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ECON-1010-A-Introduction to Microeconomics

ECON-1010-A-Introduction to Microeconomics

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A graph plots clothing (items per week) versus food (servings per week). The horizontal axis is labeled food (servings per week), and the vertical axis is labeled clothing (items per week). A graph is a downward sloping line falling from the top left in the vertical axis to the bottom right in the horizontal axis. The slope has two points, D in the vertical axis and C at the bottom between the two axes. A point A is at the bottom left of the sloping line, and a point B is at the top right of the sloping line.

Refer to Figure 9.1.1, which shows Shelly's budget line. Which of the following points shows an affordable combination of food and clothing for Shelly given her income and current prices?

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A graph plots good y (units) versus good x (units). The horizontal axis is labeled good x (units), and the vertical axis is labeled good y (units). The horizontal axis ranges from 0 to 10 in increments of 2 units, and the vertical axis ranges from 0 to 10 in increments of 2 units. A graph is a line labeled budget line falling through (0, 8), (3, 4), and (6, 0). A concave up decreasing curve labeled I sub 0 intersects the line at (3, 4). All values are estimated.

Refer to Figure 9.3.1, which shows a consumer's budget line, indifference curve, and best affordable point. If the price of good X is $1 a unit, what is the price of good Y?

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A graph plots music downloads (per month) versus carrots (per month).The horizontal axis is labeled music downloads (per month), and the vertical axis is labeled carrots (per month). A graph displays three downward sloping lines. The first line falls from the top left in the vertical axis at point D to the bottom left in the horizontal axis at point A. The second line falls from point D to the bottom center in the horizontal axis at point B. The third line falls from point D to extreme right in the horizontal axis at point C.

Refer to Figure 9.1.2, which shows three budget lines. Which budget line has the lowest relative price for music downloads?

The relative price is equal for all three budget lines.

Cannot be determined without the consumer's indifference curves.

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A graph plots good y versus good x. The horizontal axis is labeled good x, and the vertical axis is labeled good y. A graph displays two falling lines from top left in the vertical axis at R to bottom center at T and extreme right at S. A concave up decreasing curve has two points A and B intersecting the line R S at A. A concave up decreasing curve C and D intersecting the line R T at C. A dashed line from top left to bottom right intersects at B. A dashed line from the top left in the vertical axis to the bottom right in the horizontal axis intersects at D.

Refer to Figure 9.3.4, which shows a consumer's choices and the consumer's budget. If the budget line is RT, what change will shift the budget line to RS?

a decrease in the preference for good X

a fall in the price of good X

a rise in the price of good Y

an increase in real income

a rise in the price of good X

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A graph plots good y versus good x. The horizontal axis is labeled good x, and the vertical axis is labeled good y. A graph is a downward sloping line from the top left in the vertical axis to the bottom right in the horizontal axis. Three concave up decreasing curves labeled I sub 1, I sub 2, and I sub 3. The curve I sub 1 intersects the line at point R. The curve I sub 2 has two points Q and S intersect the line at Q. The angle I sub 3 has a point T. The points R, S, and T are parallel to each other.

Refer to Figure 9.3.2, which shows a consumer's budget line and preference map. Which of the following statements about Figure 9.3.2 is correct?

Point R is the best affordable point.

Points Q and S cost the same, but Q is preferred to S.

Point T is preferred to point Q, but T is not affordable.

Point S is preferred to point Q, but S is not affordable.

Point R is not affordable.

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Which of the following quotes best illustrates the idea of the firm's total product?

"Each worker produces 2 tables a day."

"With double the workers and double the assembly line, the firm can make 120 percent more tables."

"By adding an extra shift at night, table production only rises by 80 percent because the assembly line needs more maintenance time."

"With 10 workers on my assembly line, the firm can produce 13 tables a day."

"By adding an 11th worker, the firm can produce 1 extra table a day."

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What is the marginal product of labour?

Marginal product of labour is the increase in total product that results from

a change in the total cost of labour.

a one-unit increase in total product.

a one-unit increase in the quantity of labour employed, other inputs remaining the same.

a one-unit increase in the quantity of fixed inputs employed, holding the quantity of labour constant.

a one-dollar increase in the cost of labour.

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Table 10.3.1

Short Description: A table shows Tania's Teapots' total cost schedule.Long Description: The column heading from left to right are labour (workers per day), output (teapots per day), T F C (dollars per day), T V C (dollars per day), and T C (dollars per day). The row entries are as follows. Row 1. 0, 0, 20, 0, 20. Row 2. 1, 4, 20, blank, 45. Row 3. 2, 9, 20, blank, 45. Row 4. 3, 13, 20, blank, 95. Row 5. 4, 16, 20, 100, blank. Row 6. 5, 18, 20, 125, 145.

Refer to Table 10.3.1, which gives Tania's Teapots' total cost schedule. What is the firm's average fixed cost of producing 9 teapots per day?

$10.00 per teapot

$1.11 per teapot

$1.25 per teapot

$1.54 per teapot

$2.22 per teapot

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Why is the shape of the firm's ATC curve U-shaped?

As the firm increases production

initially fixed costs decrease, but eventually they increase.

labour productivity increases as more labour is hired.

total fixed cost is spread over larger outputs, but eventually increasing returns set in.

total fixed cost is spread over larger outputs and eventually diminishing returns set in.

initially marginal cost decreases to its minimum and then increasing returns set in.

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What is a firm's normal profit and is it part of the firm's opportunity cost of production?

Normal profit is the ________. Normal profit ________ part of a firm's opportunity cost of production.

profit used by the Canada Revenue Agency to calculate tax owing; is

return that an entrepreneur can expect to receive on average; is

difference between total revenue and total cost; is

return that an entrepreneur can expect to receive on average; is not

profit used by the Canada Revenue Agency to calculate tax owing; is not

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