MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
|
|
- Jeffrey McKinney
- 6 years ago
- Views:
Transcription
1 Homework3 Name The homework3 consists 30 questions in total fromchapter 6, 10, and 11. You should bring your answer on Monday, March 18th. in class, and we will have last five minutes to bubble the scantron sheet in class. 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) Suppose the value of the price elasticity of demand is -3. What does this mean? 1) A) A 1 percent increase in the price of the good causes quantity demanded to decrease by 3 percent. B) A 3 percent increase in the price of the good causes quantity demanded to decrease by 1 percent. C) A 1 percent increase in the price of the good causes quantity demanded to increase by 3 percent. D) A $1 increase in price causes quantity demanded to fall by 3 units. 2) If demand is inelastic, the absolute value of the price elasticity of demand is 2) A) greater than one. B) greater than the absolute value of the slope of the demand curve. C) one. D) less than one. 3) If 50 units are sold at a price of $20 and 80 units are sold at a price of $15, what is the absolute value of the price elasticity of demand? Use the midpoint formula. A) 0.17 B) 0.62 C) 1.62 D) 5 4) Jaycee Jeans sold 40 pairs of jeans at a price of $40. When it lowered its price to $20, the quantity sold increased to 60 pairs. Calculate the absolute value of the price elasticity of demand. Use the midpoint formula. A) 1.67 B) 1.0 C) 0.6 D) ) 4) 5) Total revenue equals 5) A) price per unit times quantity supplied. B) change in price per unit times quantity sold. C) price per unit times change in quantity sold. D) price per unit times quantity sold. 1
2 Table 6-3 Price per Pound (dollars) Quantity of Cheese Demanded (pounds) $ ) Refer to Table 6-3. Over what range of prices is the demand inelastic? 6) A) between $2 and $8 B) over the entire range of prices C) between $12 and $16 D) between $8 and $16 7) Price elasticity of supply is used to gauge 7) A) how responsive suppliers are to a change in demand. B) how responsive suppliers are to changes in future prices. C) how responsive sales are to a change in input prices. D) how responsive suppliers are to price changes. 8) Suppose when the price of jean-jackets increased by 10 percent, the quantity supplied increased by 16 percent. Based on this information the price elasticity of supply of jean-jackets is A) B) 1.6. C) 1.6%. D) 6%. 8) 9) Utility is 9) A) subjective and difficult to measure. B) the production of a quasi-public good like electricity or natural gas. C) easily measured in units called utils. D) the consumption of a quasi-public good like electricity or natural gas. 10) If a consumer receives 20 units of utility from consuming two candy bars, and 25 units of utility from consuming three candy bars, the marginal utility of the second candy bar is A) 25 utility units. B) 20 utility units. C) 5 utility units. D) unknown as more information is needed to determine the answer. 11) If, as a person consumes more and more of a good, each additional unit adds less satisfaction than the previous unit consumed, we are seeing the workings of A) the law of increasing marginal opportunity cost. B) the law of demand. C) the law of diminishing marginal utility. D) the law of supply. 10) 11) 2
3 Table 10-4 Steak & Cheese Steak & Cheese Grilled Chicken Grilled Chicken Quantity MU MU/P MU MU/P ) Refer to Table For steak and cheese sandwiches and grilled chicken sandwiches, the table contains the values of the marginal utility (MU) and marginal utility per dollar (MU/P) for Mabel Jarvis. Mabel has $14 to spend on steak and cheese sandwiches and grilled chicken sandwiches. Which of the following statements is false? A) If Mabel maximizes her utility she will buy two steak and cheese sandwiches. B) The price of steak and cheese sandwiches is $4. The price of grilled chicken sandwiches is $2. C) We do not have enough information to determine how many sandwiches Mabel will buy to maximize her utility. D) If Mabel maximizes her utility she will buy three grilled chicken sandwiches. 13) Refer to Table For steak and cheese sandwiches and grilled chicken sandwiches, the table contains the values of the marginal utility (MU) and marginal utility per dollar (MU/P) for Mabel Jarvis. Mabel has $14 to spend on steak and cheese sandwiches and grilled chicken sandwiches. Which of the following statements is true? A) If Mabel was maximizing her utility when spending $14 and then received an additional $4, she would receive the most marginal utility per dollar if her next purchase was another grilled chicken sandwich. B) If Mabel maximizes her utility she will buy three steak and cheese sandwiches and two grilled chicken sandwiches. C) Mabel will first buy two steak and cheese sandwiches; then with her remaining $6 she will buy three grilled chicken sandwiches. D) To maximize her utility, Mabel will need a total of $36, the income needed to buy 6 steak and cheese sandwiches and 6 grilled chicken sandwiches. 12) 13) 3
