Archives: Quiz
978-1319066604 Chapter 12 Part 5
Page 76 Use the following to answer question 326: 326. (Table: Lilly’s Apple Orchard) Use Table: Lilly’s Apple Orchard. Lilly is the price-taking owner of an apple orchard. Her orchard has fixed costs of $30. If the price of a […]
978-1319066604 Chapter 12 Part 4
Page 61 262. (Table: Variable Costs for Lots) Use Table: Variable Costs for Lots. During the winter, Alexa runs a snow-clearing service in a perfectly competitive industry. Assume that costs are constant in each interval; so, for example, the marginal […]
978-1319066604 Chapter 12 Part 3
Page 41 180. (Figure: The Perfectly Competitive Firm) Use Figure: The Perfectly Competitive Firm. The figure shows a perfectly competitive firm that faces demand curve d and maximizes profit. If the firm faces a market price of $3, its total […]
978-1319066604 Chapter 12 Part 2
Page 21 110. In the short run, if P < AVC at the quantity where MR = MC and fixed cost is greater than zero, a perfectly competitive firm produces _____ and takes an economic _____. A) output; profit B) […]
978-1319066604 Chapter 12 Part 1
Page 1 Name: __________________________ Date: _____________ 1. If a California avocado stand operates in a perfectly competitive market, that stand’s owner will be a price: A) maker. B) taker. C) discriminator. D) maximizer. 2. If all firms in an industry […]
978-1319066604 Chapter 11 Part 5
Page 78 352. (Table: Tonya’s Production Function for Apples) Use Table: Tonya’s Production Function for Apples. In the short run, Tonya’s variable input(s) is/are: A) land. B) labor. C) land and labor. D) neither land nor labor. 353. (Table: Tonya’s […]
978-1319066604 Chapter 11 Part 4
Page 61 262. (Table: Workers and Output) Use Table: Workers and Output. After graduation, you achieve your dream of opening an art shop that specializes in selling mud statues. You pay $10 per day on a loan from your uncle, […]
978-1319066604 Chapter 11 Part 3
Page 41 177. (Figure: Short-Run Costs II) Use Figure: Short-Run Costs II. At 6 units of output, marginal cost is approximately: A) $100. B) $120. C) $250. D) $200. 178. (Figure: Short-Run Costs II) Use Figure: Short-Run Costs II. At […]
978-1319066604 Chapter 11 Part 2
Page 21 80. (Table: Production Function for Soybeans) Use Table: Production Function for Soybeans. Assume that the fixed input, capital, is 10 acres of land and a tractor, which have a combined cost of $150 per day. The cost of […]
978-1319066604 Chapter 11 Part 1
Page 1 Name: __________________________ Date: _____________ 1. A _____ is an organization that produces goods or services for sale. A) production function B) firm C) variable input D) fixed input 2. In the short run: A) all inputs are fixed. […]
978-1319066604 Chapter 10 Part 4
Page 57 218. If the marginal utility of hot dogs exceeds the marginal utility of french fries, then the consumer should necessarily adjust their consumption toward eating more hot dogs and fewer french fries. A) True B) False 219. If […]
978-1319066604 Chapter 10 Part 3
Page 41 168. (Table: Utility from Milk and Honey) Use Table: Utility from Milk and Honey. The price of milk is $2, and the price of honey is $4. If Max’s income is $16, he buys _____ bottle(s) of milk […]
978-1319066604 Chapter 10 Part 2
Page 21 85. (Figure: Budget Lines for Oranges and Apples) Use Figure: Budget Lines for Oranges and Apples. For some time, Antonio has had $5 per month to spend on oranges and apples. The price of an orange is $0.50 […]
978-1319066604 Chapter 10 Part 1
Page 1 Name: __________________________ Date: _____________ 1. The relation between an individual’s consumption bundle and her satisfaction is called a _____ function. A) demand B) production C) consumption D) utility 2. To say that you can’t have too much of […]
978-1319066604 Appendix N Part 4
Page 53 221. Diminishing marginal utility is the reason most indifference curves: A) slope upward. B) slope downward. C) are vertical. D) are horizontal. Use the following to answer questions 222-224: 222. (Table: Madeline’s Preferences for T-Shirts and Coffee) Use […]
978-1319066604 Appendix N Part 3
Page 41 161. (Figure: Consumer Equilibrium II) Use Figure Consumer Equilibrium II. Ashyra consumes at point G. Ashyra would be able to realize more total utility by choosing point _____, all other things held equal. A) J B) K C) […]
978-1319066604 Appendix N Part 2
Page 21 87. (Figure: Consumer Equilibrium I) Use Figure Consumer Equilibrium I. What is Owen’s marginal rate of substitution of pizza for soda when he is consuming his optimal consumption bundle? A) 0.75 B) 1.5 C) 13.3 D) 20 88. […]
