Larry has a comparative advantage in writing a term paper if he
can write a paper faster than the other students in class.
has an absolute advantage in writing a term paper.
always earns an A on his papers.
has a low opportunity cost for writing a term paper.
All of the above must be true for Larry to have a comparative advantage.
Which of following is not true of an equilibrium price?
Consumers who are willing to pay the equilibrium price can acquire the good.
It measures the value of the last unit sold to consumers.
It is always a fair and just price.
Firms who are willing to accept the equilibrium price can sell what they produce.
It measures the cost of resources required to produce the last unit.
Demand tends to be _______ in the short run than in the long run.
more elastic
more inelastic
more volatile
less important
None of the above
The slope of any production possibilities curve is __________ because __________.
negative; production of one of the two goods is always insufficient
negative; to produce more of one good means less production of the other
constant; the tradeoff in production never changes
positive; to produce more of one good means more production of the other
positive; to produce more of one good means less production of the other
Ted can wax 4 cars per day or wash 12 cars. A combination of 1 wax and 6 washes per
day is probably a(n):
efficient and attainable point.
efficient but not attainable point.
attainable and inefficient point.
unattainable point.
unattainable and inefficient point.
Congestion of the work space and fixed factors of production at the firm
explain high employee turnover.
cause increased workspace violence.
demonstrate the law of diminishing marginal returns.
explain decreased employee morale.
result in increased self-employment.
The shutdown condition applies
only in the long run.
in the long run and in the short run.
only in the short run.
only to firms that are just breaking even.
to all firms, all the time.
If the opportunity cost of producing a good domestically exceeds the opportunity cost
of purchasing it on the world market, a country can gain by
increasing production and decreasing imports.
increasing production and decreasing exports.
decreasing production and increasing exports.
decreasing production and increasing imports.
maintaining a closed economy.
Products have network economies if they
can be used by more than one person at a time.
are cheaper to produce as more people buy them.
are more valuable to own as more people own them.
make your other possessions more valuable.
have many complements.
The prisoner's dilemma refers to games where
neither player has a dominant strategy.
one player has a dominant strategy and the other does not.
both players have a dominant strategy.
both players have a dominant strategy which results in the largest possible payoff.
both players have a dominant strategy which results in a lower payoff than their
dominated strategies.
Private incentives in markets with external benefits lead to _____; private incentives in
markets with external costs lead to _____.
maximum total economic surplus; deadweight loss
deadweight loss; deadweight loss
excess total economic surplus; efficiency
excess total economic surplus; deadweight loss
efficiency; efficiency
When auctions, such as those used on eBay, are used to sell a product
information about consumers' true reservation prices is minimized.
information about consumers' true reservation prices is revealed.
consumers have an incentive to bid higher than their true reservation prices.
the consumer with the highest reservation price rarely has the winning bid.
consumers do not have an incentive to bid their true reservation prices.
If it is impossible or highly costly to prevent consumers from consuming a good when
they have not paid for it, the good is a(n) __________ good.
nonexcludable
pure public
private
nonrival
common
Deflation is a situation in which the:
quantity of goods and services produced is increasing over time.
quantity of goods and services produced is decreasing over time.
prices of most goods and services are falling over time.
prices of most goods and services are rising over time.
prices of most goods and services are not changing over time.
If the Fed wishes to reduce nominal interest rates, it must engage in an open market
____ of bonds that ____ the money supply.
sale; increases
sale; decreases
sale; does not change
purchase; increases
purchase; decreases
Taiwan exports tools to the United States. Consumers in Taiwan will probably pay
a(n) _____ price for tools with free trade than they would with a closed economy.
lower
somewhat lower
higher
equal
more fair
The gold standard is an example of a(n) ______ exchange rate system.
fixed
flexible
floating
dollarized
speculative
Holding all else constant, a decrease in the real interest rate on U.S. assets will ____
the demand for dollars in the foreign exchange market and ____ the equilibrium
Mexican peso/U.S. dollar exchange rate.
increase; increase
increase; decrease
not change; not change
decrease; increase
decrease; decrease
Holding constant risk and the real returns available abroad, higher domestic real
interest rates _____ capital inflows, _____ capital outflows, and _____ net capital
inflows.
increase; increase; increase
increase; increase; decrease
increase; decrease; increase
decrease; decrease; decrease
decrease; increase; decrease
If new production technology is put into practice that allows workers to process more
chickens per hour, then the real wage of unskilled workers in poultry processing plants
is predicted to _____ and the employment of unskilled workers in poultry processing
plants is predicted to _____.
increase; increase
increase; decrease
increase; not change
decrease; decrease
decrease; not change
Under the shopping voucher(消費卷)program, all Taiwanese citizens and their foreign
spouses will be eligible to each receive NT$3,600 in vouchers. The primary objective of
this program is to stimulate consumption and give a lift to the slumping business activities
in Taiwan. Describe the effectiveness of this program by both the classical model and the
Keynesian model graphically. Which model is more appropriate under the current
circumstance? Why? (20%)
Consider a product for which demand is P = 950 −QT , where QT is the total amount
produced by all of homogenous suppliers in the market. Assume that both marginal cost
(MC) and average cost (AC) are equal to 50 for all firms. (20%)
(1) In a perfectly competitive market, determine the equilibrium price and quantity.
(2) Find the market price and output when there exists only a single firm.
(3) Assume that there are two firms, firm 1 and firm 2, in the market.
(i) Find the Cournot equilibrium.
(ii) Find the Stackelberg equilibrium when the firm 2 acts as a leader.
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