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Eco/365 Final Exam Essay

2225 words - 9 pages

ECO 365 Final Exam

1) An economist who is studying the relationship between the money supply, interest rates, and the rate of inflation is engaged in

A. microeconomic research
B. macroeconomic research
C. theoretical research, because there is no data on these variables
D. empirical research, because there is no economic theory related to these variables

The answer is B

2) A basic difference between microeconomics and macroeconomics is that microeconomics

A. focuses on the choices of individual consumers, while macroeconomics considers the behavior of large businesses
B. focuses on financial reporting by individuals, while macroeconomics focuses on financial reporting by ...view middle of the document...

The rise in demand shifted the demand for oil to the right. OPEC actions shifted the demand for oil back to the left.
B. The rise in demand shifted the demand for oil to the right. As price rose, the supply of oil also rose.
C. The rise in demand shifted the demand for oil to the right. As price rose, the quantity of oil supplied rose.
D. The rise in demand reflects a movement down along the demand curve as supply shifted to the right when suppliers produced more oil.

The answer is C

5) Price elasticity of demand is the:

A. change in the quantity of a good demanded divided by the change in the price of that good
B. change in the price of a good divided by the change in the quantity of that good demanded
C. percentage change in price of that good divided by the percentage change in the quantity of that good demanded
D. percentage change in quantity demanded of a good divided by the percentage change in the price of that good

The answer is D

6) If average movie ticket prices rise by about 5 percent and attendance falls by about 2 percent, other things being equal, the elasticity of demand for movie tickets is about:

A. 0.0
B. 0.4
C. 0.6
D. 2.5

The answer is B

7) When labor is the variable input, the average product equals the

A. marginal product divided by the number of workers
B. marginal product multiplied by the number of workers
C. number of workers divided by the quantity of output
D. quantity of output divided by the number of workers

The answer is D

8) The increase in output obtained by hiring an additional worker is known as

A. the average product
B. the marginal product
C. the total product
D. value added

The answer is B

9) Which of the following is the best example of a long run decision?

A. An automobile manufacturing company is considering whether or not to invest in robotic equipment to develop a more cost effective production technique.
B. An automobile manufacturing company is considering whether or not to expand its existing workforce, while keeping the same factory and equipment.
C. A business consulting firm is considering whether or not to hire interns to assist with research and data processing.
D. A business consulting firm is considering whether or not to add new computers while maintaining the same number of employees.

The answer is A

10) Other things being equal, when average productivity falls,

A. average fixed cost must rise
B. marginal cost must rise
C. average total cost must rise
D. average variable cost must rise

The answer is C

11) According to economist Colin Camerer of the California Institute of Technology, many New York taxi drivers decide when to finish work by setting an income goal for themselves. If this is true, then on busy days when the effective hourly wage is higher, taxi drivers will

A. work the same number of hours as they will on slower days
B. work fewer hours than they will on slower days
C. work more hours than...

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