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Microeconomics Midterm

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Assume that in the short run a firm is producing 100 units of output, has average total costs of $200, and has average variable costs of $150. The firm's total fixed costs are (a) $5,000. (b) $500. (c) $0.50. (d) $50.

(a) $5,000.

Which of the following statements is NOT correct? (a) A reduction in money income will shift the budget line to the right. (b) A reduction in money income accompanied by an increase in product prices will necessarily shift the budget line to the left. (c) An increase in product prices will shift the budget line to the left. (d) An increase in money income will shift the budget line to the right.

(a) A reduction in money income will shift the budget line to the right.

Which of the following statements concerning the relationships between total product (TP), average product (AP), and marginal product (MP) is NOT correct? (a) AP continues to rise so long as TP is rising. (b) AP reaches a maximum before TP reaches a maximum. (c) TP reaches a maximum when the MP of the variable input becomes zero. (d) MP cuts AP at the maximum AP.

(a) AP continues to rise so long as TP is rising.

While eating at Alex's "Pizza by the Slice" restaurant, Kara experiences diminishing marginal utility. She gained 10 units of satisfaction from her first slice of pizza consumed and would only receive 5 units of satisfaction from consuming a second slice, at the same price. Based on this information, we can conclude that (a) Alex may have to lower the price to convince Kara to buy a second slice. (b) Kara will not eat a second slice, even if it is given to her at no charge. (c) Kara will definitely want to buy a second slice of pizza. (d) even if Kara buys a second slice, she will not buy a third slice.

(a) Alex may have to lower the price to convince Kara to buy a second slice.

Which of the following individuals received a Nobel Prize in economics for his work in behavioural economics? (a) Daniel Kahneman (b) Richard Thaler (c) John Wannamaker (d) Richard Easterlin

(a) Daniel Kahneman

In the short run, (a) TVC will increase for a time at a diminishing rate, but then beyond some point will increase at an increasing rate. (b) B. TVC will increase for a time at an increasing rate, but then beyond some point will increase at a diminishing rate. (c) C. TVC will increase by the same absolute amount for each additional unit of output produced. (d) D. one cannot generalize concerning the behavior of TVC as output increases.

(a) TVC will increase for a time at a diminishing rate, but then beyond some point will increase at an increasing rate.

The relationship between quantity supplied and price is ______, and the relationship between quantity demanded and price is ______: (a) direct; inverse (b) inverse; direct (c) inverse; inverse (d) direct; direct

(a) direct; inverse

Which of the following is most likely to be an implicit cost for Company X? (a) forgone rent from the building owned and used by Company X (b) rental payments on IBM equipment (c) payments for raw materials purchased from Company Y (d) transportation costs paid to a nearby trucking firm

(a) forgone rent from the building owned and used by Company X

Assume that a 3 percent increase in income across the economy produces a 1 percent decline in the quantity demanded of good X. The coefficient of income elasticity of demand for good X is (a) negative, and therefore X is an inferior good. (b) negative, and therefore X is a normal good. (c) positive, and therefore X is an inferior good. (d) positive and therefore X is a normal good.

(a) negative, and therefore X is an inferior good.

A consumer who has a limited budget will maximize utility or satisfaction when the (a) ratios of the marginal utility of each product purchased divided by its price are equal. (b) total utility derived from each product purchased is the same. (c) marginal utility of each product purchased is the same. (d) price of each product purchased is the same.

(a) ratios of the marginal utility of each product purchased divided by its price are equal.

Marginal product is (a) the change in total output attributable to the employment of one more worker. (b) the change in total revenue attributable to the employment of one more worker. (c) the change in total cost attributable to the employment of one more worker. (d) total product divided by the number of workers employed.

(a) the change in total output attributable to the employment of one more worker.

A study of mass-transit systems in American cities revealed that in the long run, revenues generally decline after substantial fare increases. This would suggest that (a) the demand for mass transit is price-elastic in the long run. (b) the demand for mass transit is price-inelastic in the long run. (c) mass-transit service deteriorates in the long run as price rises. (d) there are few good substitutes for such systems in urban areas.

(a) the demand for mass transit is price-elastic in the long run.

The price-elasticity of demand is always negative because of (a) the law of demand. (b) percentage changes being used in the formula. (c) the midpoint formula. (d) scarcity.

