C13 Microeconomics Online Exams 1-8 Answers (Ashworth College)

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C. cross elasticity of demand D. income elasticity of demand Question 16 of 5.0/ 5.0 Points 20 If a competitive market operates perfectly, it relies on __________ . A. the number of people buying goods B. the laws of supply and demand C. how many products can be produced for sale D. how much people are willing to pay for the products Question 17 of 5.0/ 5.0 Points 20 In considering the relationships between price and quantity demanded, ceteris paribus directs the economist to assume that __________ . A. price increases affect quantity B. quantity increases affect prices C. neither price nor quantity affect demand D. all other variables remain unchanged Question 18 of 5.0/ 5.0 Points 20 The quantity demanded of a product increases as __________ .
A. consumer income rises B. the prices of other products fall C. the price of the product rises D. the price of the product falls Question 19 of 0.0/ 5.0 Points 20 The price elasticity of demand is calculated by __________ . A. the change in price divided by the change in quantity demanded B. the change in quantity demanded divided by the change in price C. the percentage change in price divided by the percentage change in quantity demanded D. the percentage change in quantity demanded divided by the percentage change in price Question 20 of 5.0/ 5.0 Points 20 The ratio of the percentage change in quantity demanded to the percentage change in price is known as the __________ . A. demand-side shift factor B. income elasticity of demand C. price elasticity of demand D. cross elasticity of demand
Page 1 and 2: C13 Microeconomics Online Exams 1-8
Page 3 and 4: C. the cost of bait, any other mone
Page 5 and 6: A. allowing the government and othe
Page 7 and 8: C. The answer depends on how much y
Page 9 and 10: D. 20 Question 2 of 205.0/ 5.0 Poin
Page 11 and 12: C. consumer income D. the cost of p
Page 13: Question 13 of 5.0/ 5.0 Points 20 T
Page 17 and 18: C. $55,000 D. $100,000 Question 4 o
Page 19 and 20: B. maximum amount the consumer woul
Page 21 and 22: If the government imposes a maximum
Page 23 and 24: B. a monetary payment from the gove
Page 25 and 26: A. increase and output will decreas
Page 27 and 28: D. encourage driving to generate re
Page 29 and 30: A. are designed to encourage more p
Page 31 and 32: C. Fixed costs are always the large
Page 33 and 34: A. the different combinations of tw
Page 35 and 36: C. the foregone interest and the co
Page 37 and 38: The equimarginal rule __________ .
Page 39 and 40: A. a perfectly competitive market B
Page 41 and 42: A. demand for butter increased caus
Page 43 and 44: C. firms act strategically D. all o
Page 45 and 46: A. change in labor necessary to pro
Page 47 and 48: D. reduce the wealth of the poorest
Page 49 and 50: A. an increase in demand for highly
Page 51 and 52: C. individual labor supply D. marke
Page 53 and 54: A. autarky B. absolute advantage C.
Page 55 and 56: A. increase imports and raise price
Page 57 and 58: Suppose there are only two nations,
Page 59: C. produced by a nation before trad

C13 Microeconomics Online Exams 1-8 Answers (Ashworth College)

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