Practice Exam 3

Practice Exam 3

University

30 Qs

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Practice Exam 3

Practice Exam 3

Assessment

Quiz

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University

Practice Problem

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Created by

Joseph Suek

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30 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Suppose the price of popcorn at movie theaters increases by 10%, and, as a result, the quantity of movie tickets demanded decreases by 8%. What is the cross-price elasticity of demand for movie tickets?

-1.25

-0.8

0.8

1.25

None of these

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Given the cross-price elasticity of demand for movie tickets that you just determined, what kind of related goods are movie theater popcorn and movie tickets?

Complements

Substitutes

Not related goods

None of the above

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If a product has an income elasticity of demand of -0.5, the product is:

A normal good

A luxury

A necessity

An inferior good

None of the above

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A firm has a total cost of $600 when it produces 30 units. If the fixed cost is $90, what is the average variable cost?

$17

$27

$30

$510

$21

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An economic agent allocates consumption between ice cream and soda. If the price of ice cream is $3, marginal utility of ice cream is 60, price of soda is $2, and the marginal utility of soda is 30, is the consumer maximizing utility?

Yes

No, they should consume more soda and less ice cream

No, they should consume more ice cream and less soda

It cannot be determined

They are indifferent

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When marginal cost is less than average variable cost:

AVC is rising

AVC is falling

AVC is constant

Marginal cost must be negative

None of these

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is true about economic cost?

It includes only explicit monetary payments

It excludes opportunity costs

It is always less than accounting cost

It includes both explicit and implicit costs

None of the above

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