bec m 40 & 44 handout 5 q & a

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1、CeciliaLiJanuary2010===BECHandout5======M40===1.Ifboththesupplyandthedemandforagoodincrease,themarketpricewillA.RiseonlyinthecaseofaninelasticsupplyfunctionB.FallonlyinthecaseofaninelasticsupplyfunctionC.NotbepredictablewithonlythesefactsD.Riseonlyinthecaseofaninelasticdemandfunction2.A

2、sabusinessowneryouhavedeterminedthatthedemandforyourproductisinelastic.BaseuponthisassessmentyouunderstandthatA.IncreasingthepriceofyourproductwillincreasetotalrevenueB.DecreasingthepriceofyourproductwillincreasetotalrevenueC.Increasingthepriceofyourproductwillhavenoeffectontotalrevenue

3、D.IncreasingthepriceofyourproductwillincreasecompetitionItem3and4arebasedonthefollowinginformation:AssumethatdemandforaparticularproductchangedasshownbelowfromD1toD2SPriceD2D1Quantity3.Whichofthefollowingcouldcausethechangeshowninthegraph?A.AdecreaseinthepriceoftheproductB.Anincreaseint

4、hesupplyoftheproductC.AchangeinconsumertastesD.Adecreaseinthepriceofasubstitutefortheproduct4.Whatwillberesultontheequilibriumpricefortheproduct?A.IncreaseB.DecreaseC.RemainthesameD.Cannotdetermined1CeciliaLiJanuary20105.Whichoneofthefollowinghasaninverserelationshipwithdemandofmoney?A.

5、AggregateincomeB.PricelevelsC.InterestrateD.Flowoffunds6.Whichofthefollowingmarketfeaturesislikelytocauseasurplusofaparticularproduct?A.AmonopolyB.ApricefloorC.ApriceceilingD.Aperfectmarket7.Whichofthefollowinghasthehighestpriceelasticitycoefficient?A.MilkB.MacaroniandcheeseC.BreadD.Ski

6、boats8.Anindividualreceivesanincomeof$3,000permonth,andspends$2,500.ANincreaseinincomeof$500permonthoccurs,andtheindividualspends$2,800.Theindividual’smarginalpropensitytosaveisA.0.2B.0.4C.0.6D.0.89.Inanycompetitivemarket,anequalincreaseinbothdemandandsupplycanbeexpectedtoalwaysA.Increa

7、sebothpriceandmarket‐clearingquantityB.Decreasebothpriceandmarket‐clearingquantityC.Increasemarket‐clearingquantityD.Increaseprice10.Giventhefollowingdata,whatisthemarginalpropensitytoconsume?LevelofDisposableincomeConsumption40,00038,0002CeciliaLiJanuary201048,00044,000A.1.33B