习题总结.docx
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习题总结.docx
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习题总结
RIGOSCMA-CFMREVIEW
PART1-BUSINESSANALYSIS
PracticeExamQuestions
1.Thelawofdiminishingmarginalutilitystatesthat
a.marginalutilitywilldeclineasaconsumeracquiresadditionalunitsofaspecificproduct.
b.totalutilitywilldeclineasaconsumeracquiresadditionalunitsofaspecificproduct.
c.decliningutilitycausesthedemandcurve
toslopeupward.
d.consumers'wantswilldiminishwiththe
passageoftime.
2.Pricetendstofallincompetitivemarketswhenthereisa(n)
a.increaseindemandfortheproduct.
b.decreaseinquantitydemandedofthe
product.
c.declineinavailablelabor.
d.decreaseinsupplyoftheproduct.
6.Animprovementintechnologywhichinturnsleadtoimprovedworkerproductivitywouldmostlikelyresultin
a.ashifttotherightinthesupplycurveand
aloweringofthepriceoftheoutput.
b.ashifttotheleftinthesupplycurveand
aloweringofthepriceoftheoutput.
c.nochangeinthepriceoftheoutput.
d.wageincreases-butpricesdecrease.
7.Whichoneofthefollowingstatementsaboutsupplyanddemandistrue?
a.Ifsupplyincreasesanddemandremains
constant,equilibriumpricewillrise.
b.Ifdemandincreasesandsupply
decreases,equilibriumpricewillfall.
c.Ifdemandincreasesandsupply
increases,equilibriumquantitywillfall.
d.Ifdemandincreasesandsupply
decreases,equilibriumpricewill
increase.
3.Ifthepriceofapplesdeclinesandtotal
revenuereceivedbythefirmincreases,the
a.demandforapplesiselastic.
b.demandforapplesisinelastic.
c.elasticityofdemandforapplesis1.
d.elasticityofdemandforapplesisless
than1.
4.Iftheaveragehouseholdincomeincreasesandthereisrelativelylittlechangeinthepriceofanormalgood,thenthe
a.supplycurvewillshifttotheleft.
b.quantitydemandedwillmovefurther
downthedemandcurve.
c.demandcurvewillshifttotheright.
d.supplycurvewillshifttotheright.
5.Thedemandforaparticularproductwouldtendtodecreaseif
a.thenumberofbuyersfortheproductin
themarketincreased.
b.agovernmenttaxreductionincreased
consumerincomes.
c.thepriceofasubstituteproductfell.
d.thepriceofacomplementaryproduct
fell.
8.Themostlikelyconsequenceofimposingrentcontrolsthatholdrentalchargesbelowtheequilibriumlevelisthat
a.tenantswillgainandlandlordswilllose,butthequalityandquantityofrentalhousingwillremainthesameinthelongrun.
b.landlordswillsufferfinanciallosses,buthousingshortageswillbelesslikelyto
occur
c.theavailabilityofhousingatlowerprices
willreduceblightanddecay.
d.thequalityandquantityofrentalhousing
eventuallywillbereduced.
9.Whichoneofthefollowingisnotafactor
contributingtoeconomiesofscale?
a.Laborspecialization.
b.Managerialspecialization.
c.Diminishingreturns.
d.Efficientutilizationofcapitalequipment.
10.Thefirm'sshort-runsupplycurveisderivedfromthe
a.averagetotalcostcurve.
b.fixedcostcurve.
Course5315copyright2004.TheRigosprogramshave24yearsofsuccessineducatingprofessionals.P1Q-1
c.marginalcostcurve.
d.totalcostcurve.
11.Thelong-runaveragetotalcostcurve
a.isgenerallyu-shaped.
b.isstronglyinfluencedbydiminishingreturns.
c.isthesameastherisingportionofthemarginalcostcurve.
d.diminishessteadilyliketheaveragefixedcostcurve.
12.Anormalprofitis
a.thesameasaneconomicprofit.
b.acostofresourcesfromaneconomicperspective.
c.thesameastheaccountant'sbottomline.
d.anexplicitorout-of-pocketcost.
13.Thechangeintotalproductresultingfromtheuseofoneunitmoreofthevariablefactorisknownas
a.thepointofdiminishingaverage
productivity.
b.marginalphysicalproduct.
c.thehypothesisofdiminishingreturns.
d.marginalcost.
14.Whichoneofthefollowingisacharacteristicofpurecompetition?
a.Mutualinterdependence.
b.Significantresearchanddevelopment
programs.
c.Productdifferentiation.
d.Standardizedproduct.
15.Amonopolymaximizesprofitsby
a.maximizingthedifferencebetweentotal
revenueandtotalcosts.
b.maximizingthedifferencebetween
marginalrevenueandmarginalcosts.
c.settingmarginalrevenueequaltozero.
d.settingaveragerevenueequaltoaverage
cost.
17.Acharacteristicofamonopolyisthat
a.amonopolistwillproducethatquantitywheremarginalrevenueisequaltomarginalcost.
b.thereisauniquerelationshipbetweenthe
marketpriceandthequantitysupplied.
c.inoptimizingprofits,amonopolywillincreaseitssupplycurvetowherethedemandcurvebecomesinelastic.
d.inthelongrun,therearenobarriersto
entrybyotherfirms
18.AproposedmergerbetweenTexasAirandEasternAirlineswasquestionedbytheantitrustauthoritiesbecausebothcompanieswereprovidingairlinepassengerserviceintheBoston-NewYork-Washingtoncorridor,Withrespecttothisparticularmarketarea,themergerwouldbe
ahorizontalmerger.
b.verticalmerger.
c.conglomeratemerger.
d.concentrationmerger.
