MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
|
|
- Terence Erick Lucas
- 5 years ago
- Views:
Transcription
1 Homework2 Name This homework1 consists 25 questions in total from the chapter 3&5 we covered. You should bring your anser and bubble the scantron sheets in calss on Monday. Late submission of the scantron sheets after Monday would not be accepted. MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) Prices of California Merlot wine (assume that this is a normal good) have risen steadily in recent years. Over this same period, prices for French oak barrels used for wine storage have dropped and consumer incomes have risen. Which of the following best explains the rising prices of California Merlots? A) The supply curve for Merlot has shifted to the right more than the demand curve has shifted to the right. B) The demand curve for Merlot has shifted to the right more than the supply curve has shifted to the right. C) The supply curve for Merlot has shifted to the right while the demand curve for Merlot has shifted to the left. D) The demand curve and the supply curve for Merlot have both shifted to the left. 2) Tom Searchinger, a senior attorney at the Environmental Defense Fund, observed that generous farm subsidies have encouraged farmers to produce more corn and more wheat. How does this affect the market for fertilizer? A) The demand for fertilizer decreases. B) The demand for fertilizer increases. C) The supply of fertilizer decreases. D) The supply of fertilizer increases. 1) 2) 3) A decrease in the equilibrium quantity for a product will result 3) A) when there is an increase in supply and a decrease in demand for the product. B) when there is a decrease in supply and a decrease in demand for the product. C) when there is a decrease in demand and an increase in the number of firms producing the product. D) when the quantity demanded for the product exceeds the quantity supplied. 1
2 Figure 3-6 4) Refer to Figure 3-6. The figure above represents the market for canvas tote bags. Compare the conditions in the market when the price is $50 and when the price is $35. Which of the following describes how the market differs at these prices? A) At each price there is a surplus; firms will lower the equilibrium price in order to eliminate the surplus. B) At each price there is a surplus; the surplus is greater at $35 than at $50. C) The difference between quantity supplied and quantity demanded is greater at $50 than at $35. D) At each price the supply of tote bags exceeds that demand for tote bags. 4) Figure 3-5 5) Refer to Figure 3-5. At a price of $20 5) A) there would be a surplus of 0 units. B) there would be a surplus of 8 units. C) there would be a shortage of 8 units. D) there would be a shortage of 4 units. 2
3 6) If in the market for oranges the supply has increased, then 6) A) the supply curve for oranges has shifted to the right. B) the supply curve for oranges has shifted to the left. C) there has been a movement downwards along the supply curve for oranges. D) there has been a movement upwards along the supply curve for oranges. Figure 3-2 7) Refer to Figure 3-2. A decrease in productivity would be represented by a movement from 7) A) A to B. B) B to A. C) S1 to S2. D) S2 to S1. 8) "Because apples and oranges are substitutes, an increase in the price of oranges will cause the demand for apples to increase. This initial shift in demand for apples results in a higher price for apples; this higher price will cause the demand curve for apples to shift to the right." Which of the following correctly comments on this statement? A) The statement is false because a change in the price of apples would not change the demand for apples. B) The statement will be true if consumer tastes for apples and oranges do not change. C) The statement is false because oranges are inferior goods; apples are normal goods. D) The statement is false because one cannot assume that apples and oranges are substitutes for all consumers. 9) In 2004, hurricanes destroyed a large portion of Florida's orange and grapefruit crops. In the market for citrus fruit in 2004 A) the supply curve shifted to the left resulting in an increase in the equilibrium price. B) the demand curve shifted to the left resulting in a decrease in the equilibrium price. C) the supply curve shifted to the right resulting in an increase in the equilibrium price. D) the demand curve shifted to the right resulting in an increase in the equilibrium price. 8) 9) 3
4 Figure ) Refer to Figure 3-5. At a price of $5, the quantity sold 10) A) is 2 units. B) is 4 units. C) is 6 units. D) cannot be determined. 4
