MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the
question.
1) Utility is best defined as
1)
A) the price of a good.
B) the practical usefulness of a good.
C) the satisfaction from consuming a good.
D) the amount
Chapter 4 - Elasticity - Sample Questions
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1) The slope of a demand curve depends on
1)
A) the units used to measure quantity but not the units used to m
PROGRAMS AND COURSES
PROGRAMS AND COURSES
Programs and Courses
UNDERGRADUATE COURSES
Lower Division Courses
These courses, numbered 199, are open to all students for lower
division credit, but are designed primarily for freshmen and sophomores.
Upper Divi
ECON 101 MIDTERM EXAM 1
GROUP A
Name_
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1) Suppose Jeep Cherokees are a normal good. Then if household income increases, the direct result
will be
A) a de
Practice Exam
Name U i giGQ
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1) If there is a positive relationship between two variables, 1)
A) the graph of the relationship will be downward sloping
PRINCIPLES OF MICROECONOMICS ECON 101
Department of Economics R I T
Instructor: Brd G. Hanna
In Class Activity # 2 Friday, August 26th, 2016
The topic of this class session was an introduction to our first formal economic model: the production
possibiliti
PRINCIPLES OF MICROECONOMICS ECON 101
Department of Economics R I T
Instructor: Brd G. Hanna
In Class Activity # 5 Friday, September 2nd, 2016
Question 1.
Consider the 2 economies, Island 1 and Island 2, whose daily production possibilities (PPFs) are ill
PRINCIPLES OF MICROECONOMICS ECON 101
Department of Economics R I T
Instructor: Brd G. Hanna
In Class Activity # 3 Monday, August 29th, 2016
We continued using diagrams of PPFs (Production Possibilities Frontiers) to illustrate that:
The absolute value of
PRINCIPLES OF MICROECONOMICS ECON 101
Department of Economics R I T
Instructor: Brd G. Hanna
In Class Activity # 4 Wednesday, August 31st, 2016
Today we covered 2 questions:
Question 1: The island 1 and island 2 example illustrated that 2 economies with d
PRINCIPLES OF MICROECONOMICS ECON 101
Department of Economics R I T
Instructor: Brd G. Hanna
In Class Activity # 1 Wednesday, August 24th, 2016
The topic of this class session was opportunity costs.
We defined them, talked about how we use these to make r
PRINCIPLES OF MICROECONOMICS ECON 101
Department of Economics R I T
Instructor: Brd G. Hanna
In Class Activity # 7 Friday, September 9th
Buyer & Seller Market Decisions
Lets consider the market for sweaters.
To carry out this analysis we need to categori
PRINCIPLES OF MICROECONOMICS ECON 101
Department of Economics R I T
Instructor: Brd G. Hanna
Friday, September 16th, 2016
(1) The Market for Pizza
Quantity
Price $ Per Pizza Demanded Per
Month
Quantity
Supplied Per
Month
10
1
25
8
6
17
6
11
11
4
16
7
2
21
PRINCIPLES OF MICROECONOMICS ECON 101
Department of Economics R I T
Instructor: Brd G. Hanna
In Class Activity # 6 Wednesday, September 7th
1. We had a short final discussion of free trade. This was a follow-on from using the PPF model to illustrate the
e
PRINCIPLES OF MICROECONOMICS ECON 101
Department of Economics R I T
Instructor: Brd G. Hanna
Wednesday, September 14th, 2016
The purpose of todays class is to:
Show that the market supply curve is the horizontal sum of the individual suppliers supply curv
PRINCIPLES OF MICROECONOMICS ECON 101
Department of Economics R I T
Instructor: Brd G. Hanna
Monday, September 12th, 2016
Today we returned to the numerical example with 8 potential buyers of sweaters and graphed the
resulting demand curve.
We went throug
Increase/Decrease in Quantity
Demand
Increase in Demand
Decrease in Demand
P
P
P
A
P1
B
D2
P2
Demand
Q
Q1 Q2
Movement Up/Down the Demand
Curve
Change in Price
1. Increase in Price causes a
decrease in quantity
demand.
2. Decrease in Price causes an
increa
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1) All economic questions arise from the fact that
A) inflation is inevitable.
B) both wants and resources are unlimited.
C) unemployment is inevitable.
C h a p t e r
3
4) A) B) C) D)
DEMAND AND SUPPLY
Markets and Prices
Topic: Price and Opportunity Cost Skill: Conceptual
Topic: Price and Opportunity Cost Skill: Analytical
1) A) B) C) D)
A relative price is the slope of the demand curve. the difference be
C h a p t e r
6
4)
MARKETS IN ACTION
Housing Markets and Rent Ceilings
Topic: Market Response to a Decrease in Supply Skill: Analytical
Topic: Long-Run Adjustments to a Decrease in Supply Skill: Analytical
1) A) B) C) D)
The short-run impact of the San Fr
Chapter
7
Key Concepts
UTILITY AND
DEMAND
FIGURE 7.1
A Budget Line
Soda (six-packs per month)
Household Consumption Choices
Consumption choices are determined by the interaction
of the households consumption possibilities and its
preferences.
Consumption
Factoring
I.
Common Factoring
A. Definition: Greatest Common Factor (GCF) or common factor is a number or
algebraic expression that appears in every term of the expression.
B. Examples:
i. 3 x 2 + 6 x + 12
a. Common Factor = 3
b. Factored Form: 3( x 2 + 2
Quadratic Equations
I.
Quadratic Equations
a. Definition: A quadratic equation with one unknown variable is an
equation in which there appears an exponent of 2 on the unknown
(and sometimes an exponent of 1 as well).
For instance:
x 2 + 4 = 0 is quadrati
Dr. Shishkin
ECON 2106
Assignment #10
Fall 2010
Your name:_
The figure above illustrates the current market for apartments in Washington, D.C.
Refer to this figure to answer questions 1-8. Please show your calculations.
1. If the local government imposes
Chapter 2 The Economic Problem
Test Bank
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1) The production possibilities frontier
A) refers to the technology used in such goods as computers and milita
Chapter 3 - Demand and Supply - Sample Questions
Answers are at the end fo this file
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1) A relative price is
1)
A) the ratio of one price to another.
B)
ECO 2301
Sec 002
Fall 2011
K. Becker
Exam 3
Form 2
Wednesday, November 30
Name_
SIN: R_
Choose the best answer to each of the following questions
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1) The
Chapter 6 - Markets in Action - Sample Questions
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1) The short-run impact of the San Francisco earthquake on the housing market was to shift the
1)
A) lo