FSU Microbiology TopHat Final (Hammock) | High-
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1) Suppose the administration of FSU decides to fire all advisors and
administrators, leaving only faculty, cleaning staff, and support staff, and by
doing so it manages to cut costs significantly. The price of one year's tuition at
FSU falls from $6,500 to $4,000. Which of the following will occur, ceteris
paribus?
a) The quantity of students who choose to attend FSU will rise.
b) The quantity of students who choose to attend FSU will fall.
c) Other universities will lower their tuition.
d) Cars will become more fuel efficient.
ANS:<< A
2) If the surgeon general announces that wearing shoes is bad for your posture,
which of the following will occur?
a) Demand for shoes will shift to the right.
b) Demand for shoes will shift to the left.
c) Quantity of shoes demanded will rise.
d) The supply of shoes will fall.
ANS:<< B
3) The value of the best thing you give up to get something is...
a) marginal cost.
b) sunk cost.
c) fixed cost.
d) opportunity cost.
ANS:<< D. opportunity cost
,4) Suppose I buy a nice dinner for $15. I was willing to pay $25 for it, and the
restaurant would have been willing to sell it for as little as $11. What is the total
gain to both sides?
ANS:<< 14
6) A country with a comparative advantage in producing a good...
a) has the lowest opportunity cost of production.
b) has the highest opportunity cost of production.
c) can produce more of the good than any other country.
d) will be poorer as a result of trading with its neighbors for other goods.
ANS:<< A
5) If the opportunity cost of watching one episode of your favorite show on
Netflix is the $5 you would have earned from working for half an hour, then the
opportunity cost of working for an hour is...
watching ______ episodes of your favorite show on Netflix.
ANS:<< 2
6) The opportunity cost for you to prepare a decent meal is one hour of work,
which would earn you $10. The opportunity cost for Chef Enzo to prepare a
decent meal is five minutes of work, which would earn him $2. Which of the
following terms of trade would benefit you and Chef Enzo?
a) Chef Enzo prepares a meal for you for $1.
b) Chef Enzo prepares a meal for you for $8.
c) Chef Enzo prepares a meal for you for $20.
d) You prepare a meal for Chef Enzo, who pays you $5.
ANS:<< B
7) Suppose the price of tomato sauce is $4 per jar, but then rises to $7 per jar.
The Law of Demand states that...
a) demand will rise.
b) demand will fall.
c) quantity demanded will rise.
d) quantity demanded will fall.
ANS:<< D
8) If you are willing to pay $40 for Top Hat access, but a guy in an alley sells you
a black market access code for $20, your consumer surplus is...
ANS:<< 20
,9) If a person's income goes up, and that person buys more chicken
sandwiches, then we can conclude that for this person...
a) chicken sandwiches are a normal good.
b) chicken sandwiches are an inferior good.
c) chicken sandwiches are substitutes.
d) chicken sandwiches are complements.
ANS:<< A
10) Consider the supply curve for sour cream. If the price of sour cream falls,
then...
a) the quantity supplied will fall.
b) the quantity supplied will rise.
c) the supply will rise.
d) none of the above.
ANS:<< A
11) In your spare time you drive for Uber. You pick up a passenger and take her
to Madison Social, for which you are paid $15. You would have been willing to
drive her there for $9. Your producer surplus is...
ANS:<< 6
12) A tornado destroys several carpet factories in North Georgia. Which of the
following occurs?
a) The quantity of carpet supplied rises.
b) The price of carpet falls.
c) The carpet supply curve shifts to the left.
d) The carpet supply curve shifts to the right.
ANS:<< C
13) A new program to teach computer science more effectively graduates its
first class of computer scientists, resulting in a significant increase in the
number of programmers and software engineers available. Which of the
following will occur?
a) The wages of programmers will rise.
b) The supply of software will shift to the right.
c) The supply of software will shift to the left.
d) The demand for software will shift to the left.
ANS:<< B
, 14) If the price of chicken feed (which is fed to chickens) goes up, which of the
following will happen in the market for chicken sandwiches?
a) Supply will shift to the right, and price will fall.
b) Supply will shift to the left, and price will rise.
c) Demand will shift to the right, and price will rise.
d) Demand will shift to the left, and price will fall.
ANS:<< B
15) Suppose the market for smartphones is in equilibrium. A new battery
technology is invented which makes phones last a week without needing to be
recharged. What happens in the market for smartphones?
a) Demand shifts to the right, price rises, quantity rises.
b) Demand shifts to the left, price falls, quantity falls.
c) Supply shifts to the right, price falls, quantity rises.
d) Supply shifts to the left, price falls, quantity rises.
ANS:<< A
16) Suppose the market for potato chips is in equilibrium, and then two things
happen at the same time: The price of potatoes (which are used to make potato
chips ) goes up, and a big sporting and social event occurs. Eating lots of potato
chips is traditional at this big sporting event. Which of the following is correct?
a) Price rises, quantity falls.
b) Price falls, quantity is indeterminate.
c) Price rises, quantity is indeterminate.
d) Price is indeterminate, quantity rises.
ANS:<< C
17) Consumer Surplus is...
a) The area above the supply curve and below the price.
b) The area above the demand curve and below the price.
c) The difference between the price and the cost of production.
d) The difference between what consumers are willing to pay and what they
actually pay.
ANS:<< D
18) Producer Surplus is...
a) The area above the supply curve and below the price.
b) The area above the demand curve and below the price.
c) The difference between the demand and supply.
