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

Assignment questionsque1 why validation of the software

Assignment Questions: Que.1 Why validation of the software requirement is necessary? List some conditions that should be checked in the validation phase of software requirement. Que.2 Six Sigma is used to reduce the defe ...

Assignmentyou have been asked to assist your organizations

Assignment You have been asked to assist your organization's marketing department to better understand how consumers make economic decisions. Write a 1,050-word analysis that includes the following: • The impact the theo ...

Assignmentscenario summarya kansas city based supplier of

Assignment Scenario Summary A Kansas City based supplier of health care information technology (HCIT) solutions has recently hired you as a Human Resource Manager. You are in charge of hiring new medical consultants for ...

Problem -the table below gives the income of each of four

Problem - The Table below gives the income of each of four individuals who are in a region. Calculate and plot the Lorenz curve and calculate the Gini coefficient for this economy. individual income 1 100 2 200 3 300 4 4 ...

Question 1consider the market for a course of antibiotics

Question 1. Consider the market for a course of antibiotics. Suppose the supply of antibiotics follows P = 5 + 2Qs and the demand follows P = 20 - 2Q D . Here, Q represents antibiotics, denominated in millions of units. ...

1 this question is for discussion in teamsas the semester

1. This question is for discussion in teams. As the semester progresses. we will discuss these issues in class. Visit The World Factbook at https://www.cia.govlibrarypublications:The-world-factbook'. In "Please select a ...

Suppose the economy was at equilibrium before the start of

Suppose the economy was at equilibrium before the start of the recession. Show this using the IS-LM, Keynesian cross, AD-SRAS-LRAS and money market spaces. Following the start of the recession, what happened to aggregate ...

Question 1 the agrizone corporation invests 140140 million

Question 1. The Agrizone Corporation invests $14.014.0 million in a new inventory tracking system. A. The opportunity cost of Agrizone's decision is the value of leaving the money unutilized. B. The opportunity cost of A ...

1 a explain in clear language the economic inefficiency

1. a) Explain in clear language the economic inefficiency associated with adverse selection. b) The ACA (aka Obamacare) included an insurance mandate, which forces everyone to purchase insurance or face a penalty. Under ...

Assignmentresearch a company of your choosing that has

Assignment Research a company of your choosing that has global presence. The World's Most Reputable Companies website has a list of 100 multinational businesses with global presence. Feel free to pick a company from this ...

  • 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

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen