ECON 103 GMU Exam 1 Boudreaux Questions and Answers Already Passed

ECON 103 GMU Exam 1 Boudreaux Questions and Answers Already Passed A decrease in the number of buyers in the market of buyers in the market for reading glasses will a) cause the market demand curve for reading glasses to shift outward b) cause the market demand curve for reading glasses to shift inward c) cause each individuals demand for reading glasses to shift outward d) cause each individuals demand for reading glasses to shift inward b) cause the market demand curve for reading glasses to shift inward According to my definition, in class of economists' meaning of "self interest" which of the following is inconsistent with that meaning? a) a mother sacrifices her life to save the life of one of her children b) a mother sacrifices her life to save the lives of several of her children c) abby in alabama contributes $5.00 to a charity that helps poor people in africa d) Nancy in Nigeria gives her last morsel of food to a stranger across town rather than to her own starving child d) Nancy in Nigeria gives her last morsel of food to a stranger across town rather than to her own starving child Adam smith argued that the chief cause of the high and growing material prosperity (the "wealth of nations") is a) the division of labor b) powerful government regulation to raise the incomes of poor people c) barter d) self-sufficiency of each household e) the principle of comparative advantage a) the division of labor As the amount of time increases for buyers to adjust to a change in the price of good Z, the elasticity of demand for good Z a) increases b) decreases c) doesnt change a) increases Ceteris paribus, if the demand for coconut falls, the i _______ will ii ____________. a) i supply of coconuts, ii rise b) i supply of coconuts ii fall c) price of coconuts, ii rise d) price of coconuts, ii fall e) none of the above d) price of coconuts, ii fall Economists call the price at which quantity demanded and quantity supplied are the same as each other the a) equilibrium price b) the just price c) the disequilibrium price d) the unjust price a) equilibrium price If the price of potatoes used to make potato chips falls, a) the supply curve of potato chips will shift to the left b) the supply curve will shift to the right c) there will be a movement upward along an existing supply curve of potato chips d) there will be a movement downward along an existing supply curve of potato chips b) the supply curve will shift to the right If wooden chairs and metal chairs are substitutes for each other, which of the following statements is correct?