1. ECON 1580-01 - AY2024-T5
2. Graded Quiz Unit 3
Graded Quiz Unit 3
Started on Friday, 5 July 2024, 12:36 AM
State Finished
Completed on Friday, 5 July 2024, 12:58 AM
Time taken 22 mins 14 secs
Marks 29.00/29.00
Grade 100.00 out of 100.00
Question 1
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Question text
The fact that a society's production possibilities curve is bowed out from the origin of a
graph demonstrates the law of:
Question 1Select one:
a.
increasing opportunity cost.
b.
decreasing opportunity cost.
c.
constant opportunity cost.
d.
convex opportunity cost.
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The correct answer is: increasing opportunity cost.
Question 2
Correct
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When the percentage change in quantity demanded is less than the percentage change in
price:
Question 2Select one:
a.
demand is price elastic.
, b.
demand is price inelastic.
c.
an increase in price will result in lower total revenue.
d.
total revenue will be zero at the midpoint of a linear demand curve.
Feedback
The correct answer is: demand is price inelastic.
Question 3
Correct
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Question text
The price of apples falls. What happens in the market for apple pies?
Question 3Select one:
a.
The equilibrium price falls, and the equilibrium quantity rises.
b.
The equilibrium price rises, and the equilibrium quantity falls.
c.
The equilibrium price and quantity rise.
d.
The equilibrium price and quantity fall.
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The correct answer is: The equilibrium price falls, and the equilibrium quantity rises.
Question 4
Correct
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Which of the following statements is (are) true?
Question 4Select one:
a.
As a consumer consumes more and more of a good or service, its marginal utility
eventually falls.
b.
Utility is a quality inherent in the good or service itself.
c.
Marginal utility is the change in total utility resulting from consuming one more or one less
unit of a good.
d.
2. Graded Quiz Unit 3
Graded Quiz Unit 3
Started on Friday, 5 July 2024, 12:36 AM
State Finished
Completed on Friday, 5 July 2024, 12:58 AM
Time taken 22 mins 14 secs
Marks 29.00/29.00
Grade 100.00 out of 100.00
Question 1
Correct
Mark 1.00 out of 1.00
Flag question
Question text
The fact that a society's production possibilities curve is bowed out from the origin of a
graph demonstrates the law of:
Question 1Select one:
a.
increasing opportunity cost.
b.
decreasing opportunity cost.
c.
constant opportunity cost.
d.
convex opportunity cost.
Feedback
The correct answer is: increasing opportunity cost.
Question 2
Correct
Mark 1.00 out of 1.00
Flag question
Question text
When the percentage change in quantity demanded is less than the percentage change in
price:
Question 2Select one:
a.
demand is price elastic.
, b.
demand is price inelastic.
c.
an increase in price will result in lower total revenue.
d.
total revenue will be zero at the midpoint of a linear demand curve.
Feedback
The correct answer is: demand is price inelastic.
Question 3
Correct
Mark 1.00 out of 1.00
Flag question
Question text
The price of apples falls. What happens in the market for apple pies?
Question 3Select one:
a.
The equilibrium price falls, and the equilibrium quantity rises.
b.
The equilibrium price rises, and the equilibrium quantity falls.
c.
The equilibrium price and quantity rise.
d.
The equilibrium price and quantity fall.
Feedback
The correct answer is: The equilibrium price falls, and the equilibrium quantity rises.
Question 4
Correct
Mark 1.00 out of 1.00
Flag question
Question text
Which of the following statements is (are) true?
Question 4Select one:
a.
As a consumer consumes more and more of a good or service, its marginal utility
eventually falls.
b.
Utility is a quality inherent in the good or service itself.
c.
Marginal utility is the change in total utility resulting from consuming one more or one less
unit of a good.
d.
