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ECON 1002 Final Exam – MGMT 3503 Microeconomics with Answers

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ECON 1002 Final Exam – MGMT 3503 Microeconomics with Answers • Question 1 4 out of 4 points A demand curve: Selected Answer: all of the above. Correct Answer: all of the above. • Question 2 ...

ECON 1002 Final Exam – MGMT 3503 Microeconomics with Answers • Question 1 4 out of 4 points A demand curve: Selected Answer: all of the above. Correct Answer: all of the above. • Question 2 4 out of 4 points 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. • Question 3 4 out of 4 points 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. • Question 4 4 out of 4 points 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. • Question 5 4 out of 4 points 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. • Question 6 4 out of 4 points 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. • Question 7 4 out of 4 points ...continued

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