midterm2_sample

# midterm2_sample - 1. A family on a trip budgets \$800 for...

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

1. A family on a trip budgets \$800 for sit-down restaurant meals and fast food. If the price of a fast food meal for the family is \$20, how many such meals can the family buy if they do not eat at restaurants? a. 8 b. 15 c. 20 d. 40 e. 160 2. A family on a trip budgets \$800 for sit-down restaurant meals and fast food. The family can buy 16 restaurant meals if they don't buy any fast food. What is the price of a restaurant meal for the family? a. \$5 b. \$16 c. \$20 d. \$50 e. it is impossible to tell from the information given 3. A family on a trip budgets \$800 for restaurant meals and fast food. The family can buy 16 restaurant meals if they don't buy any fast food. What is the price of a fast-food meal for the family? a. \$5 b. \$16 c. \$20 d. \$50 e. it is impossible to tell from the information given 4. A family on a trip budgets \$800 for restaurant meals and fast food. The price of a fast-food meal is \$20 and the family can afford 16 restaurant meals if they don't buy any fast food. How many fast-food meals would the family gain if they gave up one restaurant meal? a. 1 b. 0.4 c. 2 d. 2.5 e. 5 5. Which panel in Figure 5-2 shows the effect of a decrease in the price of apples, other things constant? a. panel a b. panel b c. panel c d. panel d e. panel e 6. Which panel in Figure 5-2 shows the effect of an increase in income, other things constant? a. panel a b. panel b

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

View Full Document
c. panel c d. panel d e. panel e 7. Which panel in Figure 5-2 shows the effect of an increase in the price of oranges, other things constant? a.
This is the end of the preview. Sign up to access the rest of the document.

## This note was uploaded on 09/14/2011 for the course ECON 103 taught by Professor Gispy during the Spring '11 term at Prairie State College .

### Page1 / 5

midterm2_sample - 1. A family on a trip budgets \$800 for...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document
Ask a homework question - tutors are online