5 Figure 4-3 Figure 4-3 shows the market for tiger shrimp. The market is initially in equilibrium at a price of $15 and a quantity of 80. Now suppose producers decide to cut output to 40 in order to raise the price to $18. 11) Refer to Figure 4-3. At a price of $18 consumers are willing to buy 40 pounds of tiger shrimp. Is this an economically efficient quantity? A) No, the marginal cost of the 40th unit exceeds the marginal benefit of the 40th unit. B) No, the marginal benefit of the 40th unit exceeds the marginal cost of that 40th unit. C) Yes, because $18 shows what consumers are willing to pay for the product. D) Yes, otherwise consumers would not buy 40 units. 11) 12) The payroll tax is a tax imposed on that is used to fund Social Security and Medicare. 12) A) employers and workers B) the unemployed C) employers only D) workers only 5
6 Table 4-4 Hourly Wage (dollars) Quantity of Labor Supplied Quantity of Labor Demanded $ , , , , , , , , , , , ,000 Table 4-4 shows the demand and supply schedules for the labor market in the city of Pixley. 13) Refer to Table 4-4. What is the equilibrium hourly wage (W*) and the equilibrium quantity of labor (Q*)? A) W* = $9.50; Q* = 570,000 B) W* = $10.50; Q* = 590,000 C) W* = $11.50; Q* = 570,000 D) W* = $10.50; Q* = 1,180,000 14) Refer to Table 4-4. Suppose that the quantity of labor demanded decreases by 80,000 at each wage level. What are the new free market equilibrium hourly wage and the new equilibrium quantity of labor? A) W = $12.50; Q = 630,000 B) W = $9.50; Q = 590,000 C) W = $8.50; Q = 550,000 D) W = $9.50; Q = 570,000 13) 14) 15) If equilibrium is achieved in a competitive market 15) A) the deadweight loss will equal the sum of consumer surplus and producer surplus. B) the deadweight loss will be maximized. C) there is no deadweight loss. D) the deadweight loss will be the same as the opportunity cost of the last unit of output sold. 16) Last year, the Pottery Palace supplied 8,000 ceramic pots at $40 each. This year, the company supplied the same quantity of ceramic pots at $55 each. Based on this evidence, The Pottery Palace has experienced A) a decrease in the quantity supplied. B) an increase in supply. C) an increase in the quantity supplied. D) a decrease in supply. 17) Let D = demand, S = supply, P = equilibrium price, and Q = equilibrium quantity. What happens in the market for tropical hardwood trees if the governments restrict the amount of forest lands that can be logged? A) D no change, S decreases, P increases, Q increases B) S decreases, D no change, P increases, Q decreases C) D decreases, S no change, P and Q decrease D) D and S decrease, P and Q increase 16) 17) 18) If the quantity of fishing poles demanded is represented by the demand equation Q D = 60 - P, then to solve for the price of fishing poles, the equation would be rewritten as A) P = Q D B) P = 0.6Q D C) P = 60 - Q D. D) P = Q D. 18) 6
7 19) Which of the following is evidence of a shortage of walnuts? 19) A) The price of cashews is lowered in order to make up for the walnut shortage. B) The equilibrium price of walnuts falls due to a decrease in demand. C) The quantity of walnuts demanded is greater than the quantity supplied. D) Firms lower the price of walnuts. Figure 4-1 Figure 4-1 shows Arnold's demand curve for burritos. 20) Refer to Figure 4-1. If the market price is $1.50, what is Arnold's consumer surplus? 20) A) $1.50 B) $2.25 C) $3.00 D) $4.75 TRUE/FALSE. Write 'A' if the statement is true and 'B' if the statement is false. 21) As the number of firms in a market increases, the supply curve will shift to the right and the equilibrium quantity will rise. 21) 22) A surplus occurs when the actual selling price is above the market equilibrium price. 22) 23) Economic efficiency is a market outcome in which the marginal benefit to consumers is equal to the marginal cost of production and the sum of consumer surplus and producer surplus is maximized. 23) 24) In response to a surplus the market price of a good will fall; as the price falls, the quantity demanded will increase and quantity supplied will decrease until equilibrium is reached. 24) 25) The total amount of consumer surplus in a market is equal to the area below the demand curve. 25) 7
8 Answer Key Testname: HW2 1) B 2) B 3) B 4) C 5) B 6) A 7) D 8) A 9) A 10) A 11) B 12) A 13) B 14) C 15) C 16) D 17) B 18) C 19) C 20) A 21) TRUE 22) TRUE 23) TRUE 24) TRUE 25) FALSE 8
Economics 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 informationMULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
Chapter 4 practice Name MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. Figure 4-6 Figure 4-6 shows the demand and supply curves for the almond market.
