Principles of Microeconomics Midterm 1 Quiz
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Principles of Microeconomics Midterm 1 Quiz

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Questions and Answers

In the figure Consumer Surplus in the Market for Garden Gnomes I, if the good is being given away for free, consumer surplus equals the area:

  • AFP1 (correct)
  • BGF
  • ABP2
  • AQ30

    • The statement 'The current trade deficit of $350 billion is too high' is a _____ statement.

  • positive
  • normative (correct)
  • ceteris paribus
  • marginal

    • If an economy is producing 12 tons of soybeans and 9,000 bottles of apple cider, we know that the economy:

  • is using its resources inefficiently (correct)
  • has unemployment
  • is producing at an unattainable point
  • is using its resources efficiently

    • If the price elasticity of demand for Golden Santa boxes of chocolates is 2, by how much will the company have to reduce its price to sell the additional 500 boxes of chocolate (by the midpoint method)?

    <p>25%</p> Signup and view all the answers

    The information about the production capabilities of the United States and Canada implies that:

    <p>&quot;The United States has a comparative advantage in producing electric cars.&quot;</p> Signup and view all the answers

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