03 Jun Question MULTIPLE CHOICE (40 questions, 2 points each). Choose the
Question
MULTIPLE CHOICE (40 questions, 2 points each). Choose the one alternative that best completes the
statement or answers the question.
1) The opportunity cost of going to college:
1) _______
A) includes wages you lose by going to school instead of working.
B) is equal to the cost of tuition, room and board, and other expenses.
C) is zero if your parents pay your tuition.
D) is the same for all students at a particular school who pay full tuition.
2) If a consumer can buy four DVDs for $44 and five DVDs for $50, then the marginal cost of the fifth DVD is:
_______
A) $50. B) $6.
2)
C) $10. D) $11.
3) Judy demands more peanuts as her income increases. From this, we can conclude that, for Judy:
A) peanuts are a complementary good. B) peanuts are a normal good.
C) peanuts are a substitute good.
D) peanuts are an inferior good.
3) _______
4) When Mary’s income increases, she purchases fewer hamburgers. We can conclude that for Mary, hamburger is a(n)
________ good. 4) _______
A) normal
B) complementary
C) substitute
D) inferior
5) Flour is used to produce bread. If the price of flour increases: 5) _______
A) the supply of bread decreases.
B) the demand for bread decreases.
C) the demand for bread increases.
D) the supply of bread increases.
6) If the price of crude oil (an input to the production of gasoline) increases, then we will expect to see:
A) a movement along the supply curve for gasoline downwards.
B) a shift in the supply of gasoline to the left.
C) a shift in the supply of gasoline to the right.
D) a movement along the supply curve for gasoline upwards.
7) A decrease in the tuition (i.e., price) that a public university charges would result in:
A) a shift in the supply of college classes to the right.
B) an downward movement along the supply curve for college classes.
C) a shift in the supply of college classes to the left.
D) an upward movement along the supply curve for college classes.
6) _______
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