More informationSOLUTIONS ECO 100Y L0101 INTRODUCTION TO ECONOMICS. Midterm Test #1 LAST NAME FIRST NAME STUDENT NUMBER. University of Toronto October 22, 2004
Department of Economics Prof. Gustavo Indart University of Toronto October 22, 2004 SOLUTIONS ECO 100Y L0101 INTRODUCTION TO ECONOMICS Midterm Test #1 LAST NAME FIRST NAME STUDENT NUMBER INSTRUCTIONS:
More information6) Refer to Table 2-1. What is Finland's opportunity cost of producing one cell phone?
Principle of Macroeconomics, Chapter two Chapter three Summer B, 2017, FIU Chapter two 1) The principle of is that the economic cost of using a factor of production is the alternative use of that factor
More informationChapter 4. Demand, Supply and Markets. These slides supplement the textbook, but should not replace reading the textbook
Chapter 4 Demand, Supply and Markets These slides supplement the textbook, but should not replace reading the textbook 1 What is a market? A group of buyers and sellers with the potential to trade 2 What
More informationBasic Economics Chapter 4
1 Basic Economics Chapter 4 The Market Forces of Supply and Markets and Competition Market = a group of buyers and sellers of a particular good or service Buyers = determine the demand for the product
More informationEconomics Instructor Miller Supply and Demand Practice Problems
Economics Instructor Miller Supply and Demand Practice Problems 1. A demand curve shows the relationship between A) the price of a product and the quantity of the product demanded. B) the amount of a product
More informationEcon 200: Lecture 6 October 14, 2014
Econ 200: Lecture 6 October 14, 2014 0. Learning Catalytics Session: 47811348 1. Economic Efficiency 2. Price Ceilings and Floors and Efficiency 3. Start Taxes (if time) Reminder: Article Response Writing
More informationI. Introduction to Markets
University of Pacific-Economics 53 Lecture Notes #3 I. Introduction to Markets Recall that microeconomics is the study of the behavior of individual decision making units. We will be primarily focusing
More informationMULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
Exam Name Ch3 MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) A factor market is 1) A) where goods are exchanged. B) where goods are made. C) organized
More informationChapter 2 Supply and Demand
Managerial Economics and Strategy 2nd Edition Perloff SOLUTIONS MANUAL Full download at: https://testbankreal.com/download/managerial-economics-and-strategy- 2nd-edition-perloff-solutions-manual/ Chapter
More informationECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION
YOUR NAME Row Number ECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION Prof. Bill Even October 11, 2010 FORM 4 Directions 1. Fill in your scantron with your unique-id and the form number listed
More informationECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION
YOUR NAME Row Number ECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION Prof. Bill Even October 11, 2010 FORM 1 Directions 1. Fill in your scantron with your unique-id and the form number listed
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 informationPractice Problems. Name: Class: Date: Multiple Choice Identify the choice that best completes the statement or answers the question.
Class: Date: Practice Problems Multiple Choice Identify the choice that best completes the statement or answers the question. 1. The demand for a good or service is determined by a. those who buy the good
More informationChapter 2. Supply and Demand
Chapter 2 Supply and Demand Reading Assignment for the Week: Finish Chapter 2 Chapter 3 2-2 Copyright 2012 Pearson Addison-Wesley. All rights reserved. Topics 1. Demand. 2. Supply. 3. Market Equilibrium.
