Answers_for_Final_315_Spring_05

Answers_for_Final_315_Spring_05 - Final Exam Spring 2005 BA...

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Page 1 Final Exam, Spring 2005 Student Name:__________ BA 315: Economy, Industry, and Competitive Analysis HW Team#:____________ Department of Finance CRN:__________________ Lundquist College of Business University of Oregon Ali Emami Part A: Microeconomics and Macroeconomics: Multiple Choice Questions (One point each question) 1. Which of the following components of consumer spending is the most cyclical? A) Services. B) Agricultural goods. C) Nondurable goods. D) Durable goods. 2. Investment, according to economists, refers to: A) Increased spending on durables. B) Business spending on plant and equipment. C) Increased spending on stocks and bonds. D) All of the above. Use the following to answer question 3: Figure 1 - Shifts of supply and demand Quantity (A) Quantity (B) Quantity (C) Quantity (D) P R I C E U N T S 1 S 0 D 1 D 0 S 1 S 0 D 1 D 0 S 1 S 0 D 1 D 0 S 1 S 0 D 1 D 0 3. Which panel of Figure 1 represents the changes in the market for sugar when a drought reduces the sugar crop and sugar substitutes become more popular? A) A B) B C) C D) D Use the following to answer question 4: Table 1 - U.S. data Consumption expenditures on goods and services $6,400 U.S. exports 500 Government purchases of goods and services 2,200 U.S. imports 700 Investment 1,600 4. Use the hypothetical data shown in Table 1. (Data are expressed in billions of dollars.) GDP is equal to: A) $10,000. B) $10,200. C) $10,400. D) $10,700. 5. Sociopsychiatric explanations of consumer behavior include: A) The desire for ego and status. B) The level of income or wealth. C) Prices of other goods. D) All of the above. 6. The demand curve is downward sloping because as marginal utility: A) Diminishes, producers are willing to supply larger quantities of a good only at higher prices. B) Diminishes, consumers are willing to buy smaller quantities of a good only at lower prices. C) Increases, consumers are willing to buy larger quantities of a good only at lower prices. D) Diminishes, consumers are willing to buy larger quantities of a good only at lower prices.
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Page 2 7. Which of the following is relatively elastic with respect to demand? A) A luxury good. B) A good with many substitutes. C) A good that is very expensive. D) All of the above. 8. When a firm advertises, it is attempting to: A) Move consumers along the existing demand curve. B) Decrease the marginal utility consumers receive from the product. C) Decrease the price elasticity of demand for the product. D) All of the above. 9. One HEADLINE article in the text differentiates the spending habits of women and men: "Men spend twice as much as women do on television and stereo equipment." What determinant of demand would most likely be involved? A) Income. B) Tastes. C) Expectations. D) Other goods (availability and prices). 10. Declining MPP is the result of: A) Using too much capital in relation to the quantity of workers. B) Adding more variable factors of production to a fixed quantity of other factors of production.
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Answers_for_Final_315_Spring_05 - Final Exam Spring 2005 BA...

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