Quiz 5 - Aril 21 WITH ANSWERS

Quiz 5 - Aril 21 WITH ANSWERS - ECO 304K: Introduction to...

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ECO 304K: Introduction to Microeconomics Unique#: 33685 – Olivier Giovannoni Quiz #5 – April 21 1.Please pay attention when filling in the scantron ! 1.20 questions, 20 minutes. No going back to any  question. 1.Typically: the results and an answer sheet are posted  before the next class day, when  some of  the results will  be discussed.
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1 3 2 3 4 8 12 14 25 26 28 28 16 13 20 7 6 3 0 10 20 30 Frequency 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 100 score Mean=64.24 Min=15, Max=100 # of Students=219 Average=64.24
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Question 1 The Federal Trade Commission is an agency charged with  A) enforcing product safety laws.  B) regulating interstate commerce.  C) regulating international commerce.  D) enforcing antitrust laws (47%). Question 2 The history of regulation in the U.S. economy shows that  from 1880 the extent of regulation generally   A) increased until the late 1970s and since then deregulation has       occurred (89%).  B) increased steadily.  C) increased and then decreased in a cycle repeating itself every  two       decades or so.  D) decreased until the late 1970s and since then has increased.
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Question 3 If the natural monopoly shown in the figure above is  unregulated, then consumer surplus will be  A) $8 million.  B) $0.  C) $4 million (58%).  D) $16 million.  Question 4 In the same figure, what is the  consumer surplus if this time the  natural monopoly is regulated by  an effective price cap?  A) $9 million (28%)          B) $0           C) $16 million           D) $4  million  If unregulated a monopoly will maximize profits and produce 2 million units, while with
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This note was uploaded on 11/01/2008 for the course ECON 304K taught by Professor Ledyard during the Spring '08 term at University of Texas at Austin.

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Quiz 5 - Aril 21 WITH ANSWERS - ECO 304K: Introduction to...

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