4 Table 10-3 Ice Cream Cones Lime Fizz Soda Quantity MU MU ) Refer to Table The table above shows Lee's marginal utility from consuming ice cream cones and cans of Lime Fizz Soda. Select the phrase that completes the following statement. "We can determine the number of ice cream cones and cans of Lime Fizz Soda Lee should consume to maximize his utility A) if we know what Lee's income is and the price of an ice cream cone and the price of a can of Lime Fizz Soda." B) if we know the values of the marginal utility per dollar for ice cream cones and Lime Fizz Soda." C) by adding up the marginal utilities for ice cream cones and Lime Fizz Soda." D) if we know what Lee's income is." 14) Table 10-6 Quantity of Burgers Marginal Utility Quantity of Pepsi Marginal Utility Table 10-6 lists Jay's marginal utilities for burgers and Pepsi. Jay has $7 to spend on these two goods. The price of a burger is $2 and the price of a can of Pepsi is $1. 15) Refer to Table What is Jay's optimal consumption bundle? 15) A) 1 burger and 2 cans of Pepsi B) 3 burgers and 1 can of Pepsi C) 2 burgers and 3 cans of Pepsi D) 3 burgers and 2 cans of Pepsi 16) Refer to Table If Jay can eat all the burgers he wants for free, how many burgers will he consume? A) 7 burgers B) 6 burgers C) 5 burgers D) 3 burgers 16) 4
5 Figure ) Refer to Figure Best friends Laurel and Hardy, both enjoy watching romantic comedies and science fiction movies. Based on the diagrams above what can you conclude about their movie preferences? A) The diagrams do not provide any information about relative preferences. B) Laurel enjoys science fiction movies more than Hardy. C) Laurel enjoys romantic comedies more than Hardy. D) They have identical movie preferences. 18) Refer to Figure Best friends Laurel and Hardy both enjoy watching romantic comedies and science fiction movies. Based on the diagrams above what can you conclude about their movie preferences? A) Hardy enjoys romantic comedies more than Laurel. B) Hardy enjoys science fiction movies more than Laurel. C) The diagrams do not provide any information about relative preferences. D) They have identical movie preferences. 17) 18) 5
6 Figure ) Refer to Figure The consumer can afford consumption bundles 19) A) s, v, t, and u. B) r, s, t, and u. C) s, v, and u only. D) r, s, v, and u. 20) Refer to Figure Which of the following statements is true? 20) A) The consumer gets more utility from bundle r than from bundle v. B) Bundles r and w are not affordable. C) The consumer gets less utility from bundle w than from bundle v. D) Bundles r, s, t, and u all cost the same. 21) Refer to Figure Suppose the price of pizza increases while the price of hamburger remains constant. Then, the consumer's A) indifference curve becomes straighter. B) budget constraint moves inward toward the origin on the pizza axis while the hamburger intercept remains the same. C) indifference curve becomes more concave away from the origin. D) budget constraint moves outward away from the origin on the pizza axis while the hamburger intercept remains the same. 21) 22) The formula for total fixed cost is 22) A) TFC = TVC - TC. B) TFC = TC + TVC. C) TFC = TC - TVC. D) TFC = TC/TVC. 6
7 Figure ) Refer to Figure The vertical difference between curves F and G measures 23) A) marginal costs. B) fixed costs. C) sunk costs. D) average fixed costs. 24) Refer to Figure Curve G approaches curve F because 24) A) fixed cost falls as capacity rises. B) marginal cost is above average variable costs. C) total cost falls as more and more is produced. D) average fixed cost falls as output rises. 25) Refer to Figure Identify the curves in the diagram. 25) A) E = average fixed cost curve; F = average total cost curve; G = average variable cost curve, H = marginal cost curve B) E = marginal cost curve; F = average total cost curve; G = average variable cost curve; H = average fixed cost curve. C) E = marginal cost curve; F = total cost curve; G = variable cost curve, H = average fixed cost curve D) E = average fixed cost curve; F = variable cost curve; G = total cost curve, H = marginal cost curve 7