(a) the law of demand.

A negative income elasticity of demand coefficient indicates that (a) the product is an inferior good. (b) the product follows the law of demand. (c) the product is a complementary good. (d) the product is a substitute good.

(a) the product is an inferior good.

A natural monopoly exists when (a) unit costs are minimized by having one firm produce an industry's entire output. (b) several formerly competing producers merge to become the only firm in an industry. (c) short-run average total cost curves are tangent to long-run average total cost curves. (d) minimum efficient scale is attained at a small level of output.

(a) unit costs are minimized by having one firm produce an industry's entire output.

70) If the firm closed down in the short run and produced zero units of output, its total cost would be (a) $0. (b) $50. (c) $150. (d) $100.

(b) $50.

68) The average total cost of five units of output is (a) $69. (b) $78. (c) $3. (d) $10.

(b) $78.

A price increase from $43 to $49 results in an increase in quantity supplied from 220 units to 240 units. The price elasticity of supply in this price range is (a) 0.30 (b) 0.67 (c) 1.50 (d) 3.33

(b) 0.67

72) The marginal cost curve would intersect the average variable cost curve at about (a) 2 units of output. (b) 4 units of output. (c) 6 units of output. (d) 7 units of output.

(b) 4 units of output.

Which of the following best explains the difference between neoclassical economics and behavioural economics? (a) Neoclassical economics believes that government should play a minimal role in the economy, while behavioural economics calls for a more active role for government. (b) Neoclassical economics assumes that people are rational in their decision making, while behavioural economics believes people make systematic errors. (c) There is no real difference; behavioural economics just studies more intently how the rational decision-making process works. (d) Neoclassical economics no longer offers valid explanations for economic outcomes, while behavioral economics does.

(b) Neoclassical economics assumes that people are rational in their decision making, while behavioural economics believes people make systematic errors.

Which situation is consistent with the law of diminishing marginal utility? (a) The more pizza Joe eats, the more he enjoys an additional slice. (b) The more pizza Joe eats, the less he enjoys an additional slice. (c) Joe's marginal utility from eating pizza becomes positive after eating three slices. (d) Joe's marginal utility from eating pizza reaches a maximum when total utility is zero.

(b) The more pizza Joe eats, the less he enjoys an additional slice.

The price elasticity of demand for a textbook is estimated to be 1 no matter what the price or quantity demanded. In this case, (a) a 10 percent increase in price will result in a 10 percent increase in total revenues. (b) a 10 percent increase in price will result in a 10 percent decrease in the quantity demanded. (c) a 10 percent increase in price will result in a 10 percent decrease in total revenues. (d) a 10 percent increase in price will result in a 10 percent increase in quantity demanded.

(b) a 10 percent increase in price will result in a 10 percent decrease in the quantity demanded.

The budget line shows (a) the amount of product A that a consumer is willing to give up to obtain one more unit of product B. (b) all possible combinations of two goods that can be purchased, given money income and the prices of the goods. (c) all equilibrium points on an indifference map. (d) all possible combinations of two goods that yield the same level of utility to the consumer.

(b) all possible combinations of two goods that can be purchased, given money income and the prices of the goods.

The law of diminishing marginal utility states that (a) total utility is maximized when consumers obtain the same amount of utility per unit of each product consumed. (b) beyond some point, additional units of a product will yield less and less extra satisfaction to a consumer. (c) price must be lowered to induce firms to supply more of a product. (d) it will take larger and larger amounts of resources beyond some point to produce successive units of a product.

(b) beyond some point, additional units of a product will yield less and less extra satisfaction to a consumer.

Marginal utility is the (a) sensitivity of consumer purchases of a good to changes in the price of that good. (b) change in total utility obtained by consuming one more unit of a good. (c) change in total utility obtained by consuming another unit of a good divided by the change in the price of that good. (d) total utility associated with the consumption of a certain number of units of a good divided by the number of units consumed.

(b) change in total utility obtained by consuming one more unit of a good.

The law of diminishing marginal utility explains why (a) supply curves slope upward. (b) demand curves slope downward. (c) addicts can never get enough. (d) people will only consume their favorite goods and not try new things.

(b) demand curves slope downward.

