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Intro to Micro Final Exam
Intro to Micro Final Exam
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Answers
1
A shift in the supply curve to the rights means:
the amount producers wish to sell at every price is the same
the amount producers wish to sell at every price increases
All of the above
the amount producers wish to sell at every price decreases
2
Which country has the absolute advantage in production of cars?
Country D
Country A
Country B
Country C
3
Any point outside the production possibilities curve...
Is unattainable.
Represents unused resources.
Is attainable only if prices rise.
I attainable only if prices fall.
4
Which of the following would NOT shift the demand curve?
Change in Number of Buyers
Change in Price
Change in Income
Change in Consumer Expectations
5
Which country has a comparative advantage in food production?
Country B
Country A
6
A society that is producing on its production possibilities curve...
Producing too much output.
Fully utilizing all of its productive resources.
Not utilizing all of its resources.
Not being technologically efficient.
7
Who determines demand?
Sellers
Buyers
8
What's the Opportunity cost of going to the movies rather than going to the park?
The Popcorn
The park
The playing of the football
The movie
9
What is one determinant of demand
# of sellers
Input Price
Technology
# of buyers
10
Which of the following is will NOT cause a shift in demand?
Changes in income
Price of substitutes
Number of producers
Expectations
11
What Graph is this?
Supply
Demand
12
The Law of Supply states that when the price increases:
The quantity increases
The quantity stays the same
The quantity is a farce
The quantity decreases
13
What is comparative advantage?
To produce more efficiently than any other nation
The total value of a nation's exports
Selling and shipping to another country
To produce more efficiently than any other product
14
What is demand?
how much people are willing and able to buy a good
how many people want to buy a good
relationship between people and their money
when a karen demands to see the manager
15
The equilibrium price and quantity would be...
P=$5, Q=6
P = $5, Q= 4
P= $5, Q=5
P= $6, Q= 5
16
What is absolute advantage ?
Least costly
Who can produce with the most resources
Who can produce more with the resources they have
Produce the most and earn the most money
17
As price increases does demand go up or down the curve?
Up
Down
None
18
What graph is this?
Demand
Supply
19
What does a supply schedule show?
how much a trendy toy cost
how many goods are being sold
how much sellers are willing to sell at various prices
the price of a good
20
This shift in demand for apple juice was caused by which determinant?
Substitute Goods
Cost of Inputs
Complimentary Good
Income
21
In perfect competition there are:
Few firms
One firm
No firms
Many firms
22
Which of the following is not a determinant of supply ?
Government actions
Income
Technology
Resource prices
23
What would be created if price was $50? What would price do to return to equilibrium?
Shortage;Increase
Surplus;Decrease
Shortage;Decrease
Surplus;Increase
24
If the demand curve shifts to the left there has been an increase in demand.
False
True
25
What is opportunity cost?
Picking a worse alternative.
The thing you give up by doing something else.
Wanting to do something else.
Choosing a different good.
26
Define monopoly.
Get out of jail free card
A game you play
One company has complete control over industry's production, quality, war.
Every one gets the same amount of money
27
Points inside the production possibilities curve...
Are attainable with full use of resources.
Result in more rapid growth.
Are unattainable.
Represent unused or misused resources.
28
What would develop if price was $35? What would the price do in order to return to equilibrium?
Surplus;Decrease
Shortage;Increase
Shortage;Decrease
Surplus;Increase
29
The supply curve on a supply/demand graph is:
upward sloping
vertical
downward sloping
horizontal
30
Which of the following would causes a leftward shift in supply?
Decrease in taxes
Decrease in technology
Decrease in number of consumers
Increase in substitutes
31
Which of the following market structures has identical products?
monopolistic competition
monopoly
oligopoly
perfect competition
32
What is monopolistic competition?
Many buyers and sellers and identical products
Many producers sell differentiated products
A few sellers dominate the industry
The exclusive control of the supply of a commodity
33
Price floor is...
maximum price set by government to prevent prices from going too high
minimum price set by government to prevent prices from going too low
34
Which of the following market structures is collusion most likely to take place in?
Oligopoly
Monopoly
Perfect Competition
Monopolistic Competition
35
A shift in the supply curve to the left means:
quantity producers offer at every price stays the same.
quantity producers offer at every price will be less.
quantity producers offer at every price will be high.
none of the above
36
A Production possibilities Curve...
Shows how much I can produce of all goods
is Fake Newz
shows how much I can produce of 2 goods
Shows how much I can consume
37
A minimum price set above the equilibrium price is a:
supply price
price floor
demand price
price ceiling
38
A price of $2 would a cause a
surplus of 50
shortage of 50
shortage of 60
surplus of 60
39
Which is a scenario which can shift a demand curve for bananas?
The price of bananas rise
The crops get destroyed
The price of transporting bananas goes up
News report that bananas are good for your health
40
Which of these factors may cause a shift in the demand curve?
Good or bad publicity
All of the above
A change in the size of the population
A change in trends and fashions
41
What is a determinant of supply?
Price of related good
Government intervention
Substitutes
Taste/Preference
42
Which country has a comparative advantage in bikes?
Both
Neither
Country A
Country B
