03 Jun Question Multiple Choice: Answer each of thes
Question
Multiple Choice: Answer each of these questions by darkening the bubble on your scantron sheet, as if you
were taking an exam in class. Hand in only the scantron sheet. Make sure you have darkened in your name and 10-digit ASU Affiliate ID number on the scantron sheet. YOU MUST USE THE (8 1/2 INCH BY 11 INCH)
1. Which of the following is most likely to cause an increase in the demand for personal
computers?
A) An increase in the number of computer manufacturers, other things equal.
B) An increase in the cost of computer paper.
C) An increase in the supply of personal computers, other things equal.
D) A requirement by universities that all students buy personal computers.
E) A reduction in the price of personal computers, other things equal.
2. To answer questions 2, 8, 22, and 24, refer to Figure 10-2, from Lecture 10, which was Dr.
Filer’s daily demand curve for candy bars. Assume the price of candy bars is $.70 each. What is
the own-price coefficient of elasticity of demand at that point on the demand curve?
A) – 3/7.
B) – 7/3.
C) Not enough information given to answer the question.
D) 7/3.
E) 3/7.
Use the following to answer questions 3-7:
Total Output
0
2
4
6
8
10
Total Cost
$100
$196
$212
$310
$430
$570
3. In the table above, assume the marginal cost of the fifth and sixth units are the same. That value
is
A) $98.
B) $310.
C) $80.
D) $261.
E) $49.
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4. In the table above, total fixed costs are equal to
A) $100.
B) $53.
C) Cannot be determined from the information provided.
D) $98.
E) $10.
5. In the table above, if the production of 2 extra units (units 11 and 12) increases total cost by
$162, then
A) the thirteenth unit will have to go up in price.
B) the average variable cost of producing 11 units is $732.
C) the marginal cost of the twelfth unit will be $162.
D) the total cost of producing 12 units will be $894.
E) the average total cost of producing 12 units is $61.
6. In the table above, the average fixed cost of the first unit of output is
A) Cannot be determined from the information given.
B) $100.
C) $96.
D) $48.
E) $98.
7. In the table above, the average variable cost of producing two units of output is
A) $98.
B) $50.
C) $96.
D) $100.
E) None of the above.
8. Assume the price of candy bars is $.30 each. What is the own-price coefficient of elasticity of
demand at that point on the demand curve?
A) 7/3.
B) – 7/3.
C) – 3/7.
D) Not enough information given to answer the question.
E) 3/7.
9. If the demand curve for product J shifts to the left as the price of product K increases, then
A) goods J and K are not related.
B) J and K are substitute goods.
C) J and K are complementary goods.
D) the number of consumers of product K has increased.
E) the income of consumers of product K has increased.
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Use the following to answer questions 10-13:
Combination
A
B
C
D
E
Production of Sweden
Pounds of Chocolate
0
2
4
6
8
Plates of Caviar
15
14
12
8
0
10. Refer to the table above. If Sweden is using combination C and it wants 2 more pounds of
chocolate, it must give up
A) nothing.
B) 4 plates of caviar.
C) 6 plates of caviar.
D) 8 plates of caviar.
E) 2 pounds of chocolate.
11. According to the table above, Sweden can make
A) 3 pounds of chocolate or 16 plates of caviar.
B) 8 pounds of chocolate and 15 plates of caviar.
C) 4 pounds of chocolate and 12 plates of caviar.
D) Both B and C.
E) Both A and C.
12. Refer to the table above. The opportunity cost of the fifth and sixth pounds of chocolate is
A) Opportunity cost don’t apply because chocolate is a luxury good.
B) 12 plates of caviar.
C) 4 plates of caviar.
D) 6 plates of caviar.
E) 8 plates of caviar.
13. According to the table above, to produce 6 pounds of chocolate and 14 pounds of caviar,
A) the PPC of Sweden must shift out.
B) the PPC of Sweden must shift in.
C) the PPC of Sweden must not change.
D) Sweden must leave some resources idle.
E) None of these; Sweden will never be able to produce such quantities.
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