Navigation » List of Schools » Glendale Community College » Economics » Econ 101 – Microeconomics » Summer 2021 » iVAT Chapter 6
Below are the questions for the exam with the choices of answers:
Question #1
A Coffee and sugar.
B Business suits and ties.
C Peanut butter and jelly.
D Mercedes-Benz and BMW automobiles.
Question #2
A Spam.
B Instant Coffee.
C Louis Vuitton Shoes.
D Payless Shoes.
Question #3
A a price control where the carrier charges those with greater elasticity a higher fare
B disequilibrium.
C price discrimination where the carrier charges those with greater elasticity a lower fare.
D price discrimination where the carrier charges those with greater elasticity a higher fare.
E a price control where the carrier charges those with greater elasticity an equal fare
Question #4
A TR will increase.
B TR will initially decrease, but will then subsequently increase.
C TR will stay constant.
D TR will decrease.
Question #5
A Decrease revenue only in the short run.
B Raise revenue in the short run but decrease revenue in the long run.
C Decrease revenue in the short run but raise revenue in the long run.
D Decrease revenue in both the short and long run.
E Raise revenue in both the short and long run.
Question #6
A TR will initially increase, but will subsequently decrease.
B TR will increase.
C TR will stay the same.
D TR will decrease.
Question #7
A In Sacramento is equal to the price elasticity of demand for the State of California.
B In Sacramento is less than the price elasticity of demand for the State of California.
C In the State of California is greater than the price elasticity of demand for Sacramento.
D In Sacramento is greater than the price elasticity of demand for the State of California.
Question #8
A Apple Computer.
B Wheelchair.
C Sunglasses.
D Luxury watch.
Question #9
A The higher the equilibrium.
B The higher the marginal cost of production.
C The lower the marginal cost of production.
D The fewer the options available for consumers to change consumption.
E The fewer options that are available for producers to change production.
Question #10
A The luxury watch market’s equilibrium price will drop by a greater amount, in percentage terms, relative to the coffee market.
B The coffee market’s equilibrium price will drop by a lesser amount, in percentage terms, relative to the luxury watch market.
C The luxury watch market’s equilibrium price will drop by an equal amount, in percentage terms, relative to the coffee market.
D The coffee market’s equilibrium price will drop by a greater amount, in percentage terms, relative to the luxury watch market.
Question #11
A The price elasticity of demand moves toward being inelastic.
B None of the available answers.
C The price elasticity of demand moves toward being hyper-elastic.
D The price elasticity of demand moves toward being elastic.
Question #12
A Elastic
B Perfectly elastic
C In equilibrium
D Perfectly inelastic
E Inelastic
Question #13
A inelastic
B In equilibrium
C Elastic
D Perfectly inelastic
E Perfectly elastic
Question #14
A Because you will get differing quantity figures depending on whether you are analyzing a price increase or price decrease.
B Because you will get differing elasticity figures depending on whether you are analyzing supply or demand.
C None of the available answers.
D Because you will get differing elasticity figures depending on whether you are analyzing a price increase or price decrease.
Question #15
A Fall by 0.93%.
B Rise by 49%.
C Rise by 40%.
D Fall by 18.6%.
E Rise by 0.93%.
Question #16
A quantity demanded changes 6% for each 1% change in price.
B quantity demanded changes 8 units for every $1 change in price.
C quantity demanded changes .6 units for every $1 change in price.
D quantity demanded changes 1.2% for each 2% change in price.
E quantity demanded changes for each 9% for each 1% change in price.
Question #17
A Because it enables a greater variety of units.
B Because it enables us to compare the price sensitivities of various markets.
C Because it causes the demand curve to invert.
D Because it complicates the analysis.
Question #18
A Less than 1.
B Greater than 1.
C Between 0 and 1.5.
D Is elastic in the short run and inelastic in the long run.
E Equal to 1.
Question #19
A Change in price divided by the change in quantity demanded.
B Change in quantity demanded divided by the change in price.
C Percentage change in quantity demanded divided by percentage change in price.
D Percentage change in price divided by the percentage change in quantity demanded.
E Change in quantity above the equilibrium