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Microeconomics chapter 1 - 5 and 19 - 21 Please try your best! I

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Micro: Chapters 1-5 and 19-21 1) Which of the following is a true statement about self-interest as used in the study of economics. a) Any action can be based on self-interest if the person has some reason for the action b) Self-interest implies that people are selfish. c) Self-interest means that people want greater levels of wealth more than anything else. d) Self-interest means that people will never perform an act of charity. 2) Which of the following is a positive statement? a) The government should not allow the price of oil to rise b) Historically, women have been paid less than men for doing similar jobs. c) There should be less pollution d) Unemployment benefits ought to be increased. 3) Jose can wash, fold, and iron a basket of laundry in two hours and prepare a meal in one hour. His roommate Roberto can wash, fold and iron a basket of laundry in three hours and prepare a meal in one hour. a) Jose b) Roberto c) Neither person The comparative advantage in meal preparations is held by a) Jose b) Roberto c) Neither person 4) Opportunity cost a) Only is considered for goods in short supply. b) Is the value of the next best alternative as a result of choosing some given alternative c) Is the value of all alternatives forgone as a result of choosing some given alternative d) Either B and C 5) All of the following pairs of goods are substitute excerpt a) We observe the price of coffee increases and the demand for tea increases b) We observe the price of bacon increases and the demand for eggs decreases. c) We observe the price of automobiles decreases and the demand for public transit decreases d) We observe the price of tennis racquets decreases and the demand for golf clubs decreases. All of the following pairs of goods are complements excerpt a) We observe the price of coffee increases and the demand for cream increases b) We observe the price of automobiles decreases and the demand for tires increases. c) We observe the price of tennis racquets increases and the demand for tennis shoes decreases. d) We observe the price of bacon decreases and the demand for sausage increases. 6) Assume the cost of aluminum used by soft-drink companies increases. Which of the following correctly describes the resulting effects in the market for canned soft drinks? I. The demand for soft drinks decreases II. The quantity of soft drinks demanded decreases III. The supply of soft drinks decreases IV. The quantity of soft drinks supplied decreases a) I and IV b) III only c) II and III d) IV only 7) Last year, the price of chicken was $6 per pound and the price of fish was $7 per pound. This year, the price of chicken is $10 per pound and the price of fish is $11 per pound.
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All other things equal, and assuming that Brian purchased both items before, what would you expect to happen to his purchases of chicken (relative to fish) this year? a) The relative price of chicken has decreased, so Brian would be expected to purchase more. b) The relative price of chicken has increased, so Brian would be expected to purchase less. c) The money price of chicken has increased, so Brian would be expected to purchase less. d) The money price of chicken has decreased, so Brian would be expected to purchase more. e) The relative price of chicken has not changed, so Brian would be expected to purchase the same amount. 8) Using the diagram below, answer the questions. This market equilibrium exists at a price of $6. In equilibrium, the quantity demanded by consumers is a) Greater than b) Equal to c) Less than 9) No question 10) The graph below shows the market for hamburger, which is in equilibrium. Hamburger is a normal good, and people alike to eat cheese with hamburger. Beef is an input to hamburger production Suppose that there is a decrease in the NUMBER OF FIRMS IN THE MARKET. I. Draw on the graph and show the effect on the market. Properly label new curve. “Label D2 or S2” II. Draw on the graph and show the new equilibrium price and quantity. Label your point “E” III. At the new equilibrium, price is higher/unchanged/lower and quantity is higher/unchanged/lower .
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Subject: Business, Economics
Micro: Chapters 1-5 and 19-21 1) Which of the following is a true statement about self-interest as used in the study of economics. a) Any action can
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