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Questions 8
4. In
the market
depicted
the diagram
government
imposes
a pricein
ceiling
of $1.00 per
above,
the government
price
gallon onifgasoline,
which of theimposes
followinga will
result? of $1.00 per gallon on gasoline,
ceiling
(A) A surplus
6 billion gallons
which
of theoffollowing
will result?
(B) A
A shortage
gallons
(A)
surplusofof6 6billion
billion
gallons
(C) A surplus of 12 billion gallons
(B)
shortageof of
billion
gallons
(D) A
A shortage
12 6
billion
gallons
(C)
surplus
of 12nor
billion
gallons
(E) A
Neither
a surplus
a shortage,
because
price ceiling
would
not be
effective
(D) Athe
shortage
of 12
billion
gallons
(E) Neither a surplus nor a shortage,
5. Assume that Clark spends his entire income
because
price
ceiling
would
on the
purchasethe
of two
goods,
X and
Y. If not be
effective
his income and the prices of good X and Y
8. If the fir
econom
(A)
(B) $5
(C) $10
(D) $15
(E) $20
9. Which o
the firm
5. Assume
spends
hisXentire
(A) doublethat
the Clark
purchase
of goods
and Y
(B)
buy
more
of
good
X
and
less
of
good
Y X
income on the purchase of two goods,
(C) buy less of good X and more of good Y
and
Y. If his income and the prices of
(D) buy less of both goods X and Y
good
X the
andsame
Y all
double,
ClarkXwill
(E) buy
amounts
of goods
and Y
(A) double the purchase of goods X and
6. Suppose
Y that a firm begins to hire workers for a
newly completed plant with a fixed amount of
(B)
buy more
offirm
good
Xadditional
and less workers,
of good
machinery.
As the
hires
Y expect the marginal product to
one would
(C)
less of but
good
X andrise
more of good
(A) buy
fall initially,
eventually
(B) Y
rise initially, but eventually fall
(C) buy
rise consistently
duegoods
to diminishing
(D)
less of both
X and return
Y
(D) buy
rise consistently
due to the advantages
(E)
the same amounts
of goods of
X and
specialization
(E) Y
rise consistently due to economies of scale
(A) Con
m
un
(B) The
(C) The
m
(D) The
in
(E) The
-4-
ve, if the
.00 per
g will
ause
tive
me
Y
Y
Y
dY
s for a
nt of
8. IfIfthethe
firm
produces
10 units
of output,
its
8.
firm
produces
10 units
of output,
its
economic
profits
will will
equalequal
economic
profits
(A) 0 0
(A)
(B)
(B) $50
(C)
(C)$100
$100
(D)
$150
(D) $150
(E) $200
(E) $200
pying or reuse of
age is illegal.
ions are
oduction
e is
owing
40. The payoff matrix below shows the perunit profits associated with the production
strategies of two utility companies, UA
and UB. Each firm has two choices: to
reduce production by 10 percent or by 20
percent. The first entry in each cell
indicates the profits to UA, and the
second, the profits to UB.
cost
cost
e, and
itional
, and
itional
, and
itional
UB
Reduces
Reduces
Production Production
by 20
by 10
Percent
Percent
38.
above
shows
the short-run
cost curves
38.The
Thegraph
graph
above
shows
the short-run
cost
of a firm in a perfectly competitive market. Which
curves
of
a
firm
in
a
perfectly
competitive
of the following are true at the firms profitmarket. Which
the following are true
maximizing
output of
level?
atI.the
firms profit- maximizing output
Price exceeds average total cost.
level?
II. Economic profits are zero.
I.III. Marginal
Price exceeds
average
totaltotal
cost.
cost equals
average
cost.
IV.
New
firms
are
likely
to
enter
the
II. Economic profits are zero. market in
long run.
III. the
Marginal
cost equals average total cost.
(A)
I
and
II
only
IV. New firms are likely to enter the
(B) I market
and III only
in the long run.
(C)
I
and
(A) I andIVIIonly
only
(D) II, III, and IV only
(B)I,III,
and
(E)
III,III
andonly
IV
(C) I and IV only
(D) II, III, and IV only
(E) I, II, III, and IV
UA
Reduces
Production
$150, $150
by 20
Percent
Reduces
Production
$250, $50
by 10
Percent
$50, $250
$100, $100
effect.
(D) The substitution effect dominates the income
effect.
(E) With an increase in income, the consumer
decreases consumption of the good.
(B) occupations
(C) marginal products
56. Firm
produces
and
sells corn in a
(D) XYZ
marginal
revenue
products
perfectly
competitive
market
(E) tastes for luxury goods and hires its
52. The graph above shows the total revenue and total
52. The graph above shows the total revenue
cost curves for a firm in which type of market
and total
for a firm in which
structure
and cost
whatcurves
is the profit-maximizing
type
of
market
structure
and what is the
quantity?
profit-maximizing quantity?
MarketMarket
Structure
Structure
(A)(A)
Monopoly
Monopoly
Monopoly
(B)(B)
Monopoly
(C)
Competition
(C) PerfectPerfect
Competition
Competition
(D)(D)
PerfectPerfect
Competition
(E)
Perfect
Competition
(E) Perfect Competition
Quantity
Quantity
Q2
Q3
Q1
Q3
Q4
Q2
Q3
Q1
Q3
Q4
-17-
tly
the
r
or?
ing
ing
es in
t up
al
cost
al
al
al
P2
P
P
(A) Q
2
1
4
23
(C)
Q
P
(B) Q2
P3 P2 4 P2
3
(D) Q2
P4 PP2 3 P1
(C) Q
3
(E)
Q
3
(D) Q
P PP3 P2
2
(E) Q3
P3 P 2
Answer Key
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.
27.
28.
29.
30.
31.
32.
33.
34.
35.
36.
37.
38.
39.
40.
41.
42.
43.
44.
45.
46.
C
E
B
B
E
B
D
B
C
A
A
E
D
D
B
A
B
D
D
B
C
B
D
A
D
B
A
A
B
D
B
C
C
C
D
D
E
C
C
B
D
D
A
B
E
D
47.
48.
49.
50.
51.
52.
53.
54.
55.
56.
57.
58.
59.
60.
A
A
C
C
A
D
E
C
E
B
B
D
D
B