If 100 shirts are sold when the unit price is $10, while 75 shirts are sold when the unit price is $15, one can conclude that in this price range, (a) demand for the shirts is elastic. (b) demand for the shirts is inelastic. (c) demand for the shirts has shifted to the right. (d) consumers are quite sensitive to changes in the price of the shirt.

(b) demand for the shirts is inelastic.

If the price-elasticity coefficient for a good is 1.75, the demand for that good is described as (a) normal. (b) elastic. (c) inferior. (d) inelastic

(b) elastic.

When universities announce a large tuition increase and follow it with an announcement that more financial aid will be available, they are assuming that students who pay full tuition (a) have elastic demand and students who use financial aid have inelastic demand. (b) have inelastic demand and students who use financial aid have elastic demand. (c) view a college education as an inferior good and students who use financial aid view it as a normal good. (d) view a college education as a normal good and students who use financial aid view it as an inferior good.

(b) have inelastic demand and students who use financial aid have elastic

If a product has a short-run elasticity of supply equal to zero, then an increase in the demand for the product will (a) have no effect on price or quantity sold. (b) increase price and leave quantity sold unchanged. (c) increase price and reduce the quantity sold to zero. (d) leave the price unchanged and reduce the quantity sold.

(b) increase price and leave quantity sold unchanged.

If the government imposes an excise tax on a good, it will collect the most tax revenues from it if the demand for the good is (a) elastic. (b) inelastic. (c) unit elastic. (d) perfectly elastic.

(b) inelastic.

The utility of a good or service (a) is synonymous with usefulness. (b) is the satisfaction or pleasure one gets from consuming it. (c) is easy to quantify. (d) rarely varies from person to person.

(b) is the satisfaction or pleasure one gets from consuming it.

If a firm increases all of its inputs by 10 percent and its output increases by 15 percent, then (a) it is encountering diseconomies of scale. (b) it is encountering economies of scale. (c) the law of diminishing returns is taking hold. (d) the firm's long-run ATC curve will be rising.

(b) it is encountering economies of scale.

Demand curve is negatively sloped because: (a) producers offer less of a product for sale as the price of the product falls. (b) lower prices of a product create income and substitution effects that lead consumers to purchase more of it. (c) the larger the number of buyers in a market, the lower the product price. (d) price and quantity demanded are directly (positively) related.

(b) lower prices of a product create income and substitution effects that lead consumers to purchase more of it.

Scientists studying human behaviour have found that people tend to (a) always make rational decisions. (b) make systematic errors in their decisions. (c) make only random errors in their decisions. (d) always make decisions that are not rational.

(b) make systematic errors in their decisions.

A consumer's demand curve for a product is downsloping because (a) total utility falls below marginal utility as more of a product is consumed. (b) marginal utility diminishes as more of a product is consumed. (c) time becomes less valuable as more of a product is consumed. (d) the income and substitution effects precisely offset each other.

(b) marginal utility diminishes as more of a product is consumed.

To maximize utility, a consumer should allocate money income so that the (a) elasticity of demand on all products purchased is the same. (b) marginal utility obtained from the last dollar spent on each product is the same. (c) total utility derived from each product consumed is the same. (d) marginal utility of the last unit of each product consumed is the same

(b) marginal utility obtained from the last dollar spent on each product is the same.

If a 10 percent increase in the price of good A results in an increase of 5 percent in the quantity demanded of good B, then it can be concluded that goods A and B are (a) complementary goods. (b) substitute goods. (c) independent goods. (d) normal goods.

(b) substitute goods.

In comparing the changes in TVC and TC associated with an additional unit of output, we find that (a) no generalization about the changes in TC and TVC can be made. (b) the changes in TC and TVC are equal. (c) the change in TC is greater than the change in TVC. (d) the change in TVC is greater than the change in TC.

(b) the changes in TC and TVC are equal.

The basic characteristic of the short run is that (a) barriers to entry prevent new firms from entering the industry. (b) the firm does not have sufficient time to change the size of its plant. (c) the firm does not have sufficient time to cut its rate of output to zero. (d) a firm does not have sufficient time to change the amounts of any of the resources it employs.

(b) the firm does not have sufficient time to change the size of its plant.

All else equal, as price falls, the quantity demanded rises, and as price rises, the quantity demanded falls. Economists call this inverse relationship: (a) the law of diminishing returns. (b) the law of demand. (c) the law of supply. (d) the law of diminishing marginal utility.

