Economics

1. A country\'s nominal GDP in 2017 was $102 billion. The real GDP was $92 billi

1. A country's nominal GDP in 2017 was $102 billion. The real GDP was $92 billion. 2. A country's 3. What is the present value of $400 to be paid in 3 years if the interest rate i…

1. A couple borrows $200,000 for a mortgage that requires fixed monthly payments

1. A couple borrows $200,000 for a mortgage that requires fixed monthly payments over 30 consecutive years. The first monthly payment is due in one month. If the interest rate on …

1. A couple engaged in a divorce are fighting over their assets, which are worth

1. A couple engaged in a divorce are fighting over their assets, which are worth $1 milllion. Each has the option of bringing an attorney to the settlement conference. If one part…

1. A couple want to save for their son\'s college expenses. Their son will enter

1. A couple want to save for their son's college expenses. Their son will enter college 15 years from now. An annual amount of $50,000 in constant dollars will be required to supp…

1. A court will not enforce illegal agreements but will leave the parties where

1.A court will not enforce illegal agreements but will leave the parties where it finds them. True /False 2.A party to an illegal contract who is fully aware of the contract's ill…

1. A decrease in the real interest rate will liekly to lead to a. Less preven co

1. A decrease in the real interest rate will liekly to lead to a. Less preven consumption in favor of future consumption b. An outward shift in the intertemporal production prssib…

1. A deficit nation in a fixed exchange rate system can improve its balance of p

1. A deficit nation in a fixed exchange rate system can improve its balance of payments by increasing     a. its money supplty.     b. its interest rates.     c. its level of real…

1. A dentist might charge his patient a cancelation fee if the patient didn\'t g

1. A dentist might charge his patient a cancelation fee if the patient didn't give the debris 24 hours notice they were going to cancel. the justification to this fee is: a) limit…

1. A digitally controlled lathe was purchased by a small machining company for $

1. A digitally controlled lathe was purchased by a small machining company for $45,000.00 in early January 2013. It is expected that the lathe will last 9 years and then be worth …

1. A financial crisis coupled with a recession seems to affect the severity and

1. A financial crisis coupled with a recession seems to affect the severity and duration of the recession. How? a.   Financial crises tend to make recessions milder and shorter   …

1. A firm can produce any quantity of good x with the following cost structure:

1. A firm can produce any quantity of good x with the following cost structure: TC 450,000 20Q, where Q measures units of output. a. What happens to the firm's average total cost …

1. A firm decides to bundle products A and B with the following inverse demand c

1. A firm decides to bundle products A and B with the following inverse demand curves: PA = 1000 – 20A + 3B PB = 500 – 5B + A The firm’s joint fixed cost is $10000 and marginal co…

1. A firm estimates its cubic production function of the following form: Q = AL^

1. A firm estimates its cubic production function of the following form: Q = AL^3 + BL^2 and obtains the following results: (See chart in attached image) a. The equations for tota…

1. A firm has a monopoly on a new type of gaming console. The market demand is g

1. A firm has a monopoly on a new type of gaming console. The market demand is given by P=317.5-0.004*Q and thus marginal revenue is MR=317.5-0.008*Q. The monopolist's marginal co…

1. A firm has a proprietary technology and demand for the technology is given by

1. A firm has a proprietary technology and demand for the technology is given by Q 5-4P, where Qp is the quantity demanded for the licenses of the technology per year and P is the…

1. A firm has to make a decision whether to replace a machine or keep it for 7 m

1.     A firm has to make a decision whether to replace a machine or keep it for 7 more years. It has identified 5 alternatives: a.     Spend $44K on repairs now and charge it as …

1. A firm in a perfectly competitive market invents a new method of production t

1. A firm in a perfectly competitive market invents a new method of production that lowers its marginal costs. What happens to its output? What happens to the price it charges? a.…

1. A firm in a perfectly competitive market invents a new method of production t

1. A firm in a perfectly competitive market invents a new method of production that lowers its marginal costs. What happens to its output? What happens to the price it charges? a.…

1. A firm in an industry which is NOT perfectly competitve faces a demand curve

1. A firm in an industry which is NOT perfectly competitve faces a demand curve which is a. downward sloping b. unitary elastic c. perfectly elastic d. upward sloping 2. if most f…

1. A firm is considering the decision of investing in new plants. The following

1. A firm is considering the decision of investing in new plants. The following is the profit payoff matrix under three conditions: it does not expand, it builds two new plants, o…

1. A firm manufactures a product that it sells for $100. It sells 1000 units per

1. A firm manufactures a product that it sells for $100. It sells 1000 units per week. What is its total revenue? It costs the firm $80 to produce a unit. With the given sales vol…

1. A firm operates in a perfectly competitive industry. Suppose it has a short r

1. A firm operates in a perfectly competitive industry. Suppose it has a short run total cost function given by TC=10000+0.04q^2. If the market price is 56. What is the firm's pro…

1. A firm produces two products X and Y. Product X requires 2 hour of labor , 1

1. A firm produces two products X and Y. Product X requires 2 hour of labor , 1 hour of machine and 1 unit of primary raw material. Product Y requires 1 hour of labor, 2 hours of …

1. A firm that is an oligopolist is thinking about lowering the price of the sta

1. A firm that is an oligopolist is thinking about lowering the price of the standardized product it produces. This firm's own demand function is elastic, but market demand is ine…

1. A firm under the monopolistic competition market structure faces ____________

1. A firm under the monopolistic competition market structure faces ____________ demand curve and ___________ marginal revenue curve. 2.Note the special directions for this questi…

