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02-06-2007, 05:57 PM
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#1 |
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Confirmed User
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Who knows micro economics? 50 questions!
Practice Set 1 - Economic Foundations
Name: David Levey Start time: February 6, 2007 5:59pm Number of questions: 50 Finish Help Question 1 (2 points) For society, a good is not scarce if a. at least one individual in society can obtain all he or she wants of the good. b. firms are producing the good at full capacity. c. all members of society can have all they want of the good. d. those who have enough income can buy all they want of the good. Save answer Question 2 (2 points) To improve living standards, policymakers should a. impose restriction on foreign competition. b. formulate policies designed to increase productivity. c. impose tougher immigration policies. d. provide tax breaks for the middle class. Save answer Question 3 (2 points) Efficiency means that a. society is conserving resources in order to save them for the future. b. society's goods and services are distributed equally among society's members. c. society's goods and services are distributed fairly, though not necessarily equally, among society's members. d. society is getting the maximum benefits from its scarce resources. Save answer Question 4 (2 points) The term "invisible hand" was coined by a. Adam Smith. b. David Ricardo. c. Karl Marx. d. Benjamin Franklin. Save answer Question 5 (2 points) If an externality is present in a market, economic efficiency may be enhanced by a. government intervention. b. increased competition. c. better informed market participants. d. weaker property rights. Save answer Question 6 (2 points) An example of a price that changes only infrequently is the price of a. stocks on the New York Stock Exchange. b. crude oil. c. residential real estate. d. magazines sold at newsstands. Save answer Question 7 (2 points) Macroeconomics is the study of a. individual decisionmakers. b. international trade. c. economy-wide phenomena. d. markets for large products. Save answer Question 8 (2 points) Economic models are built with a. recommendations concerning public policies. b. facts about the legal system. c. assumptions. d. statistical forecasts. Save answer Question 9 (2 points) One thing economists do to help them understand how the real world works is as follows: a. They make assumptions. b. They ignore the past. c. They try to capture every aspect of the real world in the models they construct. d. All of the above are correct. Save answer Question 10 (2 points) Normative conclusions a. are derived directly from positive analysis. b. are based on ignorance of positive analysis. c. involve value judgments. d. reflect the economist?s role as scientist. Save answer Question 11 (2 points) If an economy is producing efficiently, then a. there is no way to produce more of one good without producing less of another good. b. it is possible to produce more of both goods without increasing the quantities of inputs that are being used. c. it is possible to produce more of one good without producing less of the other. d. it is not possible to produce more of any good at any cost. Save answer Question 12 (2 points) In the simple circular-flow diagram, households a. are represented, but firms are not represented. b. own the factors of production. c. are buyers of inputs. d. directly receive revenue from the sale of goods and services. Save answer Question 13 (2 points) The opportunity cost of obtaining more of one good is shown on the production possibilities frontier as the a. amount of the other good that must be given up. b. market price of the additional amount produced. c. amount of resources that must be devoted to its production. d. number of dollars that must be spent to produce it. Save answer Question 14 (2 points) Policies such as rent control and import quotas persist in spite of the fact that economists are virtually united in their opposition to such policies, probably because a. economists have not yet convinced the general public that the policies are undesirable. b. economists engage in positive analysis, not normative analysis. c. economists have values that are different from the values of most non-economists. d. economists? theories are not easily confirmed or refuted in laboratory analysis. Save answer Question 15 (2 points) When studying the effects of changes in public policy, economists believe that a. it is important to distinguish between the short run and the long run. b. the assumptions used in studying those effects should be the same for the short run as for the long run. c. the short-run effects of those changes are always more beneficial to society than are the long-run effects. d. the long-run effects of those changes are always more beneficial to society than are the short-run effects. Save answer Question 16 (2 points) Table 3-5 Hours needed to make one: Amount produced in 2400 hours: Car Airplane Cars Airplanes Japan 30 150 80 16 U.S. 50 200 48 12 Refer to Table 3-5. The opportunity cost of 1 car for the United States is a. 4 airplanes. b. 3 airplanes. c. 1/3 airplane. d. 1/4 airplane. Save answer Question 17 (2 points) Figure 3-2 Chapter_03-MC_nar003-1.jpg Refer to Figure 3-2. Jerry has an absolute advantage in a. both goods and Ben has a comparative advantage in ice cream. b. neither good and Ben has a comparative advantage in cones. c. ice cream and Ben has a