Eco 550 Final Exam Part 2 Five Versions Posted Making 125 Questions
ECO 550 FINAL EXAM PART 2 ( FIVE VERSIONS POSTED MAKING 125 QUESTIONS)
VERSION 1
Question 1
To trust a potential cooperator until the first defection and then never cooperate thereafter is
Answer
a dominant strategy
an irrational strategy
a grim trigger strategy
a non-cooperative finite game strategy
a subgame imperfect strategy
Question 2
The Prisoners Dilemma involves two spies who are held in separate soundproof rooms. But even if the two spies could communicate, what makes it difficult for them to achieve the cooperative solution (both not confessing)?
Answer
The problem is their lack of information.
The problem is that it is a nonzero sum game.
The problem is that both spies have incentives to double cross each other.
The problem is that all the outcomes are not particularly good for either player
Question 3
An illustration of a non-credible commitment is the promise
Answer
to not increase capacity in a declining industry
to match a new entrant’s discount price
to enter a profitable industry
to restrain output to the quota assigned by a cartel
to exit in the face of projected losses.
Question 4
The starting point of many methods for predicting equilibrium strategy in sequential games is
Answer
designing proactive reactions to rival actions
information sets
uncertain outcomes
backwards induction based on an explicit order of play
endgame analysis
Question 5
Non-cooperative sequential games can incorporate all the following features except
Answer
a single decision-maker in the endgame
no communication
finite or infinite time periods
third-party enforceable agreements
an explicit order of play
Question 6
Firms that have a cover charge for their customers and charge for each item they purchase as well are exhibiting
Answer
universal access price discrimination
declining block price discrimination.
mixed bundling price discrimination.
two-part price discrimination.
uniform pricing
Question 7
____ is the price at which an intermediate good or service is transferred from the selling to the buying division within the same firm.
Answer
Incremental price
Marginal price
Full-cost price
Transfer price
Question 8
Electricity pricing that varies in its billing expense throughout the day is called
Answer
full pricing
marginal cost pricing
dynamic pricing
variable pricing
full cost pricing pricing
Question 9
Vacation tours to Europe invariably package visits to disparate regions: cities, mountains, and the seaside. Bundling, a type of second degree price discrimination, is most profitable when:
Answer
the preference rankings of vacationers travelling together are negatively correlated.
a preference for cities is always higher than preferences for mountain vistas.
preference rankings of vacationers travelling together are positively correlated.
preference for the seaside is always higher than preferences for city excursions
Question 10
____ is a new product pricing strategy which results in a high initial product price. This price is reduced over time as demand at the higher price is satisfied.
Answer
Prestige pricing
Price lining
Skimming
Incremental pricing
Question 11
Vertical integration may be motivated by all of the following except:
Answer
Upstream market power
Economies of ever wider spans of managerial control
Technological interdependencies
Reduced search and bargaining cost
The hold-up problem.
Question 12
When manufacturers and distributors establish credible commitments to one another, they often employ
Answer
vertical requirements contracts
third-party monitoring
credible threat mechanisms
non-price tactics
Question 13
When borrowers who do not intend to repay are able to hide their bad credit histories, a lender’s well-intentioned borrowers should
Answer
complain to regulatory authorities
withdraw their loan applications
offer more collateral in exchange for lower interest charges
divulge still more information on their loan applications
hope for a pooling equilibrium
Question 14
Which of the following are not approaches to resolving the principal-agent problem?
Answer
ex ante incentive alignment
deferred stock options
ex post governance mechanism
straight salary contracts
monitoring by independent outside directors
Question 15
Non-redeployable durable assets that are dependent upon unique complementary and perfectly redeployable assets to achieve substantial value-added will typically be organized as
Answer
an export trading company
a spot market contract
a vertically integrated firm
an on-going relational contract
a joint stock company
Question 16
The lower the barriers to entry and exit, the more nearly a market structure fits the ____ market model.
Answer
monopolistic competition
perfectly contestable
oligopoly
monopoly
Question 17
____ occurs whenever a third party receives or bears costs arising from an economic transaction in which the individual (or group) is not a direct participant.
