Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Microeconomics Expert

1) 2 + 2 = 5 is

i) a normative statement.
ii) a moral judgment.
iii) correct, given common assumptions.
iv) a positive statement.

2) The increase in consumer incomes would lead to

i) a rightward shift of the demand curve for plasma TVs.
ii) a movement upward along the demand curve for plasma TVs.
iii) a rightward shift of the supply curve for plasma TVs.
iv) no change of the demand curve for plasma TVs.

3) As the price of good increases, change in the quantity demanded could be shown by

i) shifting the demand curve leftward.
ii) shifting the demand curve rightward.
iii) moving down along the same demand curve.
iv) moving up along the same demand curve.

4) If the price of automobiles were to increase substantially, demand curve for gasoline will most likely

i) shift leftward.
ii) shift rightward.
iii) remain unchanged.
iv) become steeper.

5) An increase in demand curve for orange juice will be shown as a

i) leftward shift of the demand curve.
ii) rightward shift of the demand curve.
iii) movement up along the demand curve.
iv) movement down along the demand curve.

2470_Market for pizza.jpg

6) The above figure shows the graph of the market for pizzas in a large town. No pizzas would be demanded unless price is less than

i) $0.
ii) $5.
iii) $12.
iv) $14.

7) The above figure shows the graph of the market for pizzas in a large town. If the price falls from $10 to $7 per pizza, the quantity of pizzas demanded will

i) increase by 20.
ii) decrease by 30.
iii) increase by 30.
iv) decrease by 10.

8) Suppose the price of a movie is $10. Jenna demands 2 movies per week, Sam demands 3 movies per week, and Jordan demands 8 movies per week. From this information we could conclude that

i) the market quantity demanded at a price of $10 is at least 13 movies per week.
ii) Jordan is obviously wealthier than either Sam or Jeanna.
iii) Sam is irrational compared to Jenna or Jordan.
iv) the movie industry is unprofitable.

9) Assume the demand curve for a good shifts rightward, causing the equilibrium price to increase. This increase in the price of the good results in:

i) a rightward shift of the supply curve.
ii) an increase in quantity supplied.
iii) a leftward shift of the supply curve.
iv) a downward movement along the supply curve.

10) The above figure shows the graph of the market for pizzas in a large town. At a price of $14, there would be

i) no pizzas supplied.
ii) equilibrium.
iii) excess supply.
iv) excess demand.

11) The above figure shows a graph of the market for pizzas in a large town. At a price of $5, there would be

i) excess demand.
ii) excess supply.
iii) equilibrium.
iv) zero demand.

12) The above figure shows the graph of the market for pizzas in a large town. What are the equilibrium price and quantity?

i) p = 8, Q = 60
ii) p = 7, Q = 40
iii) p = 7, Q = 70
iv) p = 10, Q = 40

350_demand-supply curve.jpg

13) The above figure shows four different markets with changes in either the supply curve or the demand curve. Which graph best illustrates the market for coffee after severe weather destroys a large portion of the coffee crop?

i) Graph A
ii) Graph B
iii) Graph C
iv) Graph D

14) The above figure shows four different markets with changes in either the supply curve or the demand curve. Which graph best illustrates the market for tea after severe weather destroys a large portion of the coffee crop?

i) Graph A
ii) Graph B
iii) Graph C
iv) Graph D

15) The above figure shows four different markets with changes in either the supply curve or the demand curve. Which graph best illustrates the market for non-dairy coffee creamer after severe weather destroys a large portion of the coffee crop?

i) Graph A
ii) Graph B
iii) Graph C
iv) Graph D

16) The above figure shows four different markets with changes in either the supply curve or the demand curve. Which graph best illustrates the market for computers after technological advances in making computers occur?

i) Graph A
ii) Graph B
iii) Graph C
iv) Graph D

17) The above figure shows four different markets with changes in either the supply curve or the demand curve. Which graph best illustrates the market for computer manuals after technological advances in making computers occur?

i) Graph A
ii) Graph B
iii) Graph C
iv) Graph D

18) The above figure shows four different markets with changes in either the supply curve or the demand curve. Which graph best illustrates the markets for typepreparers after technological advances in computerized word-processing software occur?

i) Graph A
ii) Graph B
iii) Graph C
iv) Graph D

19) Suppose the market for grass seed can be expressed as

Demand: QD = 100 - 2p
Supply: QS = 3p

If government imposes a $5 specific tax to be collected from sellers, what is the price consumers will pay? How much tax revenue is collected? What fraction is paid by sellers?

