Econ 101 past question - Econ 101-8(Turchi Practice Final...

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Econ 101 past question

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1 .   Economics is the science that deals primarily with
1 ) the relationship between demand and supply
3 ) microeconomics and macroeconomics
2 ) the problem of scarcity
4 ) how marginal changes affect the economy
2 .   What do economists mean when they say resources are scarce ?
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3 .   Why do we suppose that production possibility frontiers are generally curved ?
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4 .   If an economy is producing efficiently , it is producing
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5 .   What impact does economic growth have on the production possibility frontier ?
1 ) no impact , they are not related
2 ) the production possibility frontier will move inward
3 ) the production possibility frontier will move outward
4 ) we will move along the production possibility frontier
7 .   The movement from B to C , implies that the opportunity cost of producing roses relative to guns is
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8 .   The division of labor usually refers to
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9 .   A price ceiling - whe n it is below the equilibrium price level - will result in
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10 .   The demand for boomerangs in Pago Pago is QD = 20,000 - 500P ; the supply is QS = 5,000 + 1000P . What is the equilibrium quantity and price level ?
1 ) P = 100 ; Q * = 105,000
3 ) P = 10 ; Q * = 15,000
2 ) P = 100 ; Q * = 480,000
4 ) P = 10 ; Q * = 25,000
11 .   Demand is likely to be more elastic for which of the following goods
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12 .   How will a decrease in price affect demand ?
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13 .   If , in some range of production , average cost is falling , the firm is experiencing
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14 .   Production costs for a given output will be minimized when the isocost line
1 ) and the isoquant meet in the vertical axis
3 ) bends back on itself
2 ) crosses the isoquant
4 ) and the isoquant are tangent
15 .   A firm ’s average cost ( AC ) will eventually rise because
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16 .   Everything else equal , the AC curve will shift when
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17 .   Average cost at any output is lower in the long run than in the short run because
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18 .   When economists talk about the short run and the long run , they are referring to :
1 ) how long it takes to make a product
3 ) the degree of flexibility in the choice of inputs
2 ) how long it takes to sell a product
4 ) all of the above are correct
19 .   A price cut will decrease the revenue of a firm if product demand is :
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21 .   After a million dollar ad campaign , Coca - Cola measured its effectiveness by calculating the cross-elasticity of demand between Coke and Pepsi . A successful campaign would be indicated if the cross-elasticity changed from :
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22 .   If the elasticity of demand for cigarettes is 0.4 , then an increase in the price of a pack from $ 1.10 to $ 1.26 should change quantity demanded by about :
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23 .   For a normal good , a price increase will result in a
1 ) positive substitution effect and more quantity demanded
2 ) negative substitution effect and more quantity demanded
3 ) higher real income and less quantity demanded
4 ) lower real income and less quantity demanded
24 .   The slope of an indifference curve at all points reflects
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25 .   For a budget line , when the prices of both goods rise by 10 % , the budget line will
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26 .   Long run economic profits equal zero in perfect competition as a result of
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27 .   Perfect competition is not characterized by
1 ) perfect information
3 ) free entry and exit
2 ) homogeneous products
4 ) downward sloping firm specific demand curves
28 .   Cartels are most likely to occur in _______ markets .
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29 .   Monopolistic competition differs from perfect competition with regard to
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30 .   In the long run , a perfectly competitive firm will produce ___ _ _ __ a monopolistically competitive firm .
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31 .   A natural monopoly might be caused by
1 ) patent laws
3 ) large quantities of advertising
2 ) economies of scale
4 ) municipal restrictions
32 .   Which of the following is not an example of price discrimination ?
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33 .   Environmental regulatory policy in the United States
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34 .   Long run equilibrium in monopolistic competition is characterized by :
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Chapter 24 / Exercise 8
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Econ 101-8 (Turchi) Practice Final Exam, Fall 2015Final Examination on Tuesday, December 8, 2015 at 8 a.m. in Carroll Hall Rm 111****Review Session,Sunday, December 6th at 7:00 p.m. (CarrollHallRm111)For Exam: Students are responsible for all assigned text material, lecture material, andall handouts.Except: Game Theory (pp. 249-254) will not be covered in final Exam. Also you arenotresponsible forChapter 16 material, but I recommend it to balance out your understanding of the market system.Bring to Exam: (1) #2 pencil with functioning eraser, (2) calculator (for numerical calculations only)Remember: In addition to the following Practice Exam, three practice midterms and 3midterm exams are also available to you for review.Economics 101Fall 2015Professor TurchiPRACTICE F I N A L E X A M___________________________________________________________________________________________1.Economics is the science that deals primarily with1)the relationship between demand and supply3) microeconomics and macroeconomics2)the problem of scarcity4) how marginal changes affect the economy
2.What do economists mean when they say resources are scarce?
3.Why do we suppose that production possibility frontiers are generally curved?
4.If an economy is producing efficiently, it is producing
5.What impact does economic growth have on the production possibility frontier?1)no impact, they are not related2)the production possibility frontier will move inward3)the production possibility frontier will move outward4)we will move along the production possibility frontier
DIAGRAM
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Chapter 24 / Exercise 8
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The following two questions refer to the diagram above.6.Assume that the economy is currently at point D. What is the opportunity cost of moving to B?
7.The movement from B to C, implies that the opportunity cost of producing roses relative to guns is
8.The division of labor usually refers to
9.A price ceiling -when it is below the equilibrium price level- will result in1)an excess demand for the good3) shortages in the market2)a black market4) all of the above
10.The demand for boomerangs inPago Pago is QD = 20,000 - 500P; the supply is QS = 5,000 + 1000P. is the equilibrium quantity and price level?What

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