MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
|
|
- Kevin West
- 6 years ago
- Views:
Transcription
1 HW 2 - Micro - Machiorlatti MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) What is measured by the price elasticity of supply? 1) A) The price elasticity of supply measures how responsive producers are to changes in the cost of producing a product. B) The price elasticity of supply measures how responsive producers are to changes in the price of other goods. C) The price elasticity of supply measures how responsive producers are to changes in the price of a product. D) The price elasticity of supply is a measure of the slope of the supply curve. E) The price elasticity of supply measures how responsive producers are to changes in income. 2) Using the midpoint method, if the price of an airline ticket from Orlando to Pittsburgh falls from $275 to $238, the percentage change in price is A) percent. B) 1442 percent. C) percent. D) percent. E) percent. 2) 3) If a 5 percent decrease in income leads to a 15 percent decrease in the demand for a good, the income elasticity of demand equals A) 3 and the good is an inferior good B) 1/3 and demand for the good is income elastic. C) 3 and the good is a normal good. D) -3 and the demand for the good is income inelastic. E) -1/3 and the good is an inferior good. 3) 4) Total revenue equals 4) A) cost price. B) price quantity sold. C) quantity sold - cost. D) price. E) profit - cost. 5) If Pepsi goes on sale and decreases its price by 10 percent, and as a result, the quantity demanded of Coca Cola decreases by 5 percent, then Pepsi and Coke are goods. A) substitute B) normal C) inferior D) unrelated E) complementary 5) 1
2 6) When the marginal benefit and marginal cost of sodas are equal, then 6) A) fewer sodas should be produced to reach the allocatively efficient quantity. B) the production of sodas might be allocatively efficient but it is definitely production inefficient. C) the allocatively inefficient amount of sodas is being produced. D) more sodas should be produced to reach the allocatively efficient quantity. E) the allocatively efficient amount of sodas is being produced. 7) If a seller charges a buyer the exact price the buyer is willing to pay, then the buyer would 7) A) receive no consumer surplus from that unit of the good. B) receive the maximum consumer surplus. C) not buy the good. D) receive no benefit from the good. E) suffer a deadweight loss from buying the good. 8) When a product benefits people other than the buyer of the product, the product is said to have 8) A) a subsidized benefit. B) an external cost. C) an excludable benefit. D) an excludable cost. E) an external benefit. 9) Mark loves ice cream. At any point in time, he will buy an additional ice cream cone if 9) A) the marginal benefit from it exceeds the price. B) his willingness to pay is less than the price. C) the marginal benefit from it is zero. D) there is no deadweight loss produced by his purchase of a cone. E) None of the above answers is correct. 10) Any point on the production possibility frontier is 10) A) less production efficient than a point in the interior of the PPF. B) attainable and might be allocatively inefficient. C) always allocatively efficient but might or might not be production efficient. D) always production efficient and always allocatively efficient. E) attainable and must be allocatively efficient. 11) Rent ceilings set below the equilibrium rent i. create a deadweight loss. ii. increase search activity. iii. encourage landlords to charge a high price for new locks and keys, called "key money." A) i, ii, and iii. B) i and ii. C) ii only. D) i and iii. E) i only. 11) 2
3 12) One result of the minimum wage is 12) A) a decrease in unemployment among poor and unskilled workers. B) a black market for labor that pays more than the minimum wage. C) a black market for labor that pays less than the minimum wage. D) decreased job search activity. E) an increase in employment among poor and unskilled workers. 13) In a housing market with a rent ceiling set below the equilibrium rent, as time passes the supply of apartments A) increases while the demand for apartments decreases. B) increases. C) decreases. D) becomes fixed by the government. E) does not change. 13) 14) The figure above shows the labor market in a region. For a minimum wage to change the wage rate and amount of employment, it must be A) set above $6 an hour. B) set at $12 per hour. C) set equal to $6 an hour. D) set below $6 an hour. E) left to the forces of supply and demand. 15) A flawed argument for protection from foreign trade is that i. tariffs save domestic jobs. ii. tariffs protect the national culture. iii. quotas bring about diversity and stability. A) i only. B) ii only. C) i, ii, and iii. D) iii only. E) i and ii. 14) 15) 3
4 16) After a nation starts importing a good from overseas, the domestic price of the good 16) A) rises. B) falls. C) might change, but more information about what else the country imports is needed to determine if the price rises, falls, or does not change. D) might change, but more information about what the country exports is needed to determine if the price rises, falls, or does not change. E) stays the same. 17) U.S. tariffs on Canadian lumber have led to production of lumber within the United States. A) no change in B) making illegal the C) the elimination of D) a decrease in E) an increase in 17) 18) The figure above illustrates the marginal private cost and the marginal social cost to the city of Seattle for each rock concert that is offered. Suppose the marginal private cost of the 5th concert is $10,000. Then, for the 5th concert, the marginal A) external cost equals $30,000. B) external cost equals $10,000. C) social cost equals $30,000. D) external cost equals the marginal private cost. E) external cost equals $40, ) 4