(b) the law of demand.

15) At a price of P = $15: (a) there is an excess demand of 20. (b) there is an excess demand of 40. (c) there is an excess supply of 20. (d) there is an excess supply of 40.

(b) there is an excess demand of 40.

The rationale for establishing price ceilings on specific products is that: (a) when free functioning of the market system has not provided a sufficient income for certain groups of resource suppliers or producers, they should be somehow compensated through an imposed price mechanism. (b) they purportedly enable consumers to obtain some essential good or service that they could not afford at the equilibrium price. (c) Both (a) and (b). (d) Neither (a) nor (b).

(b) they purportedly enable consumers to obtain some essential good or service that they could not afford at the equilibrium price.

13) What is the free-market equilibrium price per book? (a) $10 (b) $15 (c) $20 (d) $25

69) The total cost of four units of output is (a) $260. (b) $77.50. (c) $310. (d) $215.

71) The marginal cost of the fifth unit of output is (a) $3. (b) $62. (c) $80. (d) $78.

35) What level of total utility is realized from the equilibrium combination of J and K, if the consumer has a money income of $52 and the prices of J and K are $8 and $4, respectively? (a) 156 utils. (b) 124 utils. (c) 276 utils. (d) 36 utils.

34) If the consumer has money income of $52 and the prices of J and K are $8 and $4 respectively, the consumer will maximize her utility by purchasing (a) 2 units of J and 7 units of K. (b) 5 units of J and 5 units of K. (c) 4 units of J and 5 units of K. (d) 6 units of J and 3 units of K.

Which of the following best expresses the law of diminishing returns? (a) Because large-scale production allows the realization of economies of scale, the real costs of production vary directly with the level of output. (b) Population growth automatically adjusts to that level at which the average product per worker will be at a maximum. (c) As successive amounts of one resource (labor) are added to fixed amounts of other resources (capital), beyond some point the resulting extra or marginal output will decline. (d) Proportionate increases in the inputs of all resources will result in a less-than proportionate increase in total output.

(c) As successive amounts of one resource (labor) are added to fixed amounts of other resources (capital), beyond some point the resulting extra or marginal output will decline.

Which of the following is not a reason for a shift in the demand curve? (a) Changes in consumer tastes. (b) Changes in the prices of substitute or complementary goods. (c) Changes in the own price of the good. (d) Changes in consumer income.

Mrs. Arnold is spending all her money income by buying bottles of soda and bags of pretzels in such amounts that the marginal utility of the last bottle is 60 utils and the marginal utility of the last bag is 30 utils. The prices of soda and pretzels are $0.60 per bottle and $0.40 per bag, respectively. It can be concluded that (a) the two commodities are substitute goods. (b) Mrs. Arnold should spend more on pretzels and less on soda. (c) Mrs. Arnold should spend more on soda and less on pretzels. (d) Mrs. Arnold is buying soda and pretzels in the utility-maximizing amounts.

A shift in supply to the right for any given product will have which one of the following effects, ceteris paribus? (a) Price and quantity traded will both tend to increase. (b) Quantity traded will tend to fall and price will tend to increase. (c) Quantity traded will tend to increase and price will tend to fall. (d) Both price and quantity traded will tend to fall.

Balin purchases fair trade cocoa out of concern for workers' rights and environmental sustainability. He could purchase cocoa of equal quality at a lower price. Behavioural economists would consider Balin's purchase (a) unusual in that it demonstrates concern for others. (b) purely self-interested but motivated by something other than his financial wellbeing. (c) as evidence that Balin is not acting purely in his self-interest. (d) a bad decision because it ignores important information that could improve Balin's well-being.

An effective price floor on a good will likely: (a) increase the quantity demanded. (b) reduce the quantity supplied. (c) create a surplus of the good on the market. (d) lead to a shortage of the good on the market.

Movie theaters charge lower prices to see a movie in the afternoon than in the evening because there is an (a) inelastic supply of movies in the evening. (b) elastic demand to see movies in the evening. (c) elastic demand to see movies in the afternoon. (d) inelastic demand to see movies in the afternoon.

A union argues that a price cut will boost the revenues of the firm, while management argues that the opposite is true. This suggests that the price elasticity of demand is (a) unit-elastic from the union's perspective and unit-inelastic from management's perspective. (b) perfectly inelastic from the union's perspective and perfectly elastic from management's perspective. (c) elastic from the union's perspective, inelastic from management's perspective. (d) inelastic from the union's perspective, elastic from management's perspective.

A simultaneous increase in supply and demand would: (a) decrease the equilibrium quantity. (b) leave the sign of change in equilibrium quantity indeterminate. (c) leave the sign of change in equilibrium price indeterminate. (d) increase the equilibrium price.

The price elasticity of demand is a measure of the (a) effect of changes in demand on the price. (b) relationship between price and profitability. (c) responsiveness of buyers of a good to changes in its price. (d) sensitivity of a good's price to changes in demand.

An increase in the price of tickets to a popular sporting event will increase total revenue if (a) there are many substitutes for this form of entertainment. (b) the ticket is considered to be a luxury. (c) the buyers of the tickets are fanatic about the event. (d) the fans are price conscious.

Most goods can be classified as normal goods rather than inferior goods. The definition of a normal good suggests that (a) the income elasticity of demand for the good is negative. (b) the price elasticity of demand for the good is negative. (c) the income elasticity for the good is greater than 0. (d) the cross elasticity of demand for the good is positive.

Economic cost can best be defined as (a) any contractual obligation that results in a flow of money expenditures from an enterprise to resource suppliers. (b) those payments for resources that involve an obvious cash transaction. (c) the income the firm must provide to resource suppliers to attract resources from alternative uses. (d) the opportunity cost of using a resource already owned by the firm

Normal profit is (a) determined by subtracting implicit costs from total revenue. (b) determined by subtracting explicit costs from total revenue. (c) the return to the entrepreneur when economic profits are zero. (d) the average profitability of an industry over the preceding 10 years

Suppose that, when producing 10 units of output, a firm's AVC is $22, its AFC is $5, and its MC is $30. This firm's (a) ATC is $35. (b) ATC is $57. (c) total cost is $270. (d) total cost is $30.

At each point on an indifference curve, (a) money income is the same. (b) the prices of the two products are the same. (c) total utility is the same. (d) marginal utility is the same.

67) Total fixed cost is (a) $6.25. (b) $100.00. (c) $150.00. (d) $50.00.

(d) $50.00.

A 3 percent increase in the price of tea causes a 6 percent increase in the demand for coffee. The cross elasticity of demand for coffee with respect to the price of tea is (a) −0.5 (b) +0.5 (c) −2.0 (d) +2.0

(d) +2.0

14) What is the free-market equilibrium output? (a) 45 (b) 50 (c) 55 (d) 60

(d) 60

If the demand curve for product B shifts to the right as the price of product A declines, then (a) both A and B are inferior goods. (b) A is a superior good and B is an inferior good. (c) A is an inferior good and B is a superior good. (d) A and B are complementary goods.

(d) A and B are complementary goods.

Which of the following statements best reflects behavioural economists' views on self-interest versus the interests of others? (a) Self-interest dominates human behaviour; even seemingly selfless behaviour is driven by self-interest. (b) Most people care so deeply about others that self-interest is a minor consideration in their decision making. (c) The system is most efficient when people focus solely on their self-interest and allow the invisible hand to work out what is best for society. (d) People are always self-interested to a degree, but their behavior is also affected by moral and ethical considerations.

(d) People are always self-interested to a degree, but their behavior is also affected by moral and ethical considerations.

Which of the following is correct? (a) There is no relationship between MP and MC. (b) When AP is rising, MC is falling, and when AP is falling, MC is rising. (c) When MP is rising, MC is rising, and when MP is falling, MC is falling. (d) When MP is rising, MC is falling, and when MP is falling, MC is rising.

(d) When MP is rising, MC is falling, and when MP is falling, MC is rising.

Economists use the term "demand" to refer to (a) a particular price-quantity combination on a stable demand curve. (b) the total amount spent on a particular commodity over a fixed time period. (c) an upsloping line on a graph that relates consumer purchases and product price. (d) a schedule of various combinations of market prices and amounts/quantities demanded.

(d) a schedule of various combinations of market prices and amounts/quantities demanded.

