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microeconomics
Questions and Answers of
Microeconomics
If you were going to spend time in Italy, France, and Germany, you would be paying for things with __________.a) lira, francs, and marksb) dollarsc) eurosd) gold
Which statement is the most accurate?a) Our balance on the current account is negative.b) Since our balance of payments is always zero, there is little to worry about.c) The income Americans
Suppose the world was on the gold standard. If Peru ran persistent trade deficits, _________.a) Peru would be able to continue doing so with no consequencesb) Peru’s money stock would decline,
According to the Big Mac index, __________.a) the U.S. dollar is too highly valued relative to virtually all other currenciesb) the U.S. dollar is valued too low relative to virtually all other
Which statement is the most accurate? In early 2013 there was strong evidence that the __________.a) yuan and yen were overvalued against the dollarb) yuan and yen were undervalued against the
Running mounting current account deficits is analogous to ______.a) running up debt on a credit cardb) taking money out of one pocket and putting it in anotherc) owing money to
Suppose that last month the U.S. dollar was trading on the foreign-exchange market at 0.85 euro per dollar, and today the U.S. dollar is trading at 0.88 euro per dollar. Explain what has hap
The entire flow of U.S. dollars and foreign currencies into and out of the country constitutes our ________.
Most all the dollars that foreigners have earned from trading with the United States have been ________ in the form of __________.
The basis for international finance is the exchange of ________.
A nation is on the gold standard when it __________.
To be on the gold standard, a nation must maintain a fixed ratio between its gold stock and ________.
Under the gold standard, if country J imports more than it exports, it has to ship ________to the trading partners with whom it has trade deficits. This will depress country J’s ____________, and
Under the gold standard, if country K’s price level declines, its imports will and its exports will __________.
Today exchange rates are set by and _______.
If Tim Matray wanted to buy wine from a French merchant, he would pay her with ____________.
The main difference between our being a debtor nation in the 19th century and our being a debtor nation since the early 1980s was that in the 19th century we ran up a debt by buying ________ goods;
What are the ways in which a firm can differentiate its product from those of its competitors?
Practical Application: Suppose you just purchased a men’s clothing store in a huge shop ping mall. How would you differentiate your store’s wares from those of your competitors?
Practical Application: If you ran a restaurant located very near several retirement communities, how would you practice price discrimination? Hint: Did someone just say “Early Bird Special,” or
Monopolistic competition differs from perfect competition only with respect to ________.a) the number of fi rms in the industryb) product differentiationc) barriers to entryd) economies of scale
In the long run the monopolistic competitor in Figure 1 is ______.a) more efficient than the perfect competitorb) less efficient than the perfect competitorc) as efficient as the perfect
In the short run the monopolistic competitor will be ______.a) definitely making a profitb) definitely taking a lossc) definitely breaking evend) either taking a loss or making a profit
In the long run the monopolistic competitor will be _______.a) making a profitc) breaking evenb) taking a loss
Each of the following would be a form of price discrimination except ______.a) providing low-priced meals to senior citizens who dine before 6 p.m.b) charging higher airfares to business travelers
Product differentiation can take place ________.a) only if there are physical differences among the productsb) only if there are no physical differences among the productsc) whether or not there
Which statement is true? a) When you decide which doctor to go to, your only concern is the quality of the medical service you will receive.b) People differentiate among goods and services based
Which of the following would not be a monopolistic competitor? a) Thursa Sotak’s hair salonb) Keith and Cathi Collins’ mom-and-pop grocery storec) Adam Avischious, a storefront
Which statement about price discrimination is true?a) It generally hurts the poor.b) It is inherently evil.c) It involves charging at least two separate prices for the same good or service.d) It
Each of the following is an example of price discrimination except ________.a) airline “youthfares”b) higher-price movie tickets after 5:00 p.m. and on weekendsc) doctors charging more to
In the long run in monopolistic competition _____.a) most fi rms make a profitb) the absence of entry barriers ensures that there are no profitsc) economies of scale ensure that there are no
Which statement is true?a) Most firms in the United States are monopolistic competitors.b) Most firms in the United States are perfect competitors.c) Most consumers would prefer lower prices and
Perfect price discrimination eliminates __________ of the customer’s consumer surplus.a) allb) mostc) somed) none
Which statement is true about perfect price discrimination?a) It is very common.b) It is illegal.c) The larger the market, the more likely one is to find it.d) None of the above .
Price discrimination _______.a) often works to the advantage of the poorb) generally helps rich customersc) is very hard to find in the United Statesd) is illegal in the United States.
