RelativeResourceManager;JSESSIONIDVISTA=7SmCJT7KZ2VvwgsDxZWg1Dz7kGT0BlwRPkT2VyGKDB93S8TMcXHT!19081

RelativeResourceManager;JSESSIONIDVISTA=7SmCJT7KZ2VvwgsDxZWg1Dz7kGT0BlwRPkT2VyGKDB93S8TMcXHT!19081

Info icon This preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Exam Name___________________________________ MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) Which of the following algebraic forms for a demand curve yields an isoelastic demand curve? A) log(Q) = a - b log(P) + c log(I) B) Q = a - bP + cI C) Q = a - b log(P) + c log(I) D) log(Q) = bP + cI 1) 2) Mikey is very picky and insists that his mom make his breakfast with equal parts of cereal and apple juice any other combination and it ends up on the floor. Cereal costs 4 cents per tablespoon and apple juice costs 6 cents per tablespoon. If Mikey ʹ s mom budgets $8 per month for Mikey ʹ s breakfast, how much cereal and juice does she buy? 2) 3) Suppose the quantity of nursing services demanded exceeds the quantity of nursing services supplied. The nursing wage rate will: 3) 4) To demonstrate the anchoring phenomenon, Kahneman and Tversky would ask research subjects very difficult questions that should be answered with a number between zero and 100. Before asking for the respondent ʹ s answer, they would also spin a large wheel that generated random number outcomes from zero to 100. If the respondents were subject to the anchoring effect, then we should expect that: 4) 5) Coffee and cream: A) are complements. B) have a positive cross price elasticity of demand. C) are both more inelastic in demand in the long run than in the short run. D) are both luxury goods. 5) 6) Alfred derives utility from consuming iced tea and lemonade. For the bundle he currently consumes, the marginal utility he receives from iced tea is 16 utils, and the marginal utility he receives from lemonade is 8 utils. Instead of consuming this bundle, Alfred should: 6) 1
Image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
7) Which of the following statements about the diagram below is true? 7)
Image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern