Econ 2100 Test 1 Dinkar Kuchibhotla

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Econ 2100 Test 1 Dinkar Kuchibhotla


Sources of Pollution - correct-answer -Sources grouped by mobility
- stationary sources: fixed site
- Mobile sources: any nonstationary source
Sources grouped by identifiability
- Point source: single identifiable
- Nonpoint Source: unidentifiable source




Economic Analysis - correct-answer -Uses models to explain strategic decision
making and underlaying economic conditions




If qs=8p-2 is the supply equation for an item where qs, p are the quantity supplied
and price, respectively, of that item. Then the inverse supply equation associated
with this item is
A. Can't be determined
B. p = qs/8 + 2/8
C. p = 16qs + 4
D. p=8 - correct-answer -B. p = qs/8 + 2/8

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The market demand and supply equations for an item, respectively, are as follows:
Qd = -10P+20
Qd =32P-8
Then the equilibrium price (PE) is
A. 28/42
B. 1
C. 2
D. 42/38 - correct-answer -28/42




The market demand and supply equations for an item, respectively, are as follows:
Qd = -10P+20
Qd =32P-8
Then the equilibrium quantity (QE) is
A. 13.334
B. 1
C. 25
D. 2 - correct-answer -13.334




The market demand and supply equations for an item, respectively, are as follows:
Qd=200-4P
Qs =100

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Then the equilibrium quantity (QE) is
A. 25
B. 20
C. 100
D. 10 - correct-answer -100




The market demand and supply equations for an item, respectively, are as follows:
Qd=200-4P
Qs =100
Then the equilibrium price (PE) is
A. 25
B. 20
C. 100
D. 10 - correct-answer -25




Allocative efficiency is achieved when
A. marginal benefit is less than marginal cost
B. marginal benefit equals marginal cost
C. marginal benefit is greater than marginal cost - correct-answer -marginal
benefit equals marginal cost