36. A company compiles the following information:
Total revenue | $300,000 |
Value of buildings and machinery | |
- At the beginning of the year | $300,000 |
- At the end of the year | $280,000 |
Cost of raw materials | $100,000 |
Wages paid during the year | $ 50,000 |
Normal profit for the year | $ 40,000 |
The company’s economic profit is closest to:
A. $90,000.
B. $110,000.
C. $130,000.
37. In the short run, an increase in output at low levels of production will most likely cause:
A. an increase in the marginal cost due to the rising total fixed cost.
B. an increase in the marginal cost due to the law of diminishing returns.
C. a decrease in the marginal cost due to economies from greater specialization.
38. In regulating a natural monopoly, the most commonly adopted compromise pricing rule by a regulator is the:
A. total cost pricing rule.
B. average cost pricing rule.
C. marginal cost pricing rule.
[此贴子已经被作者于2009-6-27 17:08:37编辑过]
36. A company compiles the following information:
Total revenue | $300,000 |
Value of buildings and machinery | |
- At the beginning of the year | $300,000 |
- At the end of the year | $280,000 |
Cost of raw materials | $100,000 |
Wages paid during the year | $ 50,000 |
Normal profit for the year | $ 40,000 |
The company’s economic profit is closest to:
A. $90,000.
B. $110,000.
C. $130,000.
Answer: A
“Organizing Production,” Michael Parkin 2009 Modular Level I, Volume 2, pp. 98-99, Table 1
Study Session 4-16-a Explain the types of opportunity cost and their relation to economic profit, and calculate economic profit. Economic profit is equal to total revenue minus total costs, both explicit and implicit costs (including normal profit) Total costs = 100,000 + 50,000 + 40,000 + (300,000 – 280,000) = 210,000 Economic profit = Total revenue – Total costs = 300,000 - 210,000 = 90,000
37. In the short run, an increase in output at low levels of production will most likely cause:
A. an increase in the marginal cost due to the rising total fixed cost.
B. an increase in the marginal cost due to the law of diminishing returns.
C. a decrease in the marginal cost due to economies from greater specialization.
Answer: C
“Output and Costs,” Michael Parkin 2009 Modular Level I, Volume 2, p. 135
Study Session 4-17-d Explain the firm’s production function, its properties of diminishing returns and diminishing marginal product of capital, the relation between short-run and long-run costs, and how economies and diseconomies of scale affect long-run costs.
The marginal cost decreases at low levels of output due to economies from greater specialization. However, at higher levels of production, it eventually increases because of the law of diminishing returns.
38. In regulating a natural monopoly, the most commonly adopted compromise pricing rule by a regulator is the:
A. total cost pricing rule.
B. average cost pricing rule.
C. marginal cost pricing rule.
Answer: B
“Monopoly,” Michael Parkin
2009 Modular Level I, Volume 2, pp. 200-202
Study Session 5-19-e Explain the potential gains from monopoly and the regulation of a natural monopoly. The average cost pricing rule allows the natural monopoly to cover its costs and to break even (make zero economic profit).
39. Which of the following statements provides the best description of Nash equilibrium of two firms in the game of prisoners’ dilemma?
A. One firm complies and the other cheats.
B. Both firms cheat and each firm makes zero economic profit.
C. Both firms comply and each firm makes a positive economic profit.
40. The best characterization of the natural resources market is that:
A. supply of a nonrenewable natural resource is perfectly inelastic and firms are price takers.
B. price is determined by market demand in a renewable resources market and by supply in a nonrenewable resource market.
C. supply of a renewable natural resource is perfectly elastic and the price is equal to the present value of the next period's expected price.
41. Based on supply-side effects, an increase in income tax will most likely:
A. shift the demand curve for labor.
B. decrease the full-employment quantity of labor.
C. increase potential Gross Domestic Product (GDP).
39. Which of the following statements provides the best description of Nash equilibrium of two firms in the game of prisoners’ dilemma?
A. One firm complies and the other cheats.
B. Both firms cheat and each firm makes zero economic profit.
C. Both firms comply and each firm makes a positive economic profit.
Answer: B
“Monopolistic Competition and Oligopoly,” Michael Parkin 2009 Modular Level I, Volume 2, pp. 229-237
Study Session 5-20-d Explain the kinked demand curve model and the dominant firm model, and describe oligopoly games including the Prisoners’ Dilemma.
Both firms realize that compliance results in an economic loss whereas cheating results in zero economic profit (p. 236). Since zero economic profit is better than an economic loss, both firms cheat.
40. The best characterization of the natural resources market is that:
A. supply of a nonrenewable natural resource is perfectly inelastic and firms are price takers.
B. price is determined by market demand in a renewable resources market and by supply in a nonrenewable resource market.
C. supply of a renewable natural resource is perfectly elastic and the price is equal to the present value of the next period's expected price.
Answer: B
“Markets for Factors of Production”, Michael Parkin
2009 Modular Level I, Volume 2, pp. 276-279
Study Session 5-21-g
Differentiate between renewable and non-renewable natural resources and describe the supply curve for each. With the supply of a renewable natural resource being fixed, the price is determined on the basis of market demand. In a nonrenewable natural resource market, the flow supply of a nonrenewable natural resource is perfectly elastic but the price is determined on the basis of supply.
41. Based on supply-side effects, an increase in income tax will most likely:
A. shift the demand curve for labor.
B. decrease the full-employment quantity of labor.
C. increase potential Gross Domestic Product (GDP).
Answer: B
“Fiscal Policy,” Michael Parkin
2009 Modular Level I, Volume 2, pp, 418-420, Figure 6 Study Session 6-26-a Explain the supply-side effects on employment, potential GDP, and aggregate supply, including the income tax and taxes on expenditure, and describe the Laffer curve and its relation to supply-side economics.
An income tax increase makes the difference between after-tax pay and before-tax pay larger. This situation weakens the incentive to work and lowers the full-employment quantity of labor (see page 419).
问一下,这个题的难度跟真题比如何?谢谢!
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