Question 36

When a central bank changes its monetary policy, will potential GDP be affected in the short run when the policy change is announced and credible, and when the policy change is unannounced or not credible?

       Announced and credible      Unannounced or not credible

A)    Yes
                        Yes

B)   No                        No

C)   Yes
                        No

D)   No                      Yes

Which of the following is the most accurate definition of rent seeking?

A)    Consumers seek out the lowest possible price that a monopolist is willing to charge, which decreases the producer’s profits.

B)   Producers supply a quantity that does not maximize the sum of consumer surplus and producer surplus, resulting in inefficiency.

C)   Producers spend time and resources to acquire or establish a monopoly.

D)   A producer expands the range of goods it produces, reducing its average total cost as a result.

Long-run aggregate supply is least likely to be affected by changes in the:

A)    quantity of labor in the economy.

B)   prices of raw materials inputs.

C)   quantity of capital in the economy.

D)   technology that the economy possesses.

Assume that Notasled, a producer of cafeteria trays, operates in a perfectly competitive market. In addition, assume that the market price is $3.25. Notasled will increase production so long as:

A)    marginal revenue is positive.

B)   marginal revenue is greater than $3.25.

C)   marginal cost is less than $3.25.

D)   total revenue is increasing.

The characteristics of a partnership least likely include:

A)    double taxation of profits.

B)   the potential for the partnership to survive if a partner leaves or dies.

C)   diversified decision making.

D)   partners’ unlimited liability for the debts of the partnership.

[此贴子已经被作者于2008-11-7 18:05:39编辑过]

答案和详解如下！

Question 36

When a central bank changes its monetary policy, will potential GDP be affected in the short run when the policy change is announced and credible, and when the policy change is unannounced or not credible?

       Announced and credible      Unannounced or not credible

A)    Yes                      Yes

B)   No                        No

C)   Yes                      No

D)   No                      Yes

The correct answer was B) No     No

The difference between a change in monetary policy that is announced and credible and a change that is unannounced or not credible is its effect on the short-run aggregate supply curve. Potential GDP, which is represented by the long-run aggregate supply curve, is not affected in either case.

This question tested from Session 6, Reading 28, LOS d

Question 37

Which of the following is the most accurate definition of rent seeking?

A)    Consumers seek out the lowest possible price that a monopolist is willing to charge, which decreases the producer’s profits.

B)   Producers supply a quantity that does not maximize the sum of consumer surplus and producer surplus, resulting in inefficiency.

C)   Producers spend time and resources to acquire or establish a monopoly.

D)   A producer expands the range of goods it produces, reducing its average total cost as a result.

The correct answer was C)

Producers spend time and resources to acquire or establish a monopoly.

Rent seeking occurs when producers use resources to try to acquire or establish a monopoly. When a firm expands the range of goods it produces so that its average total cost is reduced, it achieves economies of scope.

This question tested from Session 5, Reading 19, LOS d

Question 38

Long-run aggregate supply is least likely to be affected by changes in the:

A)    quantity of labor in the economy.

B)   prices of raw materials inputs.

C)   quantity of capital in the economy.

D)   technology that the economy possesses.

The correct answer was B ) prices of raw materials inputs.

Long-run aggregate supply is related to the level of technology and the available quantities of labor and capital. If the prices of productive inputs increase, short-run aggregate supply decreases (the SAS curve shifts to the left) but long-run aggregate supply is unaffected.

This question tested from Session 5, Reading 23, LOS a

Question 39

Assume that Notasled, a producer of cafeteria trays, operates in a perfectly competitive market. In addition, assume that the market price is $3.25. Notasled will increase production so long as:

A)    marginal revenue is positive.

B)   marginal revenue is greater than $3.25.

C)   marginal cost is less than $3.25.

D)   total revenue is increasing.

The correct answer was C)

marginal cost is less than $3.25.

A firm will increase production as if its marginal revenue is less than its marginal cost, until it reaches the profit maximizing output level at which marginal revenue equals marginal cost. Under perfect competition, marginal revenue equals price.

This question tested from Session 5, Reading 18, LOS b

Question 40

The characteristics of a partnership least likely include:

A)    double taxation of profits.

B)   the potential for the partnership to survive if a partner leaves or dies.

C)   diversified decision making.

D)   partners’ unlimited liability for the debts of the partnership.

The correct answer was A)

double taxation of profits.

Earnings of corporations, not partnerships, are taxed when earned and again when distributed as dividends. The advantages of a partnership are that a partnership is easy to establish, decision making is diversified among partners, a partnership may survive even if a partner leaves or dies, and profits are only taxed once.

This question tested from Session 4, Reading 16, LOS e, (Part 1)

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