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samplequestionsintroductorymicroeconomics

SAMPLE QUESTIONS: INTRODUCTORY MICROECONOMICS 1. The properties of indifference curves include the following: a) it is downward sloping b) it exhibits diminishing marginal rate of substitution c) it never crosses each other d) all of the above 2. Suppose espresso is free, then to maximize total utility, a consumer should drink espresso until his/her marginal utility is: at a maximum zero equals the price of tea no longer diminishing 3.When demand is elastic, A one percent change in price leads to less than one percent change in quantity demanded Changes in price have no effect on total revenue A one percent change in price leads to less than one percent change in quantity supplied A rise in price decreases total revenue 4. Suppose there are two goods, x and y. A consumption bundle A yields the same amount of total utility as consumption bundle B, then a) A and B must have the same amount of x and y b) A is on a higher indifference curve than B c) B is on a higher indifference curve than A d) A and B are on the same indifference curve 5. Suppose we have a production possibility frontier (PPF) that is a straight line. On the y-axis, we have coconuts and on the x-axis, we have pineapples. Which of the following statements best describe this PPF? a) The opportunity costs of producing an additional pineapple is the same at every point b) The opportunity cost of producing an additional pineapple increases as the amount of coconuts produced increases c) The opportunity cost of producing an additional pineapple decreases as the amount of coconuts produced decreases d) The opportunity cost of producing an additional pineapple is zero at every point 6. If goods A and B are substitutes, a decrease in the price of good B will a) increase the demand for good A b) increase the quantity demanded of good B c) decrease the demand for good A d) both b and c 7. Suppose the demand curve for agricultural products is inelastic, then a) the deman

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