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ECO 561 Final Exam good

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1 )   Suppose that in the clothing market , production costs have fallen , but the equilibrium price and quantity purchased have both increased . Based on this information you can conclude that
A. the supply of clothing has grown faster than the demand for clothing
B. 
C. the supply of and demand for clothing have grown by the same proportion
D. there is no way to determine what has happened to supply and demand with this information
Answer:  B.   demand for clothing has grown faster than the supply of clothing
2 )   Camille 's Creations and Julia 's Jewels both sell beads in a competitive market . If at the market price of $ 5 , both are running out of beads to sell ( they ca n't keep up with the quantity demanded at that price ) , then we would expect both Camille 's and Julia 's to :
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3 )   In which of the following industries are economies of scale exhausted at relatively low levels of output ?
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4 )   The average cost curves ( AVC and ATC ) should be minimized
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5 )   If the wage rate increases ,
A. a purely competitive producer will hire less labour , but an imperfectly competitive producer will not
B. an imperfectly competitive producer will hire less labour , but a purely competitive producer will not
C. 
D. an imperfectly competitive producer may find it profitable to hire either more or less labour
Answer:  C.   a purely competitive and an imperfectly competitive producer will both hire less labour
6 )   The real wage will rise if the nominal wage
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7 )   Construction workers frequently sponsor political lobbying in support of greater public spending on highways and public buildings . One reason they do this is to
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8 )   Paying an above - equilibrium wage rate might reduce unit labour costs by
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9 )   A good real - world example of monopolistic competition is
A. 
B. gas stations
C. Time Warner Cable
D. groceries store
Answer:  A.   lawyers
10 )   An industry comprising a small number of firms , each of which considers the potential reactions of its rivals in making price - output decisions , is called
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International Economics
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Chapter 12 / Exercise 13
International Economics
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ECO 561 Final Exam (100% Correct)1) Suppose that in the clothing market, production costs have fallen, but theequilibrium price and quantity purchased have both increased. Based on thisinformation you can conclude thatA. the supply of clothing has grown faster than the demand for clothingB. demand for clothing has grown faster than the supply of clothingC. the supply of and demand for clothing have grown by the same proportionD. there is no way to determine what has happened to supply and demand with thisinformation
2) Camille's Creations and Julia's Jewels both sell beads in a competitivemarket. If at the market price of $5, both are running out of beads to sell (theycan't keep up with the quantity demanded at that price), then we would expectboth Camille's and Julia's to:
3) In which of the following industries are economies of scale exhausted atrelatively low levels of output?
We have textbook solutions for you!
The document you are viewing contains questions related to this textbook.
International Economics
The document you are viewing contains questions related to this textbook.
Chapter 12 / Exercise 13
International Economics
Carbaugh
Expert Verified
4) The average cost curves (AVC and ATC) should be minimized
5) If the wage rate increases,A. a purely competitive producer will hire less labour, but an imperfectly competitiveproducer will notB. an imperfectly competitive producer will hire less labour, but a purely competitiveproducer will notC. a purely competitive and an imperfectly competitive producer will both hireless labourD. an imperfectly competitive producer may find it profitable to hire either more orless labour

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