QUIZ REVISION_PM

QUIZ REVISION_PM - QUI Z REVI SI ON W hen a far mer decides...

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Unformatted text preview: QUI Z REVI SI ON W hen a far mer decides t o har vest his cr op w it h t he aid of a machine he is answer ing _____. 1. The What quest ion. 2. The Whom quest ion. 3. The H ow quest ion. 4. The Why quest ion. 10 Y ou spend $2000 on a 1 week vacat ion, if you h ad st ayed at home you would have ear ned $1,000 at your job, eat en $100 of your par ent s f ood, and ear ned $100 shoveling snow; what i s t he oppor t unit y cost of t he vacat ion? 1. 2. 3. 4. $1,100 $1,200 $2,000 $3,200 10 Given point A (10, 12) and point B (12, 8) what i s t he oppor t unit y cost of pr oducing t he 11t h u nit of X? 1. 2. 3. 4. 4 2Y 2X 4Y 10 Say t he pr ice of X is $2.00 and t he pr ice of Y is $1.00; and t he pr ice of Y r ises, t hen t he r elat ive pr ice of X ___ 1. Falls 2. Rises 3. Remains t he same 4. Uncer t ain 10 Suppose t he Demand Funct ion for X is P = 1000, t hen t he demand cur ve must ______________. 1. have a y int er cept of 1000 2. be a ver t ical line 3. be a hor izont al line at 1000 4. be a cur ve. 10 D emand: P = 1000 Supply: P = 200 + 2Q Solve for equilibr ium Pr ice and Quant it y. 1. 2. 3. 4. $500 and 150 $1000 and 0 $1000 and 400 $500 and 100 10 Say t he demand and supply for I pods i ncr ease t hen __________ 1. Pr ice falls and Qt y r ises. 2. Pr ice r ises but Qt y u ncer t ain. 3. Pr ice uncer t ain and Qt y r ises. 4. Pr ice r emains t he same and Qt y r ises. 10 Say good X is r elat ively inelast ic t hen an i ncr ease in pr ice will cause t ot al r evenue t o? 1. Rise 2. Fall 3. St ay t he same 4. Rise or Fall. 10 ...
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This note was uploaded on 04/18/2011 for the course ECON 1102 taught by Professor Tomczyk during the Spring '09 term at Temple.

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QUIZ REVISION_PM - QUI Z REVI SI ON W hen a far mer decides...

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