It costs each lakeside firm $300 per period to use filters that avoid polluting the lake.
However, each firm must use the lake’s water in production, so it is also costly to have
a polluted lake. The cost to each firm of dealing with water from a polluted lake is
$200 times the number of polluting firms. If the game just be played only once, the
equilibrium of this game will be
both firms pollute.
only Lago pollutes.
only Nessie pollutes.
neither firm pollutes.
In a short-run production process, the marginal cost is rising and the average total cost
is falling as output is increased. Thus, marginal cost is
below average total cost.
above average total cost.
between the average variable and average total cost curves.
below average fixed cost.
Suppose a competitive firm and a monopolist are both charging $10 for their respective
outputs. One can infer that
marginal revenue is $10 for both firms.
marginal revenue is $10 for the competitive firm and less than $10 for the
monopolist.
marginal revenue is less than $10 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.
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.
firm’s output does not maximize profit, but we cannot conclude whether the output
is too large or too small.
lower; lower
lower; indeterminate
indeterminate; higher
higher; indeterminate
Suppose Job is going to buy a car and a cell phone. Assuming the marginal cost of
searching for both is the same, one can predict that Job will
spend more time searching for the car than the cell phone.
spend more time searching for the cell phone than the car.
spend equal amounts of time searching for the cell phone and the car.
trust the information from her car agent but not from the cell phone salesperson.
The bandwagon effect corresponds best to which of the following?
snob effect.
external economy.
negative network externality.
positive network externality.
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.
The cost-output elasticity equals 1.8; this implies that:
there are neither economies nor diseconomies of scale.
there are economies of scale.
there are diseconomies of scale.
marginal cost is less than average cost.
aggregate demand curve; right
aggregate demand curve; left
short-run aggregate supply line; upward
short-run aggregate supply line; downward
lower the inflation rate target; adjust the real interest rate target to the level at which
saving equals investment in the long run.
raise the inflation rate target; adjust the real interest rate target to the level at which
saving equals investment in the long run.
maintain the inflation rate target; maintain the real interest rate target
adjust the real interest rate target to the level at which saving equals investment in
the long run; lower the inflation rate target.
An increase in the demand for loanable funds will occur if there is
an increase in expected profits from firm investment projects.
an increase in the real interest rate.
an increase in the nominal interest rate accompanied by an equal increase in
inflation.
a decrease in the real interest rate.
If workers leave a country to seek out better opportunities in another country, then this
will
move the original economy down along a stationary short run aggregate supply
curve.
move the original economy up along a stationary short run aggregate supply curve.
shift the short run aggregate supply curve of the original country to the left.
shift the short run aggregate supply curve of the original country to the right.
Assume the money supply in Wonderland is 10,000, and currency held by the public
equals bank reserves. The desired reserve/deposit ratio is 0.25. What is the value of
Bank reserves?
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?
What is the purchase price of a Treasury bill that pays $10,000 in one year and has an
interest rate of 3 percent?
Use a graph to show the equilibrium of the money market. Explain why the equilibrium
is an “equilibrium.”
Find the short-run equilibrium output; show it in a Keynesian cross diagram. Does there
exist any recessionary gap or expansionary gap? How much is the gap?
If the nation’s central bank wants to eliminate the output gap, it can adjust desired
reserve-deposit ratio, how can it do to eliminate the output gap.
Find the short-run and long-run equilibrium output and inflation rate.
Suppose initially the economy is in long run equilibrium. An adverse inflation shock
(ex, oil price increase) happen and push the inflation rate by 4%, use an AD-AS
diagram to show short run and long run equilibrium, and how can the FED do to
eliminate the recessionary gap?
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