8 Figure 11-7 Figure 11-7 shows the cost structure for a firm. 26) Refer to Figure When the output level is 100 units average fixed cost is 26) A) $10. B) $8. C) $5. D) This cannot be determined from the diagram. 27) Refer to Figure When output level is 100, what is the total cost of production? 27) A) $20 B) $1,000 C) $1,200 D) $2,000 28) Refer to Figure If output is 100 units what is the fixed cost of production? 28) A) $8 B) $800 C) $1,000 D) This cannot be determined from the diagram. 29) When a firm produces 50,000 units of output, its total cost equals $6.5 million. When it increases its production to 70,000 units of output, its total cost increases to $9.4 million. Within this range, the marginal cost of an additional unit of output is A) $ B) $ C) $135. D) $ ) 8
9 Table 10-7 Quantity of Quantity of Total Utility Beer (glasses) Pizza (slices) Total Utility Table 10-7 shows Antonio's utility from beer and pizza. 30) Refer to Table Suppose Antonio has $10 to spend and the price of beer = $2 per glass and the price of pizza = $2 per slice. How many of each good will he consume when he maximizes his utility? A) 2 glasses of beer, 3 slices of pizza B) 4 glasses of beer, 5 slices of pizza C) 2 glasses of beer, 1 slice of pizza D) 3 glasses of beer, 2 slices of pizza 30) 9
10 Answer Key Testname: UNTITLED2 1) A 2) D 3) C 4) C 5) D 6) A 7) D 8) B 9) A 10) D 11) C 12) C 13) A 14) A 15) C 16) C 17) C 18) B 19) A 20) B 21) B 22) C 23) D 24) D 25) B 26) B 27) D 28) B 29) D 30) D 10
Figure 4 1 Price Quantity Quantity Per Pair Demanded Supplied $ $ $ $ $10 2 8
Econ 101 Summer 2005 In class Assignment 2 Please select the correct answer from the ones given Figure 4 1 Price Quantity Quantity Per Pair Demanded Supplied $ 2 18 3 $ 4 14 4 $ 6 10 5 $ 8 6 6 $10 2 8
More informationMultiple choice questions 1-60 ( 1.5 points each)
NAME: STUDENT ID: Final Exam ECON 101, Section 2 summer 2004 Ying Gao Instructions Please read carefully! 1. Print your name and student ID number at the top of this cover sheet. 2. Check that your exam
More information2014 $1.75 $10.00 $ $1.50 $10.50 $ $1.65 $11.00 $ $2.00 $11.50 $150
Economics 101 Fall Homework #4 Due Tuesday, November 14, 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 homework
More information1. T F The resources that are available to meet society s needs are scarce.
1. T F The resources that are available to meet society s needs are scarce. 2. T F The marginal rate of substitution is the rate of exchange of pairs of consumption goods or services to increase utility
More informationConsumer Choice and Behavioral Economics. Can Jay-Z Get You to Drink Cherry Coke? Learning Objectives. Chapter 9. Utility and Consumer Decision Making
Chapter 9 Consumer Choice and Behavioral Economics Prepared by: Fernando & Yvonn Quijano 008 Prentice Hall Business Publishing Economics R. Glenn Hubbard, Anthony Patrick O Brien, e. Can Jay-Z Get You
More informationEcn Intermediate Microeconomic Theory University of California - Davis December 10, 2009 Instructor: John Parman. Final Exam
Ecn 100 - Intermediate Microeconomic Theory University of California - Davis December 10, 2009 Instructor: John Parman Final Exam You have until 12:30pm to complete this exam. Be certain to put your name,
More informationIntroduction. Consumer Choice 20/09/2017
Consumer Choice Introduction Managerial Problem Paying employees to relocate: when Google wants to transfer an employee from its Seattle office to its London branch, it has to decide how much compensation
More informationECO 211 Microeconomics Yellow Pages ANSWERS. Unit 2
Fall 2012 ECO 211 Microeconomics Yellow Pages ANSWERS Unit 2 Mark Healy William Rainey Harper College E-Mail: mhealy@harpercollege.edu Office: J-262 Phone: 847-925-6352 Price Elasticity of Demand Calculate
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 informationFEEDBACK TUTORIAL LETTER
FEEDBACK TUTORIAL LETTER 1 ST SEMESTER 2017 ASSIGNMENT 1 [] MAY 2017 1 COURSE: COURSE CODE: TUTORIAL LETTER: 01/2017 DATE: 03/ 2017 Dear Student Thank you for submitting your first assignment on time.