5 19) A noisy party that keeps neighbors awake is an example of a 19) A) negative consumption externality. B) positive consumption externality. C) positive production externality. D) negative production externality. E) Both answers B and C are correct. 20) The figure above illustrates the marginal private cost and the marginal social cost to the city of Seattle for each rock concert that is offered. It also illustrates the marginal benefit. There is no external benefit. If the city of Seattle puts on 5 concerts per year, then the marginal benefit will A) will equal the marginal social cost. B) equal the marginal private cost. C) exceed the marginal social cost. D) be less than the marginal social cost. E) None of the above answers is correct. 20) 5
6 21) The figure above shows the marginal cost and marginal benefit of police protection in the city of Hugo, Oklahoma. Police protection is a public good. If the city of Hugo hires 5 officers, marginal A) benefit exceeds marginal cost, so therefore more officers should be hired. B) benefit exceeds marginal cost, so therefore no more officers should be hired. C) benefit equals marginal cost. D) cost exceeds marginal benefit, so therefore fewer officers should be hired. E) benefit exceeds marginal cost but not by as much as possible, so 5 officers is not the efficient number to be hired. 21) 22) One reason the size of the government is large is because 22) A) voters' incomes grow, thereby causing an increased demand for private goods. B) budget maximization by bureaucrats and rational ignorance by voters lead to overproduction. C) politicians do not support spending on things such as education and public health. D) rational ignorance by politicians who follow the principle of minimum differentiation. E) people's demand for private goods grows faster than their demand for public goods. 23) The cross elasticity of demand 23) A) means that an increase in the price of one good leads to an increase in the price of another good. B) means that an increase in the demand for one good leads to a decrease in demand for another good. C) measures how a change in supply impacts the demand for the good. D) measures how a change in income impacts the demand for the good. E) measures how a change in the price of one good impacts the demand for another good. 24) Tacos and pizza are substitutes. If a 2 percent change in the price of a taco leads to a 4 percent change in the demand for pizza, the cross elasticity of demand equals A) -2. B) 2. C) 1/2. D) -1/2. E) 4. 24) 6
7 25) Allocative efficiency refers to 25) A) using the least amount of labor to produce output. B) producing at any point on the PPF. C) obtaining the least output with the most inputs. D) producing the goods and services most highly valued. E) producing the maximum possible amount of output. 26) A price ceiling in the market for fuel oil that is below the equilibrium price will 26) A) lead to the quantity supplied of fuel oil exceeding the quantity demanded. B) lead to the quantity demanded of fuel oil exceeding the quantity supplied. C) increase the supply of fuel oil. D) decrease the demand for fuel oil. E) have no effect in the market for fuel oil. 27) If a quota is imposed on imports of shrimp into the United States, U.S. producer surplus from shrimp will and U.S. total surplus from shrimp will. A) decrease; decrease B) increase; decrease C) increase; not change D) increase; increase E) decrease; increase 27) 28) When studying pollution and the environment, economists 28) A) concentrate on the physical aspects of the environment. B) think pollution is good if it occurs when production takes place. C) emphasize costs and benefits. D) attempt to reduce pollution at all costs. E) have no role to play. 29) One way to overcome the tragedy of the commons is to 29) A) take away property rights so that no one owns the resource. B) leave the market alone because the market will reach an equilibrium in which the efficient amount of the resource is used. C) assign property rights so that someone owns the resource. D) educate people in order to overcome the problem of rational ignorance. E) None of the above answers is correct. 30) The price elasticity of demand for wheat is less than one. If a drought caused the supply curve for wheat to shift leftward, then A) wheat farmers' total revenue will increase. B) wheat farmers' total revenue will not change because people will buy the same amount as before. C) wheat farmers' total revenue will decrease D) the demand curve for wheat also will shift leftward. E) wheat farmers' total revenue will probably change but we need information on whether the price of wheat rises or falls. 30) 7
8 31) A marginal cost curve can be the same as the 31) A) supply curve. B) marginal benefit curve. C) deadweight production curve. D) consumer surplus curve. E) producer surplus curve. 32) In a market with a rent ceiling set below the equilibrium rent, the producer and consumer surplus 32) A) do not change. B) are eliminated. C) both decrease but generally not to zero. D) are both totally converted into deadweight loss. E) both increase. 33) A major reason why it is difficult to lower the barriers to free trade is 33) A) that the barriers allow us to compete with cheap foreign labor. B) the uneven distribution of gains and losses from free trade. C) that total benefits are less than total costs from free trade. D) the loss of jobs without any gain of jobs from free trade. E) the inability to compensate losers from free trade. 34) MSB equals 34) A) MC + the marginal external benefit. B) MC + the marginal external cost. C) MB + the marginal external cost. D) MB + MC. E) MB + the marginal external benefit. 35) When two competitors try to make themselves identical, they are 35) A) appealing to rational ignorance. B) trying to appeal to a maximum number of customers. C) carrying out the principle of minimum differentiation. D) Both answers B and C are correct. E) Both answers A and B are correct. 8
2013 sample MC questions - 90
Class: Date: 2013 sample MC questions - 90 Multiple Choice Identify the choice that best completes the statement or answers the question. 1. The price elasticity of demand measures the that results from
More informationChoose the single best answer for each question. Do all of your scratch-work in the side and bottom margins of pages.
