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Course Number: ECON 202, Fall 2011

College/University: FIU

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Exam Name___________________________________ MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) A demand curve shows the relationship between A) the price of a produce and the demand for the product. B) the price of a product and the quantity of the product demanded. C) the quantity that consumers are willing and able to buy and the quantity that sellers are...

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CHOICE. Exam Name___________________________________ MULTIPLE Choose the one alternative that best completes the statement or answers the question. 1) A demand curve shows the relationship between A) the price of a produce and the demand for the product. B) the price of a product and the quantity of the product demanded. C) the quantity that consumers are willing and able to buy and the quantity that sellers are willing and able to offer. D) the amount of a product sellers are willing to sell at a particular price and the amount consumers are willing to buy at that price. 1) 2) If, in response to an increase in the price of chocolate, the quantity demanded of chocolate decreases economists would describe this as A) a decrease in demand. B) a change in consumer income. C) a decrease in quantity demanded. D) a decrease in consumers' taste for chocolate. 2) 3) The law of demand implies, holding everything else constant, that A) as the price of bagels increases, the demand for bagels will decrease. B) as the price for bagels increases, the demand of bagels will increase. C) as the price of bagels increases, the quantity of bagels demanded will increase. D) as the price of bagels increases, the quantity of bagels demanded will decrease. 3) 4) A change in which variable will change the market demand for a product? A) The number of firms in the market. B) The quantity supplied of the product. C) The price of the product. D) Expected future prices. 4) Table 3-1 Loose leaf Tea Sunil's Mia's Rest of Market Market Price per lb. Quantity Quantity Quantity Quantity (dollars) Demanded (lbs) Demanded (lbs) Demanded (lbs) demanded (lbs) $8 4 0 30 6 7 2 40 5 9 3 51 4 12 5 64 3 15 8 90 5) Refer to Table 3-1. The table above shows the demand schedules for loose- leaf tea of two individuals (Sunil and Mia) and the rest of the market. At a price of $5, the quantity demanded in the market would be A) 76 lbs. B) 51 lbs. C) 146 lbs. D) 63 lbs 1 5) 6) Which of the following will not shift the demand curve for a good? A) An increase in the price of the good. B) An increase in population. C) A decrease in the price of a substitute good. D) An increase in consumer incomes. 6) 7) If the price of grapefruit rises, the substitution effect due to the price change will cause A) a decrease in the quantity supplied of grapefruit. B) a decrease in the demand for grapefruit. C) a decrease in the quantity demanded of grapefruit. D) a decrease in the demand for oranges, a substitute for grapefruit. 7) 8) If an increase in income leads to in an increase in the demand for peanut butter, then peanut butter is A) a necessity. B) a normal good. C) a complement. D) a neutral good. 8) 9) If a decrease in income leads to an increase in the demand for macaroni, then macaroni is A) a necessity. B) a normal good. C) a neutral good. D) an inferior good. 9) 10) According to a recent study, "Stricter college alcohol policies, such as raising the price of alcohol, or banning alcohol on campus, decrease the number of students who use marijuana." On the basis of this information, how would you describe alcohol and marijuana? A) The two goods are complements in consumption. B) They are both luxury goods. C) The two goods are substitutes in consumption. D) There is no relationship between the two goods. 10) 11) Suppose that when the price of hamburgers increases, the Ruiz family increases their purchases of hot dogs. To the Ruiz family, A) hamburgers and hot dogs are substitutes. B) hamburgers and hot dogs are normal goods. C) hamburgers and hot dogs are complements. D) hamburgers and hot dogs are inferior goods. 11) 12) An increase in the price of MP3 players will result in A) a smaller quantity of MP3 players supplied. B) a decrease in the demand for MP3 players. C) a larger quantity of MP3 players supplied. D) an increase in the supply of MP3 players. 12) TRUE/FALSE. Write 'T' if the statement is true and 'F' if the statement is false. 13) If the price of peaches, a substitute for plums, increases the demand for plums will decrease. 