MicroEconomics

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Have shown my answers to these 14 problems,that I thought were correct. Do you mind letting me know what you think. Thank you so much. Anything will help!! I have placed an ****. By the ones I think are right!!


7. If equilibrium exists: (Points: 3)
all individuals must have an equal amount of income.
The price in that market will not fluctuate by more than 5%.
****there will be no remaining opportunities for individuals to make themselves better off.
the number of buyers equals the number of sellers.


10. When moving along a production possibilities curve, the opportunity cost to society of getting more of one good: (Points: 3)
is constant.
is measured in dollar terms.
****is measured by the amount of the other good that must be given up.
usually decreases.


11. If an economy is producing a level of output that is on its production possibilities curve, the economy: (Points: 3)
has idle resources.
*****has idle resources but is using resources efficiently.
has no idle resources but is using resources inefficiently.
has no idle resources and is using resources efficiently.

14. When a nation experiences economic growth: (Points: 3)
****its production possibilities curve shifts outward.
its production possibilities curve shifts inward.
it has been able to reach full employment.
it has moved to a more consumer-oriented position on its production possibilities curve.


15. The circular-flow diagram illustrates how households _______ goods and services and _______ factors of production. (Points: 3)
*****buy; sell
buy; buy
own; buy
own; sell



17. A decrease in the price of a good will result in: (Points: 3)
****an increase in demand.
an increase in supply.
an increase in the quantity demanded.
more being supplied.


18. If people demand more of product A when the price of B falls, then A and B are: (Points: 3)
not related.
substitutes.
****complements.
inferior.

29. Price elasticity of demand measures the responsiveness of the change in ______. (Points: 3)
*****quantity demanded to a change in price
price to a change in quantity demanded
slope of the demand curve to a change in price
slope of the demand curve to a change in quantity demanded


30. The demand for agricultural output is price inelastic. This means that if farmers, taken collectively, have a bumper crop, they will experience ______. (Points: 3)
***lower prices, greater quantities sold, and lower incomes
higher prices, greater quantities sold, and higher incomes
lower prices, lower quantities sold, and lower incomes
higher prices, higher quantities sold, and higher incomes

32. Which of the following is not a factor in determining the price elasticity of demand? (Points: 3)
the number of available substitutes
the time period involved
the proportion of the budget spent on the item
****the slope of the supply curve

39. Which of the following is true if there is a decrease in the demand of ice cream? (Points: 3)
*****There is an increase in producer surplus.
There is a decrease in producer surplus.
There is no change to producer surplus.
It's impossible to tell what will happen to producer surplus.


40. If there is an increase in demand, total surplus ______. (Points: 3)
****will increase
will decrease
will remain the same
may change but we can't tell how

41. If total surplus rises, which of the following must have occurred? (Points: 3)
There was an increase in demand and a decrease in supply.
****There was an increase in demand and an increase in supply.
There was a decrease in demand and a decrease in supply.
There was a decrease in demand and an increase in supply.

43. A fixed input is one ______. (Points: 3)
that exists in nature and there is only so much of it
that can be used for one thing only
that can never produce more or less in any time period
****whose quantity cannot be changed in a particular period

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