quiz 5 - for lunch at the student cafeteria. Their budget...

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T HE O HIO S TATE U NIVERSITY D EPARTMENT OF E CONOMICS E CON 200N, W INTER 2008 I NSTRUCTOR : Y U Z HOU Q UIZ F IVE F EB 07, 2008 P RINT Y OUR N AME ______ _____________KEY_________________________ S OCIAL S ECURITY N UMBER (O PTIONAL ) ________________________________ S IGN Y OUR N AME __________________________________________________ I NSTRUCTIONS : Y OU HAVE 12 MINUTES TO COMPLETE THE QUIZ . T HE QUIZ TOTALS 2 POINTS . Y OU HAVE 4 MULTI - CHOICE QUESTIONS AND EACH QUESTION ACCOUNTS ONE HALF POINT . P LEASE FILL IN YOUR ANSWERS INSIDE THE TABLE AT THE BOTTOM OF THIS PAGE , AND TURN IN THIS PAGE ONLY . Y OU KEEP THE QUIZ PROBLEMS . P ICK THE BEST ANSWER FOR EACH QUESTION . Problem 1 Problem 2 Problem 3 Problem 4 D C D B 1, The effect of a rent ceiling set above the equilibrium price 1
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A), is powerful, eliminating price as a regulator of quantity supplied and quantity demanded. B), is powerful, strengthening price as a regulator of quantity supplied and quantity demanded. C), encourages the development of black markets. D), is essentially nonexistent. 2, Tonya, who is rich, and Jerome, who is poorer, both buy orange juice and croissants
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Unformatted text preview: for lunch at the student cafeteria. Their budget constraints on a diagram with orange juice on the vertical axis and croissants on the horizontal have the same A), horizontal intercepts. B), vertical intercepts. C), slopes. D), midpoints. 3, Suppose the price of soda is $2 each and the price of a pizza slice is $4 each. Jean maximizes utility and buys only sodas and slices of pizza. If the price of a soda increases to $3 each, Jean's marginal utility per soda A), will increase and she'll buy more soda. B), will decrease and she'll buy fewer sodas. C), will decrease and she'll buy more pizza. D), Both B and C are correct. 4, Given the indifference curve in the below figure, which point is preferred to point a? A), point b B), point c C), point d D), point e THE END 2...
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quiz 5 - for lunch at the student cafeteria. Their budget...

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