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Final Review
Final Review
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Flashcards
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Questions
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Answers
1
When a firm is producing zero output, total cost equals
variable cost.
fixed cost.
zero.
average total cost.
2
An increase in the price of grape juice will result in
decrease in the demand for OJ, a substitute
leftward shift in the demand curve for grape juice
rightward shift in the demand curve for grape juice
decrease in the quantity of grape juice demanded
3
Which would cause the price of oranges to go down?
firms in the orange industry launch and effective ad campaign
a tree-killing fungus spreads through orange orchards
weather during orange growing season is not as good as last year
studies suggest oranges contain traces of cancer-causing substances
4
If an effective price floor is eliminated, all of these will happen EXCEPT
The surplus would be eliminated.
The quantity supplied would decrease.
The price would decrease.
The supply of the good would increase.
5
The basic economic problem of all economies is essentially one of deciding how to make the best use of
limited resources to satisfy limited wants
limited resources to satisfy unlimited wants
unlimited resources to satisfy unlimited wants
unlimited resources to satisify limited wants
6
What was the first Pixar movie?
Monsters Inc
Finding Nemo
Toy Story
A Bug's Life
7
If countries specialize and trade they can
shift the PPF to the right
become more self sufficent
produce outside the PPF
consume outside the PPF
8
Which would cause the demand for a good to be relatively inelastic?
price is in the upper left part of the demand curve
ample time to adjust to price changes
good is a necessity
large number of close substitutes
9
Firms and Households decide the efficient allocation of resources in a:
Communist Country
Oligopoly
Market Economy
Monopolistic Market
10
According to this PPF, which is true?
Opportunity cost of good X increases as more of good Y is produced
opportunity cost of a good X decreases as more of good Y is produced
Opportunity cost of good Y increases as more of good X is produced
Opportunity cost of good X is constant as more of good Y is produced
11
A consumer is willing to pay $1.50 for a bottle of water and $1,500 for a diamond ring because
TU of a diamond ring > TU of a bottle of water
MU of a bottle of water > MU of a diamond ring
TU of a bottle of water < MU of a diamond ring
MU of a bottle of water < MU of a diamond ring
12
Which of the following would increase demand for a normal good? A decrease in
income
price
price of a substitute
price of a complement
13
Which of the following is correct?
MC = TC/Q
AVC = ATC - AFC
AVC = change in TC generated by one more unit of output
AFC curve slopes upward
14
If there is a price ceiling at P1, consumer surplus is the area
P3BP2
ABC
P3ACP1
P2BP0
15
Chappell Roan is originally from what state?
Missouri
Nebraska
Georgia
North Carolina
16
Price increases from P1 to P2, consumer surplus decreases by?
P1P2BC
BDC
P1P2BD
Q1DCQ2
17
The absolute value of the price elasticity of demand for a good increases when
Consumers spend a big portion of their budget on the good.
The good has fewer substitutes
The good must be purchased immediately.
The good becomes a necessity.
18
Firm makes 100 units at a TC of $400. AVC = $3 per unit. What is total fixed cost?
$300
$50
$100
$1
19
What flavor of Pop Tarts does Buddy the Elf use in his spaghetti in Elf?
Strawberry
Cinnamon Sugar
Cherry
Chocolate
20
People like onions on their burgers. A decrease in the supply of hamburgers will cause the demand for onions to
decrease because hamburgers and onions are complements
increase because hamburgers and onions are complements
increase because hamburgers and onions are subsitutes
remain unchanged because hamburgers and onions are different goods
21
In which of the following cases would a firm's total revenue increase?
P decreases and supply is inelastic
P increases and demand is elastic
price decreases and demand is elastic
price decreases and supply is elastic
22
The price of leather used to produce shoes rises, so the supply of shoes _______ and the supply curve of shoes ________.
increases; shifts rightward
decreases; shifts leftward
increases; shifts leftward
decreases; shifts rightward
23
Who was the first U.S. President to die in office?
William Henry Harrison
James A Garfield
Abraham Lincoln
Zachary Taylor
24
The production function shows the relationship between inputs and
output
fixed costs
total revenue
variable costs
25
Price of good X decreases from $10 to $9, Qd increases from 25 to 30. Demand is
elastic
inelastic
perfectly inelastic
unit elastic
26
Total cost is equal to the sum of
total variable cost and total fixed cost
total fixed cost and total product
total variable cost and total product
total revenue and total cost
27
An economy makes TVs and shoes. What would cause the PPF for this economy to shift outward?
decrease in the demand for shoes
increase in the price of resources used to produce both goods
improvement in technology used to make both goods
increase in the price of both goods
28
Difference between what consumers are willing to pay and what they actually pay is...
producer surplus
economic rent
consumer surplus
marginal utility
29
A sporting event is held every year on Memorial Day. What is it?
PGA Championship
The Kentucky Derby
Indianapolis 500
Wimbledon
30
What would be the result of a price ceiling at P3?
Market price will be unaffected.
Market price will increase.
Qs will be greater than Qd
Qd will be greater than Qs