1. A firm will have constant profits of $10,000 per year at the end of each year

1. A firm will have constant profits of $10,000 per year at the end of each year for the next two years and zero profits thereafter. If the interest rate is 6%, what is the value …

1. A firm will shut down if price is below A. must be between the shutdown point

1. A firm will shut down if price is below A. must be between the shutdown point and the break-even point B. above the break-even point C. below the shutdown point D. may be anywh…

1. A firm will take on more investment projects as: A. The rate of return on pro

1. A firm will take on more investment projects as:                                 A. The rate of return on projects falls. B. The marginal revenue product of capital decreases. …

1. A firm\'s demand for a resource (say land) is equal to: A. The MRP of land. B

1. A firm's demand for a resource (say land) is equal to: A. The MRP of land. B. The MPP of land C. Total Revenue. D. Total Output Is it A? A. Derived from the product/service tha…

1. A firm\'s marginal cost is: a) the slope of the average variable cost curve.

1. A firm's marginal cost is:    a)    the slope of the average variable cost curve.    b)    the ratio of the change in total output to the change in the quantity of labor.    c)…

1. A firm\'s marginal cost is: a) the slope of the average variable cost curve.

1. A firm's marginal cost is:    a)    the slope of the average variable cost curve.    b)    the ratio of the change in total output to the change in the quantity of labor.    c)…

1. A firm\'s supply curve for labor: A) is vertical for a firm in perfect compet

1. A firm's supply curve for labor: A) is vertical for a firm in perfect competition. B) is the same thing as the MRPL for a firm in perfect competition. C) and the firm's MRPL wi…

1. A firm’s marginal cost curve above the average variable cost curve is equal t

1. A firm’s marginal cost curve above the average variable cost curve is equal to the firm’s individual supply curve. This means that every time a firm receives a price from the m…

1. A firm’s marginal cost curve above the average variable cost curve is equal t

1. A firm’s marginal cost curve above the average variable cost curve is equal to the firm’s individual supply curve. This means that every time a firm receives a price from the m…

1. A five-cent container deposit on bottles: Select one: a. Decreases the incent

1. A five-cent container deposit on bottles: Select one: a. Decreases the incentive to recycle. b. Increases the incentive to recycle. c. Makes it more profitable for firm's to us…

1. A flexible or floating exchange rate system is one in which the: A) governmen

1. A flexible or floating exchange rate system is one in which the: A) government closely monitors and controls the value due to trade flows. B) government makes no attempt to fix…

1. A gas station operates in a monopolistically competitive market and is in sho

1. A gas station operates in a monopolistically competitive market and is in short-run equilibrium. Suppose that a fixed cost for this firm decreases. As a result, the firm's pric…

1. A generous university benefactor has agreed to donate a large amount of money

1. A generous university benefactor has agreed to donate a large amount of money for student scholarships. The money can be provided in one lump-sum of $10mln, or in parts, where …

1. A good with a postive network effect a. likely to be in a surplus more than o

1. A good with a postive network effect a. likely to be in a surplus more than other goods b. will have more elastic demand than it would have without the network effect c. rreqiu…

1. A good without any close substitutes is likely to have relatively _______? de

1. A good without any close substitutes is likely to have relatively _______?  demand, because consumers cannot easily switch to a substitute good if the price of the good rises. …

1. A good\'s Demand Curve is: Q d = 20 - P, and its Supply Curve is: Q s = 5 + 2

1. A good's Demand Curve is: Qd = 20 - P, and its Supply Curve is: Qs = 5 + 2P. a. When P = $10, what is the difference, if any, between Qd and Qs? (5 points) b. When P = $2, is t…

1. A hedger has taken a long position in the wheat futures market. a. What does

1. A hedger has taken a long position in the wheat futures market. a. What does a long position in the above example mean? b. What is the risk that is hedged in this transaction? …

1. A herfindahl-Hirshman Index of 10,000 would mean there is (are) firm(s) in th

1. A herfindahl-Hirshman Index of 10,000 would mean there is (are) firm(s) in the industry A. 1 B. 10 C. 100 D. 1,000 E. 10,000 2. Which statement is true? A. most oligopolies in …

1. A high technology manufacturing and sales company is in the throes of substan

1. A high technology manufacturing and sales company is in the throes of substantial change in a growing market situation. They are currently in a situation where they are unable …

1. A higher rate of saving at the national level will, in the long-run ________.

1. A higher rate of saving at the national level will, in the long-run ________. A.cause a decrease in levels of capital and output. B. have no effect on levels of capital and out…

1. A hotel owner, having heard that new hotels plan to open in his area, says, \

1. A hotel owner, having heard that new hotels plan to open in his area, says, "we have too many hotels in this town already. Statistics show that vacancy rates average 20 percent…

1. A hypothesis is a (n): a. fundamental unit of scientific observation b. state

1. A hypothesis is a (n): a. fundamental unit of scientific observation b. statement of the relationship between two or more variables c. scientific fact of truth d. observable an…

1. A key determinant of recent labor productivity has been A. family size. C. in

1. A key determinant of recent labor productivity has been A. family size. C. information technology. B. equilibrium wages. D. an increase in product demand. 2. The deadweight los…

1. A labor supply elasticity of 1.4 means that a wage increase of: 14 percent wi

1. A labor supply elasticity of 1.4 means that a wage increase of: 14 percent will increase the quantity of labor supplied by 10 percent. 2. When the top marginal tax rate fell fr…

1. A leftward shift in the labor supply curve would result if: A) people value l

1. A leftward shift in the labor supply curve would result if: A) people value leisure less highly. B) people have more nonlabor income. C) transit costs to and from work decline.…