Which product is most likely to be the most price elastic? (a) milk (b) housing (c) clothing (d) automobiles

(d) automobiles

An economist for a bicycle company predicts that, other things equal, a rise in consumer incomes will increase the demand for bicycles. This prediction assumes that (a) there are many goods that are substitutes for bicycles. (b) there are many goods that are complementary to bicycles. (c) there are few goods that are substitutes for bicycles. (d) bicycles are normal goods.

(d) bicycles are normal goods.

The marginal rate of substitution measures the (a) magnitude of the substitution effect. (b) total utility received by a consumer when equilibrium is achieved. (c) extra utility that a consumer derives from successive units of a product. (d) consumer's willingness to substitute one product for another so that total utility will remain constant.

(d) consumer's willingness to substitute one product for another so that total utility will remain constant.

The price elasticity of demand increases with the length of the period considered because (a) consumers' incomes will increase over time. (b) the demand curve will shift outward as time passes. (c) all prices will increase over time. (d) consumers will be better able to find substitutes.

(d) consumers will be better able to find substitutes.

The marginal rate of substitution measures (a) may increase or decrease on a given indifference curve, depending on whether the substitution or the income effect is dominant. (b) increases as one moves southeast along an indifference curve. (c) is constant at all points on the budget line. (d) declines as one moves southeast along an indifference curve.

(d) declines as one moves southeast along an indifference curve.

Along a linear downward-sloping demand curve, the price elasticity of demand will be (a) greater than one across each price range. (b) less than one across each price range. (c) equal to zero across each price range. (d) different across each price range.

(d) different across each price range.

A simultaneous decrease in supply and increase in demand would: (a) decrease the equilibrium quantity. (b) increase the equilibrium quantity. (c) leave the sign of change in equilibrium price indeterminate. (d) increase the equilibrium price.

(d) increase the equilibrium price.

The income elasticity of demand for jewelry is +2. Other things equal, a 10 percent increase in consumer income will (a) decrease the quantity of jewelry purchased by 20 percent. (b) increase the quantity of jewelry purchased by 5 percent. (c) decrease the quantity of jewelry purchased by 5 percent. (d) increase the quantity of jewelry purchased by 20 percent.

(d) increase the quantity of jewelry purchased by 20 percent.

Airlines charge business travelers more than leisure travelers because there is a more (a) elastic supply of business travel. (b) inelastic supply of business travel. (c) elastic demand of business travel. (d) inelastic demand of business travel.

(d) inelastic demand of business travel.

An effective price ceiling on a good will likely: (a) reduce the quantity demanded. (b) increase the quantity supplied. (c) create a surplus of the good in the market. (d) lead to a shortage of the good in the market

(d) lead to a shortage of the good in the market

Suppose that MUx/Px exceeds MUy/Py. To maximize utility, the consumer who is spending all her money income should buy (a) less of X only if its price rises. (b) more of Y only if its price rises. (c) more of Y and/or less of X. (d) more of X and/or less of Y.

(d) more of X and/or less of Y.

Suppose that a business incurred implicit costs of $500,000 and explicit costs of $5 million in a specific year. If the firm sold 100,000 units of its output at $50 per unit, its accounting (a) profits were $100,000 and its economic profits were $0. (b) losses were $500,000 and its economic losses were $0. (c) profits were $500,000 and its economic profits were $1 million. (d) profits were $0 and its economic losses were $500,000.

(d) profits were $0 and its economic losses were $500,000.

Assume initially that the price of X (the quantity of which is measured on the horizontal axis) is $9 and the price of Y (the quantity of which is measured on the vertical axis) is $4. If the price of X now declines to $6, the budget line will (a) be unaffected. (b) shift outward on the vertical axis. (c) shift inward on the horizontal axis. (d) shift outward on the horizontal axis.

(d) shift outward on the horizontal axis.

Implicit and explicit costs are different in that (a) explicit costs are opportunity costs; implicit costs are not. (b) implicit costs are opportunity costs; explicit costs are not. (c) the latter refer to nonexpenditure costs and the former to monetary payments. (d) the former refers to nonexpenditure costs and the latter to monetary payments.

(d) the former refers to nonexpenditure costs and the latter to monetary payments.

Along a linear downward-sloping demand curve, the price elasticity of demand will be (a) the price elasticity of supply is zero. (b) the price elasticity of supply is infinite. (c) the price elasticity of demand is unitary. (d) the price elasticity of demand is zero.

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