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mcanswersfall05 - DIF 2 REF SECTION 3 OBJ TYPE M 13 ANS A...

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Final_mc Answers MULTIPLE CHOICE 1. ANS: C quantity demanded. DIF: 2 REF: SECTION: 2 OBJ: TYPE: M 2. ANS: A Itwould decrease. DIF: 2 REF: SECTION: 2 OBJ: TYPE: M 3. ANS: C anincrease in the demand for chocolate pudding. DIF: 2 REF: SECTION: 2 OBJ: TYPE: M 4. ANS: A surplus of 300 and price would fall. DIF: 3 REF: SECTION: 4 OBJ: TYPE: M 5. ANS: C andequilibrium quantity to both increase. DIF: 2 REF: SECTION: 4 OBJ: TYPE: M 6. ANS: C substitutes. DIF: 1 REF: SECTION: 1 OBJ: TYPE: M 7. ANS: D ashortage will occur at the price ceiling of P2. DIF: 3 REF: SECTION: 1 OBJ: TYPE: M 8. ANS: D $131,000. REF: SECTION: 1 OBJ: TYPE: 2 9. ANS: D andquantity supplied will both decrease. DIF: 2 REF: SECTION: 1 OBJ: TYPE: M 10. ANS: A bothcountries will benefit. DIF: 1 REF: SECTION: 1 OBJ: TYPE: M 11. ANS: A willbe better off. DIF: 2 REF: SECTION: 2 OBJ: TYPE: M 12. ANS: C harmdone to U.S. steel producers is less than the benefit to U.S.consumers of steel.
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Unformatted text preview: DIF: 2 REF: SECTION: 3 OBJ: TYPE: M 13. ANS: A places a price on the right to pollute. DIF: 2 REF: SECTION: 3 OBJ: TYPE: M 14. ANS: B firms that can reduce pollution only at high cost will be willingto pay the mos t for the pollution permits. DIF: 2 REF: SECTION: 3 OBJ: TYPE: M 15. ANS: C (fixed costs + variable costs) divided by quantity produced. DIF: 2 REF: SECTION: 13.3 OBJ: TYPE:M 16. ANS: C Asthe quantity of output increases, marginal cost eventuallyrises. DIF: 2 REF: SECTION: 13.3 OBJ: TYPE:M 17. ANS: D Average fixed cost must fall. DIF: 2 REF: SECTION: 13.3 OBJ: TYPE:M 18. ANS: C there are opportunities to increase profit by increasingproduction. DIF: 2 REF: SECTION: 14.2 OBJ: TYPE:M 19. ANS: B fixed costs. DIF: 1 REF: SECTION: 14.2 OBJ: TYPE:M 20. ANS: C $4.45. DIF: 2 REF: SECTION: 15.2 OBJ: TYPE:M 21. ANS: C $8 DIF: 3 REF: SECTION: 4 OBJ: TYPE: M...
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