question
A monopoly is chacterized by
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barriers to entry
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Which of the following would correctly calculate a monopolist's profit
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profit=(price-average total cost)xquanity
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A monopolist maxmized profit by
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producing an output level where marginal revenue equals marginal cost
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When a monopolist mazmizes profit, its marginal cost will
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be less that the price per unit of its produced
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In markets characterized by oligopoly
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The oligopolists earn the highest profit when they cooperate and behave like a monopolist
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The prisoner's dilemma provides insights into the
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Difficulty of maintaining cooperation
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In the prisoner's dilemma
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When each prisoner chooses his/her dominant strategy the prisoners reach a Nash Equilibrium
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What happens when the prisoner's dilemma game is repeated numerous times in an oligopoly market?
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The firm may well reach the monopoly outcome
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Game theory is useful to analyze oligopoly markets because
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The firm in the market engage in strategic behavior
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The key determinant of the standard of living in a country is
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the amount of goods and services produced from each hour of a worker's time
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The traditional view of the production process is that physical capital is subject to
answer
Diminishing returns
question
The convergence data shows that over time poorer states in the USA
answer
will grow faster than richer states
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Ceteris paribus, if a substantial part of the population was killed off by a plague
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This would cause capital deepening and increase worker productivity.
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Which of the following is not a factor in effecting growth per capital?
answer
The overall price level
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Both Karen and Dinh work 10 hours a day. Karen lives in Canada and Dinh lives in Viet Nam . Karen can produce six baskets of goods per hour while Dinh can produce four baskets of the same goods per hour. It follows that Karen's
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productivity is greater than Dinh's, output is greater than Dinh's, and standard of living is higher than Dinh's
question
The amount of savings in the economy
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Will be equal to investment
question
The key determinant of the standard of living in a country is
answer
the amount of goods and services produced from each hour of a worker's time
question
The traditional view of the production process is that physical capital is subject to
answer
Diminishing returns
question
The convergence data shows that over time poorer states in the USA
answer
will grow faster than richer states
question
Ceteris paribus, if a substantial part of the population was killed off by a plague
answer
This would cause capital deepening and increase worker productivity.
question
Which of the following is not a factor in effecting growth per capital?
answer
The overall price level
question
Both Karen and Dinh work 10 hours a day. Karen lives in Canada and Dinh lives in Viet Nam . Karen can produce six baskets of goods per hour while Dinh can produce four baskets of the same goods per hour. It follows that Karen's
answer
productivity is greater than Dinh's, output is greater than Dinh's, and standard of living is higher than Dinh's
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The amount of savings in the economy
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Will be equal to investment
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If an economy has unemployment rate of 2% it is probably
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Outside the production possibilities frontier
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Technological change or the effects of automation cause
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structural unemployment
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The classical theory of unemployment with supply and demand might be wrong because
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-All those in the labor market are not identical
-The wage might not be flexible
-The wage might not be flexible
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Most economist believe full employment is when
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-The unemployment rate is 4-6 percent
-When cyclical unemployment is 0%
-When cyclical unemployment is 0%
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If the labor market was perfectly competitive, a decrease in the demand for labor would
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would have no effect on unemployment
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Edgar is working part-time. Diane is on temporary layoff. Who is included in the Bureau of Labor Statistics' "employed" category?
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only Edgar
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If the GDP growth number reported by the Bureau of Economic Analysis for the first quarter of 2015 was 4%, then you know that
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seasonally adjusted real GDP increased by about 1% in the first quarter of 2015.
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Suppose the growth rate of real SA GDP has been negative for two successive quarters. We know
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real GDP is below potential GDP
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Which of the following would tend to increase the value of official measured GDP
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Decrimlization of drugs such as marijuana
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If the prices of all goods and services produced in the economy rose and the quality of all goods and services rose, which would rise?
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Both real GDP and nominal GDP
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Real GDP is another term for
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constant dollar GDP
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In 2011 you buy a beautiful vintage 1965 mustang convertible that was made in 1964.
This purchase would
This purchase would
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be included in the GDP for 1964.
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If hotdogs cost $2 this year and $3 next year, then 100 hotdogs made this year and 100 hot dogs made next will contribute
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-The same dollar amount to each years real GDP
-$200 to this year's nominal GDP and $300 to next year's nominal GDP
-$200 to this year's nominal GDP and $300 to next year's nominal GDP
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If the unemployment rate is 7% then real GDP is
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less than potential GDP
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