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ECO 550 Midterm Exam
1. Economies of Scope refers to situations where per unit costs are
2. For a short-run cost function which of the following statements is (are) not true? 3. According to the theory of cost, specialization in the use of variable resources in the short-run results initially in:
4. Economies of scale exist whenever long-run average costs:
5. The existence of diseconomies of scale (size) for the firm is hypothesized to result from:
6. If TC = 321 + 55Q - 5Q2, then average total cost at Q = 10 is:
7. Using demand and supply curves for the Japanese yen based on the $/¥ price for yen, an increase in US INFLATION RATES would
8. An appreciation of the U.S. dollar has what impact on Harley-Davidson (HD), a U.S. manufacturer of motorcycles?
9. In a recession, the trade balance often improves because
10. The purchasing power parity hypothesis implies that an increase in inflation in one country relative to another will over a long period of time
11. Companies that reduce their margins on export products in the face of appreciation of their home currency may be motivated by a desire to
12. The import of Apple iPads assembled in Shanghai at a $295 wholesale price ($213 cost and $82 profit margin) adds more than it should to the U.S. trade deficit with China because
13. Trading partners should specialize in producing goods in accordance with comparative advantage, then trade and diversify in consumption because
14. Marginal factor cost is defined as the amount that an additional unit of the variable input adds to ____.
15. The marginal product is defined as:
16. The isoquants for inputs that are perfect complements for one another consist of a series of:
17. The primary purpose of the Cobb-Douglas power function is to:
18. Given a Cobb-Douglas production function estimate of Q = 1.19L.72K.18 for a given industry, this industry would have:
19. In a production process, an excessive...
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