Econ quiz answers - Assignment Essays

question

Normative statements are based upon

answer

Value judgements

question

Which of the following statements is positive in nature

answer

College tuition is higher for out-of-state students than in-state students

question

A farmer can produce 1 ton of apples for $10,000 to tons of apples for $25,000 and 3 tons of apples for $45,000 what is the marginal cost of the 2nd ton of apples

answer

$15,000

question

Assume a nation has constant opportunity cost. If at most the nation can produce 300 cars or 500 dishwashers, what is the opportunity cost of producing a car?

answer

5/3

question

Assume a country has a starting GDP of 200 which grows at 4% per year. Using the formula for compounding growth, what will GDP be after 20 years?

answer

438

question

Which of the following is most likely to encourage sustained long-run economic growth (ceteris paribus)

answer

Technological progress

question

Ceteris Paribus, if the price of a good increases

answer

Neither supply nor demand change

question

Supply is:

answer

Upward sloping because of diminishing marginal returns

question

For an inferior good if my income increases:

answer

Demand will decrease, equilibrium quantity will decrease, and equilibrium price will decrease

question

Assume peanut butter and jelly are compliments, if the price of peanut butter decreases, for jelly:

answer

Demand will increase, equilibrium quantity will increase, and equilibrium price will increase

question

Which of the following would most likely increase the supply of vegetables

answer

A time period with especially good weather

question

If supply increases in demand decreases, we can say for certain that:

answer

Equilibrium price will decrease

question

If the demand for a good decreases with sellers do not immediately change the price, this will most likely cause;

answer

A surplus

question

When the percentage change of quantity demanded for a good is less in magnitude (absolute value) than the percentage change of price the demand for a good or service is ____ and elasticity of demand is ____

answer

Inelastic: less than 1

question

According to the midpoint formula what is the elasticity of demand for shoes if the price goes from $50-$60 in the quantity demanded goes from 400 shoes to 300 shoes

answer

1.57

question

If a business increases its prices at this results in an increase total revenue this means:

answer

Demand is inelastic

question

Assume an individual has their income increase from $45,000-$55,000 to do this change they go from purchasing 150 units of a good to 250 units using the midpoint method to calculate elasticity we can say that this good is:

answer

A normal good and a luxury good

question

As the demand curve becomes flatter we can say that demand

answer

Becomes more elastic

question

Using the standard percent change formula not the midpoint method if price goes from $200-$220 in quantity supplied goes from 700 to 800 what is the elasticity of supply

answer

1.42

question

Assume the elasticity of supply is equal to .5, this means that if the price of a good increases 25% the quantity supplied would:

answer

Increase 62.5%

1 of 20

question

Normative statements are based upon

answer

Value judgements

question

Which of the following statements is positive in nature

answer

College tuition is higher for out-of-state students than in-state students

question

A farmer can produce 1 ton of apples for $10,000 to tons of apples for $25,000 and 3 tons of apples for $45,000 what is the marginal cost of the 2nd ton of apples

answer

$15,000

question

Assume a nation has constant opportunity cost. If at most the nation can produce 300 cars or 500 dishwashers, what is the opportunity cost of producing a car?

answer

5/3

question

Assume a country has a starting GDP of 200 which grows at 4% per year. Using the formula for compounding growth, what will GDP be after 20 years?

answer

438

question

Which of the following is most likely to encourage sustained long-run economic growth (ceteris paribus)

answer

Technological progress

question

Ceteris Paribus, if the price of a good increases

answer

Neither supply nor demand change

question

Supply is:

answer

Upward sloping because of diminishing marginal returns

question

For an inferior good if my income increases:

answer

Demand will decrease, equilibrium quantity will decrease, and equilibrium price will decrease

question

Assume peanut butter and jelly are compliments, if the price of peanut butter decreases, for jelly:

answer

Demand will increase, equilibrium quantity will increase, and equilibrium price will increase

question

Which of the following would most likely increase the supply of vegetables

answer

A time period with especially good weather

question

If supply increases in demand decreases, we can say for certain that:

answer

Equilibrium price will decrease

question

If the demand for a good decreases with sellers do not immediately change the price, this will most likely cause;

answer

A surplus

question

answer

Inelastic: less than 1

question

According to the midpoint formula what is the elasticity of demand for shoes if the price goes from $50-$60 in the quantity demanded goes from 400 shoes to 300 shoes

answer

1.57

question

If a business increases its prices at this results in an increase total revenue this means:

answer

Demand is inelastic

question

answer

A normal good and a luxury good

question

As the demand curve becomes flatter we can say that demand

answer

Becomes more elastic

question

Using the standard percent change formula not the midpoint method if price goes from $200-$220 in quantity supplied goes from 700 to 800 what is the elasticity of supply

answer

1.42

question

Assume the elasticity of supply is equal to .5, this means that if the price of a good increases 25% the quantity supplied would:

answer

Increase 62.5%

Order an Essay Now & Get These Features For Free:

Turnitin Report

Formatting

Title Page

Citation

Outline

Place an Order