ECO561 Final Examination

ECO561 Last Exam 28.08.2019
 ECO561 Last Exam Composition

п»ї1) Suppose that inside the clothing marketplace, production costs have gone down, but the balance price and quantity bought have the two increased. Depending on this information you are able to conclude that [ B. with regard to clothing has grown faster than the supply of clothing ]

2) Camille's Designs and Julia's Jewels both equally sell beads in a competitive market. If perhaps at the selling price of $5, both are running out of beads to market (they can't keep up with the amount demanded at that price), then we would expect both Camille's and Julia's to: [ N. raise all their price and increase their variety supplied ]

3) By which of the following industries happen to be economies of scale worn out at relatively low levels of output? [ N. Automobile making ]

4) The average cost curves (AVC and ATC) should be minimized [ A. where MC = ATC and MC = AVC ]

5) In case the wage charge increases,

[ C. a purely competitive and an imperfectly competitive producer will certainly hire much less labor ]

6) The real wage will certainly rise if the nominal salary

[ C. increases quicker than the general price level ]

7) Construction personnel frequently bring in political lobbying in support of increased public spending on highways and public complexes. One cause they do this is always to [ C. improve the demand for development workers ]

8) Paying out an above-equilibrium wage rate might reduce unit labor costs simply by [ B. raising the cost to workers penalized fired for shirking ]

9) A fantastic real-world sort of monopolistic competition is [ A. lawyers ]

10) A market comprising hardly any firms, every of which views the potential reactions of the rivals for making price-output decisions, is called [ B. oligopoly ]

11) Price is constant or given to the consumer firm advertising in a strictly competitive marketplace because [ C. each owner supplies a negligible fraction of total supply ]

12) The most important prices strategy for a wonderfully competitive organization is [ A. minimizing cost ]...

Consider If It Would Be Suitable for the Government to Use Demand Managing Policies to Promote Economic Progress in the Combined...