Answer
Pecuniary benefits and costs
Externalities
Intangibles
Monopoly costs and benefits
Question 18
____ yields the same results as the theory of perfect competition, but requires substantially fewer assumptions than the perfectly competitive model.
Answer
Baumol’s sales maximization hypothesis
The Pareto optimality condition
The Cournot model
The theory of contestable markets
Question 19
The ____ is equal to the some of the squares of the market shares of all the firms in an industry.
Answer
market concentration ratio
Herfindahl-Hirschman index
correlation coefficient
standard deviation of concentration
Question 20
The sentiment for increased deregulation in the late 1970’s and early 1980’s has been felt most significantly in the price regulation of
Answer
coal
grain
transportation
automobiles
electric power generation
Question 21
Which of the following is (are) a basic principle(s) when estimating a project’s cash flows?
Answer
cash flows should be measured on a pre-tax basis
cash flows should ignore depreciation since it is a non-cash charge
only direct effects of a project should be included in the cash flow calculations
cash flows should be measured on an incremental basis
Question 22
The ____ depicts the risk-return relationship in the market for all securities:
Answer
characteristic line
security market line
investment opportunity curve
marginal cost of capital schedule
Question 23
In cost-effectiveness analysis, constant cost studies:
Answer
are rarely used
attempt to specify the output which may be achieved from a number of alternative programs, assuming all are funded at the same level
are useless because they fail to adequately evaluate program benefits
try to find the least expensive way of achieving a certain objective
Question 24
Any current outlay that is expected to yield a flow of benefits beyond one year in the future is:
Answer
a capital gain
a wealth maximizing factor
a capital expenditure
a cost of capital
a dividend reinvestment
Question 25
Which of the following should not be counted in a cost-benefit analysis?
Answer
direct benefits and costs
real secondary benefits
technological secondary costs
pecuniary benefits
intangibles
VERSION 2
Question 1
In a game, a dominated strategy is one where:
Answer
It is always the best strategy
It is always the worst strategy
It is the strategy that is the best among the group of worst possible strategies.
Is sometimes the best and sometimes the worst strategy
Question 2
Cooperation in repeated prisoner’s dilemma situations seems to be enhanced by all of the following except
Answer
limited punishment schemes
clarity of conditional rewards
grim trigger strategy
provocability–i.e., credible threats of punishment
tit for tat strategy
Question 3
Consider the game known as the Prisoner’s Dilemma. What’s the dilemma?
Answer
By both not confessing, both get to the cooperative solution and minimize time in prison.
By both confessing, both get to the noncooperative solution and both serve significant time in prison.
As a group, they are better off cooperating by not confessing, but each player has an incentive to be first to confess in a double cross.
The problem is that the spies should never have been caught; they should move to Rio.
Question 4
To trust a potential cooperator until the first defection and then never cooperate thereafter is
Answer
a dominant strategy
an irrational strategy
a grim trigger strategy
a non-cooperative finite game strategy
a subgame imperfect strategy
Question 5
When airlines post prices on an electronic bulletin board at 8:00 a.m. each morning, the decision-makers are engaged in
Answer
a single play game
a sequential game
an entry decision
a simultaneous game
an infinite repetition game
Question 6
The following are possible examples of price discrimination, EXCEPT:
Answer
prices in export markets are lower than for identical products in the domestic market.
senior citizens pay lower fares on public transportation than younger people at the same time.
a product sells at a higher price at location A than at location B, because transportation costs are higher from the factory to A.
subscription prices for a professional journal are higher when bought by a library than when bought by an individual.
Question 7
____ is a new product pricing strategy which results in a high initial product price. This price is reduced over time as demand at the higher price is satisfied.
Answer
Prestige pricing
Price lining
Skimming
Incremental pricing
Question 8
____ is the price at which an intermediate good or service is transferred from the selling to the buying division within the same firm.
Answer
Incremental price
Marginal price
Full-cost price
Transfer price
Question 9
Third-degree price discrimination exists whenever:
Answer
the seller knows exactly how much each potential customer is willing to pay and will charge accordingly.
different prices are charged by blocks of services.
the seller can separate markets by geography, income, age, etc., and charge different prices to these different groups.
the seller will bargain with buyers in each of the markets to obtain the best possible price.
