ECON 1002 FINAL EXAM – MGMT 3503 MICROECONOMICS WITH ANSWERS

ECON 1002 FINAL EXAM – MGMT 3503
MICROECONOMICS WITH ANSWERS
Question 1

0 out of 4 points



A demand curve:

Selected
Answer:
shows the quantity of a good that buyers will purchase at each price.

Correct Answer:

all of the above.

Question 2

4 out of 4 points



The income effect that results from a price change is given by:

Selected
Answer:
the change in quantity demanded of a good that results from the effect of a change
in price on a buyer's purchasing power.

Correct
Answer:
the change in quantity demanded of a good that results from the effect of a change
in price on a buyer's purchasing power.

Question 3

4 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:

, 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

4 out of 4 points



When price is below the market equilibrium price:

Selected
Answer:
the quantity demanded will exceed the quantity supplied.

Correct Answer:

the quantity demanded will exceed the quantity supplied.

Question 5

4 out of 4 points



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