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Business Economics - Assignment Example

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Session 1 Take Home Examination 2012 Name Institution FACULTY OF BUSINESS SESSION 1 TAKE HOME EXAMINATION 2012 ECO501 Business Economics PART A MULTIPLE CHOICE QUESTIONS (2 marks per question, 40 marks) Answer ALL questions Select the letter corresponding to the best answer under each of the following questions and indicate it by fully shading the circle that contains the chosen letter on the answer sheet provided…
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Download file to see previous pages... B) Can lower average total cost if the advertising increases the quantity sold by a large enough amount. C) Cannot lower average total cost because when a firm advertises it increases its costs. D) Always lower average total cost because whenever a firm advertises, it increases the quantity sold. E) Lower total cost if the advertising increases the quantity sold by a large enough amount. 3) A monopoly arises for two key reasons, which are ________. A) Franchises and barriers to entry B) Natural and legal C) Barriers to entry and close substitutes D) Close substitutes and no barriers to entry E) Barriers to entry and no close substitutes 4) Dole Co. operates in a monopolistically competitive market. Which of the following characterizes Dole Co.'s market? A) Dole Co. faced no barrier to entry when it decided to enter its market. B) Dole Co. supplies a small portion of the market's output. C) Dole Co. is unable to collude with other firms in the market. D) Dole Co.'s product is slightly different from its competitors. E) All of the above describe Dole Co.'s market. 5)A market in which firms can enter and leave so easily that firms in the market face competition from potential entrants is called a A) Contestable market. B) Natural oligopoly C) Limit pricing market. D) Monopolistic competition market. E) Cartel. 6) If the demand for its good or service is inelastic, a monopoly's A) Total revenue increases when the firm lowers its price. B) Marginal revenue is positive. C) Total revenue is unchanged when the firm lowers its price. D) Marginal revenue is negative. E) Marginal revenue is equal to zero. 7) In monopolistic competition, firms compete on the basis of A) Quality and marketing, but not price. B) Price, quality, and marketing. C) Price only. D) Quality only. E) Marketing only. 8) Rent seeking is best defined as attempts A) By individuals to avoid paying taxes. B) By owners of a monopoly to sell the firm. C) To achieve monopoly power and the resulting economic profit. D) By landlords to get tenants. E) None of the above. 9) In the long-run, a firm in monopolistic competition produces at an output level where A) P = ATC and MR > MC. B) P = ATC and MR = MC. C) P > ATC and MR > MC. D) P > ATC and MR = MC. E) P > ATC and MC > ATC. 10) Some unemployment is unavoidable because ________. A) Many part-time workers would like to have full-time work B) There is always some cyclical unemployment C) Often people become discouraged workers D) Many people in the working-age population attend school and are unemployed E) People are making transitions through the stages of life and businesses are making transitions 11) Approximately, the real interest rate ________ the inflation rate ________ the nominal interest rate. A) Equals; minus B) Plus; equals C) Times; divided by 100 equals D) Minus; equals E) Equals; plus 12) Which of the following exchange rate policies uses a target exchange rate, but allows the target to change? A) Crawling peg B) Fixed exchange rate C) Moving target D) Flexible exchange rate E) None of the above 13) An increase in the tax on capital income ________ the supply of loan able funds and ________ investment. A) Decreases; increases B) Decreases the demand for loanable funds; decreases or increases C) Decreases; decreases D) Increases; ...Download file to see next pagesRead More
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