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Economics Questions Help... 12 Multiple Choice Questions..?

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Economics Questions Help... 12 Multiple Choice Questions..?

Postby laureano97 » Fri Jun 01, 2012 9:46 am

Please Help Answer These Questions, Thanks!

1) The demand curve facing a supplier with monopoly power:
A) Is perfectly horizontal
B) Is less than perfectly elastic
C) Does not exist
D) Is more elastic than that facing the supplier under perfect competition.

2) The benefit accruing to any individual or institution with market power:
A) Will never disappear when there is market failure.
B) Is no greater than the benefit accruing to institutions with no market power
C) Is called profits or rents
D) Is greater than the average discount rate of the organization

3) A firm that has market power
A) Is not as efficient as it would be under perfect competition.
B) Is always more efficient than a firm under perfect competition because it can maintain positive profits.
C) Is always efficient because it can choose any price/quantity combination it desires.
D) Is driven out of business due to inefficiency.

4) A firm that has increasing returns to scale can gain a natural monopoly because:
A) It is not subject to the law of diminishing returns.
B) It can obtain a patent to protect itself from any potential competition.
C) New competitors must enter the market at a large scale in order to compete efficiency, and the huge expense of doing so is a barrier to entry.
D) It can afford to undercut the competition by selling at a loss for a temporary period.

5) Which one of the following is not an example of artificially created market power?
A) Unions
B) Patents
C) Insider trading in the stock market
D) Increasing returns to scale

6) Rent-Seeking refers to:
A) The pursuit of a distributive share derived from advantage
B) The search for better technology
C) The use of the most efficient technique of production to gain a power advantage
D) The search for housing in urban areas.

7) Market failure:
A) Prevents effective government intervention.
B) Prevents firms with market power from making profit.
C) Hinders the efficient allocation of resources.
D) Encourages a more equitable income distribution.

8) Which of the following is not a public good?
A) The U.S. Army
B) The light from a lighthouse.
C) Disneyworld
D) Public Television.

9) Proponents of laissez-faire policy believe that:
A) Markets are self-adjusting and work very well.
B) Government intervention is necessary to ensure a Pareto optimal outcome
C) Society's initial endowment is equally divided among all.
D) Both a and c

10) Proponents of interventionist policy argue that:
A) Markets do work
B) Markets may not coordinate all decisions very well if the nice assumptions do not hold
C) Government intervention can be constructive.
D) Both b and c

11) A widget manufacturing firm releases large amounts of sulphur dioxide into the atmosphere, thus polluting the air. In order to ensure that the production of widgets does not exceed the socially optimum level, the government could:
A) Shut down the firm
B) Impose a tax on the firm equal in size to the MEC of widget production
C) Sell pollution licenses at a price equivalent to the MEC
D) Either b or c

12) One of the disadvantages of imposing a rent control is
A) The quantity supplied of rental housing will decrease
B) Rent controls encourage excess building
C) The demand for rental housing would fall
D) There will be a surplus of rental housing.
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