20) The market demand for wheat is Q = 100 - 2p + 1pb + 2Y. If the price of wheat, p, is $2, and the price of barley, pb, is $3, and income, Y, is $1000, the income elasticity of wheat is

A) 2 * (1000/2099).
B) 2.
C) 1/2 * (1000/2099).
D) cannot be find outd from the information provided.

21) The cross price elasticity of demand for a good is the percentage change in the quantity demanded in response to a given percentage change in

A) income.
B) the price of that good.
C) the price of another good.
D) the quantity demanded of another good.

22) A horizontal demand curve for the good can arise because consumers

A) are irrational.
B) are not sensitive to price changes.
C) view this good as identical to another good.
D) have no equivalent substitutes for this good.

23) If price of orange juice rises 10%, and as a result the quantity demanded falls by 10%, then one could conclude that demand for orange juice

A) is perfectly elastic.
B) is inelastic.
C) has a unitary elasticity.
D) has a constant elasticity.

24) Assume demand function for a good is expressed as Q = 100 - 4p. If the good currently sells for $10, then the price elasticity of demand equals

A) -1.5.
B) -0.67.
C) -4.
D) -2.5.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M93595

Have any Question? 


Related Questions in Microeconomics

Assignmentchoose an ethical issue to write about you may

Assignment Choose an ethical issue to write about. You may choose from the list below, or, with approval from the instructor, select a different socially relevant topic. It is recommended that you choose a topic that you ...

Discussion questionthe value of teams in strategic

Discussion Question The Value of Teams in Strategic Management The value of teams is often described in the work product created by teams versus individuals. Using available research, how does team work differ from indiv ...

Q1 the demand and supply curves for beer aredemand qd 50 -

Q1. The demand and supply curves for beer are Demand: Q d = 50 - 2P d Supply: Q s   = 2P s where Q D is the quantity of beer demanded per year (in millions of cases), Q S is the quantity of beer supplied (in millions of ...

These questions are about the usa industrialization and

These questions are about the USA Industrialization and Economic Development. At least 200 words for each question! 1. What is meant by the term "development" inneo-classic economics? How might your answer to this questi ...

Recall from lecture the two facts we discussed one no

Recall from lecture the two facts" we discussed: One, no product exists at a vacuum; and two relationships among products change over time. Recall the background factors of demand: consumer preferences/ Wants; consumer i ...

Why might a profitable motel shut down in the long run if

Why might a profitable motel shut down in the long run if the land on which it is located becomes extremely valuable due to surrounding economic development? What kinds of costs are involved in making a decision to shut ...

Question 1 suppose you are given the following information

Question 1: Suppose you are given the following information about an industry: Q D = 8000 - 100p; Q S SR = 20 + 700p; c(q) = 20 + q 2 /20. where q and c (q) stand for a firm's quantity supplied and cost function; Q S SR ...

Microeconomics - cost elements of a businessassignmentin

Microeconomics - Cost Elements of a Business Assignment In this Assignment, you will define and calculate the remaining six major cost elements of a business, when given the Total Costs and the Quantity Produced, as well ...

Assignmentslegal and ethical norms in business must be

ASSIGNMENTS Legal and ethical norms in business must be considered to support the aims of research, such as verification of knowledge, truth, and avoidance of error. Business ethics have become of paramount concern and a ...

Write a paper 2 - 4 pages based upon the following

Write a paper (2 - 4 pages) based upon the following activity: During an evening of television viewing, write down all of the advertisements you see (minimally use 10). 1. Which ones did you like? Which ones did you disl ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate