Micro HW Ch 7 and 8
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Micro HW Ch 7 and 8

Course Number: ASC 102, Spring 2010

College/University: "카이스트, 한국과학기술원"

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Micro HW Ch 7 and 8 Student: ___________________________________________________________________________ 1. Utility: A. is synonymous with usefulness. B. is want-satisfying power. C. is easy to quantify. D. rarely varies from person to person. 2. Marginal utility can be: A. positive, but not negative. B. positive or negative, but not zero. C. positive, negative, or zero. D. decreasing, but not negative. 3. Mary...

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HW Micro Ch 7 and 8 Student: ___________________________________________________________________________ 1. Utility: A. is synonymous with usefulness. B. is want-satisfying power. C. is easy to quantify. D. rarely varies from person to person. 2. Marginal utility can be: A. positive, but not negative. B. positive or negative, but not zero. C. positive, negative, or zero. D. decreasing, but not negative. 3. Mary says, "You would have to pay me $50 to attend that pro wrestling event." For Mary, the marginal utility of the event is: A. zero. B. positive, but declines rapidly. C. negative. D. positive, but less than the ticket price. 4. The law of diminishing marginal utility states that: A. total utility is maximized when consumers obtain the same amount of utility per unit of each product consumed. B. beyond some point additional units of a product will yield less and less extra satisfaction to a consumer. C. price must be lowered to induce firms to supply more of a product. D. it will take larger and larger amounts of resources beyond some point to produce successive units of a product. 5. The first Pepsi yields Craig 18 units of utility and the second yields him an additional 12 units of utility. His total utility from three Pepsis is 38 units of utility. The marginal utility of the third Pepsi is: A. 26 units of utility. B. 6 units of utility. C. 8 units of utility. D. 38 units of utility. 6. Marginal utility is the: A. sensitivity of consumer purchases of a good to changes in the price of that good. B. change in total utility obtained by consuming one more unit of a good. C. change in total utility obtained by consuming another unit of a good divided by the change in the price of that good. D. total utility associated with the consumption of a certain number of units of a good divided by the number of units consumed. 7. Marginal utility: A. is equal to total utility divided by the number of units consumed. B. is equal to total utility if the demand curve is linear. C. increases as more of a product is consumed. D. diminishes as more of a product is consumed. 8. The law of diminishing marginal utility explains why: A. supply curves slope upward. B. demand curves slope downward. C. drug addicts can never get enough. D. people will only consume their favorite goods and not try new things. 9. To maximize utility a consumer should allocate money income so that the: A. elasticity of demand on all products purchased is the same. B. marginal utility obtained from the last dollar spent on each product is the same. C. total utility derived from each product consumed is the same. D. marginal utility of the last unit of each product consumed is the same. 10. A consumer who has a limited budget will maximize utility or satisfaction when the: A. ratios of the marginal utility of each product purchased divided by its price are equal. B. total utility derived from each product purchased is the same. C. marginal utility of each product purchased is the same. D. price of each product purchased is the same. 11. Susie buys two goods - rounds of golf and massages. Suppose that the price of a round of golf is $20, and the price of a massage is $30. In a typical week Susie will play two rounds of golf, getting 20 units of satisfaction from the second round. She normally buys three massages each week, with the third giving her 30 units of satisfaction. If she were to buy a fourth massage in a week, it would give her 20 units of satisfaction. If the price of massages is reduced to $15, which of the following outcomes might we expect to occur? A. Susie would leave her consumption choices unchanged because of diminishing marginal utility in the consumption of massages. B. Susie would buy more massages and fewer rounds of golf, as predicted by the income effect. C. Susie would buy more massages and more rounds of golf, as predicted by the substitution effect. D. Susie would buy more massages and fewer rounds of golf, as predicted by the substitution "Essential" effect. 12. water is cheaper than "nonessential" diamonds because: A. new industrial uses for diamonds have been discovered. B. the supply of water is great relative to demand and the supply of diamonds is small relative to demand. C. although the total utility of diamonds is greater, their marginal utility is small. D. the supply of diamonds is great relative to demand and the supply of water is small relative to demand. 13. Which of the following is most likely to be an implicit cost for Company X? A. depreciation charges on company-owned equipment B. rental payments on IBM equipment C. payments for raw materials purchased from Company Y D. transportation costs paid to a nearby trucking firm 14. To the economist, total cost includes: A. explicit and implicit costs, including a normal profit. B. neither implicit nor explicit costs. C. implicit, but not explicit, costs. D. explicit, but not implicit, costs. 15. Suppose that a business incurred implicit costs of $500,000 and explicit costs of $5 million in a specific year. If the firm sold 100,000 units of its output at $50 per unit, its accounting: A. profits were $100,000 and its economic profits were zero. B. losses were $500,000 and its economic losses were zero. C. profits were $500,000 and its economic profits were $1 million. D. profits were zero and its economic losses were $500,000. 16. Which of the following is a short-run adjustment? A. A local bakery hires two additional bakers. B. Six new firms enter the plastics industry. C. The number of farms in the United States declines by 5 percent. D. BMW constructs a new assembly plant in South Carolina. 17. The basic difference between the short run and the long run is that: A. all costs are fixed in the short run, but all costs are variable in the long run. B. the law of diminishing returns applies in the long run, but not in the short run. C. at least one resource is fixed in the short run, while all resources are variable in the long run. D. economies of scale may be present in the short run, but not in the long run. 18. Marginal product is: A. the increase in total output attributable to the employment of one more worker. B. the increase in total revenue attributable to the employment of one more worker. C. the increase in total cost attributable to the employment of one more worker. D. total product divided by the number of workers employed. 19. The law of diminishing returns describes the: A. relationship between total costs and total revenues. B. profit-maximizing position of a firm. C. relationship between resource inputs and product outputs in the short run. D. relationship between resource inputs and product outputs in the long run. 20. Which of the following is most likely to be a fixed cost? A. shipping charges B. property insurance premiums C. wages for unskilled labor D. expenditures for raw materials 21. Marginal cost: A. equals both average variable cost and average total cost at their respective minimums. B. is the difference between total cost and total variable cost. C. rises for a time, but then begins to decline when diminishing returns set in. D. declines continuously as output increases. 22. If a firm decides to produce no output in the short run, its costs will be: A. its marginal costs. B. its fixed plus its variable costs. C. its fixed costs. D. zero. 23. Total fixed cost (TFC): A. falls as the firm expands output from zero, but eventually rises. B. falls continuously as total output expands. C. varies directly with total output. D. does not change as total output increases or decreases. 24. If a profitable firm's fixed costs somehow were zero: A. MC and ATC would be equal at all levels of output. B. AFC would become negative as output increases. C. AVC and ATC would coincide. D. ATC would be zero at all output levels. 25. Total cost minus total variable cost equals: A. average fixed cost. B. total fixed cost. C. average variable cost. D. marginal cost.

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