The firm’s demand curve is downward sloping paper

11) Price is constant or given to the individual firm selling in a purely competitive market because

   

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A. the firm’s demand curve is downward sloping

   

B. of product differentiation reinforced by extensive advertising

   

C. each seller supplies a negligible fraction of total supply

   

D. there are no good substitutes for its product

 
 

12) The most important pricing strategy for a perfectly competitive firm is

 

   

A. minimizing cost

   

B. maximizing sales

   

C. product differentiation

   

D. advertising

 
 

13) Which of the following is a nonprice barrier of entry?

 

   

A. Huge sunk cost

   

B. Discounts

   

C. Product differentiation

   

D. Advertising

 
 

14) A third-degree price discrimination can be applied to which of the following market structures?

 

   

A. A monopoly

   

B. An oligopoly

   

C. A monopolistic competition

   

D. A perfect competition

 

15) Investing in R&D is more likely to occur in markets where

   

A. firms have monopoly power protected by regulatory barriers

   

B. markets are closely competitive markets with close to zero economic profits

   

C. markets are oligopoly markets with strong collusion agreements

   

D. markets are monopolistic competitive markets

 

16) All economies of scale are achieved at the minimum of

 

   

A. average total cost

   

B. total cost

   

C. average variable cost

   

D. average fixed cost

 
 

17) Inflation is undesirable because it

 

 

   

A. arbitrarily redistributes real income and wealth

   

B. invariably leads to hyperinflation

   

C. usually is accompanied by declining real GDP

   

D. reduces everyone’s standard of living in the same proportion

 
 

18) An economy’s aggregate demand curve shifts leftward or rightward by more than changes in initial spending because of the

 

   

A. net export effect

   

B. wealth effect

   

C. real-balances effect

   

D. multiplier effect

 
 

19) Suppose productivity rises in a particular economy, but wages stay the same. Other things equal,

 

 

   

A. the demand curve will shift leftward

   

B. the supply curve will shift rightward

   

C. the supply curve will shift leftward

   

D. expenditures curve will shift rightward

 
20) If personal taxes were decreased and resource productivity increased simultaneously, the equilibrium

 

 

   

A. output would rise

   

B. output would fall

   

C. price level would necessarily fall

   

D. price level would necessarily rise

21) Expansionary fiscal policy is so named because it

   

A. involves an expansion of the nation’s money supply

   

B. can only be attained by expanding government consumption

   

C. is aimed at achieving greater price stability

   

D. can motivate an expansion of real GDP

 

22) 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. increase government expenditures by $100 billion

   

B. increase government expenditures by $50 billion

   

C. reduce taxes by $50 billion

   

D. reduce taxes by $200 billion

23) GDP understates the value of output produced by an economy because it

 

   

A. includes transactions that do not take place in organized markets, such as home cooked meals

   

B. includes environmental degradation caused by increased output production

   

C. excludes value added from the underground economy, such as tips taken under the table

   

D. excludes the value of the wages and benefits of government employee

 
 

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