NDSU Econ 201 Final Exam Questions
with Revised Answers Updated
We would definitely see an upward sloping demand curve for a
a. normal good
b. inferior good
c. giffen good
d. elastic good - Answer-c
T or F: market prices give us an idea of the relative value of products - Answer-true
A study is conducted involving variablees, number of people attending a water park, and
the high temp for the day. Which is the independent variable
a. number of people
b. high temp - Answer-b
THere are 4 job offers available to you: a job that pays $80,000; $70,000; $65,000; and
$55,000. If you chose the $70,000 job what would you opportunity cost be
a. $80,000
b. $70,000
c. $65,000
d. $55,000 - Answer-a
I told you that every economy must answer for basic questions. WHich of the following
is not one of them
a. how much to produce
b. who is going to produce
c. who are we producing for
d. how to produce - Answer-b
A consumer with a fixed income will maximize utility when each good is purchased in
amounts such that the:
a. Total utility is the same for each good
b. marginal utility of each good is maximized
c. marginal utility per dollar spent is the same for all goods
d. marginal utility per dollar spent is maximized for each good - Answer-c
The law of supply is illistrated by a supply curve that is
a. horizontal
b. upward sloping
c. downward sloping
d. vertical - Answer-b
, T or F: THe law of diminishing returns is a short run concept because capital can be
changed in the long run - Answer-false
T or F: the difference between the complete market supply function and single market
supply function is hte use of the concept ceteris paribus - Answer-true
an increase in demand means that
a. given supply, the price of the product can be expected to decline
b. the demand curve has shifted to the right
c. price has declined and consumers therefore want to purchase more of the product
d. the demand curve has shifted to the left - Answer-b
The market for newspapers change due to a price increase in ink. The change causes
the following:
a. the demand curve will shift to the right
b. the demand curve will shift to the left
c. the supply curve will shift to the right
d. the supply curve will shift to the left
e. neither curve shifts - Answer-d
The market for newspapers change due to a price increase in ink. The change causes
the following:
a. equilibrium price will rise
b. equilibrium price will not change
c. equilibrium price will fall - Answer-a
The market for newspapers change due to a price increase in ink. The change causes
the following:
a. equilibrium quantity will rise
b. equilibrium quantity will not change
c. equilibrium quantity will fall - Answer-c
The market for I phone 7s changes due to a price decrease in Iphone 7s. THis change
causes the following:
a. the demand curve will shift to the right
b. the demand curve will shift to the left
c. the supply curve will shift to the right
d. the supply curve will shift to the left
e. neither curve shifts - Answer-e
The market for I phone 7s changes due to a price decrease in Iphone 7s. THis change
causes the following:
a. equilibrium price will rise
b. equilibrium price will not change
c. equilibrium price will fall - Answer-b
with Revised Answers Updated
We would definitely see an upward sloping demand curve for a
a. normal good
b. inferior good
c. giffen good
d. elastic good - Answer-c
T or F: market prices give us an idea of the relative value of products - Answer-true
A study is conducted involving variablees, number of people attending a water park, and
the high temp for the day. Which is the independent variable
a. number of people
b. high temp - Answer-b
THere are 4 job offers available to you: a job that pays $80,000; $70,000; $65,000; and
$55,000. If you chose the $70,000 job what would you opportunity cost be
a. $80,000
b. $70,000
c. $65,000
d. $55,000 - Answer-a
I told you that every economy must answer for basic questions. WHich of the following
is not one of them
a. how much to produce
b. who is going to produce
c. who are we producing for
d. how to produce - Answer-b
A consumer with a fixed income will maximize utility when each good is purchased in
amounts such that the:
a. Total utility is the same for each good
b. marginal utility of each good is maximized
c. marginal utility per dollar spent is the same for all goods
d. marginal utility per dollar spent is maximized for each good - Answer-c
The law of supply is illistrated by a supply curve that is
a. horizontal
b. upward sloping
c. downward sloping
d. vertical - Answer-b
, T or F: THe law of diminishing returns is a short run concept because capital can be
changed in the long run - Answer-false
T or F: the difference between the complete market supply function and single market
supply function is hte use of the concept ceteris paribus - Answer-true
an increase in demand means that
a. given supply, the price of the product can be expected to decline
b. the demand curve has shifted to the right
c. price has declined and consumers therefore want to purchase more of the product
d. the demand curve has shifted to the left - Answer-b
The market for newspapers change due to a price increase in ink. The change causes
the following:
a. the demand curve will shift to the right
b. the demand curve will shift to the left
c. the supply curve will shift to the right
d. the supply curve will shift to the left
e. neither curve shifts - Answer-d
The market for newspapers change due to a price increase in ink. The change causes
the following:
a. equilibrium price will rise
b. equilibrium price will not change
c. equilibrium price will fall - Answer-a
The market for newspapers change due to a price increase in ink. The change causes
the following:
a. equilibrium quantity will rise
b. equilibrium quantity will not change
c. equilibrium quantity will fall - Answer-c
The market for I phone 7s changes due to a price decrease in Iphone 7s. THis change
causes the following:
a. the demand curve will shift to the right
b. the demand curve will shift to the left
c. the supply curve will shift to the right
d. the supply curve will shift to the left
e. neither curve shifts - Answer-e
The market for I phone 7s changes due to a price decrease in Iphone 7s. THis change
causes the following:
a. equilibrium price will rise
b. equilibrium price will not change
c. equilibrium price will fall - Answer-b
