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Economics

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1.In demand analysis, endogenous variables include:
a. the weather
b. consumer incomes
c. interest rates
d company advertising

2. Which of the following is a leading economic indicator?
a. average prime rate charged by banks
b. commercial and industrial loans outstanding
c. change in credit for business and consumer borrowing
d. ratio of constant dollar inventories to sales for manufacture and trade.

3. The returns to scale characteristic of a production system:
a. is measured by the way in which inputs can be varied in an unbroken marginal fashion rather than incrementally.
b. illustrates the distinct , or lumpy, pattern of input combination.
c. shows the relation between output and variation in only one of the inputs employed.
d. is the relation between output and variation in only one of the inputs employed.

4. In long-run equilibrium, the monopolistically competitive firm will set a price equal to:
a. average cost
b. average variable cost
c. marginal cost
d minimum long run average cost.

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Solution Preview

Answer 1: (D)
Endogenous variable is the one which can be controlled by the company. Advertising can definitely be controlled by the company.

Answer 2: ...

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Short answer questions in economics: economics, market economy, command economy,supply and demand

Questions (also attached):

1) What is economics?
2) What types of things are considered in economics? What is not?
3) What role does economics play in your personal decisions?
4) What are the advantages of a market versus a command economy?

1. What is the difference between the shift of and a movement along the demand curve?
2. What is the difference between the shift of and a movement along the supply curve?
3. How do shortages and surpluses develop?
4. What types of shortages and surpluses affect you either personally or in your work environment?

2. Answer the following questions:
a. What causes the changes in supply and demand?
b. How do shifts in supply and demand affect your decision making?
c. List four key points in the study of economics.

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