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5 Written Questions

5 Matching Questions

  1. According to Keynesian theory, the correct fiscal policy action to stimulate the economy would be to:
  2. An individual wheat farmer has no market power because:
  3. If Pepsi and Coke are the only two soft drink producers, they could be considered:
  4. TRUE/FALSE: For a monopoly, profits are maximized at the output level where price and marginal cost are equal.
  5. The law of diminishing returns indicates that the marginal physical product of a factor declines as more:
  1. a False
  2. b A duopoly.
  3. c Of the factor is used, holding other inputs constant.
  4. d Increase government expenditures to increase aggregate demand.
  5. e It must accept the equilibrium market price.

5 Multiple Choice Questions

  1. Always less than price, after the first unit.
  2. Frictional unemployment will always exist.
  3. Avoid fixed costs in the short run.
  4. The quantity demanded equals the quantity supplied.
  5. The cost of producing frozen yogurt decreases.

5 True/False Questions

  1. If marginal cost equals price, then _____ is at a maximum.The quantity demanded equals the quantity supplied.


  2. According to the law of diminishing marginal utility:Marginal utility of a good declines as more of it is consumed in a given time period


  3. Which of the following statements is true, assuming the same cost and demand conditions?Profit-maximization rule.


  4. The law of demand states that:Price and quantity demanded are inversely related.


  5. According to the law of demandPrice and quantity demanded are inversely related.


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