2/21 125, 12:42 PM CP2.7 Class Participation Quiz for Unit 7: Online SP25 ECON 2105 Principles of Macroeconomics
CP2.7 C|| ~ Quiz submitted x]
Due No due date
Points 10
Questions 10
Available until May 9 at 11:59pm
Time Limit None
Allowed Attempts Unlimited
Instructions
The intended way to do these questions is to prime your brain to the main/basic concepts that you
should be able to answer with ease by the end of the module.
With your first attempt, just read carefully and give it your best guess.
Use these questions as a guide to draft the first concept map for this unit, which you will fill in by
going through elLectures and chapter sections as you go through your self- and group-study steps.
To fully master these questions, make sure that you are able to explain not only the correct answer
options, but also incorrect ones.
Be detailed in your explanations.
o The best way to learn is to explain to someone else.
This is a good place to engage with classmates in your groups, in GroupMe, online discussion or to
office hours and chats.
Remember that these are just for completion, and you have as many tries as you want.
Take the Quiz Again
Attempt History
Attempt Time Score
KEPT Attempt 2 2 minutes 10 out of 10
https://gatech.instructure.com/courses/442722/quizzes/630817 1/7
, 2/21/25, 12:42 PM CP2.7 Class Participation Quiz for Unit 7: Online SP25 ECON 2105 Principles of Macroeconomics
{ _ Quiz submitted }
LATEST ITTINU & L 1T1TITTULOO 1V UuUl Ul 10
Attempt 1 less than 1 minute 2 out of 10
Score for this attempt: 10 out of 10
Submitted Feb 21 at 12:42pm
This attempt took 2 minutes.
Question 1
1/1 pts
Suppose that the unit cost of producing a pound of cereal is $2, irrespective of the level of output. (This
means there are no fixed costs, costs that are present for any level of output, including zero). Which of
the following statements is correct?
The total cost curve is a horizontal straight line.
The average cost curve is downward-sloping.
The marginal cost curve is upward-sloping.
Correct!
The average cost and the marginal cost curves coincide.
Both the average and the marginal cost are 2 for all outputs, so the curves representing them coincide.
Question 2
1/1 pts
Consider a firm whose unit cost (the cost of producing one unit of output) is the same at all output levels.
Which of the following statements are correct?
Each isoprofit curve depicts the firm's profit for different outputs for a given price of the output good.
Isoprofit curves can be upward-sloping when at high profit levels.
Correct!
Every price-quantity combination lies on an isoprofit curve.
You can calculate the profit for any combination of price and quantity, and draw an isoprofit curve
through it by finding other points that give the same profit.
Correct!
Isoprofit curves slope downward when the price is above the unit cost.
If the price is above the unit cost, then if output is increased the price must be lowered to keep profit
constant, so isoprofit curve slopes downward.
Question 3
1/1 pts
Figure 7.11 depicts the demand curve for Beautiful Cars, together with the marginal cost and isoprofit
curves. The quantity-price combination at point E is (Q*, P*) = (32, 5,440). The average cost of
https://gatech.instructure.com/courses/442722/quizzes/630817 2[7
CP2.7 C|| ~ Quiz submitted x]
Due No due date
Points 10
Questions 10
Available until May 9 at 11:59pm
Time Limit None
Allowed Attempts Unlimited
Instructions
The intended way to do these questions is to prime your brain to the main/basic concepts that you
should be able to answer with ease by the end of the module.
With your first attempt, just read carefully and give it your best guess.
Use these questions as a guide to draft the first concept map for this unit, which you will fill in by
going through elLectures and chapter sections as you go through your self- and group-study steps.
To fully master these questions, make sure that you are able to explain not only the correct answer
options, but also incorrect ones.
Be detailed in your explanations.
o The best way to learn is to explain to someone else.
This is a good place to engage with classmates in your groups, in GroupMe, online discussion or to
office hours and chats.
Remember that these are just for completion, and you have as many tries as you want.
Take the Quiz Again
Attempt History
Attempt Time Score
KEPT Attempt 2 2 minutes 10 out of 10
https://gatech.instructure.com/courses/442722/quizzes/630817 1/7
, 2/21/25, 12:42 PM CP2.7 Class Participation Quiz for Unit 7: Online SP25 ECON 2105 Principles of Macroeconomics
{ _ Quiz submitted }
LATEST ITTINU & L 1T1TITTULOO 1V UuUl Ul 10
Attempt 1 less than 1 minute 2 out of 10
Score for this attempt: 10 out of 10
Submitted Feb 21 at 12:42pm
This attempt took 2 minutes.
Question 1
1/1 pts
Suppose that the unit cost of producing a pound of cereal is $2, irrespective of the level of output. (This
means there are no fixed costs, costs that are present for any level of output, including zero). Which of
the following statements is correct?
The total cost curve is a horizontal straight line.
The average cost curve is downward-sloping.
The marginal cost curve is upward-sloping.
Correct!
The average cost and the marginal cost curves coincide.
Both the average and the marginal cost are 2 for all outputs, so the curves representing them coincide.
Question 2
1/1 pts
Consider a firm whose unit cost (the cost of producing one unit of output) is the same at all output levels.
Which of the following statements are correct?
Each isoprofit curve depicts the firm's profit for different outputs for a given price of the output good.
Isoprofit curves can be upward-sloping when at high profit levels.
Correct!
Every price-quantity combination lies on an isoprofit curve.
You can calculate the profit for any combination of price and quantity, and draw an isoprofit curve
through it by finding other points that give the same profit.
Correct!
Isoprofit curves slope downward when the price is above the unit cost.
If the price is above the unit cost, then if output is increased the price must be lowered to keep profit
constant, so isoprofit curve slopes downward.
Question 3
1/1 pts
Figure 7.11 depicts the demand curve for Beautiful Cars, together with the marginal cost and isoprofit
curves. The quantity-price combination at point E is (Q*, P*) = (32, 5,440). The average cost of
https://gatech.instructure.com/courses/442722/quizzes/630817 2[7
