Midterm Exam

8/9/2018

Question 1 Not yet answered Marked out of 1.00

Midterm Exam

True True or False. If the statement is true, write the word True. If False, write False and replace the underlined word with the correct term. Note that the system accepts an exact answer. answer. Wrong spelling is considered wrong. For example: Q: Whales are reptiles. A: False - mammals Economics is about managing scarcity of the limited resources. Answer: true


The following construction materials are variable inputs, except: Select one: a. gravel b. wood c. steel d. cement mixer


The extra satisfaction you get from successive consumption of the same product is: Select one: a. Quantity Demanded b. Total Satisfaction c. Indifference Curve d. Marginal Utility


True True or False. If the statement is true, write the word True. If False, write False and replace the underlined word with the correct term. Note that the system accepts an exact answer. answer. Wrong spelling is considered wrong. For example: Q: Whales are reptiles. A: False - mammals An entrepreneur is a person who manages the factors of production and assumes the risks of a business venture. Answer: true

https://blended.amauonline.com/mod/quiz/attempt.php?attempt=28941242

1/13

8/9/2018

Question 5

Not yet answered Marked out of 1.00

Midterm Exam

True True or False. If the statement is true, write the word True. If False, write False and replace the underlined word with the correct term. Note that the system accepts an exact answer. answer. Wrong spelling is considered wrong. For example: Q: Whales are reptiles. A: False - mammals The consumers’ decision on what goods and services to buy is affected by tastes and preferences. Answer: true


True True or False. If the statement is true, write the word True. If False, write False and replace the underlined word with the correct term. Note that the system accepts an exact answer. answer. Wrong spelling is considered wrong. For example: Q: Whales are reptiles. A: False - mammals When total utility is at its maximum, the marginal utility is equal to zero. Answer: true


The point of tangency between the indifference curve and the budget line signifies: Select one: a. The best possible combination of goods and services within the consumer budget b. All of the choices c. The market equilibrium point d. The consumers’ and producers’ demand and supply, respectively


True True or False. If the statement is true, write the word True. If False, write False and replace the underlined word with the correct term. Note that the system accepts an exact answer. answer. Wrong spelling is considered wrong. For example: Q: Whales are reptiles. A: False - mammals Stage 3 of production is characterized by increasing product curves. Answer: false - decreasing


2/13

8/9/2018

Question 9


Midterm Exam

True True or False. If the statement is true, write the word True. If False, write False and replace the underlined word with the correct term. Note that the system accepts an exact answer. answer. Wrong spelling is considered wrong. For example: Q: Whales are reptiles. A: False - mammals We can determine supply and demand elasticity through graphs. Answer: true


Supply elasticity is affected not only by price but by any of the following: Select one: a. Availability of materials b. The Product type c. All of the choices d. Inventory


True True or False. If the statement is true, write the word True. If False, write False and replace the underlined word with the correct term. Note that the system accepts an exact answer. answer. Wrong spelling is considered wrong. For example: Q: Whales are reptiles. A: False - mammals Economic profit takes into account the opportunity costs. Answer: true


True True or False. If the statement is true, write the word True. If False, write False and replace the underlined word with the correct term. Note that the system accepts an exact answer. answer. Wrong spelling is considered wrong. For example: Q: Whales are reptiles. A: False - mammals An isoquant map is composed of a series of indifference curves. Answer: false - indifference map


3/13

8/9/2018

Question 13


Midterm Exam

True True or False. If the statement is true, write the word True. If False, write False and replace the underlined word with the correct term. Note that the system accepts an exact answer. answer. Wrong spelling is considered wrong. For example: Q: Whales are reptiles. A: False - mammals Production cost has an inverse relationship with demand. Answer: false - supply


True True or False. If the statement is true, write the word True. If False, write False and replace the underlined word with the correct term. Note that the system accepts an exact answer. answer. Wrong spelling is considered wrong. For example: Q: Whales are reptiles. A: False - mammals The fixed inputs are observed to be underutilized during Stage 1 of production. Answer: true


The extra unit produced per unit change in the quantity of variable input keeping all other factors constant is: Select one: a. Average Product b. Diminishing product c. Total Product d. Marginal product