Econ 101, Sections 3 and 4, S11, Schroeter Exam #2, Special code = 0002 Choose the single best answer for each question. Do all of your scratch-work in the side and bottom margins of pages. 1. The cross-price
More informationEcon 101, section 3, F06 Schroeter Exam #2, Red. Choose the single best answer for each question.
Econ 101, section 3, F06 Schroeter Exam #2, Red Choose the single best answer for each question. 1. Which of the following is consistent with elastic demand? a. A 10% increase in price results in a 5%
More informationDownloaded for free from 1
Micro Chapter 6 -price ceiling or price cap: government regulation that makes it illegal to charge a price higher then a specified level -effects of the price cap on the market depend on whether the ceiling
More informationHomework 2 Answer Key
Econ 226 Principles of Microeconomics Fall, 24 Dr. Kathryn Wilson Due Date: Tuesday, September 28 th Homework 2 Answer Key 1. When the of movie admissions increases from $7 to $8, the demanded falls from
More informationCH 5 sample questions - 80
Class: Date: CH 5 sample questions - 80 Multiple Choice Identify the choice that best completes the statement or answers the question. 1. The price elasticity of demand measures the that results from a.
More informationTopic: What are some factors that affect the PRICE of goods and services? 1. If you believe an item is too expensive (not worth the money they are
Topic: What are some factors that affect the PRICE of goods and services? 1. If you believe an item is too expensive (not worth the money they are asking for it) you don t have to buy it. All transactions
More informationEcon Microeconomics Notes
Econ 120 - Microeconomics Notes Daniel Bramucci December 1, 2016 1 Section 1 - Thinking like an economist 1.1 Definitions Cost-Benefit Principle An action should be taken only when its benefit exceeds
More informationMicroeconomics. Use the graph below to answer question number 3
More Tutorial at Microeconomics 1. Opportunity costs are the values of the: a. minimal budgets of families on welfare b. hidden charges passed on to consumers c. monetary costs of goods and services *
More informationMicroeconomics. Use the graph below to answer question number 3
More Tutorial at Microeconomics 1. Opportunity costs are the values of the: a. minimal budgets of families on welfare b. hidden charges passed on to consumers c. monetary costs of goods and services *
More informationECON 120 SAMPLE QUESTIONS
ECON 120 SAMPLE QUESTIONS 1) The price of cotton clothing falls. As a result, 1) A) the demand for cotton clothing decreases. B) the quantity demanded of cotton clothing increases. C) the demand for cotton
More informationEconomics E201 (Professor Self) Sample Questions for Exam Two, Fall 2013
, Fall 2013 Your exam will have two parts covering the topics in chapters 4 (page 91 through end of chapter), 5 and 6 from the Parkin chapters and chapter 10 (up to page 317, up to but not including the
More informationChoose the single best answer for each question. Do all of your scratch work in the margins or in the blank space at the bottom of page 5.
Econ 101, Section 21, S10, Schroeter Exam #2, Special code = 2 Choose the single best answer for each question. Do all of your scratch work in the margins or in the blank space at the bottom of page 5.
More informationPolicy Evaluation Tools. Willingness to Pay and Demand. Consumer Surplus (CS) Evaluating Gov t Policy - Econ of NA - RIT - Dr.
Policy Evaluation Tools Evaluating Gov t Policy - Econ of NA - RIT - Dr. Jeffrey Burnette In economics we like to measure the impact government policies have on the economy and separate winners and losers.
