final03v1 - Economics 101 Professor Wallace December 19,...

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Economics 101 Professor Wallace December 19, 2003 Final Exam Instructions Do not open the exam until you are instructed to begin . You will need a #2 lead pencil. If you do not have one you will need to borrow one from Professor Wallace or one of the TAs. Before you may begin the exam everyone must take the following steps. a) Use the #2 lead pencil to fill in your name on the answer sheet. b) Fill in your student ID number on the answer sheet. c) Fill in your exam version (printed on the upper right corner) in column B of the space allotted for “Special Codes” on the answer sheet. d) Fill in your TA code in column A of the space allotted for ``Special Codes” on the answer sheet. 1. If your TA is Sudip Gupta then your TA code is 1. 2. If your TA is Jiman Im then your TA code is 2. 3. If your TA is Yutaka Kagami then your TA code is 3. 4. If your TA is Jiyoung Kim then your TA code is 4. 5. If your TA is Matthew Lindsey then your TA code is 5.
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Version 1 1. The marginal revenue product equals a. total revenue divided by total product (output). b. marginal revenue divided by marginal product. c. total revenue multiplied by total product (output). d. marginal revenue multiplied by marginal product. Quantity of labor (workers) Total revenue (dollars) Total product (units of output) 0 0 0 1 20 5 2 36 9 3 48 12 4 56 14 5 60 15 2. In the table above, if the wage rate is $8.00 per hour, the profit-maximizing number of workers is a. 1. b. 2. c. 4. d. 5. 3. A firm in a competitive labor market will hire labor until the marginal revenue product of labor equals a. the firm’s marginal revenue. b. the firm’s marginal cost. c. the firm’s average cost. d. the wage rate. 4. The present value of $100 to be received in the year 2008 is a. less than the present value of $100 to be received in 2009. b. greater than the present value of $100 to be received in 2009. c. the same as the present value of $100 to be received in 2009. d. greater than the present value of $100 to be received in 2009 if the interest rate in 2009 exceeds that in 2008; otherwise, it is zero. 1
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Version 1 5. A fall in the interest rate a. shifts a firm’s demand curve for capital leftward. b. shifts a firm’s demand curve for capital rightward. c. results in a movement to the right and downward along a firm’s demand curve for capital. d. results in a movement to the left and upward along a firm’s demand curve for capital. 6. A monopoly is best defined as a. an industry with only one firm and in which the good produced has no close substitutes. b. a firm that purchases its resources from only one supplier. c. an industry that sells all its output to one buyer. d. a firm that sells all its output to one buyer. 2
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Version 1 Use the following information to solve the next 4 questions about a monopolistic market. The demand for a good is given by: P = 10 – Q.
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final03v1 - Economics 101 Professor Wallace December 19,...

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