ECON 1002 FINAL EXAM – MGMT 3503 MICROECONOMICS
Latest 2023 - 2024 Question 1
- out of 4 points
A demand curve:
Selected
Answer:
Correct Answer:
shows the quantity of a good that buyers will purchase at each price.
Question 2
- out of 4 points
all of the above.
The income effect that results from a price change is given by:
Selected
Answer:
Correct
Answer:
Question 3
the change in quantity demanded of a good that results from the effect of a change in price on a buyer's purchasing power.
the change in quantity demanded of a good that results from the effect of a change in price on a buyer's purchasing power.
- out of 4 points
The table below shows the quantities demanded and quantities supplied for a good at various prices.The equilibrium price and quantity for the good above respectively equal: 1 / 2
Price Qdemanded Qsupplied
$0.25 500 200
$0.50 400 400
$0.75 200 600
$1.00 100 800
Selected Answer:
$0.50; 400.
Correct Answer:
$0.50; 400.
Question 4
- out of 4 points
When price is below the market equilibrium price:
Selected
Answer:
Correct Answer:
the quantity demanded will exceed the quantity supplied.
Question 5
- out of 4 points
the quantity demanded will exceed the quantity supplied.
The economic surplus to an individual from consuming a good is given by:
Selected
Answer:
the total benefits the individual receives from consuming the good minus the total costs the individual incurs from consuming the good.
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