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