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

Assignmentthe paper is on googles business ethics in the

Assignment The paper is on Google's Business Ethics in the area of Sustainability. How does Google contribute or detract from various aspects of sustainability? Sustainable businesses make products and services which fil ...

Then answer the following questionsin the video it is

Then answer the following questions: In the video, it is mentioned that Whirlpool provides three different types of appliances that vary in the amount of features that are offered. Discuss the product differentiation acr ...

E8-9 periodic versus perpetual entries fong sai-yuk company

E8-9 (Periodic versus Perpetual Entries) Fong Sai-Yuk Company sells one product. Presented below is information for January for Fong Sai-Yuk Company. Jan 1 Inventory 100 units at $5.00  each Jan 4 Sale 80 units at $8.00  ...

The purpose of an assignment is to ensure that the learner

The purpose of an assignment is to ensure that the Learner is able to: - Use methods of enquiry and research in a disciplined field. - Interpret and evaluate text. - Have a sound understanding of key principles and theor ...

Assignmentthe agile approach towards system analysis and

Assignment The agile approach towards system analysis and development emphasizes iterative and incremental development, in which requirements and solutions evolve through collaboration. Prepare a 1000 word essay on the r ...

Question 1which of the following has not been identified as

Question 1 Which of the following has NOT been identified as a basic consumer right? Consumers have a right to safe products. Consumers have a right to collude. Consumers have a right to be informed about a product. Cons ...

Assignmentin this assignment you must break a norm this

Assignment In this assignment, you must break a norm. This breach must be done in a public forum. You will be writing an essay about your experiment, in which you must be sure to answer all of the questions listed in thi ...

Essay questionyour manager knows that you have completed a

Essay Question Your manager knows that you have completed a course in Purchasing and Materials Management. Your manager would like you to write an essay for your fellow workers about the key purchasing/ supply management ...

Introduction to economic evaluation of health promotion

Introduction to Economic Evaluation of Health Promotion Interventions Assignment Evaluating Cost-effectiveness using Markov cohort models: The HPV case The goal of this assignment is to provide students with applied prac ...

Economics assignmentcontentselect a news article with

Economics Assignment Content: Select a news article with economic implications within the previous six months and explain, analyze and expand the issue using the economic concepts and theory learned in this class. Includ ...

  • 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

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

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