Name: ________________________ Class: ___________________ Date: __________

ID: W

Microeconomics Mid-term

Multiple Choice Identify the letter with the choice that best finishes the declaration or answers the question. Determine 6-3

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1 . Make reference to Figure 6-3. In panel (b), together with the price floor in effect, it will have a. a shortage of whole wheat. b. sense of balance in the market. c. a excessive of whole wheat. d. a surplus demand for wheat or grain. 2 . The positive relationship between price and quantity offered is called a. profit. b. a change in supply. c. a shift of the source curve. m. the law of supply. 3. When quantity demanded decreases at every possible price, we know that the demand curve has a. shifted to the left. w. shifted towards the right. c. not shifted; rather, we certainly have moved down the demand shape to a new point about the same curve. m. not moved; rather, the demand curve has become flatter. some. When the cost of a great is $5, the quantity demanded is 90 units each month; when the cost is $7, the quantity demanded is 80 models per month. Making use of the midpoint method, the price suppleness of require is about a. 0. twenty two. b. 0. 67. c. 1 . 33. d. 1 . 50. your five. Which of those statements about economic types is correct? a. For those who claim to know the most about finance, economic models provide ideas about the earth. b. Economic models are made with assumptions. c. Economical models tend to be composed of equations and diagrams. d. Each of the above are correct.

one particular

Name: ________________________ ____ six. The signs that slowly move the allocation of resources in a market economy are a. surpluses and shortages. b. volumes. c. property rights. d. prices. 7. Economics is a study of the. production methods. b. just how society manages its scarce resources. c. how homes decide whom performs which will tasks. m. the conversation of business and govt. Figure 4-10

ID: W

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eight. Refer to Physique 4-10. Graph C shows which from the following? a. an increase in require and a rise in quantity offered b. a rise in demand and an increase in supply c. a rise in quantity demanded and an increase in quantity offered d. a rise in supply and an increase in amount demanded on the lookout for. Refer to Physique 4-10. Which will of the four graphs illustrates a reduction in quantity required? a. A. b. M. c. C. d. Deb.

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Brand: ________________________

ID: B

____ 10. Make reference to Figure 4-10. Which in the four graphs illustrates an increase in quantity delivered? a. A. b. N. c. C. d. G. ____ 11. Suppose a producer will be able to separate consumers into two groups, one having an inelastic demand and the various other having an elastic demand. If the producer's objective is always to increase total revenue, the lady should a. increase the selling price charged to customers with all the elastic demand and decrease the purchase price charged to customers with the inelastic demand. b. decrease the price recharged to buyers with the elastic demand and increase the cost charged to customers with all the inelastic require. c. fee the same price to the two groups of consumers. d. improve the price intended for both groups of customers. Number 5-2

____ 12. Label Figure 5-2. If the price decreased by $18 to $6, a. total income would increase by $1, 200 and demand is definitely elastic among points A and C. b. total revenue might increase by simply $800 and demand is elastic among points A and C. c. total revenue could decrease by simply $1, 2 hundred and demand is inelastic between items A and C. d. total revenue would reduce by hundreds of dollars and demand is inelastic between factors A and C. ____ 13. Consider Figure 5-2. The suppleness of require between level B and point C, using the midpoint method, can be described as. 0. 5. b. 0. 75. c. 1 . 0. d. 1 ) 3.

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Name: ________________________

ID: W

Figure 4-7

____ 13. Refer to Physique 4-7. In a price of $35, a. there would be a shortage of four hundred units. n. there would be a surplus of 200 models. c. there would be a extra of 400 units. d. there would be an excess supply of 200 units. ____ 15. Refer to...

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