More informationSOLUTIONS TO TEXT PROBLEMS 6
SOLUTIONS TO TEXT PROBLEMS 6 Quick Quizzes 1. A price ceiling is a legal maximum on the price at which a good can be sold. Examples of price ceilings include rent control, price controls on gasoline in
More informationEC101 DD/EE Midterm 2 November 7, 2017 Version 01
EC101 DD/EE Midterm 2 November 7, 2017 Version 01 Name (last, first): Student ID: U Discussion Section: Signature EC101 DD/EE F17 Midterm 2 INSTRUCTIONS (***Read Carefully***): ON YOUR QUESTION BOOKLET:
More informationEC101 DD/EE Midterm 2 November 7, 2017 Version 04
EC101 DD/EE Midterm 2 November 7, 2017 Version 04 Name (last, first): Student ID: U Discussion Section: Signature EC101 DD/EE F17 Midterm 2 INSTRUCTIONS (***Read Carefully***): ON YOUR QUESTION BOOKLET:
More informationECON 101 MIDTERM 1 REVIEW SESSION SOLUTIONS (WINTER 2015) BY BENJI HUANG
ECON 101 MIDTERM 1 REVIEW SESSION SOLUTIONS (WINTER 2015) BY BENJI HUANG TABLE OF CONTENT I. CHAPTER 1: WHAT IS ECONOMICS II. CHAPTER 2: THE ECONOMIC PROBLEM III. CHAPTER 3: DEMAND AND SUPPLY IV. CHAPTER
More informationEconomic efficiency. Who gains and who loses when prices change?
Economic efficiency Who gains and who loses when prices change? 1 The Efficiency of Competitive Markets Economic Surplus and Economic Efficiency Economic efficiency A market outcome in which the marginal
More informationEcon 101, sections 2 and 6, S06 Schroeter Exam #2, Red. Choose the single best answer for each question.
Econ 101, sections 2 and 6, S06 Schroeter Exam #2, Red Choose the single best answer for each question. 1. If the own-price elasticity of demand for a good is -2.0, this implies that consumers would a.
More informationEcon 251. Spring Exam 1 Pink
Spring 2015 Lisa has two summer internship offers, and she can only accept one of them. Internship A offers her a compensation of $5,000 for the summer. Internship B offers her a compensation of $6,600.
More informationJANUARY EXAMINATIONS 2008
No. of Pages: (A) 9 No. of Questions: 38 EC1000A micro 2008 JANUARY EXAMINATIONS 2008 Subject Title of Paper ECONOMICS EC1000 MICROECONOMICS Time Allowed Two Hours (2 Hours) Instructions to candidates
More informationAssignment 2 Due on October 25 th (in class) * Please bring your answers in a big gray scantron answer sheet
ECON 202-510 Fall 2007 Raul Ibarra-Ramirez Assignment 2 Due on October 25 th (in class) * Please bring your answers in a big gray scantron answer sheet MULTIPLE CHOICE. Choose the one alternative that
More informationGovernment Intervention
Government Intervention Taxes - Aim of imposing indirect taxes: the government does such spending in order to raise tax revenues and to internalize externalities, to achieve the optimum level of output.
More informationMicroeconomics Exam Notes
Microeconomics Exam Notes Opportunity Cost What you give up to get it Production Possibility Frontier Maximum attainable combination of two products (Concept of Opportunity Cost). Main Decision Makers:
More informationHours needed to produce one unit of manufactured goods agricultural goods Pottawattamie 6 3 Muscatine 3 2
Econ 101, sections 2 and 6, S06 Schroeter Makeup Exam Choose the single best answer for each question. 1. A "zero sum game" is one in which a. every player breaks even in the long run. b. there is only
More informationECO 2301 Spring EXAM 2 Form 2 Wednesday, April 1 st Solutions
ECO 2301 Spring 2015 Sec 002 Klaus Becker EXAM 2 Form 2 Wednesday, April 1 st Solutions 1. Mathematically, price elasticity of demand is: A. the percentage change in the quantity of a good that is demanded
More informationECON 1000 D. Come to the PASS workshop with your mock exam complete. During the workshop you can work with other students to review your work.
It is most beneficial to you to write this mock midterm UNDER EXAM CONDITIONS. This means: Complete the midterm in 2.5 hours. Work on your own. Keep your notes and textbook closed. Attempt every question.
More informationECON (ENT) COURSE LESSON THREE. Supply and Demand. CHAPTER 7 Supply and Demand. Lesson Three Supply and Demand 93
ECON (ENT) COURSE LESSON THREE Supply and Demand CHAPTER 7 Supply and Demand Lesson Three Supply and Demand 93 EXERCISES Matching (28 points) From the list below, select the term that matches each of the
More informationPrinciples of BABY THOMAS 2016
Principles of 1 UNIT I INTRODUCTION TO MACROECONOMICS Learning Objectives 1. Introduction to economics, meaning and definition of economics, Principles of economics 2. Economic models, the circular flow
More informationMULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
Micro - HW 4 MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) In central Florida during the spring, strawberry growers are price takers. The reason
More informationSupply, Demand, and Government Policies. Copyright 2004 South-Western
Supply, Demand, and Government Policies Copyright 2004 South-Western Supply, Demand, and Government Policies In a free, unregulated market system, market forces establish equilibrium prices and exchange
More informationHomework #2 Answer Key
Econ 226, ection 4 - Principles of Microeconomics Fall, 21 r. Kathryn Wilson Homework #2 Answer Key 1. Use the following graphs in answering this question. 7 emand and upply of Apartments 7 emand and upply
More informationPreview from Notesale.co.uk Page 6 of 89
Guns Butter 200 0 175 75 130 125 70 150 0 160 What it shows: the maximum combinations of two goods an economy can produce with its existing resources and technology; an economy can produce at points on
More informationTo produce more beach balls, you must give up ever increasing quantities of ice cream cones.
Unit 01: Basic Concepts (Macro/Micro) Scarcity The Economic Problem: Unlimited wants, limited economic resources Factors of Production: -Land -Labor -Capital -Entrepreneurship Big 3 Questions: -What to
More informationMULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
Exam Name MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) Which of the following statements is correct? A) Consumers have the ability to buy everything
More informationSection I (20 questions; 1 mark each)
Foundation Course in Managerial Economics Examination Marks- 100, Time 3 hours Section I (20 questions; 1 mark each) 1. Which of the following statements is not true: a. Rich countries also face problems
More informationINTI COLLEGE MALAYSIA UNIVERSITY FOUNDATION PROGRAMME ECO 185 : BASIC ECONOMICS 1 RESIT EXAMINATION : APRIL 2003 SESSION
ECO 185 (R) / Page 1 of 10 INTI COLLEGE MALAYSIA UNIVERSITY FOUNDATION PROGRAMME ECO 185 : BASIC ECONOMICS 1 RESIT EXAMINATION : APRIL 2003 SESSION Answer ALL questions in SECTION A in the OMR sheet provided
More informationMULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
Chapters 2-4: Additional Questions MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) The market system is also known as: A) Central planning B) Production
More informationANSWER KEY Multiple Choice. 3 marks each. Indicate your answers on the bubble sheet provided.
November 17, 2009 90 minutes No calculators, no aids allowed. Economics 103 Second Midterm Dr. J. Friesen ANSWER KEY Multiple Choice. 3 marks each. Indicate your answers on the bubble sheet provided. 1)
More informationPractice exam for midterm 1, summer Chapters 1-7
Practice exam for midterm 1, summer 2015. Chapters 1-7 To answer the next 4 questions, suppose there is a small island economy with 20 Hawkeyes and 30 Buckeyes. Each Hawkeye is capable of producing either
More informationECONOMICS. Chapter 4 The Market Strikes Back
Lesson 1 ECONOMICS Chapter 4 The Market Strikes Back Review: Supply and Demand The previous lesson focused on demand and supply, we studied the demand curve and the supply curve P P S D Quantity Quantity
More informationSubmit your scantron and questions sheet
PRINT YOUR NAME Exam 1 Submit your scantron and questions sheet Version A 1. Scarcity means that A) what we can produce with our resources is greater than our material wants B) resources are unlimited
More informationChapter 5: Price Controls: Multiple Choice Questions Chapter 6: Elasticity Multiple Choice Questions
Chapter 5: Price Controls: Multiple Choice Questions 1. ANSWER: d. ceiling. 2. ANSWER: a. a shortage, which cannot be eliminated through market adjustment. 3. ANSWER: b. the equilibrium price is below
More informationEconomics, so far. Straight line Why? Transferable resources anything that can grow wheat can grow barley
Economics, so far I. Opportunity Cost a. What it is: what is given up b. Our first assumption is that resources money, time, land, etc are LIMITED. c. THUS we make choices. And every choice has an opportunity
More informationECON 1001 A. Come to the PASS workshop with your mock exam complete. During the workshop you can work with other students to review your work.
It is most beneficial to you to write this mock midterm UNDER EXAM CONDITIONS. This means: Complete the midterm in 1.5 hour(s). Work on your own. Keep your notes and textbook closed. Attempt every question.
More informationExam 01 - ECON Friday, October 1st
Name: Exam 01 - ECON 2301-05 - Friday, October 1st Figure 1 1. Refer to Figure 1. This economy has the ability to produce at which point(s)? a. A, B, D b. A, B c. C, F, G d. A, B, C, F, G 2. Any point
More informationMicroeconomics. More Tutorial at
Microeconomics Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. 1. A legal maximum price at which a good can be sold is a price a. floor. b.
More informationExam 01 - ECON Friday, October 1st
Name: ID: A Exam 01 - ECON 2301-05 - Friday, October 1st 1. Demand is said to be inelastic if the a. quantity demanded changes proportionately the same as price. b. quantity demanded changes proportionately
More informationPrinciples of Microeconomics Exam Notes
Principles of Microeconomics Exam Notes Week 1: Introduction to Microeconomics Learning objectives - Understand how to think like an economist - Understand the concepts of tradeoff, opportunity cost, and
More informationEco402 - Microeconomics Glossary By
Eco402 - Microeconomics Glossary By Break-even point : the point at which price equals the minimum of average total cost. Externalities : the spillover effects of production or consumption for which no
More informationEcon 1 Review Session 1. with Maggie aproberts-warren UCSC Fall 2012
Econ 1 Review Session 1 with Maggie aproberts-warren UCSC Fall 2012 Introduction What will be covered in the exam? Chs. 1-8 What will the exam look like? 20 multiple choice questions 4 short answer/graphing
More informationEC1000 MICROECONOMICS ' MOCK EXAM
EC1000 MICROECONOMICS ' MOCK EXAM Time Allowed Two Hours (2 Hours) Instructions to candidates This paper is in two sections. Students should attempt ALL the questions in both Sections The maximum mark
More informationEastern Mediterranean University Faculty of Business and Economics Department of Economics Fall Semester
Duration: 50 minutes Eastern Mediterranean University Faculty of Business and Economics Department of Economics 2016-17 Fall Semester ECON101 - Introduction to Economics I Quiz 2 Answer Key 16 December
More informationECON 251 Exam #1 Spring 2013
ECON 251 Exam #1 Spring 2013 1. A is an example of a labor resource, while is an example of a capital resource. a. Schoolteacher; a computer programmer b. Football player; tree c. Business owner; checking
More informationGovernment Regulation
Government Regulation What do you think is the market price for renting an apartment in Plainfield? What happens to the quantity of demand and supply after the price change? List four outcomes that would
More informationMidterm 2 Sample Questions. Use the demand curve diagram below to answer the following THREE questions.
! Midterm 2 Sample uestions Use the demand curve diagram below to answer the following THREE questions. 8 6 4 2 4 8 12 16 1. What is the own-price elasticity of demand as price decreases from 6 per unit
More informationMultiple Choice Identify the letter of the choice that best completes the statement or answers the question.
Final day 2 Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. 1. What determines how a change in prices will affect total revenue for a company?
More informationMidterm 2 - Solutions
Ecn 100 - Intermediate Microeconomic Theory University of California - Davis November 13, 2009 Instructor: John Parman Midterm 2 - Solutions You have until 11:50am to complete this exam. Be certain to
More informationName Use Scantron For Questions #76 83 on paper exam.
Name Use Scantron For Questions 1 75. #76 83 on paper exam. 1) The decision about what goods and services will be produced in a market economy is made by A) lawmakers in the government voting on what will
More informationECO201: PRINCIPLES OF MICROECONOMICS SECOND MIDTERM EXAMINATION
YOUR NAME Row Number ECO201: PRINCIPLES OF MICROECONOMICS SECOND MIDTERM EXAMINATION Prof. Bill Even April 20, 2016 FORM 1 Directions 1. Fill in your scantron with your unique-id and the form number listed
More informationMarket Equilibrium, the Price Mechanism and Market Efficiency. Chapter 3
Market Equilibrium, the Price Mechanism and Market Efficiency Chapter 3 Equilibrium Equilibrium is defined as a state of rest, self-perpetuating in the absence of any outside disturbance. Example: a book
More informationAP Econ Section 9 Micro
Name: Date: _ ID: A AP Econ Section 9 Micro Multiple Choice Identify the choice that best completes the statement or answers the question. 1. Gas prices recently increased by 25%. In response, purchases
More informationMicroeconomics. Use the Following Graph to Answer Question 3
More Tutorial at www.dumblittledoctor.com Microeconomics 1. To an economist, a good is scarce when: *a. the amount of the good available is less than the amount that people want when the good's price equals
More informationEC101 DD/EE Practice Midterm 2 November 7, 2016 Version Z
EC101 DD/EE Practice Midterm 2 November 7, 2016 Version Z Name (last, first): Student ID: U Discussion Section: Signature EC101 DD/EE Practice Midterm 2 INSTRUCTIONS (***Read Carefully***): ON YOUR QUESTION
More informationEcon*1050 Introductory Microeconomics Instructor: Vitali Alexeev. Quiz 6 (Chapter 8)
Econ*1050 Introductory Microeconomics Instructor: Vitali Alexeev Quiz 6 (Chapter 8) 1) A tax on a good a. raises the price buyers pay and lowers the price sellers receive. b. raises both the price buyers
More information2007 Thomson South-Western
Elasticity... allows us to analyze supply and demand with greater precision. is a measure of how much buyers and sellers respond to changes in market conditions THE ELASTICITY OF DEMAND The price elasticity
More informationMicroeconomics. More Tutorial at
Microeconomics 1. Suppose a firm in a perfectly competitive market produces and sells 8 units of output and has a marginal revenue of $8.00. What would be the firm s total revenue if it instead produced
More informationManagerial Economics Prof. Trupti Mishra S.J.M School of Management Indian Institute of Technology, Bombay. Lecture -29 Monopoly (Contd )
Managerial Economics Prof. Trupti Mishra S.J.M School of Management Indian Institute of Technology, Bombay Lecture -29 Monopoly (Contd ) In today s session, we will continue our discussion on monopoly.
More informationThe University of Zambia School of Humanities and Social Sciences The Department of Economics
The University of Zambia School of Humanities and Social Sciences The Department of Economics ECN 1115 INTRODUCTION TO MICRO ECONOMICS- ASSIGNMENT 1 Attempt ALL Questions and briefly explain why your answer
More informationINTI COLLEGE MALAYSIA FOUNDATION IN BUSINESS INFORMATION TECHNOLOGY (CFP) ECO105: ECONOMICS 1 FINAL EXAMINATION: JANUARY 2006 SESSION
ECO105 (F) / Page 1 of 12 Section A INTI COLLEGE MALAYSIA FOUNDATION IN BUSINESS INFORMATION TECHNOLOGY (CFP) ECO105: ECONOMICS 1 FINAL EXAMINATION: JANUARY 2006 SESSION Instructions: This section consists
More informationPUBLIC CHOICES, PUBLIC GOODS, AND HEALTHCARE
Chapt er 16 PUBLIC CHOICES, PUBLIC GOODS, AND HEALTHCARE Key Concepts Public Choices All economic choices are made by individuals but some are private choices and some are public choices. Private choices
More informationEcon Test 2B Dr. Rupp Tuesday, March 3, 2009 Pledge: I have neither given or received aid on this exam Signature
Econ 2113 - Test 2B Dr. Rupp Tuesday, March 3, 2009 Name Pledge: I have neither given or received aid on this exam Signature Multiple Choice Identify the letter of the choice that best completes the statement
More informationMicroeconomics: MIE1102
TEXT CHAPTERS TOPICS 1, 2 ECONOMICS, ECONOMIC SYSTEMS, MARKET ECONOMY 3 DEMAND AND SUPPLY. MARKET EQUILIBRIUM 4 ELASTICITY OF DEMAND AND SUPPLY 5 DEMAND & CONSUMER BEHAVIOR 6 PRODUCTION FUNCTION 7 COSTS
More informationECON 251. Exam 1 Pink. Fall 2013
ECON 251 1. By definition, opportunity cost is a. The value of the best alternative b. The sum of the value of all available alternatives c. The amount of money it takes to buy an item d. Always greater
More informationThe price elasticity of demand when price decreases from $9 to $7 is A B C D -1.
Varsity Economics Product Market: Elasticity 1 The price elasticity of demand is a measure of the A effect of changes in demand on the price. B relationship between price and profitability. C responsiveness
More informationECON 102 Micro Principles Exercise 2. Multiple Choice Questions. Choose the best answer July 24,2008
1 ECON 102 Micro Principles Exercise 2 Multiple Choice Questions. Choose the best answer July 24,2008 1. When marginal benefit (MB) is greater than marginal cost (MC) A) the economy produces too little
More informationPractice Test for Final
Name: Class: Date: Practice Test for Final True/False Indicate whether the statement is true or false. 1. A public good or service can be consumed by paying and nonpaying customers alike. 2. An example
More informationFIRST HOURLY EXAMINATION ECON 200 Spring 2009 Version A DAY AND TIME YOUR SECTION MEETS:
FIRST HOURLY EXAMINATION ECON 200 Spring 2009 Version A STUDENT'S NAME: STUDENT'S IDENTIFICATION NUMBER: DAY AND TIME YOUR SECTION MEETS: ENTER THE NUMBER 1555777 UNDER "SPECIAL CODES" ON THE SCANTRON
More informationUse the figure below to answer questions 1 and 2: D pounds of vegetables. A. 120 pounds of vegetables.