More informationECO232 Chapter 25 Homework. Name: Date: Use the following to answer question 1: Figure: Coffee and Comic Books
ECO232 Chapter 25 Homework Name: Date: Use the following to answer question 1: Figure: Coffee and Comic Books 1. (Figure: Coffee and Comic Books) Refer to the figure. A consumer has $5 to spend on comic
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 informationAGEC 105 Fall 2010 Test #1 Capps (70 questions)
(70 questions) Please put the following pieces of information on your scantron: (a) Name (b) UIN # (c) Section #: 504 505 506 (d) Sign the ggie pledge on the back of your scantron. On my honor, as an ggie,
More informationChapter 21. Consumer Choice
Consumer Choice Utility is most closely defined as a) extra. b) marginal. c) usefulness. d) satisfaction. e) opportunity cost. Copyright Houghton Mifflin Company. All rights reserved. 21 2 Utility is most
More informationECON 251 Exam 2 Pink. Fall 2012
ECON 251 Exam 2 Pink Use the table below to answer the following four questions The table below shows Harry s total utility from consuming beer and wine. The price of beer is $2 per bottle. The price of
More informationECON Midterm #2 Practice Problems
ECON 1101 - Midterm #2 Practice Problems Question #1 Suppose that there is a small country known as Econland. Now lets open up Econland to the world economy. Suppose the world price of widgets is $2. Since
More informationEcon 3144 Spring 2006 Test 1 Dr. Rupp 25 multiple choice questions (2 points each) & 5 discussion questions (10 points each)
Econ 3144 Spring 2006 Test 1 Dr. Rupp 25 multiple choice questions (2 points each) & 5 discussion questions (10 points each) Name Sign Pledge I have neither given nor received aid on this exam Multiple
More informationPICK ONLY ONE BEST ANSWER FOR EACH BINARY CHOICE OR MULTIPLE CHOICE QUESTION.
Econ 101 Summer 2015 Answers to Second Mid-term Date: June 15, 2015 Student Name Version 1 READ THESE INSTRUCTIONS CAREFULLY. DO NOT BEGIN WORKING UNTIL THE PROCTOR TELLS YOU TO DO SO You have 75 minutes
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 11/27/2012 Discussion Section # Second Midterm Student ID # Version 1 DO NOT BEGIN WORKING UNTIL THE INSTRUCTOR TELLS YOU TO DO SO. READ THESE INSTRUCTIONS FIRST. You
More informationPPJNI" I IFIITIIBIH UI'IIVERSITY EXAMINER(S) FACULTY OF MANAGEMENT SCIENCES QUALIFICATION: BACHELOR OF ECONOMICS
I IFIITIIBIH UI'IIVERSITY OF SCIENCE HI ID TECHNOLOGY FACULTY OF MANAGEMENT SCIENCES DEPARTMENT OF ACCOUNTING, ECONOMICS AND FINANCE QUALIFICATION: BACHELOR OF ECONOMICS QUALIFICATION CODE: 07BECO LEVEL:
More informationDEMAND. Chapt er. Key Concepts. Consumption Choices
Chapt er 8 UTILITY AND DEMAND Key Concepts Consumption Choices Consumption choices are determined by the interaction of the household s consumption possibilities and its preferences. The household s consumption
More information2. What is Taylor s marginal utility per dollar spent on the 2 nd race? a. 2 b. 3 c. 4 d. 5
ECON 251 Practice questions based on Spring 2013 Exam 2 Taylor has $100 to spend on playing golf and running in races. The price of a round of golf is $20 and the price of running a race is $10. The total
More informationBremen School District 228 Social Studies Common Assessment 2: Midterm
Bremen School District 228 Social Studies Common Assessment 2: Midterm AP Microeconomics 55 Minutes 60 Questions Directions: Each of the questions or incomplete statements in this exam is followed by five
More informationName: Student ID: Use the following to answer question 3: Figure: Market for Hamburgers. Version 3 Page 1
Name: Student ID: 1. Assume that a person is consuming the utility-maximizing quantities of pork and chicken. We can conclude that: A) the person is consuming the same amount of pork and chicken. B) the
More informationFigure: Profit Maximizing
Name: Student ID: 1. A manufacturing company that benefits from lower costs per unit as it grows is an example of a firm experiencing: A) scale reduction. B) increasing returns to scale. C) increasing
More information1 of 14 5/1/2014 4:56 PM
1 of 14 5/1/2014 4:56 PM Any point on the budget constraint Gives the consumer the highest level of utility. Represent a combination of two goods that are affordable. Represents combinations of two goods
More informationDecision Time Frames Pearson Education
11 OUTPUT AND COSTS Decision Time Frames The firm makes many decisions to achieve its main objective: profit maximization. Some decisions are critical to the survival of the firm. Some decisions are irreversible
More informationCommerce 295 Midterm Answers
Commerce 295 Midterm Answers October 27, 2010 PART I MULTIPLE CHOICE QUESTIONS Each question has one correct response. Please circle the letter in front of the correct response for each question. There
More information1. Suppose that policymakers have been convinced that the market price of cheese is too low.
