MicroSampleTestsAllChapters2011

MicroSampleTestsAllChapters2011 - MICROECONOMICS SAMPLE...

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MICROECONOMICS – SAMPLE TEST ONE NAME __________________________________ DATE ____________________ Fifty multiple choice questions. For each question, circle/ provide the best answer. 1. The basic purpose of the "other things equal" (ceteris paribus) assumption is to: A) allow one to reason about the relationship between price and quantity of X without the intrusion of a change in the price of a complementary good for X. B) allow one to reason about the relationship between price and quantify of X without the intrusion of a change in the price of a substitute good for X. C) A and B D) Neither A nor B 2. When it comes to matters of economic opinion, your professor prefers that you: 3. If we say that two variables are not related (neither inversely nor directly), this means that: 4. Answer on the basis of the relationships shown in the above four figures. The amount of Y is directly related to the amount of X in: 5. Which of the following is NOT real capital (as we define it in economics) ? A) a $1 million assembly line B) a MacDonalds restaurant building C) a $1 million certificate of deposit D) a grill to cook hamburgers for sale 6. On the idea that taxation to fund public education is plunder (and based on our discussion in class): 7. Opportunity cost is best defined as: 8. If the demand curve for product B shifts to the right as the price of product A increases, then: Page 1
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