1) suppose that a pure monopolist can sell 5 units of output at $4 per unit and 6 units at
$3.90 per unit. the monopolist will produce and sell the sixth unit if its marginal cost is:
a.$4 or less.
b.$3.90 or less.
c.$3.50 or less.
d.$3.40 or less.
2) In 2007, there were about _____ million union members in the United States.
A.5.8
B.11.2
C.15.7
D.32.5
3)
refer to the above long-run cost diagram for a firm. if the firm produces output q1 at an
average total cost of atc1, then the firm is:
a.producing the profit-maximizing output, but is failing to minimize production costs.
b.incurring x-inefficiency, but is realizing all existing economies of scale.
c.incurring x-inefficiency and is failing to realize all existing economies of scale.
d.producing that output with the most efficient combination of inputs and is realizing all
economies of scale.
4)
refer to the above diagrams. in which case would the coefficient of cross elasticity of
demand be negative?
a.a
b.b
c.c
d.d
5)
Refer to the above data. If the amount of real output demanded at each price level falls
by $200, this might have been caused by:
A.an increase in net exports.
B.a worsening of business expectations.
C.an increase in consumer wealth.
D.a decrease in the personal income tax.
6) the united states devotes about ______ percent of its domestic output to health care.
a.2
b.5
c.13
d.16
7) The traditional Phillips Curve suggests a tradeoff between:
A.price level stability and income equality.
B.the level of unemployment and price level stability.
C.unemployment and income equality.
D.economic growth and full employment.
8) Answer the next question(s) on the basis of the following list of assets:
1> Large ($100,000 and over) time deposits
2> Noncheckable savings deposits
3> Currency (coins and paper money)
4> Small (under $100,000) time deposits
5> Stock certificates
6> Checkable deposits
7>Money market deposit accounts
8>Money market mutual fund balances held by individuals
9>Money market mutual fund balances held by businesses
Refer to the above list. The M1 definition of money comprises item(s):
A.6 only.
B.3, 4, and 6.
C.3 and 6.
D.2, 3, and 6.
9)
Refer to the above data. If the prices of labor and capital are $9 and $15 respectively, at
the profit-maximizing level the firm’s total output will be:
A.38 units.
B.60 units.
C.64 units.
D.27 units.
10) the given supply and demand data for wheat:
refer to the above data. equilibrium price will be:
a.$4.
b.$3.
c.$2.
d.$1.
11) In 2007, about ____ percent of employed wage and salary workers belonged to
unions.
A.20.3
B.6.8
C.10.4
D.12.1
12) answer the next question(s) on the basis of the following data. all figures are in
billions of dollars.
refer to the above data. gdp is:
a.$390.
b.$417.
c.$422.
d.$492.
13)
refer to the figure above. suppose the graphs represent the demand for use of a local
golf course for which there is no significant competition (it has a local monopoly); p
denotes the price of a round of golf; q is the quantity of rounds ‘sold” each day. if the
left graph represents the demand during weekdays, and the right graph the weekend
demand, this profit-maximizing golf course should:
a.charge $9 for each round, regardless of the day of the week.
b.charge $7 for each round, regardless of the day of the week.
c.charge $7 for each round on weekdays, and $10 during the weekend.