More informationFigure 6.2. Figure 6.3
Topic 4 test MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) There is a deadweight loss if the last unit produced has a A) marginal benefit greater
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 informationDemand & Supply of Resources
Resource Markets 1 Demand & Supply of Resources Resource demand Firms demand resources As long as marginal revenue exceeds marginal cost To maximize profit Resource supply People supply resources To the
More informationEconomics for Managers, 3e (Farnham) Chapter 2 Demand, Supply, and Equilibrium Prices
Economics for Managers, 3e (Farnham) Chapter 2 Demand, Supply, and Equilibrium Prices 1) According to the case for analysis (Demand and Supply in the Copper Industry) in the text, all of the following
More informationEcn Intermediate Microeconomic Theory University of California - Davis December 10, 2008 Professor John Parman.
Ecn 100 - Intermediate Microeconomic Theory University of California - Davis December 10, 2008 Professor John Parman Final Examination You have until 12:30pm to complete the exam, be certain to use your
More informationDepartment of Economics University of California, Davis ECONOMICS 1A. Second Midterm Exam Version B
Department of Economics University of California, Davis ECONOMICS 1A Spring 2010 L. Jay Helms Second Midterm Exam Version B Last Name: First Name: Your Student ID Number: Please check your registered section
More informationChapter. Demand and Supply CHAPTER IN PERSPECTIVE
Demand and Supply Chapter 4 CHAPTER IN PERSPECTIVE The tools of demand and supply explain how competitive markets work. We use the demand and supply tools to determine the quantities and prices of the
More informationAGEC 105 Spring 2010 Test 2 Capps. (a) Name (b) UIN # (c) Section # (d) Sign the Aggie pledge on the back of your scantron.
AGEC 105 Spring 2010 Test 2 Capps lease put the following pieces of information on your scantron: (a) Name (b) UIN # (c) Section # (d) Sign the Aggie pledge on the back of your scantron. On my honor, as
More informationEconomics 101. Version 1
Economics 101 Fall 2017 October 12, 2017 Midterm 1 Name TA Name Discussion Section # Student ID # Version 1 DO NOT BEGIN WORKING UNTIL THE INSTRUCTOR TELLS YOU TO DO SO. READ THESE INSTRUCTIONS FIRST.
More informationChapter 2 The Basics of Supply and Demand
Chapter 2 The Basics of Supply and Demand Read Pindyck and Rubinfeld (2013), Chapter 2 Microeconomics, 8 h Edition by R.S. Pindyck and D.L. Rubinfeld Adapted by Chairat Aemkulwat for Econ I: 2900111 Chapter
More informationSAMPLE FINAL. Part I - Multiple Choice Questions:
Part I - Multiple Choice Questions: SAMPLE FINAL 1. Which of the following is not a characteristic of a perfectly competitive market? a. Firms are price takers. b. Firms have difficulty entering the market.
More informationECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION
Assigned Seat Student Initials Your name (please print) By signing below, I acknowledge that I am aware that taking an exam that without my initials previously recorded at the top of the exam and/or sitting
More informationThe Basics of Supply and Demand
C H A P T E R 2 The Basics of Supply and Demand Prepared by: Fernando & Yvonn Quijano CHAPTER 2 OUTLINE 2.1 Supply and Demand 2.2 The Market Mechanism 2.3 Changes in Market Equilibrium 2.4 Elasticities
More informationDAY AND TIME YOUR SECTION MEETS: ENTER THE NUMBER UNDER "SPECIAL CODES" ON THE SCANTRON SHEET
SECOND HOURLY EXAMINATION ECON 200 Spring 2008 Version B STUDENT'S NAME: STUDENT'S IDENTIFICATION NUMBER: DAY AND TIME YOUR SECTION MEETS: ENTER THE NUMBER 246135 UNDER "SPECIAL CODES" ON THE SCANTRON
More informationBasics of Economics. Alvin Lin. Principles of Microeconomics: August December 2016
Basics of Economics Alvin Lin Principles of Microeconomics: August 2016 - December 2016 1 Markets and Efficiency How are goods allocated efficiently? How are goods allocated fairly? A normative statement
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 informationChapter 6. Consumer Behavior. In this chapter you will learn to. Marginal Utility and Consumer Choice
Chapter 6 Consumer Behavior In this chapter you will learn to 1. Describe the difference between marginal and total utility. 2. Explain why utility-maximizing consumers adjust their expenditure until the
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 informationAP Microeconomics Review Sample Questions
AP Microeconomics Review Sample Questions Sample Multiple-Choice Questions The following are examples of the kinds of multiple-choice questions found on the examination. The distribution of topics and
More informationThe Basics of Supply and Demand
C H A P T E R 2 The Basics of Supply and Demand Prepared by: Fernando & Yvonn Quijano CHAPTER 2 OUTLINE 2.1 Supply and Demand 2.2 The Market Mechanism 2.3 Changes in Market Equilibrium 2.4 Elasticities
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 information17. The law of demand is reflected by a. a downward-sloping demand curve.
ECN 211 In class problems for 29 August 2011 EC 16. The Internet a. will be considered a market when the Internet firms are profitable. b. is a market because buyers and sellers are brought together to
More informationQueen s University Department of Economics ECON 111*S
Queen s University Department of Economics ECON 111*S Take-Home Midterm Examination May 24, 25 Instructor: Sharif F. Khan Suggested Solutions PART A TRUE/FALSE/UNCERTAIN QUESTIONS Explain why each of the
More informationEcn Intermediate Microeconomic Theory University of California - Davis June 11, 2009 Instructor: John Parman. Final Exam
Ecn 100 - Intermediate Microeconomic Theory University of California - Davis June 11, 2009 Instructor: John Parman Final Exam You have until 8pm to complete the exam, be certain to use your time wisely.
More informationIntermediate Microeconomics Spring 2005 Midterm Exam
Intermediate Microeconomics Spring 2005 Midterm Exam K. Yamamoto Answer all the questions in the sections A and B. For the section C, answer any two (2) questions. A. 1.Use the following two statements
More informationEcn Intermediate Microeconomic Theory University of California - Davis September 9, 2009 Instructor: John Parman. Final Exam
Ecn 100 - Intermediate Microeconomic Theory University of California - Davis September 9, 2009 Instructor: John Parman Final Exam You have until 1:50pm to complete this exam. Be certain to put your name,
More informationDEMAND AND SUPPLY. Chapter 3. Principles of Macroeconomics by OpenStax College is licensed under a Creative Commons Attribution 3.
DEMAND AND SUPPLY Chapter 3 Principles of Macroeconomics by OpenStax College is licensed under a Creative Commons Attribution 3.0 Unported License Demand for Goods and Services Demand refers to the amount
More informationMarket Forces. Sherif Khalifa. Sherif Khalifa () Market Forces 1 / 62
Sherif Khalifa Sherif Khalifa () Market Forces 1 / 62 Sherif Khalifa () Market Forces 2 / 62 Sherif Khalifa () Market Forces 3 / 62 Sherif Khalifa () Market Forces 4 / 62 Sherif Khalifa () Market Forces
More informationECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION
YOUR NAME Assigned Seat ECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION Prof. Bill Even October 7, 2013 FORM 1 Directions 1. Fill in your scantron with your unique-id and the form number
More informationECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION
YOUR NAME Assigned Seat ECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION Prof. Bill Even October 7, 2013 FORM 2 Directions 1. Fill in your scantron with your unique-id and the form number
More informationChapter 4: The Market Forces of Supply and Demand
Chapter 4: The Market Forces of Supply and Demand What factors affect buyers demand for goods? What factors affect sellers supply of goods? How do supply and demand determine the price of a good and the
More informationQuiz #5 Week 04/12/2009 to 04/18/2009
Quiz #5 Week 04/12/2009 to 04/18/2009 You have 30 minutes to answer the following 17 multiple choice questions. Record your answers in the bubble sheet. Your grade in this quiz will count for 1% of your
More informationYOUR NAME (please print) Form 1. Directions
Assigned Seat YOUR NAME (please print) Form 1 Directions 1. There are 49 multiple choice questions. All answers should be recorded on both your exam and the scantron. Be sure to fill in your unique id