Under perfect price discrimination _________.a) consumer surplus is zerob) consumer surplus is maximizedc) consumer surplus is a constant no matter what price is chargedd) consumer surplus rises
The most crucial feature of monopolistic competition is ______.
A monopolistic competitor makes a profit only in the ________.
The monopolistic competitor’s demand curve slopes ______.
Price discrimination occurs when a seller charges for ________________ the same good or service.
The monopolistic competitor _________ produces at the minimum point of his or her ATC curve.
Given the information in Figure 2, how much profit does this monopolistic competitor make? Price ($) 12 11 10 9 8 7 6 5 Figure 2 2 4 6 8 MC ATC D MR 8 10 12 14 Output
Is the firm in Figure 2 operating in the short run or the long run? How do you know? Price ($) 12 11 10 9 8 7 6 5 Figure 2 2 4 6 8 MC ATC D MR 8 10 12 14 Output
Practical Application: Your school has eight megadorms , each housing 2,000 students. Four different student owned and operated pizza delivery services operate on campus. Each de livers to all eight
Which statement is true?a) All oligopolies have only a few firms.b) Most oligopolies have only a few firms.c) Some oligopolies have only a few firms.
The motor vehicle industry has a concentration ratio of over _________ percent. a) 5b) 25c) 45d) 60e) 85
Administered prices are most likely to occur under _______.a) perfect competitionb) monopolistic competitionc) monopoly d) oligopoly
Price is ______.a) always read off the demand curveb) sometimes read off the demand curvec) always read off the marginal revenue curved) sometimes read off the marginal revenue curve
In the United States today collusion is ________.a) illegal and does not existb) illegal and does existc) legal and does not existd) legal and does exist
Which statement is true?a) All fi rms in oligopolistic industries are large.b) Most fi rms in the United States are oligopolies.c) The crucial factor in oligopolistic industries is product
Which of the following is not an oligopolist ?a) ExxonMobilb) General Motorsc) y our local phone companyd) Xerox
Which statement about oligopolies is false? a) They operate at the minimum points of their ATC curves.b) They charge higher prices than perfect competitors.c) They make profits in the long
Which statement is false?a) The cigarette and auto industries have high concentration ratios.b) OPEC is a cartel.c) Most oligopolies engage in outright collusion.d) None of the above.
The electric machinery case involved ________.a) a cartelb) covert collusionc) cutthroat competitiond) none of the above.
The least competitive industry is one that has ________.a) price leadershipb) covert collusionc) overt collusiond) a cartel
Which of these could not be considered cutthroat competitors?a) members of Japanese dangosb) McDonald’s and Burger Kingc) Costco and Sam’s Clubd) gas stations at the same intersection
Which statement is true? a) Most of American industry is engaged in cutthroat competition.b) Most of American industry does not compete.c) Some oligopolistic industries are more competitive than
An industry that is highly concentrated might have a Herfindahl – Hirschman index of _____.a) 20,000b) 2,000c) 800d) 100e) 1
An industry that has 100 fi rms, each with a 1 percent market share, would have a Herfin dahl-Hirschman index of _______.a) 1b) 10c) 100d) 1,000e) 10,000
The highest concentration ratio ______.a) is in Industry Xb) is in Industry Yc) is in Industry Zd) cannot be determined TABLE 1 Industry X Firm 1234 5 6 7 Market Share (%) 25 25 15 10 10 10 5
The highest Herfindahl – Hirschman index _______.a) is in Industry Xb) is in Industry Yc) is in Industry Zd) cannot be determined TABLE 1 Industry X Market Firm Share (%) 1 2 3 4 5 6 7 25 25 15
Which statement is true? a) Industry X is more concentrated than Industry Y.b) Industry Y is more concentrated than Industry Z.c) Industry Z is more concentrated than Industry X.d) Industries X,
Which statement is true?a) Industry X has a higher Herfindahl – Hirschman index than Industry Y.b) Industry Y has a higher Herfindahl – Hirschman index than Industry Z.c) Industry Z has a
Which statement is true?a) Two-thirds of all cars and light trucks sold in the United States are either imported or made by Japanese fi rms in this country.b) Toyota and Honda are the largest
Imports have made the automobile industry’s concentration ratio much relevant, while the Japanese transplants have been that ratio.a) more, reducingb) more, increasingc) less, reducingd) less,
A monopoly would have a concentration ratio of _______and a Herfindahl – Hirschman index of __________.a) 100, 100b) 10,000, 10,000c) 10,000, 100d) 100, 10,000
