
Midterm Eco 251
Authored by Abdelrahman Mohamed
Science
University
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22 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Suppose a positive technological change in the production of disease-resistant corn caused the price of corn to fall. Holding everything else constant, how would this affect the market for wheat (a substitute for corn)?
The demand for wheat would decrease and the equilibrium price of wheat would increase.
The demand for wheat would increase because consumers could afford to buy more wheat and corn.
The demand for wheat would decrease and the equilibrium price of wheat would decrease.
The supply of wheat would increase and the equilibrium price of wheat would decrease. Price
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Suppose the value of the price elasticity of demand is -3. What does this mean?
A 1 percent increase in the price of the good causes quantity demanded to increase by 3 percent.
A $1 increase in the price caused the quantity demanded to fall by 3 units.
A 1 percent increase in the price of the good causes the quantity demanded to decrease by 3 percent.
A 3 percent increase in the price of the good causes quantity demanded to decrease by 1 percent.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following would cause a shift of the demand curve from D1 to D2?
A decrease in income (for an inferior good).
An increase in the price of a substitute good.
An increase in income (for a normal good.)
All of the above.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
At a price of $8 per dozen, Chuy sells 40 dozen homemade tamales per week. When he raised her price to $12 per dozen, he still sold 40 dozen per week. Based on this information, the demand for his tamales is:
Perfectly elastic.
Unit elastic.
Perfectly inelastic.
Inelastic.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
According to the law of supply,
a. There is a positive relationship between price and quantity supplied.
b. As the price of a product increases, firms will supply less of it to the market.
c. As the price of a product increases, firms will supply more of it to the market.
d. Both a. and c. are true.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When demand is price elastic, a fall in price causes total revenue to rise because:
a. The percentage increase in quantity demanded is less than the percentage fall in price.
b. The increase in quantity sold is large enough to offset the lower price.
c. The demand curve shifts.
d. When price falls, quantity sold increases so total revenue automatically rises.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What type of economic analysis is concerned with the way things should be?
a. Marginal analysis.
b. Rational behavior.
c. Positive analysis.
d. Normative analysis.
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