7. If GDP exceeds GNP, we know with certainly that:
(A) a budget deficit exists
(B) a trade surplus exists
(C) a trade deficit exists
(D) receipts of factor income from the rest of the world exceed payments of factor income to the rest of the world

1. Consumer surplus is (A) the total value that consumers receive from the consumption of a particular good. (B) the total amount that consumers pay for a particular good. (C) the differences between what the consumer would be willing to pay and what the consumer actually has to pay. (D) a measure of the excess supply at the prevailing price. (E)none of the above.

2. A natural monopoly is characterized by (A) decreasing returns to scale. (B) patent protection of certain basic processes. (C) the firm’s having exclusive control over a basic input. (D) a decreasing long-run average cost curve over the feasible range of output. (E)all of the above.

3. A rational monopolist with positive marginal costs will not operate at a point where the price elasticity of demand is (A) less than 1. (B) 1. (C) greater than 1. (D) greater than 10. (E)negative.

4. Unlike a perfectly competitive firm, a monopolistically competitive firm (A) faces a downward-sloping demand curve. (B) can change the characteristics of its product. (C) can vary the price of its product. (D) tends to operate with excess capacity. (E)all of the above.  

5. A Nash equilibrium is one in which (A) each player selects the maximum strategy independently of the anticipated actions of the other. (B) each player’s decision is optimal given the decision of the other firm. (C) the number of Nashes sold equals the number supplied. (D) the profits of both firms equal the profits that would result in a monopoly. (E)none of the above are true.

6. A typical Cournot solution is defined as one in which (A) the solution is identical to the purely competitive market. (B) the solution is identical to the monopoly solution. (C) the output is above the monopoly and below the purely competitive result. (D) none of the above.

8. Full in the blank: GDP is the value of all produced in a given period. (A) final goods and services (B) final and intermediate goods and services (C) final and intermediate goods and services, plus raw materials (D) final and intermediate goods and services produced by the private sector only (E)final goods and services purchased by households

9. Disposable income is (A) income minus savings. (B) income minus both savings and taxes. (C) consumption minus taxes. (D) the same as “income”. (E)income after adding transfers and subtracting taxes. 

10. The marginal propensity to consume is (A) the value of consumption spending if income were zero. (B) total consumption spending divided by total disposable income. (C) total income minus total taxes. (D) the increase in disposable income caused by a one-unit decrease in taxes. (E)the increase in consumption caused by a one-unit increase in disposable income.

11. Which of the following would shift the aggregate demand curve leftward? (A) a decrease in the money supply. (B) an increase in consumer confidence. (C) a rise in the price level. (D) a decrease in taxes. (E)all of the above.

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