Economics Micro & Macro (CliffsAP)
When is a producer said to have a comparative advantage in producing a particular good? A. The producer requires a smaller numb ...
What is the tax revenue that the government will collect if they impose a price ceiling at $1.20? A. $900 B. $720 C. $400 D. $3 ...
Which of the following are properties of indifference curves? I. They are downward sloping. II. They do not cross. III. They ar ...
Which one of the following best describes what the long-run average total cost curve is often referred to as: A. planning curve ...
Following are two production possibilities curves for Country 1 and Country 2. Both countries produce plastic and metal. Accord ...
Which of the following statements is true of a monopoly but nottrue of a perfectly competitive firm? A. Other firms can easily ...
ABC manufacturing produces widgets, a normal good. Assuming that the widget market is perfectly competitive, which of the follo ...
Microeconomics Section II: Free-Response Questions Directions: You have one hour to answer all three free-response questions: on ...
C. Manny owns a commercial walnut grove, and he is unable to use Jack’s new tool because it cannot pick walnuts. (i) What will h ...
Multiple-Choice Answers and Explanations D. In a perfectly competitive market all the above are true except D. All firms produc ...
13. A. Price elasticityof supply Percentage change in price Percentage change in the quantity supplied = 14. D. Price elasticity ...
25. E. Marginal Revenue = change in Total Revenue = ( $2000 -$1000 ) = $2 change in quantity ( $1000 -$500 ) A.Diseconomies of ...
C.A perfectly competitive firm will hire labor until the maximum marginal product of labor is achieved. Hours of Labor Cost of ...
A.By definition, A is the correct answer. Diminishing marginal returns to labor is the idea that the first worker you hire will ...
Free-Response Answers and Explanations 1. A. B.Farmer Joe’s profit maximizing output is at quantity Q(FJ), and his profit maximi ...
D. (i)Any farmer who is producing at a point below his average variable cost curve is operating with losses. In the long run the ...
B.The tax on Wisconsin cheese will affect the Wisconsin cheese market in California by shifting the supply curve in. This is bec ...
B. (i)The overall market price of pistachios will fall significantly because the overall cost of pistachio produc- tion will dec ...
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Microeconomics Full-Length Practice Test 2 Section I ■ 60 multiple choice questions 70 minutes Section II ■ 1 long free-response ...
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