Which statement is true?a) The higher the Herfindahl – Hirschman index, the higher the degree of concentration.b) The lower the Herfindahl – Hirschman index, the higher the degree of
Compared to the perfect competitor in the long run, the cutthroat oligopolist has a _________.a) lower price and lower profitsb) higher price and higher profitsc) higher price and lower
According to the theory of the kinked demand curve, if a firm were to raise its price, its competitors would _______.a) lower theirsb) raise theirsc) keep theirs the same
According to the theory of the kinked demand curve, if a firm were to lower its price, its competitors would ______.a) lower theirsb) raise theirsc) keep theirs the same
The kinked demand curve depicts ______.a) cutthroat competitionb) cartelsc) collusive oligopolyd) price leadership
The kinked demand curve is associated with _________.a) sticky pricesb) OPECc) covert collusiond) none of the above
The discontinuity in the oligopolist’s marginal revenue curve occurs _________.a) to the right of the kinkb) to the left of the kinkc) directly below the kinkd) at different places at different
The Japanese dango is _______.a) a way to ensure that government construction contracts will always go to the low bidderb) a negotiating process under which construction firms take turns receiving
Which statement is true? a) Perfect competition in the college textbook publishing industry has kept prices constant.b) The college textbook publishing industry is highly oligopolized .c) If it
Game theory can be applied to each of the following concepts except ______.a) a monopolyb) a cutthroat competitionc) the kinked demand curved) duopoly
College textbook publishing is most accurately described as _______.a) a duopolyb) a cutthroat oligopolyc) open collusiond) a cartel
Game theory predicts that in a market controlled by four fi rms producing an identical service, each will ultimately charge ___________ price.a) a highb) an intermediatec) a low
A duopoly would have a concentration ratio of.a) 0b) 50c) 100d) an indeterminate amount.
There are three firms in an industry. If a fourth firm enters, the concentration ratio will.a) go upb) go downc) remain the same.
An oligopoly is an industry with _____________________ .
One measure of the degree of competitiveness (or of oligopoly) is called a(n) ________.
The oligopolist ____________ at the minimum point of her ATC curve.
The total __________________ of industry sales by the four leading firms is the industry concentration ratio.
The most important cartel in the world today is __________.
An important Supreme Court case involving covert collusion was the ________ case.
U.S. Steel and a few cigarette companies were all engaged in ____________to attain their economic ends.
The sign of cutthroat competition on a graph would be the __________.
One of the outcomes of the kinked demand curve is ____________ prices.
Administered prices are set by for ____________ without responding to ____________.
Administered prices are peculiar to ____________ .
Given the information in Table 2, calculate the concentration ratio of this industry. Show your work. TABLE 2 Firm A B C D E F G H I J Total Percentage of Sales 14% 4 23 5 2 8 17 10 2 15 100%
(a) How much is the concentration ratio in the industry shown in Table 3?(b) Calculate the Herfindahl – Hirschman index in this industry. TABLE 3 Firm 1234567 7 Market Share 30% 20 20 10 10 5 5
(a) How much is the concentration ratio in the industry shown in Table 4?(b) Calculate the Herfindahl – Hirschman index in this industry. TABLE 4 Firm 123&SO78 4 5 6 Market Share 40% 15 10 10 10
Given the information in Figure 1, calculate the firm’s profit. Price ($) 60 55 50 45 40 35 30 25 20 15 10 www. Figure 1 MC D 5 MR 0 0 12 2 3 4 5 6 7 8 9 10 11 12 Output
Given the information in Figure 2, answer these questions: a) How much is the firm’s output?b) How much is the firm’s profit?c) What type of oligopolist is this?d) If the firm were a perfect
Using the data in Table 5, fi nd the change in the Herfindahl–Hirschman index if Microsoft sold its smartphone division to Research In Motion (RIM; also known as BlackBerry). TABLE 5 Percentage
There are 10 firms of equal size in an industry. If 2 of the firms merge,(a) find the new concentration ratio;(b) find the new Herfindahl–Hirschman index.
The Microsoft case ended with ___________.a) a clear-cut win for the federal governmentb) a compromise settlement between Microsoft and the federal government.c) a guilty plea by Microsoft, but no
The first trustbusters were Presidents _______-.a) Teddy Roosevelt and William Howard Taftb) Franklin Roosevelt and Harry Trumanc) Dwight D. Eisenhower and John Kennedyd) Jimmy Carter and Ronald
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