comparative advantage in ice cream. d. ice cream and Ben has a comparative advantage in cones. Save answer Question 18 (2 points) What must be given up to obtain an item is called a. out-of-pocket cost. b. comparative worth. c. opportunity cost. d. absolute value. Save answer Question 19 (2 points) These graphs illustrate the production possibilities available to Fred and Ginger with each person working 40 hours. Figure 3-3 Chapter_03-MC_nar005-1.jpg Refer to Figure 3-3. The opportunity cost of 1 pair of tap shoes for Fred is a. 1/3 pair of ballet slippers. b. 1/5 pair of ballet slippers. c. 3/5 pair of ballet slippers. d. 5/3 pairs of ballet slippers. Save answer Question 20 (2 points) Table 3-1 Labor Hours Needed to Make 1 Pound of: Pounds produced in 40 hours: Meat Potatoes Meat Potatoes Farmer 8 2 5 20 Rancher 4 5 10 8 Refer to Table 3-1. The rancher has an absolute advantage in a. both goods, and the farmer has a comparative advantage in meat. b. both goods, and the farmer has a comparative advantage in potatoes. c. meat, and the farmer has a comparative advantage in potatoes. d. meat, and the farmer has a comparative advantage in neither good. Save answer Question 21 (2 points) A production possibilities frontier will be a straight line if a. increasing the production of one good by x units entails no opportunity cost in terms of the other good. b. increasing the production of one good by x units entails a constant opportunity cost in terms of the other good. c. the economy is producing efficiently. d. the economy is engaged in trade with at least one other economy. Save answer Question 22 (2 points) These graphs illustrate the production possibilities available to Fred and Ginger with each person working 40 hours. Figure 3-3 Chapter_03-MC_nar005-1.jpg Refer to Figure 3-3. Ginger has an absolute advantage in a. ballet slippers and Fred has an absolute advantage in tap shoes. b. tap shoes and Fred has an absolute advantage in ballet slippers. c. neither good and Fred has an absolute advantage in both goods. d. both goods and Fred has an absolute advantage in neither good. Save answer Question 23 (2 points) Figure 3-1 Chapter_03-MC_nar002-1.jpg Refer to Figure 3-1. Which of the following statements is correct? a. Paul has a comparative advantage in both wheat and corn. b. Paul has a comparative advantage in wheat and Cliff has a comparative advantage in corn. c. Cliff has a comparative advantage in wheat and Paul has a comparative advantage in corn. d. Cliff has a comparative advantage in both wheat and corn. Save answer Question 24 (2 points) Table 3-5 Hours needed to make one: Amount produced in 2400 hours: Car Airplane Cars Airplanes Japan 30 150 80 16 U.S. 50 200 48 12 Refer to Table 3-5. Japan has a comparative advantage in a. airplanes and the United States has an absolute advantage in cars. b. cars and the United States has an absolute advantage in airplanes. c. cars and the United States has an absolute advantage in neither good. d. airplanes and the United States has an absolute advantage in both goods. Save answer
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Brief revisit. (mic drop) |
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02-06-2007, 05:57 PM
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#2 |
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Confirmed User
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Question 25 (2 points)
Suppose a gardener produces both green beans and corn in her garden. If the opportunity cost of one bushel of corn is 3/5 bushel of green beans, then the opportunity cost of 1 bushel of green beans is a. 5/3 bushels of corn. b. 2/5 bushel of corn. c. 5/2 bushels of corn. d. 8/5 bushels of corn. Save answer Question 26 (2 points) What would happen to the equilibrium price and quantity of peanut butter if the price of peanuts went up, the price of jelly (a complementary good) fell, fewer firms decided to produce peanut butter, and health officials announced that eating peanut butter was good for you? a. Price will fall and the effect on quantity is ambiguous. b. Price will rise and the effect on quantity is ambiguous. c. Quantity will fall and the effect on price is ambiguous. d. The effect on both price and quantity is ambiguous. Save answer Question 27 (2 points) Which of the following changes would not shift the demand curve for a good or service? a. a change in income b. a change in the price of the good or service c. a change in expectations about the future price of the good or service d. a change in the price of a related good or service Save answer Question 28 (2 points) If, at the current price, there is a shortage of a good, a. sellers are producing more than buyers wish to buy. b. the market must be in equilibrium. c. the price is below the equilibrium price. d. quantity demanded equals quantity supplied. Save answer Question 29 (2 points) When we move along a given demand curve, a. only price is held constant. b. income and the price of the good are held constant. c. all nonprice determinants of demand are held constant. d. all determinants of quantity demanded are held constant. Save answer Question 30 (2 points) The side of the market that deals with the willingness and ability to produce and sell is a. demand. b. competition. c. supply. d. monopoly. Save answer Question 31 (2 points) Figure 4-5 Chapter_04-MC1-3_nar005-1.jpg Refer to Figure 4-5. The movement from point A to point B on the graph represents a. an increased willingness and ability on the part of suppliers to supply the