Exam 31: (AP) Macroeconomics: Part B

Mike is selling his coffee under perfect competition. If this is the case, which of the following equations would yield marginal revenue product of labor while producing his coffee (notated in the equations as Y)?

Which of the following terms is used in economics as a measure of a person's (typically a consumer's) sense of satisfaction?

What is the first determinant of supply?

Because there is no incentive to protect public areas, each user (such as a business) tends to act in their own self-interest. What is this called?

If the marginal cost is greater than the average cost, then the average cost must be rising.

What is the main difference between the two sub disciplines in economics: microeconomics and macroeconomics?

To illustrate an economic model such as the one predicting real GDPs, the following are used except:

Which of the following might be a reason that a monopoly could exist?

If the demand for a particular good is price inelastic, then an increase in the good's price will lead to a(n) __________ in total revenue.

MBC Electronics is a strong-performing firm that has reported high profits in 10 consecutive quarters. Investors, however, see merit in a merge with a larger manufacturer to offset the competitive force of nation-wide chains. This merger is an example of a(n):

What is the name for the practice of selling at different prices in different markets?

What is the difference between the very maximum price that a consumer might be willing to pay and the price the consumer actually pays?

The short term aggregate supply curve slopes upwards due to these reasons except:

Productivity refers to the quantity of goods and services that a worker can produce from each hour of work. The following factors affect productivity except:

Which of the following is not an example of the government's attempt to reduce national poverty?

Regressive taxes typically people in a higher income level bracket.

Which kind of government features a goal of fair distribution of wealth and wages that are negotiated between managers and trade unions?

What is the correct term for the ability to produce something with a lower opportunity cost?

According to a demand curve, the prices of goods and services are determined given quantities. The following are determinants of consumer demand except:

What is reached when demand and supply are balanced so that both the amount of products sold and the market price are under no pressure to change?