978-1319066604 Appendix N Part 1
Page 1 Name: __________________________ Date: _____________ 1. An indifference curve is a line showing all of the consumption bundles that: A) an individual can purchase with a given income. B) yield the same total utility for an individual. C) yield […]
978-1319066604 Chapter 9 Part 3
Page 36 148. If a decision maker chooses an option that leaves him or her worse off than choosing another available option, he or she is: A) using bounded rationality. B) basing the decision on risk aversion. C) making an […]
978-1319066604 Chapter 9 Part 2
Page 21 92. (Table: Marginal Analysis of Sweatshirt Production I) Use Table: Marginal Analysis of Sweatshirt Production I. The optimal quantity of sweatshirts to produce is: A) 2. B) 3. C) 4. D) 5. 93. (Table: Marginal Analysis of Sweatshirt […]
978-1319066604 Chapter 9 Part 1
Page 1 Name: __________________________ Date: _____________ 1. Jacquelyn is a student at a major state university. Which factor is NOT an explicit cost of her attending college? A) Opportunity cost may be larger than monetary cost. B) Opportunity cost includes […]
978-1319066604 Chapter 8 Part 4
Page 56 234. The United States and the European Union levy heavy import tariffs on agricultural products, which hurt many poor farmers from the very poorest countries in the world. A) True B) False 235. When a country joins the […]
978-1319066604 Chapter 8 Part 3
Page 41 157. (Figure: The Market for Laptops) Use Figure: The Market for Laptops. Assume that S and D are the domestic supply and demand curves and the world price is PW. Identify the area of government tax revenue when […]
978-1319066604 Chapter 8 Part 2
Page 21 86. (Figure: The Production Possibilities for Two Countries) Use Figure: The Production Possibilities for Two Countries. Trade will NOT take place if 1 microchip trades for _____ tire(s). A) 0.25 B) 1 C) 1.5 D) 1.75 87. (Figure: […]
978-1319066604 Chapter 8 Part 1
Page 1 Name: __________________________ Date: _____________ 1. Goods and services purchased from abroad are _____, while goods and services sold abroad are _____. A) always been positive. B) always been negative. C) shown an increase in exports as a ratio […]
978-1319066604 Chapter 7 Part 4
Page 55 267. Producers in a particular market will bear the greater burden of an excise tax: A) the more price-elastic the demand is relative to supply. B) the less price-elastic demand is relative to supply. C) if demand has […]
978-1319066604 Chapter 7 Part 3
Page 41 192. The two most important sources of federal revenue are the _____ taxes. A) FICA and personal income B) corporate income and FICA C) excise and personal income D) Social Security and excise 193. _____ tax is NOT […]
978-1319066604 Chapter 7 Part 2
Page 21 87. (Figure: The Market for Hamburgers) Use Figure: The Market for Hamburgers. If the market is originally in equilibrium and the government imposes an excise tax of $0.80 per unit of the good sold, consumer surplus will be […]
978-1319066604 Chapter 7 Part 1
Page 1 Name: __________________________ Date: _____________ 1. Suppose the government imposes a $10 excise tax on the sale of sweaters by charging suppliers $10 for each sweater sold. If the demand curve is downward-sloping and the supply curve is upward-sloping: […]
978-1319066604 Chapter 6 Part 4
Page 59 275. The price elasticity of demand for milk has been estimated to be somewhere between 0.49 and 0.63. If a new system of feeding and milking cows yields a 15% increase in the production of milk throughout the […]
978-1319066604 Chapter 6 Part 3
Page 41 203. (Table: Johnson’s Income and Expenditures) Use Table: Johnson’s Income and Expenditures. For Johnson, pizzas are a(n) _____ good. A) inferior B) positive C) neutral D) normal 204. Suppose the income of canned pinto bean consumers rises. All […]
978-1319066604 Chapter 6 Part 2
Page 21 98. If the quantity demanded of agricultural output is very unresponsive to a fall in price, the demand for agricultural output is: A) price-elastic. B) price-inelastic. C) positively sloped. D) horizontal. 99. Total revenue will decrease if the […]
978-1319066604 Chapter 6 Part 1
Page 1 Name: __________________________ Date: _____________ 1. The price elasticity of demand measures the responsiveness of the change in the: A) quantity demanded to a change in the price. B) price to a change in the quantity demanded. C) slope […]
978-1319066604 Chapter 5 Part 4