ECNS 251 Homework 3 Supply & Demand II ANSWERS 1. Suppose that policymakers have been convinced that the market price of cheese is too low. a. Suppose the government imposes a binding price floor in the
More informationPractice Exam 3: S201 Walker Fall with answers to MC
Practice Exam 3: S201 Walker Fall 2007 - with answers to MC Print Your Name: I. Multiple Choice (3 points each) 1. If marginal utility is falling then A. total utility must be falling. B. marginal utility
More informationThe total exam is worth 20 points. Each question is worth 2 points, and each sub question is worth an equal share of the two points.
Exam One PPA 723, Fall 2010 Professor John McPeak Name: The total exam is worth 20 points. Each question is worth 2 points, and each sub question is worth an equal share of the two points. 1) The demand
More informationAPEC 1101, Fall 2015 Tade Okediji
APEC 1101, Fall 2015 Tade Okediji Yanghao Wang December 9, 2015 Contents I Lecture Note 1 1 September 14 th 1 1.1 What is Economics?................................ 1 1.2 Guide to Economic Reasoning............................
More informationElasticity of Demand
Elasticity of Demand Elasticity of Demand The law of demand states that an increase in price causes a decrease in quantity demanded (and vice-versa) Question: How much quantity demanded changes in response
More informationChapter 4 DEMAND. Essential Question: How do we decide what to buy?
Chapter 4: Demand Section 1 Chapter 4 DEMAND Essential Question: How do we decide what to buy? Key Terms demand: the desire to own something and the ability to pay for it law of demand: consumers will
More informationMicroconomics. Chapter 2 Trade-offs, Comparative Advantage, and the Market System. 6 th edition
1 Microconomics 6 th edition Chapter 2 Trade-offs, Comparative Advantage, and the Market System Modified by Yulin Hou For Principles of Microeconomics Florida International University Fall 2017 Production
More informationBenefits, Costs, and Maximization
11 Benefits, Costs, and Maximization CHAPTER OBJECTIVES To explain the basic process of balancing costs and benefits in economic decision making. To introduce marginal analysis, and to define marginal
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 informationIntroduction to Agricultural Economics Agricultural Economics 105 Spring 2017 First Hour Exam Version 1
1 Name Introduction to Agricultural Economics Agricultural Economics 105 Spring 2017 First Hour Exam Version 1 There is only ONE best, correct answer per question. Place your answer on the attached sheet.
More informationUnit 4: Consumer choice
Unit 4: Consumer choice In accordance with the APT programme the objective of the lecture is to help You to: gain an understanding of the basic postulates underlying consumer choice: utility, the law of
More informationEcon 251 Spring Exam 1 Pink
Exam 1 Pink Susan has only 3 options for dinner: pizza, Subway or pasta. Going out for pizza is worth $10 to her; getting Subway is worth $8; and pasta is worth $12 to her. The purchase price of each dinner
More informationGraded exercise questions. Level (I, ii, iii)
Graded exercise questions Level (I, ii, iii) 248 MICRO ECONOMICS LEVEL 1 GRADED EXERCISE QUESTIONS (LEVEL I, II, III) INTRODUCTION 1. Why does an economic problem arise? 2. What is economics about? 3.
More informationTEST 3 J. Spraggon Student Number: November 21, 2003
Econ 1100 Name: TEST 3 J. Spraggon Student Number: November 21, 2003 This test consists of 9 pages, containing 42 multiple-choice questions. There will be 1 mark for each of the multiple choice questions.
More informationDemand- how much of a product consumers are willing and able to buy at a given price during a given period.
