ECON 2001 Week 3 MidTerm With Answers ( LATEST UPDATE )

User Glenn Hayden Course ECON-1002-3/MGMT-3503-3-Microeconomics2018 Spring Qtr 02/26-05/20-PT5 Test Exam - Week 3 Started 4/26/18 12:29 PM Submitted 4/26/18 12:56 PM Due Date 4/30/18 1:59 AM Status Completed Attempt Score Time Elapsed 100 out of 100 points 26 minutes out of 2 hours and 30 minutes Instructions Please answer each question below and click Submit when you have completed the Quiz. Results Displayed Submitted Answers, Correct Answers, Feedback A demand curve: Selected Answer: all of the above. Correct Answer: all of the above. 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. 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. 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. 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 costs the individual incurs from consuming the good. Correct Answer: the total benefits the individual receives from consuming the good minus the total costs the individual incurs from consuming the good. A change in "demand" of a good is caused by ; a change in "quantity demanded" of a good is caused by : Selected Answer: a change in the price of a substitute; a change in the price of the good. Correct Answer: a change in the price of a substitute; a change in the price of the good. Based on the diagram below, which of the following best explains the change depicted? Selected Answer: A decrease in the price of a complement. Correct Answer: A decrease in the price of a complement. A production possibilities curve with a bowed outward shape indicates: Selected Answer: increasing opportunity costs as more and more of one good is produced. Correct Answer: increasing opportunity costs as more and more of one good is produced. The increased popularity of screw off caps on wine bottles has led to a decrease in the demand for cork. As a result, we can expect that