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ECO561-FinalExam.docx

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
 !
"#$%!&'()*)!+,$
)(-
.))/,,.
.,)/,.
C. with both scal and monetary policy.
0.,),,.
"12&&+-
.*&*&)3*&.
.$,/)!$,(.
C. adversing, product promoon, and changes in the real or perceived
characteriscs of a product.
0.&&$*+4*5+5
&&$**)*+*+*$.
6"#*)(/5) .5)70 !!&(8
$.9)(+*2,**:,"5!()*-
.*$,8$.
B. reduce taxes by $50 billion.
.!(*$,8$.
0.!(*$,8$.
;"<+**&(,**,5
)=*$*-
.(*,.
.(*,+.
.***+.
D. output would rise.
"#*)!+*&(,&*,.)
)!=*5)!!!-
.**()>.
.*,*()>>.
C. supply curve will shi" rightward.
0.*()>>.

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"?))+)+!$*+*,@
A. rent-seeking behavior
.!*+%*
.***&
0.!2A4
B"#*))+*++868$*))5*5
)(*($,*+)!+88;$.9)*-
.+$)&,++*.
.)+*&.
.)*(+*))>)!).
D. the demand for peanuts is inelasc.
C"!,D*,%,$*-
.)&(D,*&(D,)(.
B. the price and output decisions of any one rm depend on the reacons of
its rivals.
.**,$))!*4&.
0.)*$+/!A**$.
E"F(*!)*&.)/,
**$*(),)()!)(!))
&!/.9)*&*-
.(.
B. learning-by-doing.
.)!!*.
0.+.
",/,$*-
A. is designed to expand real GDP.
.((+)&',*,.
.)(!!$,.
0.,)%+!(.
"/)&($,+2)*-
A. always use large amounts of cheap inputs and small amounts of expensive
inputs in producing its output.
.))*)*&(,+)=*)!.
.,*!*+)*&(**
+)*&(**!**.
0.,)$&+*)*)/2
%!**)*.

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"#*)*,)%$,+/).?
*)-
.!(**!.
.*$)!(!.
.*=*(!.
D. price would equal marginal cost.
6"(&!D,)-
.*+*$&**.
.$/)(*$&+.
.*$,,.
D. increases entry barriers.
;"&&(/%/)**))-
.)4$!(**.
.(*=*.
.(!$,)!*.
D. total revenue exceeds total cost by the greatest amount.
" !(*+)*$*)-
.*($)!(**(.
.*(2!.
C. monopolist produces a smaller output than would a purely compeve
rm.
0.+)!*$.
"'&G*'G$)$&&(A.<+
)A+85$)*!*+$:),'A*))
=*&,)"5)*$)'G*'-
.))=*&,*.
B. raise their price and reduce their quanty supplied.
.)*)=*&,*.
0.))=*&,*.
B"#*)#;(),)
H.!)*)!,),+)!5))*
)))!$))@
.9)$(*.
B. The dollar should depreciate.
.9))*.
0.9))*.
C"?)()!)!),5),
)-
.,+!(*$.

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ECO/561 Final Exam Answers - Updated 2012Economics - MBA Program1) Stabilizing a nation's price level and the purchasing power of its money can be achieved:A. with neither fiscal nor monetary policy.B. only with fiscal policy.C. with both fiscal and monetary policy.D. only with monetary policy.2) Non-price competition refers to:A. reductions in production costs that are not reflected in price reductions.B. price increases by a firm that is ignored by its rivals.C. advertising, product promotion, and changes in the real or perceived characteristics of a product.D. competition between products of different industries, for example, competition between aluminum and steel in the manufacture of automobile parts.3) Suppose the price level is fixed, the MPC is .5, and the GDP gap is a negative $100 billion. To achieve full-employment output (exactly), government should:A. reduce taxes by $200 billion.B. reduce taxes by $50 billion.C. increase government expenditures by $50 billion.D. increase government expenditures by $100 billion.4) If personal taxes were decreased and resource productivity increased simultaneously, the equilibrium:A. price level would necessarily rise.B. price level would necessarily fall.C. output would fall.D. output would rise.5) Suppose that nominal wages fall and productivity rises in a particular economy. Other things equal, the aggregate:A. exp ...
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