D.
74.  The theory of monopolistic competition predicts that in long-run equilibrium a monopolistically competitive firm will:
A.
B.
C.
D.
75.  In the long run, monopolisticaly competitive firms have:
A.
B.
C.
D.
76.  Excluding foreign competition, which of the following is an oligopoly in the United Sates?
A.
B.
C.
D.
77.  In long-run equilibrium for a perfectly competitive firm, price equals which of the following?
A.
B.
C.
D.
78.  A firm in a price-taker market:
A.
B.
C.
D.
79.  A profit-maximizing monopolixtically competitive firm will expand output to the point where:
A.
B.
C.
D.
80.  The monopolistic competition market structure is characterized by:
A.
B.
C.
D.
81.  Compared to a competitive input market, a monosonist will hire:
A.
B.
C.
D.
82.  If the equilibrium wage rate in Exhibit 11-4 increased, the cause could be that:
A.
B.
C.
D.
83.  A firm's demand for labor depends on, in part, the demand for the firm's product.  To summarize this idea, economist say that the demand for labor is:
A.
B.
C.
D.
84.  Which of the following is ture about a monopoly?
A.
B.
C.
D.
E.
85.  Product differentiation:
A.
B.
C.
D.
E.
86.  Although a monopoly can charge any price it wishes, it chooses:
A.
B.
C.
D.
E.
87.  In long-run equilibrium, the typical perfectly competitive firm will:
A.
B.
C.
D.
88.  In the long run, a monopolistic competitive firm will operate at a price which:
A.
B.
C.
D.
89.  A perfectly competitive firm maximizes profits or minimizes losses in the short-run by producing at the output level at which:
A.
B.
C.
D.
90.  A firm that is a price taker can:
A.
B.
C.
D.
91.  As represented in Exhibit 10-3, the maximum long-run economic profit earned by this monopolistic competitive firm is:
A.
B.
C.
D.
92.  Which of the following best explains why the monopolist's marginal revenue is less than the selling price?
A.
B.
C.
D.
93.  Which of the following is the best example of an investment in human capital?
A.
B.
C.
D.
94.  An increase in demand for French fries will cause equilibrium wage rates:
A.
B.
C.
D.
E.
95.  Which of the following statements concerning the supply of labor is true?
A.
B.
C.
D.
96.  Perfect competition is defined as market structure in which:
A.
B.
C.
D.
97.  In order to make oil profits as large as possible, OPEC meets to set oil production quotas for its members, OPEC is best classified as a:
A.
B.
C.
D.
98.  As shown in Exhibit 9-3, in order to maximize profits, what price should GeneTech charge for its vaccines?
A.
B.
C.
D.
99.  A perfectly competitive firm in the short-run can earn:
A.
B.
C.
D.
100.  In Exhibit 9-3, how much vaccine should GeneTech produce to maximize its profits?
A.
B.
C.
D.
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