Quiz2 - Sept 21 - WITH ANSWERS - 20 questions WITH ANSWERS...

Info iconThis preview shows pages 1–5. Sign up to view the full content.

View Full Document Right Arrow Icon
Quiz #2 Quiz #2 Friday 21 2007 Friday 21 2007 Olivier Giovannoni 304K: Introduction to microeconomics 20 questions WITH ANSWERS and grade distribution
Background image of page 1

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

View Full DocumentRight Arrow Icon
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
Background image of page 2
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.
Background image of page 3

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

View Full DocumentRight Arrow Icon
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.
Background image of page 4
Image of page 5
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 02/16/2010 for the course ECONOMICS 420K taught by Professor Dusansky during the Spring '10 term at University of Texas at Austin.

Page1 / 15

Quiz2 - Sept 21 - WITH ANSWERS - 20 questions WITH ANSWERS...

This preview shows document pages 1 - 5. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online