2 13) MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 14) If in the market for oranges the supply has increased then A) there has been a movement downwards along the supply curve for oranges. B) the supply curve for oranges has shifted to the right. C) there has been a movement upwards along the supply curve for oranges. D) the supply curve for oranges has shifted to the left. 14) 15) Last month, the Tecumseh Corporation supplied 400 units of three- ring binders at $6 per unit. This month, the company supplied the same quantity of binders at $4 per unit. Based on this evidence, Tecumseh has experienced A) an increase in the quantity supplied. B) a decrease in supply. C) a decrease in the quantity supplied. D) an increase in supply. 15) 16) One would speak of a movement along a supply curve for a good, rather than a change in supply, if A) supplier expectations about future prices change. B) prices of substitutes in production change. C) the price of the good changes D) the cost of producing the good changes. 16) 17) In October 2005, the U.S. Fish and Wildlife Service banned the importation of beluga caviar, the most prized of caviars, from the Caspian Sea. What happened in the market for caviar in the U. S.? A) The supply curve shifted to the left. B) The supply curve shifted to the right. C) The demand curve shifted to the left. D) The demand curve shifted to the right. 17) 18) If a firm expects that the price of its product will be lower in the future than it is today A) the firm has an incentive to decrease supply now and increase supply in the future. B) the firm will not change supply until it knows for certain what will happen to its price. C) the firm has an incentive to increase supply now and decrease supply in the future. D) the firm has an incentive to increase quantity supplied now and decrease quantity supplied in the future. 18) 19) Which of the following is the correct way to describe equilibrium in a market? A) At equilibrium, demand equals supply. B) At equilibrium, scarcity is eliminated. C) At equilibrium, market forces no longer apply. D) At equilibrium, quantity demanded equals quantity supplied. 19) 3 Figure 3-2 20) Refer to Figure 3-2. If the price is $25, A) there would be a surplus of 300 units. C) there would be a surplus of 200 units. B) there would be a shortage of 200 units. D) there would be a shortage of 300 units 21) Refer to Figure 3-2. At a price of $25, how many units will be sold? A) 600 B) 400 C) 500 D) 800 20) 21) 22) Refer to Figure 3-2. If the current market price is $25, the market will achieve equilibrium by A) a price decrease, decreasing the supply and increasing the demand. B) a price increase, increasing the supply and decreasing the demand. C) a price decrease, decreasing the quantity supplied and increasing the quantity demanded. D) a price increase, increasing the quantity supplied and decreasing the quantity demanded. 22) 23) If the quantity demanded for a product exceeds the quantity supplied the market price will rise until A) only wealthy consumers will be able to afford the product. B) quantity demanded equals quantity supplied. The equilibrium price will then be greater than the market price. C) quantity demanded equals quantity supplied. The market price will then equal the equilibrium price. D) the quantity demanded equals the quantity supplied. The product will then no longer be scarce. 23) 24) Let D= demand, S = supply P = equilibrium price, Q= equilibrium quantity. What happens in the market for tropical hardwood trees if the governments restrict the amount of forest lands that can be logged? A) D and S decrease, P and Q increase. B) S decreases, D no change, P increases, Q decreases. C) D decreases, S no change, P and Q decrease. D) D no change, S decreases, P increases, Q increases. 24) 4 25) Hurricane Katrina damaged a large portion of oil refining and pipeline capacity in the Gulf coast states. In the market for gasoline, A) the demand curve shifted to the left resulting in a decrease in the equilibrium price. B) the supply curve shifted to the right resulting in an increase in the equilibrium price. C) the demand curve shifted to the right resulting an in increase in the equilibrium price D) the supply curve shifted to the left resulting in an increase in the equilibrium price. 25) 26) Which of the following would cause both the equilibrium price and equilibrium quantity of barley (assume that barley is an inferior good) to increase? A) A decrease in consumer income. B) An increase in consumer income. C) A drought that sharply reduces barley output. D) Unusually good weather that results in a bumper crop of barley. 26) 27) Which of the following would cause the equilibrium price to decrease and the equilibrium quantity of white bread to increase? A) An increase in the price of butter, a complement for white bread. B) An increase in the price of flour. C) An increase in the price of rye bread, a substitute for white bread. D) A decrease in the price of flour. 27) 28) Assume that the hourly price for the services of personal trainers has risen and sales of these services have also risen. One can conclude that A) the law of demand has been violated. B) personal trainers are deliberately charging high prices because they provide services for wealthy clients. C) the demand for personal trainers has increased. D) the number of personal trainers has increased. 