True True or False. If the statement is true, write the word True. If False, write False and replace the underlined word with the correct term. Note that the system accepts an exact answer. answer. Wrong spelling is considered wrong. For example: Q: Whales are reptiles. A: False - mammals The end point of Stage 1 is characterized by a zero marginal product. Answer: False - Stage 2


4/13

8/9/2018

Question 17


Midterm Exam

True True or False. If the statement is true, write the word True. If False, write False and replace the underlined word with the correct term. Note that the system accepts an exact answer. answer. Wrong spelling is considered wrong. For example: Q: Whales are reptiles. A: False - mammals

Economists who are concerned with the behavior of individual households, firms, and industries are studying macroeconomics. Answer: false - microeconomics


Indifference curve (IC) M lies between IC A and IC I. Your graph indicates that: Select one: a. Satisfaction levels of the 3 ICs vary b. None of the choices c. IC M has the highest value of satisfaction d. IC M has the lowest value of satisfaction


Series of indifference curves in one diagram is called indifference map. Select one: a. False b. True


The indifference curve analysis is brain child of: Select one: a. Vilfredo Pareto b. William Stanley Jevons c. John Maynard Keynes d. Herman Heinrich Gossen


5/13

8/9/2018

Question 21


Midterm Exam

True True or False. If the statement is true, write the word True. If False, write False and replace the underlined word with the correct term. Note that the system accepts an exact answer. answer. Wrong spelling is considered wrong. For example: Q: Whales are reptiles. A: False - mammals Isocost is the producer’s indifference curve. Answer: false - isoquant


Indifference curves intersect. Select one: a. True b. False


True True or False. If the statement is true, write the word True. If False, write False and replace the underlined word with the correct term. Note that the system accepts an exact answer. answer. Wrong spelling is considered wrong. For example: Q: Whales are reptiles. A: False - mammals The firm’s selling price is an important determinant of its revenue. Answer: true


True True or False. If the statement is true, write the word True. If False, write False and replace the underlined word with the correct term. Note that the system accepts an exact answer. answer. Wrong spelling is considered wrong. For example: Q: Whales are reptiles. A: False - mammals The satisfaction obtained from the consumption of commodities are measurable. Answer: true


6/13

8/9/2018

Question 25


Midterm Exam

True True or False. If the statement is true, write the word True. If False, write False and replace the underlined word with the correct term. Note that the system accepts an exact answer. answer. Wrong spelling is considered wrong. For example: Q: Whales are reptiles. A: False - mammals Indifference curves are downward sloping to the right and are concave in shape. Answer: false - convex


True True or False. If the statement is true, write the word True. If False, write False and replace the underlined word with the correct term. Note that the system accepts an exact answer. answer. Wrong spelling is considered wrong. For example: Q: Whales are reptiles. A: False - mammals Entrepreneurship is one of the production outputs. Answer: false - inputs


True True or False. If the statement is true, write the word True. If False, write False and replace the underlined word with the correct term. Note that the system accepts an exact answer. answer. Wrong spelling is considered wrong. For example: Q: Whales are reptiles. A: False - mammals Price demand elasticity for luxury good generally tends to be inelastic. Answer: true


True True or False. If the statement is true, write the word True. If False, write False and replace the underlined word with the correct term. Note that the system accepts an exact answer. answer. Wrong spelling is considered wrong. For example: Q: Whales are reptiles. A: False - mammals The relationship between the volume of inputs and outputs can be expressed in an equation called production function. Answer: true


7/13

8/9/2018

Question 29



Midterm Exam

Producer’s budget line. Answer: isocost curve

True True or False. If the statement is true, write the word True. If False, write False and replace the underlined word with the correct term. Note that the system accepts an exact answer. answer. Wrong spelling is considered wrong. For example: Q: Whales are reptiles. A: False - mammals The costs of machineries and equipments in the manufacturing business are considered short run variable costs. Answer: false - fixed costs


The graphical representation of elasticity showing a horizontal curve indicates: Select one: a. cross price elasticity b. Perfectly inelastic price Supply elasticity c. Perfectly elastic price demand elasticity d. Perfectly inelastic price demand elasticity


