ECON 201 Exam 2 NDSU

question

upward sloping

answer

the law of supply is illustrated by a supply curve that is

question

False

answer

True or False
The law of diminishing returns is a short run concept because capital can be changed in the long run

question

law of diminishing returns

answer

the principle that, at some point, adding more of a variable input, such as labor, to the same amount of a fixed input, such as capital, will cause the marginal product of the variable input to decline

question

True

answer

True or False
The difference between the complete market supply function and single market supply function is the use of the concept cereris paribus

question

Cereris paribus

answer

a Latin phrase that means "all other things held constant"

question

True

answer

True or False
In the long run, if a firm experienced increasing returns to scale it is possible to see an downward sloping supply curve

question

True

answer

True or False
An example of economics of scale is when firms merge, reducing their need for some employees

question

economics of scale

answer

factors that cause a producer's average cost per unit to fall as output rises

question

the demand curve has shifted to the right

answer

An increase in demand means that

question

one study refers to the market overall, while the other refers to specific brands

answer

One study list airline travel as a relatively inelastic good while another study lists it as an elastic good. Most likely??

question

The supply curve will shift to the left

answer

The market for newspapers changes due to a price increase in ink. This changes cause the following??

question

Equilibrium price will rise

answer

The market for newspapers changes due to a price increase in ink. This changes cause the following??

question

Equilibrium quantity will fall

answer

The market for newspapers changes due to a price increase in ink. This changes cause the following??

question

neither curve shifts

answer

The market for iPhone 7s changes due to a price decrease in iPhone 7s. This change causes the following?

question

Equilibrium price will not change

answer

The market for iPhone 7s changes due to a price decrease in iPhone 7s. This change causes the following?

question

Equilibrium quantity will not change

answer

The market for iPhone 7s changes due to a price decrease in iPhone 7s. This change causes the following?

question

False

answer

True or False
If the price of a good increase, quantity supplied would increase?

question

False

answer

True or False
If the price of a good increases, supply would increase?

question

Relatively inelastic

answer

Recent studies have shown that price elasticity of demand for theatrical plays at current is approximately .200. Plays are??

question

Consumers would decrease their purchases by less than 10%.

answer

Recent studies have shown that price elasticity of demand for theatrical plays at current is approximately .200. If the price of plays increase by 10%

question

Increase the price

answer

Recent studies have shown that price elasticity of demand for theatrical plays at current is approximately .200. To increase total revenue, theaters should??

question

.814

answer

Calculate cross of elasticity for the following situation: The price of (a) increases from $8 to $9, which causes quantity demanded of (b) to increase from 10 to 11.

question

These two goods are substitutes

answer

In the previous question, what was the significance of your answer?

question

8.350

answer

Calculate Income elasticity of demand for the following situation: A consumers income falls from $500 per week to $480 per week, which causes quantity demanded of (f) to decrease from 7 to 5.

question

This is good is normal

answer

Calculate Income elasticity of demand for the following situation: A consumers income falls from $500 per week to $480 per week, which causes quantity demanded of (f) to decrease from 7 to 5.

What was the significance of your answer?

question

Q(new) -Q(old) / sum all divided by T(new)- T(old)/ sum

answer

Create formula that would be used to calculate this elasticity, using the variables (Q= quantity demanded) and (T=temperature)

question

The value of the calculated answer

answer

Create formula that would be used to calculate this elasticity, using the variables (Q= quantity demanded) and (T=temperature)

What is more important?

question

negative, but the minus sign is ignored

answer

The price elasticity of demand is

question

it is relatively elastic

answer

what is the significance of 1.670

question

Increase consumption of product (a) and decrease consumption of product (b)

answer

A consumer is making purchases of products (a) and (b) such that the marginal utility of product (a) is 50 and the marginal utility of product (b) is 50. The price of price of product (a) is $5 and the price of (b) is $10. The equal marginal rule suggests that this consumer should

question

Marginal utility per dollar spent is the same for all goods.

