Microeconomics TorF

0 min read

Posted on

May 22nd, 2023

question

TorF: a change in the price of carrots will cause a movement along the demand curve for substitute vegetables and a shift in demand for carrots

answer

False

question

TorF: if the price of beef goes up by $2/lb and the quantity supplied rises by 100lbs, the price elasticity of supply is 50

answer

False

question

TorF:A decrease in the cost of inputs shifts the supply curve right

answer

True

question

TorF: if the price of a good goes up by 5% and the quantity demanded falls by 15% the price is elastic because the demand is 1/3

answer

False

question

TorF:if total revenue increases when the price of a good decreases, then the demand for that good is elastic

answer

True

question

TorF: the cross-price elasticity of garlic salt and onion salt is -2, which indicates that garlic salt and onion salt are substitutes

answer

False

question

TorF: an increase in the price of pizza will shift the demand curve for pizza to the left

answer

False

question

TorF: for perfect substitutes, the marginal rate of substitution is equal to 1

answer

False

question

TorF: when the price of a good increases the total revenue always increases

answer

False

question

TorF: cross price elasticity of demand is positive if the goods are substitutes

answer

True

question

TorF: marginal product is zero when total output is at maximum

answer

True

question

TorF: if fixed cost is $75 when the output level is 100, then fixed cost is $150 when the output level is 200

answer

False

question

TorF: marginal product is positive as long as output is decreasing

answer

False

question

TorF: if you get $100 with probability of 0.60 and lose $50 with probability 0.40, then your expected payoff is $40

answer

True

question

TorF: If job 1 and job 2 have the same expected income, then all individuals must be indifferent between these two jobs

answer

False

question

TorF: if job 1 and job 2 have the same risk, then all individuals must be indifferent between the two jobs

answer

False

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question

TorF: a change in the price of carrots will cause a movement along the demand curve for substitute vegetables and a shift in demand for carrots

answer

False

question

TorF: if the price of beef goes up by $2/lb and the quantity supplied rises by 100lbs, the price elasticity of supply is 50

answer

False

question

TorF:A decrease in the cost of inputs shifts the supply curve right

answer

True

question

TorF: if the price of a good goes up by 5% and the quantity demanded falls by 15% the price is elastic because the demand is 1/3

answer

False

question

TorF:if total revenue increases when the price of a good decreases, then the demand for that good is elastic

answer

True

question

TorF: the cross-price elasticity of garlic salt and onion salt is -2, which indicates that garlic salt and onion salt are substitutes

answer

False

question

TorF: an increase in the price of pizza will shift the demand curve for pizza to the left

answer

False

question

TorF: for perfect substitutes, the marginal rate of substitution is equal to 1

answer

False

question

TorF: when the price of a good increases the total revenue always increases

answer

False

question

TorF: cross price elasticity of demand is positive if the goods are substitutes

answer

True

question

TorF: marginal product is zero when total output is at maximum

answer

True

question

TorF: if fixed cost is $75 when the output level is 100, then fixed cost is $150 when the output level is 200

answer

False

question

TorF: marginal product is positive as long as output is decreasing

answer

False

question

TorF: if you get $100 with probability of 0.60 and lose $50 with probability 0.40, then your expected payoff is $40

answer

True

question

TorF: If job 1 and job 2 have the same expected income, then all individuals must be indifferent between these two jobs

answer

False

question

TorF: if job 1 and job 2 have the same risk, then all individuals must be indifferent between the two jobs

answer

False

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