Quiz 2 - 20 questions WITH ANSWERS and grade distribution...

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Quiz #2 Quiz #2 Friday 21 2007 Friday 21 2007 Olivier Giovannoni 304K: Introduction to microeconomics 20 questions WITH ANSWERS and grade distribution
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1- Marginal benefit typically A) increases as more is consumed. B) remains constant as more is consumed. C) decreases as more is consumed (78%) D) increases as marginal costs increase. 2- The existence of a shortage A) means resources are being allocated efficiently B) is impossible in a market economy C) pushes the price up (98%) D) pushes the price down
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3- Which of the following influences people's buying plans and does not shift the demand curve? A) the price of the good (76%) B) the prices of related goods C) income D) preferences 4- The interaction of supply and demand explains A) the prices of goods and services but not their quantities. B) the quantities of goods and services but not their prices. C) both the prices and the quantities of goods and services (98%) D) neither the prices nor the quantities of goods and services.
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5- Which of the following pairs of goods are most likely substitutes? A) DVDs and DVD players B) cola and lemon lime soda (99%) C) lettuce and salad dressing D) peanut butter and gasoline 6- A price above the equilibrium price results in A) a surplus (85%). B) a shortage. C) excess supply. D) a further price fall.
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7- Suppose people buy more of good 1 when the price of good 2 falls. These goods are A) Complements (68%*).
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