Yield Questions & Answers , & Study Guide|
100% Accurate and Well Rationalized| Expert
Guarantee Pass ( Fully Solved ) | Frequently Most
Tested Questions |Brand New Version!!!
1) Suppose the administration of FSU decides to fire all advisors and
administrators, leaving only faculty, cleaning staff, and support staff, and by
doing so it manages to cut costs significantly. The price of one year's tuition at
FSU falls from $6,500 to $4,000. Which of the following will occur, ceteris
paribus?
a) The quantity of students who choose to attend FSU will rise.
b) The quantity of students who choose to attend FSU will fall.
c) Other universities will lower their tuition.
d) Cars will become more fuel efficient.
ANS:<< A
2) If the surgeon general announces that wearing shoes is bad for your posture,
which of the following will occur?
a) Demand for shoes will shift to the right.
b) Demand for shoes will shift to the left.
c) Quantity of shoes demanded will rise.
d) The supply of shoes will fall.
ANS:<< B
3) The value of the best thing you give up to get something is...
a) marginal cost.
b) sunk cost.
c) fixed cost.
d) opportunity cost.
ANS:<< D. opportunity cost
,4) Suppose I buy a nice dinner for $15. I was willing to pay $25 for it, and the
restaurant would have been willing to sell it for as little as $11. What is the total
gain to both sides?
ANS:<< 14
6) A country with a comparative advantage in producing a good...
a) has the lowest opportunity cost of production.
b) has the highest opportunity cost of production.
c) can produce more of the good than any other country.
d) will be poorer as a result of trading with its neighbors for other goods.
ANS:<< A
5) If the opportunity cost of watching one episode of your favorite show on
Netflix is the $5 you would have earned from working for half an hour, then the
opportunity cost of working for an hour is...
watching ______ episodes of your favorite show on Netflix.
ANS:<< 2
6) The opportunity cost for you to prepare a decent meal is one hour of work,
which would earn you $10. The opportunity cost for Chef Enzo to prepare a
decent meal is five minutes of work, which would earn him $2. Which of the
following terms of trade would benefit you and Chef Enzo?
a) Chef Enzo prepares a meal for you for $1.
b) Chef Enzo prepares a meal for you for $8.
c) Chef Enzo prepares a meal for you for $20.
d) You prepare a meal for Chef Enzo, who pays you $5.
ANS:<< B
7) Suppose the price of tomato sauce is $4 per jar, but then rises to $7 per jar.
The Law of Demand states that...
a) demand will rise.
b) demand will fall.
c) quantity demanded will rise.
d) quantity demanded will fall.
ANS:<< D
8) If you are willing to pay $40 for Top Hat access, but a guy in an alley sells you
a black market access code for $20, your consumer surplus is...
ANS:<< 20
,9) If a person's income goes up, and that person buys more chicken
sandwiches, then we can conclude that for this person...
a) chicken sandwiches are a normal good.
b) chicken sandwiches are an inferior good.
c) chicken sandwiches are substitutes.
d) chicken sandwiches are complements.
ANS:<< A
10) Consider the supply curve for sour cream. If the price of sour cream falls,
then...
a) the quantity supplied will fall.
b) the quantity supplied will rise.
c) the supply will rise.
d) none of the above.
ANS:<< A
11) In your spare time you drive for Uber. You pick up a passenger and take her
to Madison Social, for which you are paid $15. You would have been willing to
drive her there for $9. Your producer surplus is...
ANS:<< 6
12) A tornado destroys several carpet factories in North Georgia. Which of the
following occurs?
a) The quantity of carpet supplied rises.
b) The price of carpet falls.
c) The carpet supply curve shifts to the left.
d) The carpet supply curve shifts to the right.
ANS:<< C
13) A new program to teach computer science more effectively graduates its
first class of computer scientists, resulting in a significant increase in the
number of programmers and software engineers available. Which of the
following will occur?
a) The wages of programmers will rise.
b) The supply of software will shift to the right.
c) The supply of software will shift to the left.
d) The demand for software will shift to the left.
ANS:<< B
, 14) If the price of chicken feed (which is fed to chickens) goes up, which of the
following will happen in the market for chicken sandwiches?
a) Supply will shift to the right, and price will fall.
b) Supply will shift to the left, and price will rise.
c) Demand will shift to the right, and price will rise.
d) Demand will shift to the left, and price will fall.
ANS:<< B
15) Suppose the market for smartphones is in equilibrium. A new battery
technology is invented which makes phones last a week without needing to be
recharged. What happens in the market for smartphones?
a) Demand shifts to the right, price rises, quantity rises.
b) Demand shifts to the left, price falls, quantity falls.
c) Supply shifts to the right, price falls, quantity rises.
d) Supply shifts to the left, price falls, quantity rises.
ANS:<< A
16) Suppose the market for potato chips is in equilibrium, and then two things
happen at the same time: The price of potatoes (which are used to make potato
chips ) goes up, and a big sporting and social event occurs. Eating lots of potato
chips is traditional at this big sporting event. Which of the following is correct?
a) Price rises, quantity falls.
b) Price falls, quantity is indeterminate.
c) Price rises, quantity is indeterminate.
d) Price is indeterminate, quantity rises.
ANS:<< C
17) Consumer Surplus is...
a) The area above the supply curve and below the price.
b) The area above the demand curve and below the price.
c) The difference between the price and the cost of production.
d) The difference between what consumers are willing to pay and what they
actually pay.
ANS:<< D
18) Producer Surplus is...
a) The area above the supply curve and below the price.
b) The area above the demand curve and below the price.
c) The difference between the demand and supply.