good at each possible price. b. an increase in the number of suppliers. c. a decrease in the price of a relevant input. d. an increase in the price of the good that is being supplied and suppliers’ response to that price change. Save answer Question 32 (2 points) A market supply curve is determined by a. vertically summing individual supply curves. b. horizontally summing individual supply curves. c. finding the average quantity supplied by sellers at each possible price. d. finding the average price at which sellers are willing and able to sell a particular quantity of the good. Save answer Question 33 (2 points) In a given market, how are the equilibrium price and the market-clearing price related? a. There is no relationship. b. They are the same price. c. The market-clearing price exceeds the equilibrium price. d. The equilibrium price exceeds the market-clearing price. Save answer Question 34 (2 points) A table that shows the relationship between the price of a good and the quantity demanded of that good is called a(n) a. price-quantity table. b. complementary table. c. demand schedule. d. equilibrium schedule. Save answer Question 35 (2 points) A downward-sloping demand curve reflects a. the idea that the demand for the good in question is decreasing as time goes by. b. the idea that there are fewer suppliers of the good as time goes by. c. the idea that there exists a substitute for the good in question and the price of that substitute is decreasing. d. the law of demand. Save answer Question 36 (2 points) To find the market demand for a product, individual demand curves are summed a. vertically. b. diagonally. c. horizontally. d. and then averaged. Save answer Question 37 (2 points) A downward-sloping demand curve illustrates the a. relationship between consumers’ income and their willingness to purchase the good in question, provided the good is inferior. b. negative relationship between quantity demanded and quantity supplied. c. idea that the more of one good that a consumer buys, the less income she has to spend on other goods. d. law of demand. Save answer Question 38 (2 points) The price at which quantity supplied equals quantity demanded is called the a. coordinating price. b. monopoly price. c. equilibrium price. d. All of the above are correct. Save answer Question 39 (2 points) The demand curve for a good is a. a line that relates the price to quantity demanded. b. a line that relates income to quantity demanded. c. a line that will shift only if the price of a related good changes. d. the same thing as a production possibilities frontier, except the axes are labeled differently. Save answer Question 40 (2 points) If the supply of a product increases, we would expect a. equilibrium price to increase and equilibrium quantity to decrease. b. equilibrium price to decrease and equilibrium quantity to increase. c. equilibrium price and equilibrium quantity both to increase. d. equilibrium price and equilibrium quantity both to decrease. Save answer Question 41 (2 points) Which of the following events could shift the demand curve for gasoline to the left? a. Income of gasoline buyers rises, and gasoline is a normal good. b. Income of gasoline buyers falls, and gasoline is an inferior good. c. Public service announcements are run on television, encouraging people to walk or ride bicycles instead of driving cars. d. The price of gasoline rises. Save answer Question 42 (2 points) Figure 4-6 Chapter_04-MC1-3_nar006-1.jpg Refer to Figure 4-6. Suppose the supply curves that are drawn represent supply curves for single-family residential houses. Then the movement from S to S1 could be caused by a. an increase in the price of apartments (a substitute for single-family houses for many people looking for a place to live). b. a newly-formed expectation by house-builders that prices of houses will increase significantly in the next six months. c. a decrease in the price of lumber. d. All of the above are correct. Save answer Question 43 (2 points) Which of the following would most likely serve as an example of a monopoly? a. a bakery in a large city b. a bank in a large city c. a local cable television company d. a small group of corn farmers Save answer Question 44 (2 points) For each good produced in a market economy, the interaction of demand and supply determines a. the price of the good, but not the quantity. b. the quantity of the good, but not the price. c. both the price of the good and the quantity of the good. d. neither price nor quantity, because prices and quantities are determined by the sellers of the goods alone. Save answer Question 45 (2 points) Each of the following is a determinant of demand except a. tastes. b. technology. c. expectations. d. the prices of related goods. Save answer Question 46 (2 points) Suppose you like to make, from scratch, pies filled with banana cream and vanilla pudding. You notice that the price of bananas has increased. How would this price increase affect your demand for vanilla pudding? a. It would decrease. b. It would increase. c. It would be unaffected. d. There is insufficient information given to answer the question. Save answer Question 47 (2 points) What will happen to the equilibrium price of new textbooks if more students attend college, paper becomes cheaper, textbook authors accept lower royalties and fewer used textbooks are sold? a. Price will rise. b. Price will fall. c. Price will stay exactly the same. d. The price change will be ambiguous. Save answer Question 48 (2 points) Which of the following events