Use the figure below to answer questions 1 and 2: The figure shows the production possibilities curve for Hamid, who can produce two goods, meat and vegetables. 1. Refer to the figure above. What is the
More information1. Demand: willingness to buy a good or service and the ability to pay for it; how much of an item an individual is willing to purchase at each price
1. Demand: willingness to buy a good or service and the ability to pay for it; how much of an item an individual is willing to purchase at each price 2. Quantity demanded vs demand: quantity demanded is
More informationMICROECONOMICS Midterm Test (sample)
Student Name:.. MICROECONOMICS Midterm Test (sample) Time: 60 minutes Student Number:. Total Mark:... /50 Class:. Converted Mark:../10 Section A: QUIZ 20 marks Show your answers on the ANSWER SHEET at
More informationDemand and Supply. The forces that determine price are called the forces of and. The place where these two forces meet is called the
Setting an Economy s Price System To understand how a nation s economy functions it is important to understand the nation s price system The forces that determine price are called the forces of and The
More informationMicro Problem Set 2 WCC Winter 2015
Micro Problem Set 2 WCC Winter 2015 True=A/False=B 20 points 1) For any quota that exists, there is a tariff that will restrict trade by an equivalent amount. 2) Imposing a tariff usually increases producer
More informationNAME: INTERMEDIATE MICROECONOMIC THEORY FALL 2006 ECONOMICS 300/012 Final Exam December 8, 2006
NAME: INTERMEDIATE MICROECONOMIC THEORY FALL 2006 ECONOMICS 300/012 Section I: Multiple Choice (4 points each) Identify the choice that best completes the statement or answers the question. 1. The slope
More informationTop 10 Most Common Errors AP Economics 2011
Top 10 Most Common Errors AP Economics 2011 Overview of Trouble Spots 11. Finding the Socially Optimal Quantity 10. Deadweight Loss from a Positive Externality 9. Allocative Efficiency 7. Price Elasticity
More information1. Demand: willingness to buy a good or service and the ability to pay for it; how much of an item an individual is willing to purchase at each price
1. Demand: willingness to buy a good or service and the ability to pay for it; how much of an item an individual is willing to purchase at each price 2. The two things needed for demand to exist are: willingness
More informationGregory Clark Econ 1A, Fall 2000 FINAL VERSION #1. A total of 100 points are possible. Last Name: First Name:
Gregory Clark Econ 1A, Fall 2000 FINAL VERSION #1 A total of 100 points are possible. Last Name: First Name: Your Student ID Number: - - Part A: Multiple Choice Questions (20 questions, each of which is
More informationFOR MORE PAPERS LOGON TO
ECO401- Economics Question No: 1 ( Marks: 1 ) - Please choose one Land is best described as: Produced factors of production. "Organizational" resources. Physical and mental abilities of people. "Naturally"
More informationMULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. FIGURE 1-2
Questions of this SAMPLE exam were randomly chosen and may NOT be representative of the difficulty or focus of the actual examination. The professor did NOT review these questions. MULTIPLE CHOICE. Choose
More informationEconomics 1 Final Exam December 9, 2008
Name Test Form A Economics 1 Final Exam December 9, 2008 True-False Questions: Fill in Bubble A for True, Bubble B for False. 1. A profit-maximizing monopolist will sell more units of a good than the amount
More informationEcon: CH 7 Test Review Demand & Supply
Econ: CH 7 Test Review Demand & Supply The Big Idea: 1. Scarcity is the basic economic problem that requires people to make choices about how to use limited resources 2. Buyers and sellers voluntarily
More informationEconomics : Principles of Microeconomics Spring 2014 Instructor: Robert Munk April 24, Final Exam
Economics 001.01: Principles of Microeconomics Spring 01 Instructor: Robert Munk April, 01 Final Exam Exam Guidelines: The exam consists of 5 multiple choice questions. The exam is closed book and closed
More informationMICRO FINAL EXAM Study Guide
AP MICROECONOMICS-217 Name: MICRO FINAL EXAM Study Guide Instructions: Please fight senioritis! Study & be efficient with your time. DUE: Friday April 28 th (Multiple choice block 4/26 th or 27 th Free
More information2 THE ECONOMIC PROBLEM
2 THE ECONOMIC PROBLEM Why does food cost much more today than it did a few years ago? One reason is that we now use part of our corn crop to produce ethanol, a clean biofuel substitute for gasoline.
More informationECO401 Current Online 85 Quizzes Question Repeated ignore In Green color are doubted one
ECO401 Current Online 85 Quizzes Question Repeated ignore In Green color are doubted one Question # 1 of 15 ( Start time: 01:24:42 PM ) Total Marks: 1 A person with a diminishing marginal utility of income:
More informationAt the end of chapter 6, you will be able to:
1 How to Study for Chapter 6 Supply and Equilibrium Chapter 6 introduces the factors that will affect the supply of a product, the price elasticity of supply, and the concept of equilibrium price and equilibrium
More informationMicro Problem Set 1 WCC Winter 2016
Micro Problem Set 1 WCC Winter 2016 True=A/False=B 25 points 1) Your boss wants you to maximize total revenue for Harry Potter lunch boxes. At their current price, the price elasticity of demand for these
More informationECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION
YOUR NAME Row Number ECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION Prof. Bill Even October 5, 2011 FORM 1 Directions 1. Fill in your scantron with your unique-id and the form number listed
More informationMIDTERM I. GROUP A Instructions: November 20, 2013
EC101 Sections 03 Fall 2013 NAME: ID #: SECTION: MIDTERM I November 20, 2013 GROUP A Instructions: You have 60 minutes to complete the exam. There will be no extensions. The exam consists of 30 multiple
More information