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Review Micro Exam One Zid with solution

# Review Micro Exam One Zid with solution - Review Exam One...

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Review Exam One - Fall 2011 ID: Z Multiple Choice Identify the choice that best completes the statement or answers the question. Figure 4-13 S S' quantity price ____ 1. Refer to Figure 4-13 . The shift from S to S in the market for peaches could be caused by a(n) a. increase in the price of peaches. b. decrease in the price of pears. c. increase in income. d. decrease in the labor costs of the workers who pick peaches. ____ 2. Refer to Figure 4-13 . If the supply curves that are drawn represent supply curves for single-family residen- tial houses, then the movement from S to S could be caused by a(n) a. increase in the price of apartments which are a substitute for single-family houses for many people looking for a place to live. b. newly-formed expectation by house-builders that prices of houses will increase signific- antly in the next six months. c. decrease in the price of lumber. d. All of the above are correct. ____ 3. A higher price for batteries would result in a(n) 1

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Figure 7-12 Supply P1 P2 Q1 Q2 A C B D G Quantity Price ____ 4. Refer to Figure 7-12 . When the price rises from P1 to P2, which area represents the increase in producer sur- plus to existing producers? ____
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