More informationProblem Set 3 Eco 112, Spring 2011 Chapters covered: Ch. 6 and Ch. 7 Due date: March 3, 2011
Problem Set 3 Eco 112, Spring 2011 Chapters covered: Ch. 6 and Ch. 7 Due date: March 3, 2011 There are 30 multiple choice questions in this problem set. Answer these questions by the beginning of the class
More informationEcon 200 Lecture 4 April 12, 2016
Econ 200 Lecture 4 April 12, 2016 0. Learning Catalytics Session 62335486 1. Change in Demand 2. Supply and the Law of Supply 3. Changes in Supply 4. Equilibrium Putting Supply and Demand Together 5. Impact
More informationSupply and Demand. Worksheet A-2A 2014
Supply and Demand Worksheet A-2A 2014 Worksheet A-2A 1. Surplus When the amount supplied exceeds the demand 2. Shortage When the amount demanded exceeds the supply 3. Utility The power to satisfy your
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 information2015 Pearson. Why does tuition keep rising?
Why does tuition keep rising? Demand and Supply 4 When you have completed your study of this chapter, you will be able to CHAPTER CHECKLIST 1 Distinguish between quantity demanded and demand, and explain
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 informationCase: An Increase in the Demand for the Product
1 Appendix to Chapter 22 Connecting Product Markets and Labor Markets It should be obvious that what happens in the product market affects what happens in the labor market. The connection is that the seller
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 informationChapter 8 The Labor Market: Employment, Unemployment, and Wages
Chapter 8 The Labor Market: Employment, Unemployment, and Wages Multiple Choice Questions Choose the one alternative that best completes the statement or answers the question. 1. If the price of a factor
More informationObjective: What is the law of supply? What are supply schedules and supply curves? What is elasticity of supply?
Understanding Supply Objective: What is the law of supply? What are supply schedules and supply curves? What is elasticity of supply? *Be sure to leave a couple blank lines under each question and answer
More informationMidterm I Information and Sample Questions
Midterm I Information and Sample Questions I recommend you review lecture notes (through October 5 th ), recitation notes, the relevant textbook chapters (chapters are listed on the lecture schedule),
More informationManagerial Economics ECO404 SUPPLY ANALYSIS
SUPPLY ANALYSIS Lesson 5 BASIS FOR SUPPLY The term Supply refers to the quantity of a good or service that producers are willing and able to sell during a certain period under a given set of conditions.
More informationECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION
YOUR NAME Seat Initials ECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION Prof. Bill Even October 6, 2015 FORM 1 Directions 1. Fill in your scantron with your unique-id and the form number
More informationEcon 98 (CHIU) Midterm 1 Review: Part A Fall 2004
Disclaimer: The review may help you prepare for the exam. The review is not comprehensive and the selected topics may not be representative of the exam. In fact, we do not know what will be on the exam.
More informationECO 100Y L0201 INTRODUCTION TO ECONOMICS. Midterm Test #1
epartment of Economics Prof. Gustavo Indart University of Toronto October 26, 2007 ECO 100Y L0201 INTROUCTION TO ECONOMICS SOLUTIONS Midterm Test #1 LAST NAME FIRST NAME INSTRUCTIONS: STUENT NUMBER 1.
More informationECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION
YOUR NAME Seat Initials ECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION Prof. Bill Even October 6, 2015 FORM 2 Directions 1. Fill in your scantron with your unique-id and the form number
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 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 informationMidterm 2 - Solutions
Ecn 100 - Intermediate Microeconomics University of California - Davis November 12, 2010 Instructor: John Parman Midterm 2 - Solutions You have until 11:50am to complete this exam. Be certain to put your
More informationEC101 DD/EE Midterm 2 November 5, 2015 Version
EC101 DD/EE Midterm 2 November 5, 2015 Version Name (last, first): Student ID: U Discussion Section: Signature EC101 Midterm 2 F2015 INSTRUCTIONS (***Read Carefully***): ON YOUR QUESTION BOOKLET: Fill
More informationTest 2. MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
Name R# ECO 2301.007 - Roach Test 2 MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) Air pollution generated by a steel mill is an example of 1)
More informationProfessor Christina Romer SUGGESTED ANSWERS TO PROBLEM SET 2
Economics 2 Spring 2018 rofessor Christina Romer rofessor David Romer SUGGESTED ANSWERS TO ROBLEM SET 2 1.a. In this problem we are dividing everything the household buys into two categories child care
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 informationIntermediate Microeconomics Midterm
Econ 201 Spring 2016 Name: Student ID: Intermediate Microeconomics Midterm Thursday April 21, 2016 Beomsoo Kim There are 7 questions and 130 possible points. There are 2 pages to this exam. Please write
More informationQueen s University Department of Economics ECON 111*S
Queen s University epartment of Economics ECON 111*S Suggested Solutions to Take-Home Midterm Examination February 7, 2007 Instructor: Sharif F. Khan Page 1 of 9 Pages PART A TRUE/FALSE/UNCERTAIN QUESTIONS
More informationVersion 1 DO NOT BEGIN WORKING UNTIL THE INSTRUCTOR TELLS YOU TO DO SO. READ THESE INSTRUCTIONS FIRST.
Economics 101 Name Fall 2012 TA Name 10/16/2012 Discussion Section # First Midterm Student ID # Version 1 DO NOT BEGIN WORKING UNTIL THE INSTRUCTOR TELLS YOU TO DO SO. READ THESE INSTRUCTIONS FIRST. You
More informationPart I: PPF, Opportunity Cost, Trading prices, Comparative and Absolute Advantage
Economics 101 Fall 2017 Homework #2 Due Tuesday, October 10, 2017 Directions: The homework will be collected in a box before the lecture. Please place your name, TA name, and section number on top of the
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 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 informationFIRST MIDTERM EXAMINATION ECON 200 Spring 2007 DAY AND TIME YOUR SECTION MEETS:
FIRST MIDTERM EXAMINATION ECON 200 Spring 2007 STUDENT'S NAME: STUDENT'S IDENTIFICATION NUMBER: DAY AND TIME YOUR SECTION MEETS: BEFORE YOU BEGIN PLEASE MAKE SURE THAT YOUR EXAMINATION HAS BEEN DUPLICATED
More informationSupply and Demand. Chapter 3. McGraw-Hill/Irwin. Copyright 2013 by The McGraw-Hill Companies, Inc. All rights reserved.
Supply and Demand Chapter 3 McGraw-Hill/Irwin Copyright 2013 by The McGraw-Hill Companies, Inc. All rights reserved. Learning Objectives 1. Describe how the demand and supply curves summarize the behavior
More informationMicro Semester Review Name:
Micro Semester Review Name: The following review is set up to emphasize certain concepts, graphs and terms. It is the responsibility of the individual teachers to emphasize and review the analysis aspects
More informationPart I: PPF, Opportunity Cost, Trading prices, Comparative and Absolute Advantage
Economics 101 Spring 2018 Homework #2 Due Thursday, February 22, 2018 Directions: The homework will be collected in a box before the lecture. Please place your name, TA name, and section number on top
More informationUNIVERSITY OF TORONTO Faculty of Arts and Science APRIL/MAY EXAMINATIONS 2006 ECO 100Y1 Y. Duration: 3 hours
UNIVERSITY OF TORONTO Faculty of Arts and Science APRIL/MAY EXAMINATIONS 2006 ECO 100Y1 Y Duration: 3 hours Examination Aids allowed: Non-programmable calculators only INSTRUCTIONS: Students are required
More informationExam I Answer Key. I. Definitions: Provide precise definitions for each of the following terms. (5 points each)
Economics 10A Fall 1999 John F. Stewart Exam I Answer Key Instructions: Answer each question in the space provided. If you use graphs, make sure they are fully labeled. If a question asks for an explanation,
More informationYou will find more complete answers to some of these questions in the lecture notes.
