Suppose a competitive firm and a monopolist are both charging $5 for their respective
outputs. One can infer that
marginal revenue is $5 for both firms.
marginal revenue is $5 for the competitive firm and less than $5 for the monopolist.
marginal revenue is less than $5 for both firms.
the competitive firm is charging too much and the monopolist too little.
One reason that variable factors of production tend to show diminishing returns in the
short run is that
too much capital equipment is idle.
there are too many workers using a fixed amount of productive resources.
the firm has become too large to effectively manage workers.
the cost of hiring additional workers increases as firms seek to hire more.
You have noticed that there is a persistent shortage of teachers in an inner-city school
district in your state. Based on this observation, you suspect that
The wage for teachers at those schools is higher than at other schools in the state.
The wage for teachers at those schools is lower than the equilibrium wage.
There is an excess supply of teachers.
The reservation price among teachers is lower than for other professions.
Assume that a profit maximizing monopolist is producing a quantity such that marginal
revenue exceeds marginal cost. We can conclude that the
firm is maximizing profit.
firm’s output is smaller than the profit maximizing quantity.
firm’s output is larger than the profit maximizing quantity.
firm’s output does not maximize profit, but we cannot conclude whether the output
is too large or too small.
Use the following two statements to answer this question:
I. Increasing returns to scale cause economies of scale.
II. Economies of scale cause increasing returns to scale.
Both I and II are true.
I is true and II is false.
I is false and II is true.
Both I and II are false.
If a monopolist sets her output such that marginal revenue, marginal cost and average
total cost are equal, economic profit must be:
negative.
positive.
zero.
indeterminate from the given information.
If economic profits are negative but accounting profits are positive, then
accounting profits are less than implicit costs.
total revenues are greater than the sum of explicit and implicit costs.
explicit costs exceed total revenues.
normal profits are zero.
In the short-run Keynesian model where the marginal propensity to consume is 0.5, to
offset a recessionary gap resulting from a $1 billion decrease in autonomous
consumption, taxes must be:
increased by $1 billion.
decreased by $1 billion.
increased by $2 billion.
decreased by $2 billion.
exports; exports
imports; exports
exports; imports
imports; imports
increase; increase
decrease; decrease
increase; decrease
decrease; increase
The CPI in 2000 was 82, and the CPI in 2010 was 202. If you earned a salary of
$300,000 in 2000, what would be a salary with equivalent purchasing power in 2010?
A monopolist faces the following demand curve and total cost curve for its product:
Q = 200 − 2P , TC = 5Q . Suppose that in addition to the tax, a business license is
required to stay in business. The license costs $1000. What is the profit maximizing
level of output?
Lead cut 3,000 heads of hair in the year 2009 and 3,100 in the year 2010. The price of a
haircut was $70 in 2009 and $80 in 2010. If the year 2009 is the base year, what was
Lead’s contribution to real GDP in the year 2010?
If the annual real rate on a 10-year inflation-protected bond equals 1.9 percent and the
annual nominal rate of return on a 10-year bond without inflation protection is 4.4
percent, what average rate of inflation over the ten years would make holders of
inflation-protected bounds and holders of bonds without inflation protection equally
well off?
In a country that operates according to Okun’s law, real GPD is $96 trillion, the actual
rate of unemployment is 8 percent, and the natural unemployment rate is 6 percent.
What is potential GDP in the country?
Suppose a firm has the production function: Q = 10K2L2 , If the wage rate is $20 per
unit of labor and the rental rate of capital is $100 per unit, how much capital and labor
should the firm employ in the long run to maximize output while spending exactly
$10,000? (15 分)
If firms and workers have adaptive expectations, what impact will expansionary
monetary policy have on inflation, unemployment, and the Phillips curve? (15 分)
How does an increase in government purchases financed by an increase in the deficit
affect exchange rates? Support your answer with graphs of the loanable funds market
and the foreign exchange market. (15 分)
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