NAME: ________________________

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5 Written Questions

5 Matching Questions

  1. Which of the following suggests that lower average prices stimulate more borrowing?
  2. Suppose a recent college graduate has an annual nominal income of $42,000 for the first year she works. If the annual inflation rate is 5 percent, what salary would she need in the second year to maintain the same real income?
  3. When producing jeans, which of the following is not a variable cost in the short run?
  4. Equilibrium price refers to the:
  5. A flat or horizontal demand curve for a firm indicates that:
  1. a Price at which the quantity demanded of a good equals the quantity supplied.
  2. b $44,100
  3. c Rent for the factory
  4. d The firm has no market power.
  5. e The interest rate effect

5 Multiple Choice Questions

  1. Decreases in production were temporary.
  2. The money supply becomes smaller.
  3. 10.
  4. Recession
  5. $470

5 True/False Questions

  1. The number and relative size of firms in an industry is the definition of:Market structure.


  2. If Pepsi and Coke are the only two soft drink producers, they could be considered:Does not change total revenue.


  3. A public good is:Account for two-thirds of total U.S. output.


  4. Proprietorships:Account for two-thirds of total U.S. output.


  5. If demand is elastic, then:Difference between social and private costs or benefits.


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