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Past Exam for ECON 2005 - Principles of Economics at Virginia Tech (VT)

Exam Information

Material Type:Exam
Professor:Staff
Class:ECON 2005 - Principles of Economics
Subject:Economics
University:Virginia Polytechnic Institute And State University
Term:Fall 2002
Keywords:
  • Competitive Market Structure
  • Factor of Production
  • Shutdown Point
  • Perfectly Elastic Demand Curve
  • Increase Output
  • Immediately
  • Marginal Cost
  • Product Market
  • Capital Intensive
  • Capital-Intensive
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Sample Document Text

Econ 2005 Final Exam Form C Total points: 45 Dec 16, 2002 Multiple choice: choose ONE alternative. Mark answer on answer sheet provided. Each correct answer is worth +1 points, each incorrect answer is worth O. 1. In a monopoly, the barriers to enter the market are all of the following except ~ government franchises b. high profit -e-.. patents d. ownership of a scarce factor of production 2. Suppose the T-shirt industry runs under a perfectly competitive market structure. Now if a monopoly takes over the T-shirt industry, then what happens to the amount of consumer surplus in the market? a. increases b. decreases c. stays the same d. none of the above 3. For an industry in which four firms each control 25% of the market, the Herfindahl-Hirschman Index would be equal to a. 5000. b. 2500. c. 20000. d. 2000. e. Cannot be determined from the information given. 4. Suppose eight firms producing the same product have decided to form a cartel to earn higher p...

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