The lower the barriers to entry and exit, the more nearly a market structure fits the
________ market model.
monopolistic competition.
perfectly contestable.
oligopoly.
monopoly.
none of the above.
The Herfindahl-Hirschman index is a measure of ________.
market concentration.
income distribution.
technological progressiveness.
price discrimination.
none of the above.
The antitrust laws regulate all of the following business decisions except ________.
collusion.
mergers.
monopolistic practices.
price discrimination.
wage levels.
________ occur whenever a third party receives or bears costs arising from an
economic transaction in which the individual (or group) is not a direct participant.
Pecuniary benefits and costs.
Externalities.
Intangibles.
Monopoly costs and benefits.
none of the above.
Which of the following are not approaches to resolving the principal-agent problem?
ex ante incentive alignment.
deferred stock options.
ex post governance mechanism.
straight salary contracts.
monitoring by independent outside directors.
Governance mechanisms are designed
to increase contracting costs.
to resolve post-contractual opportunism.
to enhance the flexibility of restrictive covenants.
to replace insurance.
none of the above.
The segmenting of customers into several small groups such as household, institutional,
commercial, and industrial users, and establishing a different rate schedule for each
group is known as:
first-degree price discrimination.
market penetration.
third-degree price discrimination.
second-degree price discrimination.
none of the above.
Which of the statements about price discrimination is (are) false?
It must be possible to segment the market.
It must be difficult to transfer the seller’s product from one market segment to
another.
Public utilities practice first-degree price discrimination.
There must be differences in the elasticity of demand from one segment to another.
C and D.
In ________ price discrimination, the entire consumer surplus is captured by the
producer.
first-degree.
second-degree.
third-degree.
A and B.
none of the above.
To maximize profits, a monopolist that engages in price discrimination must allocate
output in such a way as to make identical the ________ in all markers.
ratio of price to marginal cost.
ratio of marginal cost to marginal utility.
ratio of marginal cost to marginal utility.
marginal revenue.
none of the above.
In the Cournot duopoly model, each of the two firms, in determining its
profit-maximizing price-output level, assumes that the other firm’s ________ will not
change.
price.
output.
marketing strategy.
inventory.
none of the above.
The kinked demand curve model was developed to help explain:
fluctuations of prices in pure competition.
rigidities observed in prices in oligopolistic industries.
fluctuations observed in prices in oligopolistic industries.
all of the above.
none of the above.
If a cartel seeks to maximize profits, the market share (or quota) for each firm should
be set at a level such that the ________ of all firms is identical.
average total cost.
average profit.
marginal profit.
marginal cost.
marginal revenue.
The largest problem faced in cartel pricing agreements such as OPEC is:
detecting violations of quota barriers by cartel participants.
arriving at a profit maximizing price.
attracting participants in the cartel.
none of the above.
In the case of pure monopoly:
one firm is the sole producer of a good or service which has no close substitutes.
the firm’s profit is maximized at the price and output combination where marginal
cost equals marginal revenue.
the demand curve is always elastic.
(A) and (B) only.
(A), (B), and (C).
The practice by telephone companies of charging lower long-distance rates at night
than during the day is an example of:
inverted block pricing.
second-degree price discrimination.
peak-load pricing.
first-degree price discrimination.
none of the above.
In the electric power industry, residential customers have relatively ________
demands for electricity compared with large industrial users and generally are charged
________ rates.
similar, similar.
elastic, lower.
elastic, higher.
inelastic, lower.
inelastic, higher.
In pure competition:
the optimal price-output solution occurs at the point where marginal revenue is
equal to price.
a firm’s demand curve is represented by a horizontal line.
a firm is a price-taker since the products of every producer are perfect substitutes
for the products of every other producer.
(A) and (B) only.
(A), (B), and (C).
If price exceeds average costs under pure competition,________ firms will enter the
industry, supply will ________, and price will be driven ________.
more; decrease; down.
more; decrease; up.
more; increase; down.
more; increase; up.
none of the above.