28) 29) An article in the Wall Street Journal in early 2001 noted two developments in the market for laser eye surgery. The first development concerned side effects from the surgery, including blurred vision. The second development was that the companies renting eye- surgery machinery to doctors had reduced their charges. In the market for laser eye surgeries, these two developments A) decreased demand and increased supply, resulting in a decrease in both the equilibrium price and the equilibrium quantity of laser eye surgeries. B) decreased demand and increased supply, resulting in a decrease in the equilibrium price and an uncertain effect on the equilibrium quantity of laser eye surgeries. C) decreased demand and increased supply resulting in an increase in both the equilibrium quantity and the equilibrium price of laser eye surgeries. D) decreased demand and decreased supply, resulting in a decrease in the equilibrium quantity and an increase in the equilibrium price of laser eye surgeries. 29) 5 Figure 3-5 30) Refer to Figure 3-5. Assume that the graphs in this figure represent the demand and supply curves for bicycle helmets. Which panel best describes what happens in this market if there is a substantial increase in the price of bicycles? A) Panel (a) B) Panel (b) C) Panel (c) D) Panel (d) 30) 31) Refer to Figure 3-5. Assume that the graphs in this figure represent the demand and supply curves for women's clothing. Which panel best describes what happens in this market when the wages of seamstresses rise? A) Panel (a) B) Panel (b) C) Panel (c) D) Panel (d) 31) 32) During the 1990s positive technological change in the production of chicken caused the price of chicken to fall. Holding everything else constant, how would this affect the market for pork (a substitute for chicken)? A) The demand for pork would decrease and the equilibrium price of pork would increase. B) The supply of pork would increase and the equilibrium price of pork would decrease. C) The demand for pork would increase because consumers could afford to buy more chicken and pork. D) The demand for pork would decrease and the equilibrium price of pork would decrease. 32) 6 Figure 3-6 33) Refer to Figure 3-6. The graph in this figure illustrates an initial competitive equilibrium in the market for apples at the intersection of D1 and S1 (point A). If the price of oranges, a substitute for 33) 34) Refer to Figure 3-6. The graph in this figure illustrates an initial competitive equilibrium in the market for apples at the intersection of D1 and S1 (point A). If there is a shortage of apples how will 34) 35) The difference between the highest price a consumer is willing to pay for a good and the price the consumer actually pays is called A) consumer surplus. B) producer surplus. C) the substitution effect. D) the income effect. 35) 36) Paul goes to Sportsmart to buy a new tennis racquet. He is willing to pay $200 for a new racquet, but buys one on sale for $125. Paul's consumer surplus from the purchase is A) $325 B) $75 C) $125 D) $200 36) 37) Brett buys a new cell phone for $100. He receives consumer surplus of $80 from the purchase. How much does Brett value his cell phone? A) $80 B) $180 C) $100 D) $20 37) apples, decreases and the wages of apple workers increase how will the equilibrium point change? A) The equilibrium point will move from A to C. B) The equilibrium point will move from A to E. C) The equilibrium point will move from A to B. D) The equilibrium will first move from A to B, then return to A. the equilibrium point change? A) There will be no change in the equilibrium point. B) The equilibrium point will move from A to E. C) The equilibrium point will move from A to B. D) The equilibrium point will move from A to C. 7 38) Willingness to pay measures A) the maximum price that a buyer is willing to pay for a good. B) the maximum price a buyer is willing to pay minus the minimum price a seller is willing to accept. C) the maximum price a buyer is willing to pay for a product minus the amount the buyer actually pays for it. D) the amount a seller actually receives for a good minus the minimum amount the seller is willing to accept for the good. 38) 39) Which of the following statements best describes the concept of consumer surplus? A) "I was all ready to pay $300 for a new leather jacket that I had seen in Macy's but I ended up paying only $180 for the same jacket." B) "I paid $130 for a printer last week. This week the same store is selling the same printer for $110." C) "Safeway was having a sale on Dreyers ice cream so I bought 3 quarts." D) "I sold my video tape copy of Ben- Hur for $18 at a garage sale even though I was willing to sell it for $10." 