ECO 561 Finals Latest 2016 Version

Jun 11th, 2016
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1. Because the Federal government typically provides disaster relief to farmers, many farmers do not buy crop insurance even through it is federally subsidized. This illustrates: 2. In order for mutually beneficial trade to occur between two otherwise isolated nations: 3. Countercyclical discretionary fiscal policy calls for: 4. The primary gain from international trade is: 5. Research for industrially advanced countries indicates that: 6. Which of the following have substantially equivalent effects on a nation's volume of exports and imports 7. Mrs. Arnold is spending all her money income by buying bottles of soda and bags of pretzels in such amounts that the marginal utility of the last bottle is 60 utils and the marginal utility of the last bag is 30 utils. The prices of soda and pretzels are $.60 per bottle and $.40 per bag respectively. It can be concluded that: 8. Two major virtues of the market system are that it 9. A monopolistically competitive industry combines elements of bot

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1. Because the Federal government typically provides disaster relief to farmers, many farmers donot buy crop insurance even through it is federally subsidized. This illustrates:the moral hazard problem2. In order for mutually beneficial trade to occur between two otherwise isolated nations:each nation must be able to produce at least one good relatively cheaper than the other3. Countercyclical discretionary fiscal policy calls for:deficits during recessions and surpluses during periods of demand-pull inflation4. The primary gain from international trade is:more goods than would be atta

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