The market for "lemons" is one in which
the rational buyer discounts.
the seller’s product claims are unverifiable at the point. of purchase.
"the bad apples drive out the good".
the problem of adverse selection is rampant.
all of the above.
All of the following are mechanisms which reduce the adverse selection problem
except ________.
warranties from established enterprises with non-redeployable assets.
high interest rates.
large collateral requirements.
brand names and product-specific promotions and retail displays.
higher prices in repeat customer transactions.
In the short-run for a purely competitive market, a manufacturer will stop production
when:
the total revenue is less than total costs.
the contribution to fixed costs is zero or less.
the price is greater than AVC.
operating at a loss.
(A) and (B).
Transfer prices in a multiproduct divisionalized firm:
serve as a measure of the marginal value of resources employed when making
price-output decisions that will maximize profits.
cannot be determined whenever one division sells its products both internally to
another division and externally in a perfectly competitive market.
serves as a measure of the overall value of the resources employed in the division
when analyzing the performance of the division.
(A) and (C) only.
(A), (B), and (C).
In the risk-adjusted discount rate approach, the cash flows for each project are
discounted at the:
risk-free rate.
cost of capital.
risk-adjusted discount rate.
certainty-equivalent rate.
none of the above.
Which of the following is not a limitation of the survivor technique for measuring the
optimum size of firms within an industry?
since the technique does not employ actual cost data in the analysis, there is no way
to assess the magnitude of the cost differentials between firms of varying size and
efficiency.
the managerial and entrepreneurial aspects of the production process are not
included in the analysis.
because of legal factors, the long-run cost curve derived by this technique may be
distorted and may not measure the cost curve postulated in economic theory.
(A) and (B).
(B) and (C).
凱因斯主張,貨幣工資的僵性會導致短期總供給曲線成一條________(垂直線、
正斜率線、水平線)。
在凱因斯模型中,若需求面的因素造成物價下跌,由於存在貨幣工資的僵性,因
此會有________(膨脹缺口、緊縮缺口)的產生。
其他條件不變,________(LM 曲線、IS 曲線)愈平坦,則總需求曲線也愈平坦。
根據實質景氣循環(RBC)理論,技術進步使得勞動生產力增加,導致廠商增加對
勞動的需求,而使________(總需求曲線、總供給曲線)向右移動。
若中央銀行想要讓新台幣貶值,則________(Sterilized Intervention、Unsterilized
Intervention)較能有效達到貶值的目的。
垂直的長期菲力普曲線往右移動,代表自然失業率落在________(較高、較低)
的水準。
在開放式的經濟體系之下,若購買力平價條件成立,則工人所感受到的實質工資
率________(大於、小於、等於)廠商據以決定勞動需求的實質工資率。
在貨幣供給(M)不變,所得(Y)也不變的情況下,若貨幣需求增加導致貨幣需求(L)
曲線右移,則LM 曲線會________(向右移動、向左移動)。
經濟史上自由放任(Laissez Faire)的意思最早源自於________(亞當.史密斯、李
嘉圖、重商主義學派、重農主義學派)。
假設目前美國一年期利率為2%,墨西哥一年期利率為4%,披索的即期匯率為
US$0.1/Mex$,一年期遠期匯率為US$0.11/Mex$。根據利率平價條件(IRP),套利
行為會讓一年期遠期匯率________(上升、下降)。
政府公共支出增加而致民間投資減少的效果稱之為排擠效果;在其他條件不變的
情況下,IS 曲線的斜率愈大,排擠效果________(愈小、愈大)。
請問下列各種景氣指標是屬於:(1.領先指標、2.同時指標)?請將答案填於空格
內,填1 或2 即可。 (5%)
(1) 股價指數________
(2) 貨幣供給MIB________
(3) 工業生產指數________
(4) 製造業新接訂單指數________
(5) 海關出口值________
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