combined.pdf - Final Exam ECON 1580 Introduction to...

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3/31/2019 Final Exam 1/5 Home My courses ECON 1580 - AY2019-T3 Final Exam (Days 1 - 4) Final Exam Question 11 Answer saved Marked out of 1.00 In this exhibit (Monopoly Through Collusion), given the duopoly industry illustrated in the exhibit, if the two ±rms colluded to maximize their combined economic pro±ts, the market price they would set would be _______ and combined economic pro±ts of the ±rms would be _______ . Select one: a. P ; given by the area of the rectangle bounded by 0P CQ b. P1; zero c. P ; given by the area of the rectangle bounded by 0P AQ d. P ; given by the area of the rectangle bounded by P P BG ECON 1580 Introduction to Economics - Term 3, 2018-2019 1 1 4 3 3 1 2 1 2 This study resource was shared via CourseHero.com
3/31/2019 Final Exam 2/5 Question 12 The congressional act that established the U.S. central banking system in 1913 was the: Answer saved Marked out of 1.00 Question 13 Answer saved Marked out of 1.00 Select one: a. Federal Reserve Act. b. Gramm-Rudman Act. c. Employment Act. d. Humphrey-Hawkins Act. The value of gross domestic product (GDP) di²ers from the value of gross national product (GNP) when: Select one: a. net exports are excluded from GDP but included in GNP. b. production in one country employs factors of production owned by residents of other countries. c. production in one country employs only factors of production owned by its residents. d. when domestic ±rms that produce in factories abroad are exempt from paying domestic taxes. This study resource was shared via CourseHero.com
3/31/2019 Final Exam 3/5 Question 14 Answer saved Marked out of 1.00 Question 15 Answer saved Marked out of 1.00 Question 16 Answer saved Marked out of 1.00 Which of the following statements is true of the economy in the long run? In the long run, I. real GDP eventually moves to potential because all wages and prices are assumed to be ³exible. II. the economy can achieve its natural level of employment and potential output at any price level. III. there is no cyclical unemployment. Select one: a. I only b. I and II only c. I and III only d. I, II, and III If the price of chocolate-covered peanuts increases and the demand for strawberry licorice twists increases, this indicates that these two goods are: Select one: a. unrelated goods. b. superior goods. c. inferior goods. d. substitute goods. A decrease in the demand facing a monopoly ±rm would _______ quantity and _______ price. The demand is inelastic. Select one: a. increase; increase b. increase; decrease c. decrease; increase d. decrease; decrease This study resource was shared via CourseHero.com
3/31/2019 Final Exam 4/5 Question 17 Answer saved Marked out of 1.00 Question 18 Answer saved Marked out of 1.00 Question 19 Answer saved Marked out of 1.00

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