Question 10
To maximize profits, a monopolist that engages in price discrimination must allocate output in such a way as to make identical the ____ in all markets.
Answer
ratio of price to marginal cost
ratio of marginal cost to marginal utility
ratio of price to elasticity
marginal revenue
Question 11
Which of the following is not among the functions of contract?
Answer
to provide incentives for efficient reliance
to reduce transaction costs
to discourage the development of asymmetric information
to provide risk allocation mechanisms
Question 12
Non-redeployable durable assets that are dependent upon unique complementary and perfectly redeployable assets to achieve substantial value-added will typically be organized as
Answer
an export trading company
a spot market contract
a vertically integrated firm
an on-going relational contract
a joint stock company.
Question 13
When retail bicycle dealers advertise and perform warranty repairs but do not deliver the personal selling message that Schwinn has designed as part of the marketing plan but cannot observe at less than prohibitive cost, the manufacturer has encountered a problem of ____.
Answer
reliance relationships
uncertainty
moral hazard
creative ingenuity
insurance reliance
Question 14
Which of the following are not approaches to resolving the principal-agent problem?
Answer
ex ante incentive alignment
deferred stock options
ex post governance mechanism
straight salary contracts
monitoring by independent outside directors
Question 15
Buying electricity off the freewheeling grid at one quarter ’til the hour for delivery on the hour illustrates:
Answer
relational contracts with distributors
vertical requirements contracts
spot market transactions
variable price agreements
Question 16
The antitrust laws regulate all of the following business decisions except ____.
Answer
collusion
mergers
monopolistic practices
price discrimination
wage levels
Question 17
The ____ is equal to the some of the squares of the market shares of all the firms in an industry.
Answer
market concentration ratio
Herfindahl-Hirschman index
correlation coefficient
standard deviation of concentration
Question 18
____ occurs whenever a third party receives or bears costs arising from an economic transaction in which the individual (or group) is not a direct participant.
Answer
Pecuniary benefits and costs
Externalities
Intangibles
Monopoly costs and benefits
Question 19
The lower the barriers to entry and exit, the more nearly a market structure fits the ____ market model.
Answer
monopolistic competition
perfectly contestable
oligopoly
monopoly
Question 20
The Herfindahl-Hirschman index (also shortened to just the Herfindahl index) is a measure of ____.
Answer
market concentration
income distribution
technological progressiveness
price discrimination
Question 21
Any current outlay that is expected to yield a flow of benefits beyond one year in the future is:
Answer
a capital gain
a wealth maximizing factor
a capital expenditure
a cost of capital
a dividend reinvestment
Question 22
In order to help assure that all relevant factors will be considered, the capital-expenditure selection process should include the following steps except:
Answer
generating alternative capital-investment project proposals
estimating cash flows for the project proposals
reviewing the investment projects after they have been implemented
allocate manpower to the various divisions within the firm
Question 23
Cost-benefit analysis is the public sector counterpart to ____ used in private, profit-oriented firms.
Answer
ratio analysis
break-even analysis
capital budgeting techniques
economic forecasting
Question 24
The decision by the Municipal Transit Authority to either refurbish existing buses, buy new large buses, or to supplement the existing fleet with mini-buses is an example of:
Answer
independent projects
mutually exclusive projects
contingent projects
separable projects
Question 25
If the acceptance of Project A makes it impossible to accept Project B, these projects are:
Answer
contingent projects
complementary projects
mutually inclusive projects
mutually exclusive projects
VERSION 3
Question 1
If one-time gains from defection are always less than the discounted present value of an infinite time stream of cooperative payoffs at some given discount rate, the decision-makers have escaped
a. the Folk Theorem
b. the law of large numbers
c. the Prisoner’s dilemma
d. the paradox of large numbers
e. the strategy of recusal
Question 2
Credibility in threats and commitments in sequential games is based on
a. randomizing one’s actions so they are unpredictable
b. explicit communications with competitors
c. effective scenario planning
d. analyzing best reply responses
Question 3
A dominant strategy differs from a Nash equilibrium strategy in that
a. Nash equilibrium strategy does not assume best reply responses
b. dominant strategy assumes best reply responses
c. only Nash strategy applies to simultaneous games
d. one dominant strategy is sufficient to predict behavior in a multi-person game
e. Nash strategy is often unique
Question 4
Non-cooperative sequential games can incorporate all the following features except
a. a single decision-maker in the endgame
b. no communication
c. finite or infinite time periods
d. third-party enforceable agreements
e. an explicit order of play
Question 5
Vertical integration may be motivated by all of the following except:
a. Upstream market power
b. Economies of ever wider spans of managerial control
c. Technological interdependencies
d. Reduced search and bargaining cost
e. The hold-up problem.
