Cell phones are increasingly less expensive to manufacture. Holding all else equal,
equilibrium price decreases and equilibrium quantity increases on the market for Cell
phones.
If the real interest rate is 10%, and nominal interest rate is 12%. The deflation rate is 4%.
In the early 1990s, Taiwan taxicab drivers were on strike demanding lower cab fares.
The drivers believed the price elasticity of demand was inelastic.
Suppose electricity producers create a negative externality equal to $5 per-unit. The
equilibrium quantity is greater then what should be produced.
If the CPI is 120, this means that prices are 120 percent higher than in the reference
base period.
Suppose Michelle buys juice and only juice. Michelle would never consider buying any
other good. Juice is always a Giffen good for Michelle.
If rice producer A is more productive relative to rice producer B, then economics say
that rice producer A has an absolute advantage in the production of rice.
Some restaurants offer free refills on drinks. One reason why they can make this offer
without fear of losing money is that
there is no such concept as “marginal utility per dollar spent” on any soft drink after
the first.
the third and fourth refills probably have rapidly diminishing total utility.
the third and fourth refills probably have rapidly diminishing marginal utility.
the total utility of three or four soft drinks is probably close to zero.
Sam’s income for gasoline and coffee currently is $50 per week. If Sam’s budget for
gasoline and coffee increased from $50.00 to $75.00, Sam would experience
only an income effect.
only a substitution effect.
an increase in the marginal rate of substitution of both gasoline for coffee and
coffee for gasoline.
none of the above.
Which of the following increases aggregate demand?
A decrease in foreign income.
A decrease in tax rates.
A decrease in government spending.
A decrease in the money supply.
One potential advantage that a monopoly might have over perfect competitions is
Almost always a lower price.
almost always a higher output.
diseconomies of scale.
possibly an increased incentive to innovate.
Firms use advertising to create brand loyalty. In markets where brand loyalty is created,
the firm can
price bleow marginal cost.
price above marginal cost.
price equal to marginal cost.
maximize profits where marginal revenue is lower than marginal cost.
Which of the following items is NOT a part of gross private domestic investment?
purchase of a share of Microsoft stock.
purchase of a new house.
net additions to inventory.
equipment for a new wing on a factory.
After an open market operation, a multiple expansion of deposits can occur because
banks typically hold some excess reserves.
what one bank can do, the whole system cannot do.
one bank’s excess reserves are loaned out and end up as excess reserves in other
banks.
people convert their demand deposits to cash.
Please analyze the following paragraph by the concepts of economic theories.
Integrated circuits had their beginnings in the early 1960s, and the intervening years
saw the increasing complexity of circuits, the number of chips produced, the circuit
speed, and the variety of applications. The general design and production process
begins with functional specifications for the IC. This means not just functionality (i.e.
what the circuit does in terms of its primary inputs and outputs), but also constraints
such as size, package type, power consumption, number of devices to be manufactured,
expected product lifetime, etc. The development of the industry in the 1980s laid the
base for the rapid rise of the IC fabless industry. Today, there are two types of IC
production systems. The first is integrated device manufacturing (IDM), which includes
IC design, fabrication, packaging, and testing, all in one company. The other type of
system, which is vertically disintegrated, consists of independent production systems:
IC fabless, wafer fabrication, mask generation and fabrication, IC packaging, and
testing. Each function takes place in a separate company, which concentrates on that
one specific item needed for overall IC production. The popular trend of the
professional work division model has created numerous IC fabless companies and
generated enormous revenue worldwide. The revenue of IC fabless industries is a good
indicator of the innovation level of that region’s IC industry. Table 1 lists the industrial
revenue percentages of the main fabless players.
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