Ch. 4 Demand Ch. 4.1 The Demand Curve (Learning Objective- explain the Law of Demand) In your world- What are the goods and services that you demand? What happens to your buying when the price goes up
More informationPART 1: MULTIPLE CHOICE
ECN 201, Spring 2001 NAME: Prof. Bruce Blonigen SS#: MIDTERM 2 - Version B Tuesday, May 22 **************************************************************************** Directions: This test is comprised
More informationLecture 6 Consumer Choice
Lecture 6 Consumer Choice Business 5017 Managerial Economics Kam Yu Fall 2013 Outline 1 Rational Choice Consumption Decisions Market Demand 2 Consumers Responsiveness Price Applications Income Substitutes
More informationCLEP Microeconomics Practice Test
Practice Test Time 90 Minutes 80 Questions For each of the questions below, choose the best answer from the choices given. 1. In economics, the opportunity cost of an item or entity is (A) the out-of-pocket
More information學號 姓名 學號 姓名 學號 姓名 學號 姓名 學號 姓名
小組成員 Section I. Multiple Choice Questions 1. If there is pollution in producing a product, then the market equilibrium price A) is too high and equilibrium quantity is too low. B) and equilibrium quantity
More informationIntroduction to Agricultural Economics Agricultural Economics 105 Spring 2014 First Hour Exam Version 1
Introduction to Agricultural Economics Agricultural Economics 105 Spring 2014 First Hour Exam Version 1 Name Section There is only ONE best, correct answer per question. Place your answer on the attached
More informationMacroeconomics, 10e (Parkin) Chapter 2 The Economic Problem. 1 Production Possibilities and Opportunity Cost
Macroeconomics, 10e (Parkin) Chapter 2 The Economic Problem 1 Production Possibilities and Opportunity Cost 1) The production possibilities frontier is the boundary between A) those combinations of goods
More informationLecture 3 Mankiw chapters 4 and 5
In-Class Exam 1 1) Efficiency is not the same than equity. Why? Give an example in which an efficient allocation has been achieved but it creates significant inequalities. 2) Explain each of the following
More informationECON 200. Introduction to Microeconomics Homework 2
ECON 200. Introduction to Microeconomics Homework 2 [Multiple Choice] Name: 1. A change in which of the following will NOT shift the demand curve for hamburgers? (b) a. the price of hot dogs b. the price
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 informationElasticity and Its Applications. Copyright 2004 South-Western
Elasticity and Its Applications 5 Copyright 2004 South-Western Copyright 2004 South-Western/Thomson Learning Elasticity... allows us to analyze supply and demand with greater precision. is a measure of
More informationSUBJ SCORE # Version D: Page 1 of 9. (signature) 2. Please write your name and GU ID carefully and legibly at the top of this page.
SUBJ SCORE # Version D: Page 1 of 9 Economics 001 NAME Professor Levinson GU ID # Midterm #2 November 12, 2012 DO NOT BEGIN WORKING UNTIL THE INSTRUCTOR TELLS YOU TO DO SO. READ THESE INSTRUCTIONS FIRST.
More informationUNIVERSITY OF VICTORIA EXAMINATIONS APRIL 2006 ECON 103
UNIVERSITY OF VICTORIA EXAMINATIONS APRIL 2006 ECON 103 NAME: INSTRUCTOR: STUDENT NO: SECTION: DURATION: TWO (2) HOURS TO BE ANSWERED ON THE PAPER AND ON N.C.S. ANSWER SHEETS STUDENTS MUST COUNT THE NUMBER
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) Economists usually assume that is a fixed input in the run. 1) ) labor; short ) capital;
More informationElasticity and Its Applications
Elasticity and Its Applications 1. In general, elasticity is a. a measure of the competitive nature of a market. b. the friction that develops between buyer and seller in a market. c. a measure of how
More informationWISE, XMU Principles of Economics Fall, Midterm Exam. 2. An example of a perfectly competitive market would be the market for
Midterm Exam 1. For markets to work well, there must be (a) market power. (b) a central planner. (c) property rights. (d) abundant, not scarce, resources. 2. An example of a perfectly competitive market
More informationProfit. Total Revenue The amount a firm receives for the sale of its output. Total Cost The market value of the inputs a firm uses in production.
Profit Total Revenue The amount a firm receives for the sale of its output. Total Cost The market value of the inputs a firm uses in production. Profit is the firm s total revenue minus its total cost.