Question 6
____ yields the same results as the theory of perfect competition, but requires substantially fewer assumptions than the perfectly competitive model.
a. Baumol’s sales maximization hypothesis
b. The Pareto optimality condition
c. The Cournot model
d. The theory of contestable markets
Question 7
Which of the following items is (are) not considered as part of the net investment calculation?
a. installation and shipping charges
b. acquisition cost of new asset
c. salvage value of old equipment that is being replaced
d. first year’s net cash flow
Question 8
Which of the following items is (are) not considered as part of the net investment calculation?
a. installation and shipping charges
b. acquisition cost of new asset
c. salvage value of old equipment that is being replaced
d. first year’s net cash flow
Question 9
The ____ method assumes that the cash flows over the life of the project are reinvested at the ____.
a. net present value; computed internal rate of return
b. internal rate of return; firm’s cost of capital
c. net present value; firm’s cost of capital
d. net present value; risk-free rate of return
Question 10
Which of the following is (are) a basic principle(s) when estimating a project’s cash flows?
a. cash flows should be measured on a pre-tax basis
b. cash flows should ignore depreciation since it is a non-cash charge
c. only direct effects of a project should be included in the cash flow calculations
d. cash flows should be measured on an incremental basis
Question 11
The weights used in calculating the firm’s weighted-average cost of capital are equal to the proportion of debt and equity ____.
a. used to finance the project
b. used to finance the projects undertaken last year
c. in the industry average capital structure
d. in the firm’s target capital structure
THIRD VERSION
Question 1
Consider the game known as the Prisoner’s Dilemma. What’s the dilemma?
Answer
By both not confessing, both get to the cooperative solution and minimize time in prison.
By both confessing, both get to the noncooperative solution and both serve significant time in prison.
As a group, they are better off cooperating by not confessing, but each player has an incentive to be first to confess in a double cross.
The problem is that the spies should never have been caught; they should move to Rio.
4 points
Question 2
Essential components of a game include all of the following except:
Answer
players
payoffs
actions
an information set
cooperation
4 points
Question 3
In a game, a dominated strategy is one where:
Answer
It is always the best strategy
It is always the worst strategy
It is the strategy that is the best among the group of worst possible strategies.
Is sometimes the best and sometimes the worst strategy
4 points
Question 4
When airlines post prices on an electronic bulletin board at 8:00 a.m. each morning, the decision-makers are engaged in
Answer
a single play game
a sequential game
an entry decision
a simultaneous game
an infinite repetition game
4 points
Question 5
Cooperation in repeated prisoner’s dilemma situations seems to be enhanced by all of the following except
Answer
limited punishment schemes
clarity of conditional rewards
grim trigger strategy
provocability–i.e., credible threats of punishment
tit for tat strategy
4 points
Question 6
____ is the price at which an intermediate good or service is transferred from the selling to the buying division within the same firm.
Answer
Incremental price
Marginal price
Full-cost price
Transfer price
4 points
Question 7
The following are possible examples of price discrimination, EXCEPT:
Answer
prices in export markets are lower than for identical products in the domestic market.
senior citizens pay lower fares on public transportation than younger people at the same time.
a product sells at a higher price at location A than at location B, because transportation costs are higher from the factory to A.
subscription prices for a professional journal are higher when bought by a library than when bought by an individual.
4 points
Question 8
Third-degree price discrimination exists whenever:
Answer
the seller knows exactly how much each potential customer is willing to pay and will charge accordingly.
different prices are charged by blocks of services.
the seller can separate markets by geography, income, age, etc., and charge different prices to these different groups.
the seller will bargain with buyers in each of the markets to obtain the best possible price.
