1. For a linear (inverse) demand function, increases in output will
cause total revenue to increase when marginal revenue is:
a. Positive
b. Negative
c. Unit
Elastic
d. Elastic
2.
Competitive market equilibrium is
determined by:
a.
Only the most influential buyers
and sellers
b.
Only the demand curve
c.
Only the supply curve
d.
The intersection of the demand
and supply curves
3.
As a rule of thumb, a parameter
estimate is statistically different from zero when the absolute value of the
t-statistic is:
a.
Zero
b.
Less than one
c.
Greater than or equal to 1
d.
Greater than or equal to 2
4.
Incentive plans mean that:
a.
Managers are paid the same amount
regardless of how much effort they put forth
b.
Mangers are paid less (more) if
they put forth less (more) effort
c.
Managers have the interests of
the owner in mind regardless of how they are paid
d.
Managers need to be monitored
constantly
5.
When the growth rate is less than
the interest rate:
a.
Maximizing the present value of
all future profits is the same as maximizing current profits
b.
Maximizing the present value of
all future profits is greater than maximizing current profits.
c.
Current profits equal the sum of
future profits.
d.
None of the above statements are
correct.
6.
Suppose the demand for good X is
given by Qxd= 10 – 2Px+ Py+ M. The price of good X is $1, the price of good Y is $10, and
income is $200. Given these prices and income, how much of good X will be
purchased?
a.
1
b.
210
c.
218
d.
None of the statements associated
with this question are correct.
7.
If the income elasticity for
lobster is 0.5, a 20 percent increase in income will lead to a:
a.
10 percent increase in demand for
lobster.
b.
10 percent decrease in demand for
lobster.
c.
20 percent increase in demand for
lobster.
d.
20 percent decrease in demand for
lobster.
8.
Other things held constant,
consumer surplus decreases as:
a.
The price of a good decreases.
b.
The price of a good increases.
c.
The supply curve shifts to the
right.
d.
None of the above.
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