Principles of Economics Final Exam II
Download 38.57 Kb.
|
Principles of Economics Final Exam II
Principles of Economics Final Exam II |
Instructor: |
Michael Barquero |
|
Name: |
|
Results: |
|
|
Class: |
|
|
|
|
Advisor Name: |
|
|
|
|
Date: |
|
Multiple Choice Exam Part, Choose the Best Answer for Each Question. You will highlight your answer in red and bold for easy identification. As seen here.
Essay Portion answer the questions fully. Plagiarism and Collaborations will not be tolerated. You will write your answers underneath each answer. For easy you should put your answers in bold and underlined print. As shown here.
An industry that uses patents to recuperate loses incurred from research and development
Fast Food
Pharmaceuticals
Airline
What theory is about change agents?
Butterfly Effect
Supply and Demand
Keynesian
Top executives and whom make Pricing Decisions?
Accountants
Retailers
Combination of Production and Marketing Specialists
A large drop in price of one item causes only a small rise in demand for another item, they are?
Strong Complements
Weak Complements
Close Complements
A general rule, the Labor’s Supply Curve is sloping upward from?
Left to Right
Right to Left
It doesn’t slope
The antithesis to competition is?
Oligopoly
Price Discrimination
Monopoly
People who have a need to not engage in doing anything except on how to secure their safety.
Physiological Need
Social Need
Deficient Need
The MRP Curve shows?
The maximum supplied
Demand for labor should be
Increase in entrepreneurship
The Government must approve?
Mergers and Acquisitions
Crony Capitalism
Barriers to Entry
Instances where a number of product identifiers could be effective substitutes is?
Cross-category Consideration
Perfect Substitute
Close Substitute
An asset consisting of the knowledge and skills held by a person that can be utilized by a company is?
Innovation
Resources Allocation
Human Capital
Eliminating competition through political favoritism is?
Oligopoly
Crony Capitalism
Monopoly
No private ownership can be found in a?
Command Economy
Laissez-faire
Mixed Economy
The Average Product Curve will keep the same form except its maximum point will be at?
Higher output level
Lower output level
Same output level
Energy consumption went down by 3% in Iowa and Minnesota by using what tactic?
Rebates
Day Light Savings
Emodocons
A good that functions just the same as the good it is being compared to?
Cross-category Consideration
Perfect Substitute
Close Substitute
A bias that makes it difficult for people to account for the manner in which differences in mental states affect the way that they and other people make decisions?
Need to Act Fast
What Should We Remember
Too Much Information
Monopolies create Barriers to Entry to?
Create competition
Create revenue
Stifle competition
The Practice of charging different consumers, different prices for exactly the same product?
Non-coercive Monopoly
Price Discrimination
Deregulation
The tendency to overestimate the intensity or the duration of future emotions and states of feeling?
Not Enough Meaning
What Should We Remember
Too Much Information
The managing of tangible assets is?
Projection
Resource Allocation
Distribution
When companies acquire companies that produce the same good or service that is?
Vertical Integration
Horizontal Integration
Merger and Acquisition
When income rises and cause a bigger percentage increase in demand of an item it is?
An Inferior Good
A Normal Good
A Luxury Good
Wal-Mart has what kind of relationship with its suppliers?
Co-dependent
Transactional
Subservient
What is emphasized in a Laissez-faire market?
Mass production
Government control
Individual choice
If no participant is large enough to have the market price of a homogenous product?
Free Market
Competitive Market
Perfect Competition
When a few firms control a particular market it is?
An Oligopoly
A Free Market
A Monopoly
The Law Diminishing Marginal Return means that the Demand Labor Curve will eventually go?
Up
Down
Stay the same
Governments use what to fight monopolies?
Crony Capitalism
Laissez-faire
Anti-trust laws
A small fall in the price of one item cause a large rise in demand for another item, they are?
Strong Complements
Weak Complements
Close Complements
The simpler the problem is to solve; the more time we spend solving it is part of what major category?
Need to Act Fast
Not Enough Meaning
Too Much Information
When it is more cost effective to have one large producer rather than several smaller competing firms is a?
Oligopoly
Non-coercive Monopoly
Natural Monopoly
The need to belong to a social organization is?
An Aesthetic Need
A Deficient Need
A Growth Need
An inventor has exclusive rights to profit from a specific product with?
Anti-trust laws
Barriers of Entry
Patents
When a company controls its Supply Chain?
Monopoly
Vertical Integration
Horizontal Integration
When quantity supplied is not equal to the quantity demanded?
Surplus
Return on Investment
New Equilibrium
When income rises and an item goes down in sales it is?
An Inferior Good
A Normal Good
A Luxury Good
What is change in total product associated with the addition of one more unit of labor?
Marginal Product
Total Product
Average Product
Economists want most monopolies to be?
Allowed
Prevented
Neither allow or prevent
Products and Markets are constructed by?
Governments and Citizens
Suppliers and Retail
Buyers and Sellers
The airline industry does price discrimination by?
When the ticket was purchased
Where the ticket was purchased
Where the ticket that was purchased is going to
When a company has a large market through consumer preference?
Natural Monopoly
Non-coercive Monopoly
Oligopoly
Stage 3 of the Law of Diminishing Returns additions to labor will?
Increase efficiency
Decrease efficiency
Maintain Efficiency
The need to promote the efficacy of beautiful things?
Deficient Need
Self-Actualization
Aesthetic Need
Focusing attention on recognition from others, on which level is that on Maslow’s Pyramid?
3rd
4th
5th
If a person has lower recall for events that happen right before or after a performance?
Need to Act Fast
Too Much Information
What Should We Remember
The urgent need to acquire the relevant attitude in order to function is?
An Ego Need
An Aesthetic Need
A Growth Need
The process of removing or reducing state statute?
Anti-trust laws
Deregulation
Patents
If the government provides services to its citizens it is?
Wage
Social Welfare
Inheritance
More than 1/3 global crop production is impacted by?
Consumers
Insect Pollinators
Governments
Essay Question 1: Describe how are the concepts of Positive Economics and Normative Economics related to Hard Skills and Skills and how are they related to Labor and Labor Supply/Demand. Finally describe how would they come together if you were an owner of a business. (10 Points)
Essay Question 2: Explain how Micro-level choices become Macro-level preferences and how does Abraham Maslow’s Pyramid help us to understand and make business decisions. (20 Points)
Essay Question 3: Choose 1 of the 4 Categories of the Cognitive Bias Codex that best describes what are you the worst at overcoming. You should give multiple examples of why you belong in that category. (20 Points)
Page
Download 38.57 Kb.
Do'stlaringiz bilan baham:
Ma'lumotlar bazasi mualliflik huquqi bilan himoyalangan ©fayllar.org 2024
ma'muriyatiga murojaat qiling
ma'muriyatiga murojaat qiling