ECON 1002 Final Exam – MGMT 3503 Microeconomics
• 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
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ECON 1002 Final Exam – MGMT 3503 Microeconomics
• 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.
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