If a study by the AMA found that brown sugar caused weight loss while sugar caused
weight gain we would see
an increase in demand for brown sugar and a decrease in demand for white sugar.
no change in either demand because weight loss is not a nonprice determinant of
demand.
an increase in demand for brown sugar, but no change in the demand for white
sugar.
a decrease in the demand for white sugar, but no change in the demand for brown
sugar.
When quantity demanded has increased at every price, it might be because
the number of buyers in the market has decreased
income has increased and this good is an inferior good.
the consumer prefers another good more than this good
the price of a substitute good has increased
If cigarettes and marijuana had been found to the substitutes, a tax placed on cigarettes
would
decrease the demand for marijuana
increase the demand for marijuana.
decrease the quantity demanded of marijuana
increase the quantity demanded of marijuana
When the local used bookstore prices economics books at $15.00 each, they generally
sell 70 per month. If they lower the price to $7.00 each they sell 90. Given this, we
know that the elasticity of demand for economics books is
2.91, so this store should lower price to raise total revenue
2.91, so this store should raise price to raise total revenue
0.34, so this store should lower price to raise total revenue
0.34, so this store should raise price to raise total revenue
When a country allows trade and becomes an importer of a good,
both domestic producers and domestic consumers are better off
domestic producers are better off, and domestic consumers are worse off
domestic producers are worse off, and domestic consumers are better off
both domestic producers and domestic consumers are worse off.
The United States has imposed taxes on some importer goods that have been sold here
by foreign countries at below their cost of production. These taxes
benefit the United States as a whole, because they generate revenue for the
government. In addition, because the goods are priced below cost, the taxes do not
harm domestic consumers.
benefit the United States as whole, because they generate revenue for the
government and increase producer surplus.
harm the United States as a whole because they reduce consumer surplus by an
amount that exceeds the gain in producer surplus and government revenue.
harm the United States as a whole because they reduce the sum of consumer and
producer surplus by an amount that exceeds the increase in government revenue.
Which of the following statements about internalizing a negative externality is most
correct?
Internalizing a negative externality will cause an industry to decrease the quantity
it supplies to the market and decrease the price of the good produced.
Internalizing a negative externality will cause an industry to decrease the quantity
it supplies to the market and increase the price of the good produced.
Internalizing a negative externality will cause an industry to increase the quantity it
supplies to the market and decrease the price of the good produced.
Internalizing a negative externality will cause an industry to increase the quantity it
supplies to the market and increase the price of the good produced.
Internalizing a positive externality through a government subsidy will cause the
industry’s supply curve to
remain unchanged.
shift down by an amount less than the subsidy.
shift down by an amount equal to the subsidy.
shift down by an amount greater than the subsidy.
Which of the following statements is true?
(i) When a competitive firm sells an additional unit of output, its revenue increases by
an amount less than the price.
(ii) When a monopoly firm sells an additional unit of output, its revenue increases by
an amount less than the price.
(iii)Average revenue is the same as price for both competitive and monopoly firms.
(i) only
(iii) only
(i) and (ii)
(ii) and (iii)
The concept of a Nash equilibrium, when applied to an oligopoly situation, relies on
the notion that Firm A in an oligopoly chooses its own best strategy
given the strategies that other firms have chosen.
with the knowledge that other firms are likely to choose their strategies in response
to Firm A’s choice of a strategy.
based on the objective of maximizing the collective profits of all firms in the
industry.
All of the above are correct.
Trade negotiations are repeated each year. In a repeated game scenario it is likely that
Chinese negotiators will assume that United States negotiators will never retaliate
for a noncooperative trade policy.
both parties will assume that the other will choose a strategy that optimizes the
total value of the trade relationship.
the Nash equilibrium will provide the largest possible gains to each party.
each will follow a dominant strategy based entirely on self-interest.
Steph bys designer dress produced by an American-owned fashion shop in France. As
a result, U.S. consumption increases, U.S. net exports
decrease, U.S. GDP is unaffected, but U.S. GNP increases.
decrease, U.S. GDP increases, but U.S. GNP is unaffected.
decrease, U.S. GDP increases, but French GDP is unaffected.
are unaffected, U.S. GDP is unaffected, but French GDP increases.
A firm has four different investment options. Option A will give the firm $10 million
at the end of one year, $10 million at the end of two years, and $10 million at the end
of three years. Option B will give the firm $5 million at the end of one year, $10
million at the end of two years, and $15 million at the end of three years. Option C
will give the firm $15 million at the end of one year, $10 million at the end of two
years, and $5 million at the end of three years. Option D will give the firm $21 million
at the end of one year, nothing at the end of two years, and $9 million at the end of
three years. Which of these options has the highest present value if the rate of interest
is 5 percent?
Option A
Option B
Option C
Option D
In 2000 in Japan, based on concepts similar to those used to compute U.S.
employment statistics, the unemployment rate was about 4.8 percent, the labor force
participation rate was about 62 percent, and the adult population was bout 108 million.
How many people were employed and how many were unemployed?
about 63.8 million and 3.2 million.
about 63.8 million and 5.2 million.
about 67 million and 3.2 million.
about 67 million and 5.2 million.
Given a nominal interest rate of 8 percent, in which case below would you earn the
highest after-tax real interest rate?
Inflation is 5 percent; the tax rate is 20 percent.
Inflation is 4 percent; the tax rate is 30 percent.
Inflation is 3 percent; the tax rate is 40 percent.
The after-tax real interest rate is the same for all of the above.
(1) Does either airline have a dominant strategy? Explain. (5%)
(2) Is there a Nash equilibrium? If yes, please describe this Nash equilibrium in detail.
(10%)
(3) If the lower right cell has 85’s for each company instead of 70’s, would either have
a dominant strategy then? Why? (5%)
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