Micro-Economics Exam 1 Study Guide
Micro-Economics Exam 1 Study Guide ECON 202-004
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This 2 page Study Guide was uploaded by Loretta Hellmann on Wednesday September 21, 2016. The Study Guide belongs to ECON 202-004 at Western Kentucky University taught by Dr. Melvin Borland in Fall 2016. Since its upload, it has received 47 views. For similar materials see Prin Economics-Micro in Microeconomics at Western Kentucky University.
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Date Created: 09/21/16
Week 5 Notes Monday, September 19, 2011:53 PM Practice test questions Suppose that production possibilities are as given X Y 540 150 600 120 If 570 of X were produced which of the following would be consistent with increasing costs. A. 135 B. 130 C. 140 D. 90 E. None of the above If cost of 1 additional unit of X is .40 units of Y in country A and .10 units of Y in country B, which of the following would be mutually acceptable? A. 1 of X <=> 1 of Y B. 1 of X <=> .35 of Y C. 1 of Y <=> 1.50 of X D. 1 of Y <=> 11 of X E. None of the above For a normal good the demand curve would shift to the right for which of the following? A. A decrease in price of a substitute B. A decrease in price of the good itself C. A decrease in a price of a compliment D. Consumer incomes decrease E. None of the above If price of rice falls in U.S., We would expect the demand for potatoes would shift.. A. to the right B. To the left C. In neither direction D. In both directions E. None of above If subsidies to produces are increased, to which direction would supply shit a. To the left b. Be to the right If subsidies to produces are increased, to which direction would supply shit a. To the left b. Be to the right c. In neither direction d. In both directions e. None of above Determine equilibrium When will a shortage occur? A. 60 of $30 a. $10 B. 240 of $22.50 b. $15 C. 40 of $10 c. $20 D. 120 of $20 d. All of the above E. None of the above e. None of the above If D shifts to the right and S shifts to the right, we can say that equilibrium…. A. Quantity and price both must decrease B. Quantity must decrease, but price will rise or stay the same C. Price must increase, but equilibrium quantity may rise, fall, or stay the same D. Both must increase E. Quantity must increase, but price may rise, fall or stay the same The scalping of tickets at prices above the list price would be considered to reduce A. Shortage B. Surpluses C. Both D. Neither E. None of above
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