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Assessment 1 Question 1 1 out of 1 points The higher the interest rate: Selected Answer: Correct B. the smaller the present value of a future amount. Correct Answer: Correct B. the smaller the present value of a future amount. Question 2 1 out of 1 points If the interest rate is 10 percent and cash flows are $1,000 at the end of year one and $2,000 at the end of year two, then the present value of these cash flows is: Selected Answer: Correct A. $2,562. Correct Answer: Correct A. $2,562. Question 3 1 out of 1 points Economic profits are: Selected Answer: Correct C. total revenue minus total opportunity
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cost. Correct Answer: Correct C. total revenue minus total opportunity cost. Question 4 1 out of 1 points Which of the following are signals to the owners of scarce resources about the best uses of those resources? Selected Answer: Correct A. Profits of businesses Correct Answer: Correct A. Profits of businesses Question 5 1 out of 1 points To maximize profits, a firm should continue to increase production of a good until: Selected Answer: Correct C. marginal revenue equals marginal cost. Correct Answer: Correct C. marginal revenue equals marginal cost. Question 6 1 out of 1 points If a producer offers a price that is in excess of a consumer's valuation of the good, the consumer: Selected Answer: Correct B. will refuse to purchase the good. Correct Answer:
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Question 10 0 out of 1 points Which of the following is the incorrect statement? Selected Answer: Incorrect B. dB(Q)/dQ = MB. Correct Answer: Correct C. The slope of the net benefit curve is vertical where MB = MC. Tuesday, August 29, 2017 3:03:44 PM MDT
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Assessment 2 Question 1 1 out of 1 points In a competitive market, the market demand is Qd = 60 - 6P and the market supply is Qs = 4P. A price ceiling of $3 will result in a Selected Answer: Correct A. shortage of 30 units. Correct Answer: Correct A. shortage of 30 units. Question 2 0 out of 1 points The law of demand states that, holding all else constant: Selected Answer: Incorrect B. as price rises, demand will also rise. Correct Answer: Correct D. as price falls, quantity demanded rises. Question 3 1 out of 1 points A change in income will not lead to: Selected Answer: Correct A. a movement along the demand curve. Correct Answer: Correct A. a movement along the demand curve. Question 4
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Question 7 1 out of 1 points Suppose the demand for good X is given by Qdx = 10 + axPx + ayPy + aMM. If ay is positive, then: Selected Answer: Correct D. goods y and x are substitutes. Correct Answer: Correct D. goods y and x are substitutes. Question 8 1 out of 1 points Suppose the demand for good X is given by Qdx = 10 - 2Px + Py + M. The price of good X is $1, the price of good Y is $10, and income is $100. Given these prices and income, how much of good X will be purchased? Selected Answer: Correct D. None of the statements associated with this question are correct. Correct Answer: Correct D. None of the statements associated with this question are correct. Question 9 1 out of 1 points Changes in the price of a good lead to: Selected Answer: Correct A. changes in the quantity supplied of the good. Correct Answer: Correct A. changes in the quantity supplied of the good. Question 10 1 out of 1 points
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If a shortage exists in a market, the natural tendency is for: Selected Answer: Correct B. price to increase. Correct Answer: Correct B. price to increase. Tuesday, August 29, 2017 3:15:08 PM MDT
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1 out of 1 points Graphically, a decrease in advertising will cause the demand curve to: Selected Answer: Correct D. shift leftward. Correct Answer: Correct D. shift leftward. Question 5 1 out of 1 points Suppose the demand for good X is given by Qdx = 10 + axPx + ayPy + aMM. From the law of demand we know that ax will be: Selected Answer: Correct A. less than zero. Correct Answer: Correct A. less than zero. Question 6 1 out of 1 points For a steel factory, a decrease in the cost of electricity to the plant will cause the supply curve to: Selected Answer: Correct C. shift to the right. Correct Answer:
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Correct C. shift to the right. Question 7 1 out of 1 points Suppose market demand and supply are given by Qd = 100 - 2P and QS = 5 + 3P. If a price floor of $30 is set, what will be size of the resulting surplus? Selected Answer: Correct D. 55. Correct Answer: Correct D.