19.Anaturalmonopolyis
a.identifiedwithanindustrywith
significanteconomiesofscaleandwhere
unitcostsareminimizedwithaone-firm
industry.
b.animportantpartoftheanalysisof
monopolisticcompetition.
c.identifiedwithanindustrywhere
economiesofscalearerapidlyexhausted.
d.identifiedwithanindustrywhere
economiesofscalearefewanddiseconomiesarequicklyincurred.
20.Theintentofantitrustlawsisto
a.establisharangeofallowableprofitrates
forfirmsinoligopolisticindustries.
b.prohibitfirmsfromengaginginjoint
ventureswithforeignfirms
c.quirefirmswithhighearningstorelinquishanyexclusivepatentrightswhichtheyown.
d.prohibitagreementsthatlimitindividualfirmoutput.
21.Whichoneofthefollowingantitrustlawsprohibitspricediscrimination,tyingcontracts,anticompetitivemergers,andinterlockingdirectorates?
a.ShermanAntitrustAct.
b.ClaytonAntitrustAct.
c.AntitrustImprovementsAct.
d.CellerAnti-mergerAct:
16.Anindustrythatisoligopolisticwouldbe
bestcharacterizedby
a.onefirmsellingaproductwithnoclose
substitutes.
b.theabsenceofsignificanteconomiesof
scale.
c.significantbarrierstoentry.
d.horizontalorflatdemandcurvesforthe
outputofindividualfirms
outputofindividualfirms.
P1Q-2Course5315copyright2004.TheRigosprogramshave24yearsofsuccessineducatingprofessionals.
22.TheNationalLaborRelationsAct,alsoknownastheWagnerAct,guaranteeslaborcertainrights.ThisAct
a.requiresmanagementtomakedetailedfinancialreportstotheNationalLaborRelationsBoard.
b.designatesalistofunfairlaborpractices
onthepartofunions.
c.guaranteestherightofself-organizationandtherighttocollectivebargainingwithmanagement.
d.requiresthatelectionsofunionofficers
beregularlyscheduledandthatsecret
ballotsbeused.
23.TheTaft-HartleyActattemptedtorestorebalancebetweentherightsandobligationsofemployeesandthoseofemployersby
a.permittingstrikesincasesofhealthand
safetyviolations.
b.outlawingtheunionshop.
c.designatingalistofunfairlaborpractices
onthepartofemployers.
d.designatingalistofunfairlaborpractices
onthepartofunions.
24.TheprotectedgroupundertheAgeDiscriminationinEmploymentActof1967,afteramendmentin1978,isdefinedasanyonebetweentheagesof
a.35and60.
b.40and75.
c.40and70.
d.50and75.
25.AnimportantunderlyingprincipleoftheConsumerProductSafetyActof1972isthat
a.consumershavenearlyidenticaldesirestobeprotectedfromunsafeorunreliableproducts.
b.creatingnewproductstandardsshouldbeemphasizedratherthantakingpunitiveactionagainstfirms.
c.informingconsumersofmajorproduct
recallsisrelativelyinexpensive.
d.theU.S.consumerisasophisticatedbuyerneedingprotectionprimarilyagainstfraud.
26.TheEnvironmentalProtectionAgency(EPA)mightcontrolpollutionbysettingeffluentstandardsformaximumdischargeorbyconstructingasliding-taxchargebasedontheamountofeffluentemitted.Oneadvantageofthesliding-taxchargeisthat
a.itwilltotallyeliminatepollution.
b.thereisgreaterbusinessincentivetodiscovernewmethodsofcontrollingpollution.
c.itincreasesthenecessityfortheEPAtofullyunderstandpollutioncontroltechnology.
d.itincreasesthedegreeofdirectgovernmentinterventionintheeconomy.
27.Governmenttransferpayments
a.reallocatetheconsumptionofgoodsandservicestothepublicsector.
b.increaseaggregatedemandforprivatesectorgoodsandservices.
c.reallocatetheconsumptionofgoodsandservicesintheprivatesector.
d.decreaseaggregatedemandforprivatesectorgoodsandservices.
28.Duringarecessionthegoalofgovernmentfiscalpolicyistoraiseequilibriumoutputfrom$3trillionto$3.5trillion.Anappropriategovernmentalactioninthissituationwouldbeto
a.decreasegovernmentspending.
b.increasegovernmenttaxes.
c.increasegovernmentspending.
d.increasegovernmenttaxesanddecrease
governmentspendingbyequalamounts.
29.Economistsbelievethatchangesintheoveralleconomiccyclecanbepredictedbythemovementofleadingindicators.Iftherearefivemonthsofdecreasedhoursworkedperweek,buildingpermitsandconsumerconfidencepolls,theeconomyin6to9monthswilllikely
a.continueaplateauorpeakinvolvingrobusteconomicactivity.
b.continueinatroughwithloweconomicactivitywithunderutilizedresources.
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