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

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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
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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.
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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 .

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

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