39) 40) Each point on a demand curve shows A) the legally determined maximum price that sellers may charge for a given quantity of a product. B) the economic surplus received from purchasing a given quantity of a product. C) the willingness of consumers to purchase a product at different prices. D) the consumer surplus received from purchasing a given quantity of a product. 40) Table 4-1 Consumer Tom Dick Harriet Willingness to Pay $40 $30 $25 41) Refer to Table 4-1. The table above lists the highest prices three consumers, Tom, Dick and Harriet, are willing to pay for a short- sleeved polo shirt. If the price of the shirts falls from $28 to $20 A) Harriet will receive more consumer surplus than Tom or Dick. B) consumer surplus will increase from $70 to $95. C) consumer surplus increases from $14 to $35. D) Tom will buy two shirts; Dick and Harriet will each buy one shirt. 41) 42) The area above the market supply curve and below the market price A) is equal to the marginal cost of the last unit produced. B) is equal to the total amount of economic surplus in a market. C) is equal to the total amount of producer surplus in a market. D) is equal to the total cost of production. 42) 43) The total amount of producer surplus in a market is equal to A) the area above the market supply curve. B) the difference between quantity supplied and quantity demanded. C) the area between the demand curve and the supply curve below the market price. D) the area above the market supply curve and below the market price. 43) 8 Figure 4-2 44) Refer to Figure 4-2. What area represents producer surplus at a price of P2 ? 44) 45) Refer to Figure 4-2. What area represents the increase in producer surplus when the market price rises from P1 to P2? 45) A) B + D C) A + B A) C + E B) A + B + C D) A + B + C + D + E B) A + B C) A + C + E D) B + D Figure 4-4 Figure 4-4 shows the market for granola. The market is initially in equilibrium at a price of P1 and a quantity of Q1. Now suppose producers decide to cut output to Q2 in order to raise the price to P2. 46) Refer to Figure 4-4. What area represents consumer surplus at P2 ? A) B + C B) A + B + D + F C) A 47) Refer to Figure 4-4. What area represents producer surplus at P2 ? A) B + D B) B + D + G C) B + C + D + E 9 46) D) A + B 47) D) A + B + D

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Purdue - MGMT - 200
Management 200 Introductory Financial Accounting Spring 2011 Krannert School of Management - Purdue University Solutions to class assignment for February 7, 2011 Problem 4-2A Requirement 1:Oscar's Red Carpet Store Bank Reconciliation February 28, 2012 Ba
Purdue - MGMT - 200
Management 200 Introductory Financial Accounting Spring 2011 Krannert School of Management - Purdue University Solutions to class assignment for February 9, 2011 Additional Perspective 4-1 Requirement 1: Suzie should make deposits more often than once per
Purdue - MGMT - 200
Management 200 Introductory Financial Accounting Spring 2011 Krannert School of Management - Purdue University Solutions to class assignment for February 11, 2011 Exercise 5-2 May 1 Cash Service Revenue (Provide services of $200 with a 10% trade discount)
Purdue - MGMT - 200
Management 200 Introductory Financial Accounting Spring 2011 Krannert School of Management - Purdue University Solutions to class assignment for February 14, 2011 Problem 5-3A Requirement 1 June 12, 2012 Accounts Receivable Service Revenue (Provide servic
Purdue - MGMT - 200
Management 200 Introductory Financial Accounting Spring 2011 Krannert School of Management - Purdue University Solutions to class assignment for February 16, 2011 Additional Perspectives 5-3 Requirement 1 The Buckle shows an increasing trend in net sales
Purdue - MGMT - 200
Management 200 Introductory Financial Accounting Spring 2011 Krannert School of Management - Purdue University Solutions to class assignment for February 25, 2011 Exercise 6-2 Requirement 1 (a) Date Oct. 6 (b) Date Jan. 1 Apr. 7 Jul. 16 Oct. 6 Transaction
Purdue - MGMT - 200
Management 200 Introductory Financial Accounting Spring 2011 Krannert School of Management - Purdue University Solutions to class assignment for February 28, 2011 Exercise 6-4 Inventory Accounts Payable (Purchase inventory on account) Accounts Receivable
Purdue - MGMT - 200
Management 200 Introductory Financial Accounting Spring 2011 Krannert School of Management - Purdue University Solutions to class assignment for March 2, 2011 Additional Perspectives 6-3 Requirement 1 The company uses the lower of weighted-average cost or
Purdue - MGMT - 200
Management 200 Introductory Financial Accounting Spring 2011 Krannert School of Management - Purdue University Solutions to class assignment for March 4, 2011 Problem 7-1A Land $60,000 8,000 (1,000) 2,000 $69,000 500,000 18,000 $533,000 BuildingPurchase
Purdue - MGMT - 200
Management 200 Introductory Financial Accounting Spring 2011 Krannert School of Management - Purdue University Solutions to class assignment for March 7, 2011 Problem 7-4A1. Capitalize 2. Expense 3. Capitalize 4. Capitalize 5. Expense 6. Expense Health S