More information2000 AP Microeconomics Exam Answers
2000 AP Microeconomics Exam Answers 1. B Scarcity is the main economic problem!!! 2. D If the wages of farm workers and movie theater employee increase, the supply of popcorn and movies will decrease (shift
More informationWeek 1 (Part 1) Introduction Econ 101
Week 1 (art 1) Introduction Econ 101 reliminary Concepts (Chapter 2 g 38-41 & 47-50) Economics is the study of how individuals and societies choose to use scarce resources that nature and previous generations
More informationMULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
MBA 640, Survey of Macroeconomics Fall 2006, Quiz #2 Name MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) The price elasticity of demand is defined
More informationAGEC 105 Capps Fall Test #1 ANSWER KEY (correct answers are in red)
GE 105 apps Fall 2013 - Test #1 NSWER KEY (correct answers are in red) Please put the following pieces of information on your scantron: (a) Name (b) UIN # (c) Section #: 504 505 506 (d) Sign the ggie pledge
More informationAS/ECON AF Answers to Assignment 1 October 2007
AS/ECON 4070 3.0AF Answers to Assignment 1 October 2007 Q1. Find all the efficient allocations in the following 2 person, 2 good, 2 input economy. The 2 goods, food and clothing, are produced using labour
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 informationExtra Credit. Student:
Extra Credit Student: 1. A glass company making windows for houses also makes windows for other things (cars, boats, planes, etc.). We would expect its supply curve for house windows to be: A. Dependent
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 informationAP Microeconomics Chapter 7 Outline
I. Learning Objectives In this chapter students should learn: A. How to define and explain the relationship between total utility, marginal utility, and the law of diminishing marginal utility. B. How
More informationLECTURE NOTES ON MICROECONOMICS
LECTURE NOTES ON MICROECONOMICS ANALYZING MARKETS WITH BASIC CALCULUS William M. Boal Part : Consumers and demand Chapter 3: Preferences and utility Section 3.1: Preferences and indifference curves Bundles.
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 informationCHAPTER 3 Demand, Supply, and Price
CHAPTER 3 Demand, Supply, and Price O V E R V I E W You mean you bought another watch? I know, I already own two watches. But at the price, I simply couldn t pass this one up. I just took a job at Vendors
More informationTopic 4c. Elasticity. What is the difference between this. and this? 1 of 23
Topic 4c Elasticity What is the difference between this and this? 1 of 23 Defining and Measuring Elasticity (I) Price elasticity of demand Ø The price elasticity of demand is the ratio of the percent change
More informationFINAL EXAMINATION ECON 200 Spring 2009 Version B DAY AND TIME YOUR SECTION MEETS:
FINAL EXAMINATION ECON 200 Spring 2009 Version B 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 informationMULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
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
More informationExercise questions. ECON 102. Answer all questions. Multiple Choice Questions. Choose the best answer.
Exercise questions. ECON 102 Answer all questions. Multiple Choice Questions. Choose the best answer. 1.On Saturday morning, you rank your choices for activities in the following order: go to the library,
More informationMEPS Preparatory and Orientation Weeks. Lectures by Kristin Bernhardt. Master of Science in Economic Policy. March 2012
MEPS Preparatory and Orientation Weeks Master of Science in Economic Policy March 2012 Lectures by Kristin Bernhardt Fundamentals of Microeconomics 1. Introduction 2. Markets 3. Consumers and Households
More informationECO 162: MICROECONOMICS
ECO 162: MICROECONOMICS PREPARED BY Dr. V.G.R. CHANDRAN Email: vgrchan@gmail.com Website: www.vgrchandran.com/default.html UNIVERSITI TEKNOLOGI MARA 0 P a g e TUTORIAL QUESTIONS ALL RIGHTS RESERVED 2010
More informationEcon : Principles of Microeconomics Midterm practice problems
Econ 1101-005: Principles of Microeconomics Midterm practice problems The following four questions consider the market for widgets. For each of the following situations, determine what happens to the equilibrium
More informationa. $2700. b. $3000. c. $1700. d. $3300.
Econ2010 Practice Exam#2 I. Multiple Choice (12 questions 4 points apiece) Select the best answer to each of the following questions. Place your response to each question in the space provided on the last
More informationThe total final is worth 30 points. Each question is worth 2 points, and each sub question is worth an equal share of the two points.
Final PPA 723, Fall 2002 Professor John McPeak December 9 th, 2002 Name: The total final is worth 30 points. Each question is worth 2 points, and each sub question is worth an equal share of the two points.