True True or False. If the statement is true, write the word True. If False, write False and replace the underlined word with the correct term. Note that the system accepts an exact answer. answer. Wrong spelling is considered wrong. For example: Q: Whales are reptiles. A: False - mammals Isoquants are downward sloping to the right and are convex in shape. Answer: true


8/13

8/9/2018

Question 33


Midterm Exam

True True or False. If the statement is true, write the word True. If False, write False and replace the underlined word with the correct term. Note that the system accepts an exact answer. answer. Wrong spelling is considered wrong. For example: Q: Whales are reptiles. A: False - mammals Ceteris paribus indicates that something would be the case other things being equal. Answer: false - constant


A diagram with more than one indifference curve is called: Select one: a. Indifference Map b. Consumption Map c. Substitution Map d. Preference Map


All combinations of two products that consumers can purchase given a certain income and product prices is the: Select one: a. Indifference curve b. Total Utility Curve c. Budget Line d. Demand Curve


The cross price elasticity of rice and corn is positive which means that Select one: a. Rice and corn are substitutes b. If the price of corn is decreased ,the demand for rice decreased c. All of the choices d. When the price of rice is increased, the demand for corn increased e. None of the choices


9/13

8/9/2018

Question 37



Midterm Exam

Refers to the process of converting inputs into outputs. Answer: production

True True or False. If the statement is true, write the word True. If False, write False and replace the underlined word with the correct term. Note that the system accepts an exact answer. answer. Wrong spelling is considered wrong. For example: Q: Whales are reptiles. A: False - mammals Wants and desires are goods and services for men to survive. Answer: false - needs


The curve showing the highest level of satisfaction is situated: Select one: a. Nearest from the point of origin b. Below another indifference curve c. None of the choices d. Farthest from the point of origin


True True or False. If the statement is true, write the word True. If False, write False and replace the underlined word with the correct term. Note that the system accepts an exact answer. answer. Wrong spelling is considered wrong. For example: Q: Whales are reptiles. A: False - mammals If the demand and supply curves do not change their positions, the change in the quantities is brought about by adjustment in income. Answer: false - price


10/13

8/9/2018

Question 41


Midterm Exam

True True or False. If the statement is true, write the word True. If False, write False and replace the underlined word with the correct term. Note that the system accepts an exact answer. answer. Wrong spelling is considered wrong. For example: Q: Whales are reptiles. A: False - mammals Critical thinking is an important and necessary skill in the study of economics. Answer: true



Production stage characterized by negative returns. Answer: stage 3

Consumer behavior is directly affected by any of the following internal factors except: Select one: a. Peers b. Season c. Raw materials cost d. Beliefs


True True or False. If the statement is true, write the word True. If False, write False and replace the underlined word with the correct term. Note that the system accepts an exact answer. answer. Wrong spelling is considered wrong. For example: Q: Whales are reptiles. A: False - mammals A 15% adjustment in price leads to a 16% change in the volume. This reaction showed an elastic price demand for the product. Answer: true


11/13

8/9/2018

Question 45


Midterm Exam

It is a measure of how much the quantity demanded of one good responds to a change in the price of another good. Select one: a. cross price elasticity b. Indifference curve analysis c. Supply elasticity d. Income elasticity


True True or False. If the statement is true, write the word True. If False, write False and replace the underlined word with the correct term. Note that the system accepts an exact answer. answer. Wrong spelling is considered wrong. For example: Q: Whales are reptiles. A: False - mammals The ordinal utility approach measures satisfaction in utils. Answer: false - cardinal


Hermann Heinrich Gossen is the proponent of ordinal utility theory. Select one: a. False b. True


True True or False. If the statement is true, write the word True. If False, write False and replace the underlined word with the correct term. Note that the system accepts an exact answer. answer. Wrong spelling is considered wrong. For example: Q: Whales are reptiles. A: False - mammals Essential goods are those that contribute to a person's comfort and well–being. Answer: false - comfort


12/13

8/9/2018

Question 49


Midterm Exam

The process of converting inputs into outputs is: Select one: a. Substitution b. Supply c. Consumption d. Production


The point of tangency between the isocost and the isoquant signifies: Select one: a. The market equilibrium point b. The consumers’ and producers’ demand and supply, respectively c. The best possible combination of inputs within the firm’s budget d. All of the choices


13/13

Midterm Exam

Recommend Documents