would cause both the equilibrium price and equilibrium quantity of number two grade potatoes (an inferior good) to increase? a. an increase in consumer income b. a decrease in consumer income c. greater government restrictions on agricultural chemicals d. fewer government restrictions on agricultural chemicals Save answer Question 49 (2 points) Figure 4-8 Chapter_04-MC4-5_nar002-1.jpg Refer to Figure 4-8. In this market, equilibrium price and quantity, respectively, are a. $14 and 70. b. $12 and 40. c. $10 and 50. d. $8 and 50. Save answer Question 50 (2 points) If the demand for a product decreases, we would expect a. equilibrium price to increase and equilibrium quantity to decrease. b. equilibrium price to decrease and equilibrium quantity to increase. c. equilibrium price and equilibrium quantity to both increase. d. equilibrium price and equilibrium quantity to both decrease. Save answer Finish
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Brief revisit. (mic drop) |
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02-06-2007, 05:59 PM
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#3 |
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Let slip the dogs of war.
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Do your own homework, you're only cheating yourself.
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02-06-2007, 06:00 PM
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<&(©¿©)&>
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I took economics years ago, and these questions are not exactly hard....
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Custom Software Development, email: woj#at#wojfun#.#com to discuss details or skype: wojl2000 or gchat: wojfun or telegram: wojl2000 Affiliate program tools: Hosted Galleries Manager Banner Manager Video Manager  Wordpress Affiliate Plugin Pic/Movie of the Day Fansign Generator Zip Manager |
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02-06-2007, 06:45 PM
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#5 |
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Porn is Dead. Move along.
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economics grad here...those questions are very elementary....good luck....i will do them for you for 250 bucks
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02-06-2007, 06:49 PM
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Confirmed User
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Location: buffalo, las vegas. icq: 285808879
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Quote:
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02-06-2007, 06:58 PM
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Crazy Aussie Bastard
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Econ 101 stuff.
Do your own work. 2c
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Celebs Adult Who's Who ==> Ambush Interview ==> ICQ 293 070 684 ==> intmarpacrim AT gmail DOT com |
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02-06-2007, 06:59 PM
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So Fucking Banananananas
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Quote:
 I hated thsi class in college... so much i took it twice
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Email: Clicky on Me |
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02-06-2007, 07:10 PM
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Confirmed User
Join Date: Jun 2005
Location: Norway
Posts: 724
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I know Micro Economics, however I only use my powers for evil and therefor can not awnser your questions on grounds of belief.
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02-06-2007, 07:14 PM
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bitchslapping zebras!!!!!
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Isn't it time for second semester, macro economics?
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02-06-2007, 07:15 PM
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Wall Street Pimp
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Macro-Economics is more valuable, but yeah, do your own homework.
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Tradeking - my online broker | 4.95 a trade | make real $$ |
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02-06-2007, 07:22 PM
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#12 |
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Confirmed User
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I have 3 tests due in 3 hours and I havent even looked at my book yet.. I think I have the wrong one.
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Brief revisit. (mic drop) |
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02-06-2007, 08:10 PM
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Confirmed User
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Location: scv
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a
b c a d a a b c d b a d c b d c b c d d d c c b a a a a b b d b d b c c c a d a c d c d a c d a a |
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02-06-2007, 10:20 PM
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Too lazy to set a custom title
Join Date: Oct 2002
Location: Global Traveler
Posts: 51,271
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That's an awesome test. I wish I can help you but I could only answer 1/2 that stuff and some refer to diagrams.
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