4 points
Question 9
To maximize profits, a monopolist that engages in price discrimination must allocate output in such a way as to make identical the ____ in all markets.
Answer
ratio of price to marginal cost
ratio of marginal cost to marginal utility
ratio of price to elasticity
marginal revenue
4 points
Question 10
____ is a new product pricing strategy which results in a high initial product price. This price is reduced over time as demand at the higher price is satisfied.
Answer
Prestige pricing
Price lining
Skimming
Incremental pricing
4 points
Question 11
Buying electricity off the freewheeling grid at one quarter ’til the hour for delivery on the hour illustrates:
Answer
relational contracts with distributors
vertical requirements contracts
spot market transactions
variable price agreements
4 points
Question 12
When someone contracts to do a task but fails to put full effort into the performance of an agreement, yet the lack of effort is not independently verifiable, this lack of effort constitutes a
Answer
breach of contractual obligations
denial of good guarantee
loss of reputation
moral hazard
4 points
Question 13
Non-redeployable durable assets that are dependent upon unique complementary and perfectly redeployable assets to achieve substantial value-added will typically be organized as
Answer
an export trading company
a spot market contract
a vertically integrated firm
an on-going relational contract
a joint stock company.
4 points
Question 14
Governance mechanisms are designed
Answer
to increase contracting costs
to resolve post-contractual opportunism
to enhance the flexibility of restrictive covenants
to replace insurance
4 points
Question 15
Which of the following are not approaches to resolving the principal-agent problem?
Answer
ex ante incentive alignment
deferred stock options
ex post governance mechanism
straight salary contracts
monitoring by independent outside directors
4 points
Question 16
____ occurs whenever a third party receives or bears costs arising from an economic transaction in which the individual (or group) is not a direct participant.
Answer
Pecuniary benefits and costs
Externalities
Intangibles
Monopoly costs and benefits
4 points
Question 17
The antitrust laws regulate all of the following business decisions except ____.
Answer
collusion
mergers
monopolistic practices
price discrimination
wage levels
4 points
Question 18
The Herfindahl-Hirschman index (also shortened to just the Herfindahl index) is a measure of ____.
Answer
market concentration
income distribution
technological progressiveness
price discrimination
4 points
Question 19
The lower the barriers to entry and exit, the more nearly a market structure fits the ____ market model.
Answer
monopolistic competition
perfectly contestable
oligopoly
monopoly
points
Question 20
The ____ is equal to the some of the squares of the market shares of all the firms in an industry.
Answer
market concentration ratio
Herfindahl-Hirschman index
correlation coefficient
standard deviation of concentration
4 points
Question 21
In the constant-growth dividend valuation model, the required rate of return on common stock (i.e., cost of equity capital) can be shown to be equal to the sum of the dividend yield plus the ____.
Answer
yield-to-maturity
present value yield
risk-free rate
dividend growth rate
4 points
Question 22
In cost-effectiveness analysis, constant cost studies:
Answer
are rarely used
attempt to specify the output which may be achieved from a number of alternative programs, assuming all are funded at the same level
are useless because they fail to adequately evaluate program benefits
try to find the least expensive way of achieving a certain objective
4 points
Question 23
The social rate of discount is best approximated by:
Answer
the cost of government borrowing
the opportunity cost of resources taken from the private sector
3 percent
30 percent
4 points
Question 24
Any current outlay that is expected to yield a flow of benefits beyond one year in the future is:
Answer
a capital gain
a wealth maximizing factor
a capital expenditure
a cost of capital
a dividend reinvestment
4 points
Question 25
Which of the following would not be classified as a capital expenditure for decision-making purposes?
Answer
purchase of a building
investment in a new milling machine
purchase of 90-day Treasury Bills
investment in a management training program
VERSION 4
Question 1
The difference between cooperative and non-cooperative games is
Answer
cooperative games allow side payments to support collusion
non-cooperative games encourage communication of sensitive information between arms-length competitors
cooperative games involve randomized behavior
cooperative games necessitate an explicit order of play
inconsequential except when players have contractual relationships
Question 2
To trust a potential cooperator until the first defection and then never cooperate thereafter is
Answer
a dominant strategy
an irrational strategy
a grim trigger strategy
a non-cooperative finite game strategy
a subgame imperfect strategy
Question 3
The starting point of many methods for predicting equilibrium strategy in sequential games is
Answer
designing proactive reactions to rival actions
information sets
uncertain outcomes
backwards induction based on an explicit order of play
endgame analysis
Question 4
Credibility in threats and commitments in sequential games is based on
Answer
randomizing one’s actions so they are unpredictable
explicit communications with competitors
effective scenario planning
analyzing best reply responses
Question 5
An illustration of a non-credible commitment is the promise
Answer
to not increase capacity in a declining industry
to match a new entrant’s discount price
to enter a profitable industry
to restrain output to the quota assigned by a cartel
to exit in the face of projected losses.
Question 6
To maximize profits, a monopolist that engages in price discrimination must allocate output in such a way as to make identical the ____ in all markets.
Answer
ratio of price to marginal cost
ratio of marginal cost to marginal utility
ratio of price to elasticity
marginal revenue
Question 7
Electricity pricing that varies in its billing expense throughout the day is called
Answer
full pricing
marginal cost pricing
dynamic pricing
variable pricing
full cost pricing pricing
Question 8
Firms that have a cover charge for their customers and charge for each item they purchase as well are exhibiting
Answer
universal access price discrimination
declining block price discrimination.
mixed bundling price discrimination.
two-part price discrimination.
uniform pricing
Question 9
The segmenting of customers into several small groups such as household, institutional, commercial, and industrial users, and establishing a different rate schedule for each group is known as:
Answer
first-degree price discrimination
market penetration
third-degree price discrimination
second-degree price discrimination
Question 10
The following are possible examples of price discrimination, EXCEPT:
Answer
prices in export markets are lower than for identical products in the domestic market.
senior citizens pay lower fares on public transportation than younger people at the same time.
a product sells at a higher price at location A than at location B, because transportation costs are higher from the factory to A.
subscription prices for a professional journal are higher when bought by a library than when bought by an individual.
Question 11
Buying electricity off the freewheeling grid at one quarter ’til the hour for delivery on the hour illustrates:
Answer
relational contracts with distributors
vertical requirements contracts
spot market transactions
variable price agreements
Question 12
Governance mechanisms are designed
Answer
to increase contracting costs
to resolve post-contractual opportunism
to enhance the flexibility of restrictive covenants
to replace insurance
Question 13
Which of the following are not approaches to resolving the principal-agent problem?
Answer
ex ante incentive alignment
deferred stock options
ex post governance mechanism
straight salary contracts
monitoring by independent outside directors
Question 14
Contracts are distinguished from tactical alliances by which of the following characteristics:
Answer
involve sequential responses
require third-party enforcement
raise shareholder value
elicit diminished reactions from competitors
Question 15
When retail bicycle dealers advertise and perform warranty repairs but do not deliver the personal selling message that Schwinn has designed as part of the marketing plan but cannot observe at less than prohibitive cost, the manufacturer has encountered a problem of ____.
Answer
reliance relationships
uncertainty
moral hazard
creative ingenuity
insurance reliance
Question 16
The sentiment for increased deregulation in the late 1970’s and early 1980’s has been felt most significantly in the price regulation of
Answer
coal
grain
transportation
automobiles
electric power generation
Question 17
____ occurs whenever a third party receives or bears costs arising from an economic transaction in which the individual (or group) is not a direct participant.
Answer
Pecuniary benefits and costs
Externalities
Intangibles
Monopoly costs and benefits
Question 18
____ yields the same results as the theory of perfect competition, but requires substantially fewer assumptions than the perfectly competitive model.
Answer
Baumol’s sales maximization hypothesis
The Pareto optimality condition
The Cournot model
The theory of contestable markets
Question 19
The lower the barriers to entry and exit, the more nearly a market structure fits the ____ market model.
Answer
monopolistic competition
perfectly contestable
oligopoly
monopoly
Question 20
The antitrust laws regulate all of the
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