If a perfectly competitive firm produces an output level where price is greater than
marginal costs, then the firm should
pay more to its variable factors of production.
contract output to earn greater profits or smaller losses.
expand output to earn greater profits or smaller losses.
leave its output decision unchanged.
Generally speaking, demand for a good will be more inelastic
if few substitutes exist.
when the good represents a large share of the consumer’s budget.
in the long run.
when many substitutes exist.
The cross price elasticity for bread and potatoes is estimated to be 0.4; this implies
bread and potatoes are
normal goods.
substitutes.
unrelated
complements.
Assume country M and the members of OPEC produce crude oil. Realizing that it
would be in their best interests to form an agreement on production goals, a meeting is
arranged and an informal, verbal agreement is reached. If both country M and OPEC
stick to the agreement OPEC will earn profits of $20 million and country M will earn
profits of $10 million. If both country M and OPEC cheat then OPEC will earn $17.5
million and country M will earn $8 million. If only OPEC cheats, then OPEC earns
$18.5 million and country M $6 million. If only country M cheats, then country M
earns $11 million and OPEC $15 million. OPEC finds that it has
a dominant strategy of cheating.
a dominated strategy of cheating.
a dominant strategy of not cheating.
no dominant strategy.
Which of the following would increase the investment component of Taiwan GDP?
You purchase a new clothes washing machine produced in the Taiwan.
You purchase a new clothes washing machine produced in China.
A laundry in Kaohsiung purchases a new clothes-washing machine produced in the
Taiwan.
A laundry in Hong Kong purchases a new clothes-washing machine produced in
the Taiwan.
Frictional unemployment is:
the unemployment that results when people retire or leave the labor force.
the additional unemployment not captured in official statistics resulting from
discouraged workers and the involuntary part-time workers.
the extra unemployment that occurs during periods of recession.
short-term unemployment that is associated with the process of matching workers
with jobs.
Why doesn’t the Fed have both a money supply target and an interest rate target?
Only the level of interest rate matters when we consider rates of growth in real
GDP, employment, and rates of price inflation.
Short term interest rates do not respond to changes in the money supply, which the
Fed can control.
The Fed does not control money demand.
The Fed cannot offset the impact of changes in cash management by the public or
changes in lending policies of commercial banks on the money supply.
Your economics professor has announced the following grading policy: For each exam,
the highest score in the class will be entered as a 100%; all other scores will be entered
as the percent of that top score. For example, if the highest test score is a 50 out of 100,
it will be counted as a perfect paper, and exams with a score of 40 out of 100 will be
entered as an 80%. The final grade for the course will be determined using these
adjusted percentages, with 90% and above an A, 80% and above a B, 70% and above a
C and below 70% not passing. The students all get together and decide not to study for
the next exam because if nobody does extremely well, they will all do okay. This plan
requires everyone to follow their dominant strategy.
will be stable because there are no incentives to deviate.
will be unstable because there is an incentive to break the agreement.
is a commitment device, and thus stable.
lowers; increases; increases
raises; decreases; increases
raises; decreases; decreases
lowers; increases; decreases
increases; increases
increases; decreases
decreases; decreases
decreases; increases
Government policymakers can respond to an overvalued currency in each of the
following ways EXCEPT by:
devaluing the currency.
restricting international transactions.
increasing the official value of the currency.
becoming a demander of the currency in the foreign exchange market.
exports; exports
imports; exports
exports; imports
imports; imports
When aggregate expenditure is less than GDP, which of the following is true?
There was unplanned inventory investment.
Firms spent more on capital goods than they anticipated.
All of the above must be true when aggregate expenditure is greater than GDP.
Households bought more new homes than they anticipated.
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.
According to the “Taylor rule”, the Fed should set the target for the federal funds rate
according to an equation that includes
the inflation rate, the equilibrium real federal funds rate, the “inflation gap”, and the
“output gap”.
the inflation rate, the expected inflation rate, and the rate of growth of real GDP
over the last two quarters.
the unemployment rate, the inflation rate, expected aggregate expenditure, and firm
investment.
the equilibrium level of real GDP, the expected inflation rate, the “credibility gap”,
and the unemployment rate.
請列舉完全競爭市場的特性,並說明各項特性的經濟意涵。 (15 分)
In U.S., the federal budget exhibited a $128.7 billion surplus in 2001 but decreased to a
deficit of $157.8 billion in 2002. Some economists argued the deficit was due to the
Bush 2001 tax cuts. But others argued that the deficit was due to the recession suffered
in 2001. Evaluate the validity of the two arguments. (15 分)
A homogeneous products duopoly faces a market demand function given by
P = 500 −10Q . Both firms have a constant marginal cost of MC = 200 . What is the
Cournot equilibrium quantity per firm and price in this market? (10 分)
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