Which of the following is a microeonomics question? A) Should the government dec
ID: 1101093 • Letter: W
Question
Which of the following is a microeonomics question?
A) Should the government decrease unemployment benefits to reduce the unemployment rate?
B) Should congress decrease taxes to help stimulate the economy
C) why do some countries have higher inflation rates than other countries
D) should the government subsidize corn farmers to encourage the production of ethanol?
2) When demand decreases and the demand curve shifts to the left, equilibrium price and equilibrium quantity
A)increases; increases B)increases;decreases C) decreases;increases D) decreases;decreases
3) Suppose that a market for a product is in equilibrium at a price of $5 per unit. At any price above $5 per unit
A) there will be an excess supply of the product B) The quantity supplied of the product will be less than the quantity demanded of that product C)there will be a shortage of that product D) there will be an excess demand for that product.
4) If the price elasticity of supply is 1.3 supply is
A) Unaffected by price changes B) inelastic C) unutary elastic D)elastic
5) Which of the following factors would indicate more elastic demand A) Demand is measured over a longer period of time B) The good is neccesity, rather than luxury C) The good represents a small fraction of the budget D) There are few substitutes for the good
6) When the price of pens went from $1 to $1.50, the quantity demanded of pencils changed from 50 to 75 a day. The cross-price elasticity of demand for pencils is A)1 B)0.4 C)0.2 D) -0.2
Explanation / Answer
A) No
B) No
C) due to different demands of their currencies.
D) Yes
2) D) decreases;decreases
3) A) there will be an excess supply of the product
4) D)elastic
5) D) There are few substitutes for the good
6) C)0.2
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