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ECON 1002 FINAL EXAM – MGMT 3503 MICROECONOMICS WITH ANSWERS
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ECON 1002 FINAL EXAM – MGMT 3503 MICROECONOMICS WITH ANSWERS
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ECON 1002 FINAL EXAM – MGMT 3503MICROECONOMICS WITH ANSWERS
Question 1
0 out of 4 points
A demand curve:
Selected
Answer:
shows the quantity of a good that buyers will purchase at each price.
Correct Answer:
all of the above.
Question 2
4 out of 4 points
The income effect that results from a price change is given by:
Selected
Answer:
the change in quantity demanded of a good that results from the effect of a change
in price on a buyer's purchasing power.
Correct
Answer:
the change in quantity demanded of a good that results from the effect of a change
in price on a buyer's purchasing power.
Question 3
4 out of 4 points
The table below shows the quantities demanded and quantities supplied for a good at various prices.
The equilibrium price and quantity for the good above respectively equal:
, Price Qdemanded Qsupplied
$0.25 500 200
$0.50 400 400
$0.75 200 600
$1.00 100 800
Selected Answer:
$0.50; 400.
Correct Answer:
$0.50; 400.
Question 4
4 out of 4 points
When price is below the market equilibrium price:
Selected
Answer:
the quantity demanded will exceed the quantity supplied.
Correct Answer:
the quantity demanded will exceed the quantity supplied.
Question 5
4 out of 4 points
The economic surplus to an individual from consuming a good is given by:
Selected
Answer:
the total benefits the individual receives from consuming the good minus the total
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