ECO 365 Final Exam (August 2015) - Assignment.pdf

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2). Using 100 workers and 10 machines, a firm can produce 10,000 units ofoutput; using 250 workers and 25 machines, the firm produces 21,000 units ofoutput. These facts are best explained by:Economies of scopeDiseconomies of scaleDiminishing marginal productivityEconomies of scaleTo download the complete answer check ECO 365 Week 1 knowledge check3). Suppose that college tuition is higher this year than last and that morestudents are enrolled in college this year than last year. Based on thisinformation, we can best conclude that:despite the increase in price, quantity demanded rose due to some other factorschanging.the demand for a college education is positively sloped.the law of demand is invalid.this situation has nothing to do with the law of demand.4). A monopoly firm is different from a perfectly competitive firm in that:A monopolist’s demand curve is perfectly inelastic whereas a perfectlycompetitive firm’s demand curve is perfectly elastic.A competitive firm has a u-shaped average cost curve whereas a monopolistdoes not.A monopolist can influence market price whereas a perfectly competitive firmcannot.There are many substitutes for a monopolist’s product whereas there are nosubstitutes for a competitive firm’s product.Want help? Click to download ECO 3655). The best example of positive externality is:Alcoholic beverages
PollutionEducationRoller coaster rides6). The theory that quantity supplied and price are positively related, other thingsconstant, is referred to as the law of:supplyprofit maximizationopportunity costdemandWant more details? Download now ECO 365 Final Exam7). A reduction in the supply of labor will cause wages to:Decrease and employment to decrease.Increase and employment to increase.Decrease and employment to increase.Increase and employment to decrease.8). Other things held constant in a competitive labor market, if workers negotiatea contract in which the employer agrees to pay an hourly of $17.85 while themarket equilibrium hour rate is $16.50, the: Quantity of workers demanded will exceed the quantity of workers supplied. Quantity of workers supplied will exceed the quantity of workers demanded. Supply of labor will decrease until the equilibrium wage rate is $17.85. Demand for labor will increase until the equilibrium wage rate is $17.85.Download for answers ECO 365 Complete Course9). Alex is playing his music at full volume in his dorm room. The other peopleliving on his floor found this to be a nuisance, but Alex doesn’t care. Alex’s musicplaying is an example of:
Page 1: ECO 365 Final Exam Assignment1). Th
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