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 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 informationCopyright 2010 Pearson Education Canada
What are the effects of a high gas price on buying plans? You can see some of the biggest effects at car dealers lots, where SUVs remain unsold while sub-compacts sell in greater quantities. But how big
More informationBPE_MIC1 Microeconomics 1 Fall Semester 2011
Masaryk University - Brno Department of Economics Faculty of Economics and Administration BPE_MIC1 Microeconomics 1 Fall Semester 2011 Final Exam - 05.12.2011, 9:00-10:30 a.m. Test B Guidelines and Rules:
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) The production possibilities frontier illustrates the 1) A) goods and services that people
More informationChapter. The Economic Problem CHAPTER IN PERSPECTIVE
The Economic Problem Chapter CHAPTER IN PERSPECTIVE Chapter studies the production possibilities frontier, PPF. The PPF shows how the opportunity cost of a good or service increases as more of the good
More information(per day) Pizzas. Figure 1
ECONOMICS 10-008 Dr. John Stewart Sept. 25, 2001 Exam 1 Detailed solution for one Form of the Midterm: The general question are the same for all forms but some questions differ in details so correct answer
More information23 Perfect Competition
23 Perfect Competition Learning Objectives After you have studied this chapter, you should be able to 1. define price taker, total revenues, marginal revenue, short-run shutdown price, short-run breakeven
More informationECON 251 Practice Exam 2 Questions from Fall 2013 Exams
ECON 251 Practice Exam 2 Questions from Exams Gordon spends all his income on spatulas and mixing bowls. Spatulas cost $4 and mixing bowls cost $12. Gordon has $60 of income and considers both spatulas
More informationText transcription of Chapter 4 The Market Forces of Supply and Demand
Text transcription of Chapter 4 The Market Forces of Supply and Demand Welcome to the Chapter 4 Lecture on the Market Forces of Supply and Demand. This is the longest chapter for Unit 1, with the most
More informationEC1010 Introduction to Micro Economics (Econ 6003)
Cork Institute of Technology (Institiuid Teicneolaiochta Chorcai) Alternative Semester 1 Examination 2007/2008 (Winter 2007) EC1010 Introduction to Micro Economics (Econ 6003) (Time: 2 Hours) External
More informationECON 203. Homework #1 Solutions
ECON 203 Homework #1 Solutions 2. Use supply and demand curves to illustrate how each of the following events would affect the price of butter and the quantity of butter bought and sold: a. An increase
More informationContents. Concepts of Revenue I-13. About the authors I-5 Preface I-7 Syllabus I-9 Chapter-heads I-11
Contents About the authors I-5 Preface I-7 Syllabus I-9 Chapter-heads I-11 1 Concepts of Revenue 1.1 Introduction 1 1.2 Concepts of Revenue 2 1.3 Revenue curves under perfect competition 3 1.4 Revenue
More information2013 Pearson. What do you do when the price of gasoline rises?
What do you do when the price of gasoline rises? Elasticities of Demand and Supply 5 When you have completed your study of this chapter, you will be able to 1 Define the price elasticity of demand, and
More informationProfessor Christina Romer SUGGESTED ANSWERS TO PROBLEM SET 2
Economics 2 Spring 2016 rofessor Christina Romer rofessor David Romer SUGGESTED ANSWERS TO ROBLEM SET 2 1.a. Recall that the price elasticity of supply is the percentage change in quantity supplied divided
More informationFINAL EXAMINATION ECON 200 Spring 2008 Version A DAY AND TIME YOUR SECTION MEETS: ENTER THE NUMBER UNDER "SPECIAL CODES" ON THE SCANTRON SHEET
FINAL EXAMINATION ECON 200 Spring 2008 Version A STUDENT'S NAME: STUDENT'S IDENTIFICATION NUMBER: DAY AND TIME YOUR SECTION MEETS: ENTER THE NUMBER 135246 UNDER "SPECIAL CODES" ON THE SCANTRON SHEET BEFORE
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 informationEC1010 Introduction to Microeconomics (Econ 6003)
Cork Institute of Technology (Institiuid Teicneolaiochta Chorcai) Bachelor of Business (BBUSS_7_Y1) (BACCT_7_Y1) (BMNGT_7_22) Higher Certificate in Business (BBUSE_6_Y1) (BBUSA_6_Y1) Semester 1 Repeat
More informationUNIT 2 CONSUMER'S BEHAVIOUR & THEORY OF DEMAND POINTS TO REMEMBER Consumer : is an economic agent who consumes final goods and services. Total utility : It is the sum of satisfaction from consumption of
More informationWhoever claims that economic competition represents 'survival of the fittest' in the sense of the law of the jungle, provides the clearest possible
Whoever claims that economic competition represents 'survival of the fittest' in the sense of the law of the jungle, provides the clearest possible evidence of his lack of knowledge of economics. -George
More information