You will find more complete answers to some of these questions in the lecture notes. 4 pt. 1. Draw and label a market with a perfectly elastic supply and a perfectly inelastic demand. P +------------------------------
More informationEcn Intermediate Microeconomic Theory University of California - Davis December 10, 2008 Professor John Parman.
Ecn 100 - Intermediate Microeconomic Theory University of California - Davis December 10, 2008 Professor John Parman Final Examination You have until 12:30pm to complete the exam, be certain to use your
More informationChapter 2 Market Forces: Demand and Supply
Managerial Economics & Business Strategy Chapter 2 Market Forces: Demand and Supply McGraw-Hill/Irwin Copyright 2010 by the McGraw-Hill Companies, Inc. All rights reserved. Overview I. Market Demand Curve
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 informationName: Eddie Jackson. Course & Section: BU Mid-term
Name: Eddie Jackson Course & Section: BU204 02 Mid-term Date: July 1st, 2012 Questions: 1. Atlantis is a small, isolated island in the South Atlantic. The inhabitants grow potatoes and catch fresh fish.
More informationCHAPTER 3 SUPPLY AND DEMAND: AN INITIAL LOOK
CHAPTER 3 SUPPLY AND DEMAND: AN INITIAL LOOK 1. This question is intended to help students develop an intuitive sense of the origins of the demand curve. If you deal with this question in class or discussion
More informationName Block Date. Three parts: 1) Additional Concept practice; 2) Concept Review Qs; 3) Graphing Review
Name Block Date Choose-Your-Own S1 Study Adventure AP Microeconomics Three parts: 1) Additional Concept practice; 2) Concept Review Qs; 3) Graphing Review Part 1: Additional concept practice Perfect competition
More informationCH 4: Supply and Demand
CH 4: Supply and Demand Demand The law of demand states that the quantity of a good demanded is inversely related to the good s price In other words: Quantity demanded rises as price falls Quantity demanded
More information2-1 Copyright 2012 Pearson Education. All rights reserved.
2-1 Copyright 2012 Pearson Education. All rights reserved. Chapter 2 Read this chapter together with unit 1 and 2 in the study guide Supply and Demand Topics 1. Demand. 2. Supply. 3. Market Equilibrium.
More informationAP Microeconomics [last name, first name] Pre-Test
AP Microeconomics [last name, first name] Pre-Test Directions: Use pencil only to answer the following questions. Return your completed pre-test on the first day of class. READING GRAPHS 1: Refer to the
More informationThanksgiving Handout Economics 101 Fall 2000
Thanksgiving Handout Economics 101 Fall 2000 The purpose of this handout is to provide a variety of problems illustrating many of the ideas that we have discussed in class this semester. The questions
More information6) Consumer surplus is the red area in the following graph. It is 0.5*5*5=12.5. The answer is C.
These are solutions to Fall 2013 s Econ 1101 Midterm 1. No guarantees are made that this guide is error free, so please consult your TA or instructor if anything looks wrong. 1) If the price of sweeteners,
More informationECON 201: Introduction to Macroeconomics Professor Robert Gordon Midterm Exam 1: October 17, 2016
ECON 201: Introduction to Macroeconomics Professor Robert Gordon Midterm Exam 1: October 17, 2016 NAME Circle the TA session you attend: Bence - 3PM Bence - 4PM Cagri - 3PM Cagri - 4PM Chris - 3PM Chris
More informationMULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
Chapters 1-3: Additional Questions MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) A recurring theme in economics is that people: A) Can increase
More informationChapter 2: The Basic Theory Using Demand and Supply. Multiple Choice Questions
Chapter 2: The Basic Theory Using Demand and Supply Multiple Choice Questions 1. If an individual consumes more of good X when his/her income doubles, we can infer that a. the individual is highly sensitive
More information