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Introduction to Microeconomics

Introduction to Microeconomics

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Refer to Scenario 2. Which of the following is correct?

None of the above

The government collects more tax revenue in fancy restaurant meals.

The government collects the same amount of tax revenue in groceries and fancy restaurant meals.

The government collects more tax revenue in groceries.

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Refer to Scenario 1. Which of the statement is true?

Consumers and sellers equally share the tax burden regardless of the difference in demand and supply elasticities.

None of the above

Consumers bear less of the tax burden if the demand is more elastic than the supply.

Consumers bear less of the tax burden if the demand is more inelastic than the supply.

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Refer to Scenario 1. What needs to be true for the tax to effectively deter people from eating junk food?

None of the above

Demand should be inelastic.

The tax will not deter people from eating junk food.

Demand should be elastic.

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A tax on a good

raises both the price buyers pay and the price sellers receive.

lowers both the price buyers pay and the price sellers receive.

raises the price buyers pay and lowers the price sellers receive.

lowers the price buyers pay and raises the price sellers receive.

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When a market is in a competitive equilibrium, which of the following would be correct?

The price determines which buyers and which sellers participate in the market.

Those sellers whose costs are more than the price choose to produce and sell the good.

Those buyers who value the good less than the price choose to buy the good.

Consumer surplus is always equal to producer surplus.

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If the price elasticity of demand for a good is -2, then a 10 percent decrease in price would result in a

10 percent decrease in the quantity demanded.

20 percent increase in the quantity demanded.

20 percent decrease in the quantity demanded.

2 percent decrease in the quantity demanded.

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What type of demand for exercise equipment a person has if he has high cholesterol and must exercise for an hour every day?

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For a seller, which of the following is NOT positively related?

The price of the good and the seller's profit

The seller's profit and production costs

The seller's profit and technological progress experienced by the seller

The price of the good and quantity supplied

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You and your college roommate eat three packages of Ramen noodles each week. After graduation last month, both of you were hired at several times your college income. You still enjoy Ramen noodles very much and buy even more, but your roommate plans to buy fewer Ramen noodles.

You and your roommate consider Ramen noodles as an inferior good.

You consider Ramen noodles as a normal good but your roommate considers it as an inferior good.

You and your roommate consider Ramen noodles as a normal good.

You consider Ramen noodles as an inferior good but your roommate considers it as a normal good.

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Lead is an important input in the production of crystals. If the price of lead decreases, all else equal, we would expect the supply of

crystal to be unaffected.

crystal to increase.

crystal to decrease.

None of the above

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