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Econ 111: Principles of Economics - Accelerated Treatment - Quiz 2
1) Fill in the blanks in the following statements:
a) The cross price-elasticity of demand for soda and newspapers is -0.4. Therefore soda and newspapers are ________ goods.
b) Goods with very close substitutes exhibit a more _________ demand.
c) Mary's income elasticity of demand for ham is +0.9. Ham is therefore a _________ good for Mary.
d) The price elasticity of demand for gasoline is -0.5. Tax revenue would __________ significantly if the government were to double the tax on gasoline.
e) The demand for ipods in the future is expected to be more ________ than the demand in the short run.
2) EXPLAIN if and why the following statement is true or false:
For a linear demand curve, the price elasticity of demand is the same thing with the slope of the demand curve.
How profitable is the company? What is its total profit? What is its profit as a percent of total revenue? What is its profit as a perent of total assets?
Amy and Jenna are roommates. After a dinner with their friends, they need to clean their apartment and to do the dishes (unfortunately, they do not have either a dishwasher or a vacuum cleaner). Who has the absolute advantage in doing the dishes
Why is the long-run aggregate supple curve vertical Explain the shape of the short run aggregate supply curve. Why is the short-run curve relatively flat to the left of the full-employment output and realively steep to the right
The rent market price for a 1-bedroom condominium in NYC is $3,000. However, the government does not allow these prices to be charged and establishes a price ceiling.
When a perfectly competitive firm finds that its market price is below its minimum average variable cost, it will sella. any positive output the entrepreneur decides upon because all of it can be sold. b. nothing at all; the firm shuts down c. the ou..
1. angela bates who works in a duplicating photocopying establishment for 20000 per year decides to open a small
Environmentalist groups act to directly reduce of emissions by. The property rights approach to environmental issues often becomes highly relevant in cases involving __________________.
Explain what is meant by "in-kind transfer" programs. Briefly outline the pros and cons associated with an in-kind transfer program
Joe has $16 to spend on Twinkies and Ho-Hos. Twinkies have a price of $1 per pack, and Ho-Hos have a price of $2 per pack. Use the information in these graphs to determine the number of Twinkies and Ho-Hos packs Joe should buy to maximize his uti..
When comparing performance during the first five months of 2010 with the performance during the first five months in 2009, which warehouse shows the most improvement?
What is the underlying message of the following lyrics from Keynes? [Keynes] Public works, digging ditches, war has the same effect. Even a broken window helps the glass man have some wealth.
A. In 1996, many cows in Great Britain came down with "mad cow disease". As a result, the nations of European union banned the import of British beef.
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