Test - Assignment Essays

question

If a publishing firm increases the price of a book by 30%, and total revenue increases by 10%, then
the book is

answer

Inelastic

question

The difference between total revenue and explicit costs is called:

answer

Accounting profit

question

After receiving a promotion with higher pay, you calculate your income elasticity of demand for tea
to be roughly -2.8. In this scenario, what kind of good is tea?

answer

Luxury goods

question

If the price of chips increases by 5% and sales decrease by 5%, then the price elasticity of demand
for chips is......
and chips are categorized as a(n)......
good.

answer

1....inelastic

question

If the price of water increases by 30% and quantity demanded does not change, then the price
elasticity of demand for water is.....
and water is categorized as a(n)......
good

answer

30.......elastic

question

......are the expenses paid directly to another economic entity plus the total opportunity costs of
using resources that belong to a firm.

answer

Economic costs

question

If the price of Samsung smartphones increases by 30% and sales fall by 60%, then the price elasticity
of demand for Samsung smartphones is.......
and are categorized as an....... good.

answer

1/2.....elastic

question

If average variable cost equals $500, and quantity produced is 10, what is variable cost?

answer

5,000

question

Marginal utility is the measure of......

answer

To increase in utility by consuming one additional unit

question

What does a perfectly inelastic demand imply?

answer

Quantity demanded will not change in response to a price increase

question

If Coke and Pepsi are substitutes, this means that the cross elasticity of demand will be:

answer

question

Any point between Q1 and Q2 displays

answer

Diseconomies of scale

question

By producing a number of different products using similar inputs, firms are able to produce and
market goods at lower costs. This is called

answer

Increasing returns to scale

question

In the short run, a firm's fixed cost

answer

Cannot be avoided or reduced

question

If your accounting profit is equal to $50,000 and your implicit costs equal $20,000, then your
economic profit is.....this amount.......considered normal profit.

answer

30,000......is

question

Which of the following equations is correct?

answer

TC = FC -VC

question

The additional cost of producing one more unit is called:

answer

Marginal cost

question

Just like the production possibilities frontier, consumption or use of resources inside the budget line
are....

answer

unaffordable and utilizes all income

question

After graduating from college, your salary increase dramatically. However, you notice that as your
income increases, your income tax rate also rises. This type of tax is an example of a

answer

Progressive tax

question

If the cross elasticity of demand of good "X" and "Y" is negative, then these two goods must be

answer

Subsitutes

question

If an increase in the price of a good causes the same percentage increase in the quantity supplied of
a product, the product's supply is

answer

Elastic

question

A parallel shift in the budget line happens only when

answer

the price of a substitute good changes

question

You are tasked with finding out how the price of Boca Raton housing affects the quantity of enrolled
students at FAU. Which of the following will you employ?

answer

Elasticity of Demand

question

When an egg roll costs $2 each and you obtain a marginal utility of 6 when eating one more, what is
the marginal utility per dollar?

answer

question

In the short run, diminishing marginal returns are highlighted by:

answer

falling average total cost

question

If the price elasticity of demand for textbooks is 0.5, demand for textbooks is:

answer

Ineslatic

question

If average fixed cost is $80 and average variable cost is $80, average total cost is

answer

160

question

While walking home, you find a $100 bill on the street. Instead of putting this money in your savings
account, you spend the entire amount on a fancy dinner with your date. This type of behavior is
characterized in behavioral economics as

answer

Overconfidence

question

If variable cost rises from $16,000 to $48,000 when production increases from 200 to 600, average
variable cost is

answer

1 of 29

question

If a publishing firm increases the price of a book by 30%, and total revenue increases by 10%, then
the book is

answer

Inelastic

question

The difference between total revenue and explicit costs is called:

answer

Accounting profit

question

After receiving a promotion with higher pay, you calculate your income elasticity of demand for tea
to be roughly -2.8. In this scenario, what kind of good is tea?

answer

Luxury goods

question

If the price of chips increases by 5% and sales decrease by 5%, then the price elasticity of demand
for chips is......
and chips are categorized as a(n)......
good.

answer

1....inelastic

question

If the price of water increases by 30% and quantity demanded does not change, then the price
elasticity of demand for water is.....
and water is categorized as a(n)......
good

answer

30.......elastic

question

......are the expenses paid directly to another economic entity plus the total opportunity costs of
using resources that belong to a firm.

answer

Economic costs

question

If the price of Samsung smartphones increases by 30% and sales fall by 60%, then the price elasticity
of demand for Samsung smartphones is.......
and are categorized as an....... good.

answer

1/2.....elastic

question

If average variable cost equals $500, and quantity produced is 10, what is variable cost?

answer

5,000

question

Marginal utility is the measure of......

answer

To increase in utility by consuming one additional unit

question

What does a perfectly inelastic demand imply?

answer

Quantity demanded will not change in response to a price increase

question

If Coke and Pepsi are substitutes, this means that the cross elasticity of demand will be:

answer

question

Any point between Q1 and Q2 displays

answer

Diseconomies of scale

question

By producing a number of different products using similar inputs, firms are able to produce and
market goods at lower costs. This is called

answer

Increasing returns to scale

question

In the short run, a firm's fixed cost

answer

Cannot be avoided or reduced

question

If your accounting profit is equal to $50,000 and your implicit costs equal $20,000, then your
economic profit is.....this amount.......considered normal profit.

answer

30,000......is

question

Which of the following equations is correct?

answer

TC = FC -VC

question

The additional cost of producing one more unit is called:

answer

Marginal cost

question

Just like the production possibilities frontier, consumption or use of resources inside the budget line
are....

answer

unaffordable and utilizes all income

question

After graduating from college, your salary increase dramatically. However, you notice that as your
income increases, your income tax rate also rises. This type of tax is an example of a

answer

Progressive tax

question

If the cross elasticity of demand of good "X" and "Y" is negative, then these two goods must be

answer

Subsitutes

question

If an increase in the price of a good causes the same percentage increase in the quantity supplied of
a product, the product's supply is

answer

Elastic

question

A parallel shift in the budget line happens only when

answer

the price of a substitute good changes

question

You are tasked with finding out how the price of Boca Raton housing affects the quantity of enrolled
students at FAU. Which of the following will you employ?

answer

Elasticity of Demand

question

When an egg roll costs $2 each and you obtain a marginal utility of 6 when eating one more, what is
the marginal utility per dollar?

answer

question

In the short run, diminishing marginal returns are highlighted by:

answer

falling average total cost

question

If the price elasticity of demand for textbooks is 0.5, demand for textbooks is:

answer

Ineslatic

question

If average fixed cost is $80 and average variable cost is $80, average total cost is

answer

160

question

answer

Overconfidence

question

If variable cost rises from $16,000 to $48,000 when production increases from 200 to 600, average
variable cost is

answer

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