Page 52 196. (Table: The Market for Hamburger Flippers) Use Table: The Market for Hamburger Flippers. For hamburger flippers with a minimum wage of $8 per hour, can you imagine a scenario in which the deadweight loss from the minimum […]
978-1319066604 Chapter 5 Part 3
Page 41 136. (Table: The Market for Taxi Rides) Use Table: The Market for Taxi Rides. If a government quota limit at 6 million rides is imposed, the quota rent accruing to the owner of a taxi medallion will be […]
978-1319066604 Chapter 5 Part 2
Page 21 77. (Figure: Supply and Demand) Use Figure: Supply and Demand. A binding price floor is represented by: A) P1. B) P2. C) P3. D) point C. 78. All else equal, if a price floor above the equilibrium is […]
978-1319066604 Chapter 5 Part 1
Page 1 Name: __________________________ Date: _____________ 1. A price control is: A) control of the price of a good by the firm that produces it. B) a legal restriction on how high or low a price in a market may […]
978-1319066604 Chapter 4 Part 4
Page 55 Use the following to answer questions 210-211: 210. (Figure: The Market for Books) Look at the figure The Market for Books. At the equilibrium price of $24, find the total surplus in the market for books. 211. (Figure: […]
978-1319066604 Chapter 4 Part 3
141. (Table: Pumpkin Market) There are two consumers, Andy and Ben, in the market for pumpkins. Their willingness to pay for each pumpkin is shown in the table Pumpkin Market. There are two producers of pumpkins, Cindy and Diane, and […]
978-1319066604 Chapter 4 Part 2
Page 21 70. (Table: Producer Surplus) Use Table: Producer Surplus. If the price of a ticket to see The Nutty Nutcracker is $50, then Dudley’s producer surplus is: A) $0. B) $25. C) $60. D) $240. 71. (Table: Producer Surplus) […]
978-1319066604 Chapter 4 Part 1
Page 1 Name: __________________________ Date: _____________ 1. A consumer’s willingness to pay reflects the: A) maximum price at which he or she would buy a given good or service. B) minimum price at which he or she would buy a […]
978-1319066604 Chapter 3 Part 4
Page 55 244. Markets that are characterized by many buyers and many sellers are: A) inefficient. B) competitive. C) foreign. D) monopolies. 245. Alice goes to the local supermarket to purchase one package of kale. She often pays $1.50 for […]
978-1319066604 Chapter 3 Part 3
Page 41 172. You notice that the price of Blu-ray players falls and the quantity of Blu-ray players sold increases. You suspect that _____ Blu-ray players shifts to the _____. A) demand for; right. B) demand for; left. C) supply […]
978-1319066604 Chapter 3 Part 2
Page 21 97. (Figure: The Demand and Supply of Wheat) Use Figure: The Demand and Supply of Wheat. If there is a decrease in supply of 2,000 bushels per period at each price, the equilibrium price and quantity will be […]
978-1319066604 Chapter 3 Part 1
Page 1 Name: __________________________ Date: _____________ 1. The market for corn in Kansas is considered to be competitive. This means there are _____ buyers and _____ sellers of corn in Kansas. A) many; few B) few; many C) many; many […]
978-1319066604 Chapter 2 Part 4
Page 61 252. The financial meltdown in 2008–2009 was partially the result of a faulty economic model that misestimated the value of mortgage-backed securities. A) True B) False 253. The value of a mortgage-backed security is tied to the interest […]
978-1319066604 Chapter 2 Part 3
Page 41 Use the following to answer questions 157-164: \\ 157. (Figure: Comparative Advantage) Use Figure: Comparative Advantage. Eastland has an absolute advantage in producing: A) oranges only. B) peaches only. C) both oranges and peaches. D) neither oranges nor […]
978-1319066604 Chapter 2 Part 2
Page 21 83. (Figure: Wine and Wheat) Use Figure: Wine and Wheat. If this economy is producing on the production possibility frontier, what would allow it to produce at point C? == A) an improvement in technology B) a decrease […]
978-1319066604 Chapter 2 Part 1
Page 1 Name: __________________________ Date: _____________ 1. A simplified representation that is used to study a real situation is called a(n): A) model. B) production possibility frontier. C) assumption. D) trade-off. 2. The models that economists construct: A) usually make […]
978-1319066604 Chapter 1 Part 3
Page 33 167. A trade-off involves weighing costs and benefits. A) True B) False 168. Using marginal analysis to decide whether to consume an additional slice of pizza requires making a comparison of the benefits and costs associated with the […]