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Ecomonics - Questions - Assignment Example

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Eco501 Assignment Author’s Details: Institutional Affiliation: ECO501 ASSIGNMENT Part A: MULTIPLE CHOICE QUESTIONS Choose the one alternative that best completes the statement or answers the question 1) Two variables are positively related if  A) Increases in one are associated with decreases in the other.  B) Increases in one are associated with increases in the other.  C) Any change in one causes an increase in the other.  D) Any change in one causes a decrease in the other.  E) Decreases in one are associated with increases in the other…

Extract of sampleEcomonics - Questions

Download file to see previous pages... C) Zero opportunity cost. D) Constant opportunity cost. E) Infinite opportunity cost. 3) Which one of the following would lead to an increase in the demand for hamburgers? A) a rise in the price of French fries, a complement of hamburgers B) a decrease in consumer income if hamburgers are a normal good C) a news report that hamburgers can cause skin diseases D) a decrease in population size E) a new fad hamburger diet 4) The marginal cost (MC) curve intersects the  A) AVC and AFC curves at their minimum points.  B) TC and TVC curves at their minimum points.  C) ATC and AFC curves at their minimum points.  D) ATC, AVC, and AFC curves at their minimum points.  E) ATC and AVC curves at their minimum points. 5) Total cost is \$20 at 4 units of output and \$36 at 6 units of output. Between 4 and 6 units of output, marginal cost A) Equals average total cost.  B) Is less than average total cost.  C) is greater than average total cost.  D) Equals to average variable cost.  E) Equals average fixed cost. 6) Marginal cost ________. A) Increases at low outputs until it reaches its maximum value, then remains constant B) decreases at low outputs and increases at high outputs C) is constantly decreasing, but as output increases it decreases by smaller and smaller amounts D) is constantly increasing, but as output increases it increases by smaller and smaller amounts E) decreases at low outputs until it reaches its minimum value, then remains constant 7) A consumer choosing between apples and oranges is at her best affordable point. Then the price of apples decreases. If both apples and oranges are normal goods, which one of the following statements is true about her new best affordable point? She will consume more apples and fewer oranges.  B) She will consume more apples, and we cannot tell whether she will consume more or less oranges.  C) She will consume fewer apples and fewer oranges.  D) She will consume fewer apples and more oranges.  E) She will consume more apples and more oranges. 8) If income decreases, the budget line  A) becomes flatter.  B) Shifts leftward and parallel to the original budget line.  C) becomes steeper.  D) Shifts rightward and parallel to the original budget line.  E) Shifts parallel either leftward or rightward depending on whether the goods measured on the axes are normal or inferior. 9) A consumer's best affordable point occurs  A) at a point that cannot be determined.  B) Inside the budget line.  C) Outside the budget line.  D) On the budget line.  E) At a corner on the budget line, with only one good consumed. 10) Larry consumes only beer (B) and chips (C). If beer is measured on the vertical axis, the relative price of chips in terms of beer is all of the following except: A) the magnitude of the slope of the budget line B) equal to the opportunity cost of 1 bag of chips C) the real income in terms of beer D) PC/PB E) the inverse of the relative price of beer in terms of chips 11) When the price elasticity of demand is ________, demand for the good is elastic.  A) greater than 1 B) between 1 and zero C) equal to infinity D) equal to zero ...Download file to see next pagesRead More
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