ECO 550 Midterm Exam

Topics: Economics, Perfect competition, Microeconomics Pages: 2 (794 words) Published: September 22, 2014
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ECO 550 Midterm Exam
1). The different methods by which the sellers inform their potential buyers about the product is called: 2). Jane regularly sends funds to organizations seeking to save endangered animal species. This is an example of: 3). Carla had received very low annual return from her investment portfolio comprising of stocks of five companies for two years. Her decision to continue holding the same portfolio of assets will be an example of: 4). In the example of Ireland described in the text, the country’s production set shifted outward over time because: 5). Suppose Zia spends her time picking berries and apples. Her production set is described by the equation , where is the number of berries and y the number of apples. Which of the following statements will be true? 6). When the slope of a country’s production set declines, it implies: 7). Bankers supported the Federal Reserve Board’s Regulation Q because: 8). Suppose the adoption of a new software reduces the marginal cost of publishing books. For a given demand curve for books, this will be represented by: 9). Starting from a pure exchange equilibrium, an increase in the demand for a commodity will result in: 10). Let the marginal product of capital (MPK ) be 6; the marginal product of labor (MPL) be 2; the price of labor is given by $10. What will be the price of capital such that the isocost and the isoquant are tangent to each other? 11). Which of the following is a property of an isoquant?

12). Refer to Figure 4-1. If the firm produces 2,000 dolls per month when the market price is $4: Figure 4-1 The following figure shows the marginal cost curve (MC) for a firm producing fancy dolls for children. The market price for a doll is $4 per unit. 13). Refer to Figure 5-1. Which of the following points represents the long-run equilibrium price-output combination? In the figure given below MC denotes the marginal cost and AC denotes the average cost of a firm under...
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