Test 1 Microeconomics

# Test 1 Microeconomics - Sample Test 1 Multiple Choice...

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Sample Test 1 Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. __b__ 1. College-age athletes who drop out of college to play professional sports a. are not rational decision makers. b. are well aware that their opportunity cost of attending college is very high. c. are concerned more about present circumstances than their future. d. underestimate the value of a college education. ___a_ 2. A relatively steep demand curve indicates that a. quantity demanded will adjust only slightly to a price change. b. quantity demanded will adjust significantly to a price change. c. quantity demanded will not adjust to a price change. d. the change in quantity demanded will exactly equal a change in price. Figure 3-2 __d__ 3. Refer to Figure 3-2 . For Ben, the opportunity cost of 1 pound of ice cream is a. 1/14 pound of cones. b. 1/2 pound of cones. c. 2 pounds of cones. d. 4 pound of cones. Table 3-5

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Hours needed to make one: Amount produced in 2400 hours: Car Airplane Cars Airplanes Japan 30 150 80 16 U.S. 50 200 48 12 ___a_ 4. Refer to Table 3-5 . The opportunity cost of 1 airplane for the United States is a. 4 cars. b. 3 cars. c. 1/3 car. d. 1/4 car. __c__ 5. An increase in demand is represented by a. a movement downward and to the right along a demand curve. b. a movement upward and to the left along a demand curve. c. a rightward shift of a demand curve. d. a leftward shift of a demand curve. __b__ 6. Today's demand curve for gasoline could shift in response to a. a change in today's price of gasoline. b. a change in the expected future price of gasoline. c. a change in the number of sellers of gasoline. d. All of the above are correct. __c__ 7. A very hot summer in Atlanta will cause a. the demand for lemonade to shift to the left. b.
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## This note was uploaded on 10/17/2011 for the course ECON 2103 taught by Professor Staff during the Summer '08 term at Oklahoma State.

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Test 1 Microeconomics - Sample Test 1 Multiple Choice...

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