answer

A consumer with a fixed income will maximize utility when each good is purchased in amounts such that the

question

decrease

answer

as output increases, average fixed costs

question

False

answer

True or False
Marginal cost is the change in fixed cost divided by the change in output

question

tells us that when the price of a good increases, demand for that good decreases

answer

The law of demand

question

is below the equilibrium level

answer

If a product has an excess of demand, we can conclude that its price

question

False

answer

True or False
The law of supply means that if consumers want a product, it must be supplied

question

there is at lease one fixed input of production

answer

The law of diminishing returns only applies in the cases where

question

True

answer

True or False
Salt would be an example of an inelastic good.

question

True

answer

True or False
In the long run, if a firm experienced increasing returns to scale it is possible to see an downward sloping supply curve

question

-the supply curve will shift to the left
-equilibrium price will rise
-equilibrium quantity will fall

answer

The market for newspapers changes due to a price increase in ink

question

-relatively elastic

answer

Recent studies have shown that price elasticity of demand for sail boats at current price is 4.532

Sail boats are:

question

consumers would decrease their purchases by more than 10%

answer

Recent studies have shown that price elasticity of demand for sail boats at current price is 4.532

If the price of sail boats increased by 10%

question

decrease the price

answer

Recent studies have shown that price elasticity of demand for sail boats at current price is 4.532

to increase total revenue, sail boat dealers should?

question

False

answer

True or False
If a product's current price is in the elastic portion of the demand curve, then total revenue could be increased by increasing the price

question

equilibrium price would increase

answer

If we hold supply constant and increase demand

question

a decrease in the number of consumers

answer

which of the following changes would decrease the demand for a good

question

True

answer

True or False
If the price of a good increases, quantity supplied would increase

question

False

answer

True or False
If the price of a good increase, supply would increase

question

False

answer

True or False
The market price of a product will rise every time the equilibrium price for that product rises

question

True

answer

True or False
An increase in resources prices will tend to decrease supply

question

True

answer

True or False
An example of economies of scale is when firms merge, reducing their need for some employees

question

two goods are subtitutes

answer

.814

question

direct, inverse

answer

The relationship between quantity supplied and price is _____ and the relationship between quantity demanded and price is _____.

1 of 53

question

upward sloping

answer

the law of supply is illustrated by a supply curve that is

question

False

answer

True or False
The law of diminishing returns is a short run concept because capital can be changed in the long run

question

law of diminishing returns

answer

question

True

answer

True or False
The difference between the complete market supply function and single market supply function is the use of the concept cereris paribus

question

Cereris paribus

answer

a Latin phrase that means "all other things held constant"

question

True

answer

True or False
In the long run, if a firm experienced increasing returns to scale it is possible to see an downward sloping supply curve

question

True

answer

True or False
An example of economics of scale is when firms merge, reducing their need for some employees

question

economics of scale

answer

factors that cause a producer's average cost per unit to fall as output rises

question

the demand curve has shifted to the right

answer

An increase in demand means that

question

one study refers to the market overall, while the other refers to specific brands

answer

One study list airline travel as a relatively inelastic good while another study lists it as an elastic good. Most likely??

question

The supply curve will shift to the left

answer

The market for newspapers changes due to a price increase in ink. This changes cause the following??

question

Equilibrium price will rise

answer

The market for newspapers changes due to a price increase in ink. This changes cause the following??

question

Equilibrium quantity will fall

answer

The market for newspapers changes due to a price increase in ink. This changes cause the following??

question

neither curve shifts

answer

The market for iPhone 7s changes due to a price decrease in iPhone 7s. This change causes the following?

question

Equilibrium price will not change

answer

The market for iPhone 7s changes due to a price decrease in iPhone 7s. This change causes the following?

question

Equilibrium quantity will not change

answer

The market for iPhone 7s changes due to a price decrease in iPhone 7s. This change causes the following?