Question 8 1 out of 1 points Suppose that supply increases and demand decreases. What effect will this have on price and quantity? Selected Answer: Correct D. None of the statements associated with this question are correct. Correct Answer: Correct D. None of the statements associated with this question are correct. Question 9 1 out of 1 points Suppose the demand for X is given by Qxd = 100 - 2PX + 4PY + 10M + 2A, where PX represents the price of good X, PY is the price of good Y, M is income and A is the amount of advertising on good X. Based on this information, we know that good Y is Selected Answer:
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A. -0.
B. -0.
C. -0.
Correct D. -0. Question 2 0 out of 1 points The quantity consumed of a good is relatively unresponsive to changes in price whenever demand is: Selected Answer: Incorrect A. elastic. Answers: A. elastic. B. unitary. C. falling. Correct D. inelastic. Question 3 1 out of 1 points Demand is perfectly elastic when the absolute value of the own price elasticity of demand is: Selected Answer: Correct C. infinite. Answers: A. zero. B. one.
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Correct C. infinite. D. unknown. Question 4 1 out of 1 points Which of the following factors would NOT affect the own price elasticity of a good? Selected Answer: Correct B. Price of an input Answers: A. Time Correct B. Price of an input C. Available substitutes D. Expenditure share Question 5 1 out of 1 points We would expect the demand for jeans to be: Selected Answer: Correct A. more elastic than the demand for clothing. Answers: Correct A. more elastic than the demand for clothing. B. less elastic than the demand for clothing. C. the same as the demand for clothing.
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C. the demand for video recorders is inelastic. D. the demand for video recorders is neither inferior nor inelastic, and video recorder film is not a substitute for video recorders. Question 8 1 out of 1 points The elasticity of variable G with respect to variable S is defined as: Selected Answer: Correct A. the percentage change in variable G that results from a given percentage change in variable S. Answers: Correct A. the percentage change in variable G that results from a given percentage change in variable S. B. the percentage change in variable G that results from a given change in variable S. C. the change in variable G that results from a given percentage change in variable S. D. the change in variable G that results from a given change in variable S. Question 9 1 out of 1 points When a demand curve is linear: Selected Answer: Correct B. demand is inelastic at low prices. Answers: A. demand is elastic at low prices.
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Correct B. demand is inelastic at low prices. C. demand is unitary elastic at low prices. D. the elasticity is constant at all prices. Question 10 0 out of 1 points A firm derives revenue from two sources: goods X and Y. Annual revenues from good X and Y are $10,000 and $20,000, respectively. If the price elasticity of demand for good X is -4.0 and the cross-price elasticity of demand between Y and X is 2.0, then a 2 percent decrease in the price of X will: Selected Answer: Incorrect A. increase total revenues from X and Y by $520. Answers: A. increase total revenues from X and Y by $520. Correct B. decrease total revenues from X and Y by $200. C. leave total revenues from X and Y unchanged. D. decrease total revenues for X and Y by $600. Question 1 0 out of 1 points The elasticity of variable G with respect to variable S is
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1 out of 1 points You are the manager of a popular shoe company. You know that the advertising elasticity of demand for your product is 0.15. How much will you have to increase advertising in order to increase demand by 10 percent? Answers: A. 0.02 percent B. 38.6 percent Correct C. 66. percent D. 4. percent Question 4 1 out of 1 points Demand is more inelastic in the short term because consumers: Answers: A. are impatient. Correct B. have no time to find available substitutes. C. are present-oriented. D. None of the statements is correct. Question 5 1 out of 1 points Lemonade, a good with many close substitutes, should have an own price elasticity that is: Answers: A. unitary.
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Correct B. relatively elastic. C. relatively inelastic. D. perfectly inelastic. Question 6 1 out of 1 points If demand is perfectly inelastic, then: Answers: A. the own price elasticity of demand is infinite in absolute value. B. a small increase in price will lead to a situation where none of the good is purchased. Correct C. the demand curve is vertical. D. None of the statements is correct. Question 7 0 out of 1 points When the own price elasticity of good X is -3.5, then total revenue can be increased by: Answers: A. increasing the price. B. decreasing the quantity supplied. Correct C. decreasing the price. D. neither increasing the price, decreasing the price, nor decreasing the quantity supplied. Question 8
University of Phoenix MGMT 504 Assessment 1 & 2 &