question

False

answer

True or False
If the price of a good increase, quantity supplied would increase?

question

False

answer

True or False
If the price of a good increases, supply would increase?

question

Relatively inelastic

answer

Recent studies have shown that price elasticity of demand for theatrical plays at current is approximately .200. Plays are??

question

Consumers would decrease their purchases by less than 10%.

answer

Recent studies have shown that price elasticity of demand for theatrical plays at current is approximately .200. If the price of plays increase by 10%

question

Increase the price

answer

Recent studies have shown that price elasticity of demand for theatrical plays at current is approximately .200. To increase total revenue, theaters should??

question

.814

answer

Calculate cross of elasticity for the following situation: The price of (a) increases from $8 to $9, which causes quantity demanded of (b) to increase from 10 to 11.

question

These two goods are substitutes

answer

In the previous question, what was the significance of your answer?

question

8.350

answer

Calculate Income elasticity of demand for the following situation: A consumers income falls from $500 per week to $480 per week, which causes quantity demanded of (f) to decrease from 7 to 5.

question

This is good is normal

answer

question

Q(new) -Q(old) / sum all divided by T(new)- T(old)/ sum

answer

Create formula that would be used to calculate this elasticity, using the variables (Q= quantity demanded) and (T=temperature)

question

The value of the calculated answer

answer

Create formula that would be used to calculate this elasticity, using the variables (Q= quantity demanded) and (T=temperature)

What is more important?

question

negative, but the minus sign is ignored

answer

The price elasticity of demand is

question

it is relatively elastic

answer

what is the significance of 1.670

question

Increase consumption of product (a) and decrease consumption of product (b)

answer

question

Marginal utility per dollar spent is the same for all goods.

answer

A consumer with a fixed income will maximize utility when each good is purchased in amounts such that the

question

decrease

answer

as output increases, average fixed costs

question

False

answer

True or False
Marginal cost is the change in fixed cost divided by the change in output

question

tells us that when the price of a good increases, demand for that good decreases

answer

The law of demand

question

is below the equilibrium level

answer

If a product has an excess of demand, we can conclude that its price

question

False

answer

True or False
The law of supply means that if consumers want a product, it must be supplied

question

there is at lease one fixed input of production

answer

The law of diminishing returns only applies in the cases where

question

True

answer

True or False
Salt would be an example of an inelastic good.

question

True

answer

True or False
In the long run, if a firm experienced increasing returns to scale it is possible to see an downward sloping supply curve

question

-the supply curve will shift to the left
-equilibrium price will rise
-equilibrium quantity will fall

answer

The market for newspapers changes due to a price increase in ink

question

-relatively elastic

answer

Recent studies have shown that price elasticity of demand for sail boats at current price is 4.532

Sail boats are:

question

consumers would decrease their purchases by more than 10%

answer

Recent studies have shown that price elasticity of demand for sail boats at current price is 4.532

If the price of sail boats increased by 10%

question

decrease the price

answer

Recent studies have shown that price elasticity of demand for sail boats at current price is 4.532

to increase total revenue, sail boat dealers should?

question

False

answer

True or False
If a product's current price is in the elastic portion of the demand curve, then total revenue could be increased by increasing the price

question

equilibrium price would increase

answer

If we hold supply constant and increase demand

question

a decrease in the number of consumers

answer

which of the following changes would decrease the demand for a good

question

True

answer

True or False
If the price of a good increases, quantity supplied would increase

question

False

answer

True or False
If the price of a good increase, supply would increase

question

False

answer

True or False
The market price of a product will rise every time the equilibrium price for that product rises

question

True

answer

True or False
An increase in resources prices will tend to decrease supply

question

True

answer

True or False
An example of economies of scale is when firms merge, reducing their need for some employees

question

two goods are subtitutes

answer

.814

question

direct, inverse

answer

The relationship between quantity supplied and price is _____ and the relationship between quantity demanded and price is _____.

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ECON 201 Exam 2 NDSU

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