HIS233 WEEK 2 EXAM Q & A.Qualified Virginia State University, Exams of Nursing

Download HIS233 WEEK 2 EXAM Q & A.Qualified Virginia State University and more Exams Nursing in PDF only on Docsity! ECON 2302 Microeconomics EXAM 100 % CORRECT WITH ANSWERS RATED A+ DOWNLOAD.Qualified Virginia State University At a price of $9.99 per digital book, Danielle buys 3 digital books per month. When the price decreases to $7.99, Danielle buys 4 digital books per month. Jason says that Danielle's demand for digital books has increased. Is Jason correct? Question 2 Yes, Jason is correct. No, Jason is incorrect. Danielle's demand has decreased. No, Jason is incorrect. Danielle's quantity demanded has decreased, but her demand has stayed the same. No, Jason is incorrect. Danielle's quantity demanded has increased, but her demand has stayed the same. No, Jason is incorrect. Danielle's quantity demanded has increased and her demand has decreased. 4 / 4 points Which of the following illustrates the law of demand? Question 3 ECON 2302 Microeconomics EXAM 100 % CORRECT WITH ANSWERS RATED A+ DOWNLOAD.Qualified Virginia State University Jorge buys fewer pencils at $2 per pencil than at $1 per pencil, ceteris paribus. Chen buys more ice cream at $4 per half-gallon than at $3 per half gallon, ceteris paribus. Karissa buys fewer sweaters at $50 each than at $35 each, ceteris paribus. a, b, and c a and c 4 / 4 points If consumers’ surplus is $30 and the price paid for the good is $50, then the maximum price a buyer is willing and able to pay for the good is Question 4 $80. $30. $50. $20. There is not enough information to answer the question. 4 / 4 points A surplus will occur in a market when the price of the product is greater than the equilibrium price. ECON 2302 Microeconomics EXAM 100 % CORRECT WITH ANSWERS RATED A+ DOWNLOAD.Qualified Virginia State University A n u p w ard-sloping supply curve graphically represents the law of supply. A vertical supply curve graphically represents the law of supply. If income rises and good X is a normal good, then the demand for good X will rise. If income falls and good Y is an inferior good, then the demand for good Y will rise. 0 / 4 points Refer to Exhibit 3-9. Consumers view X and Y as substitutes. If the price of Y increases as a result of a decrease in the supply of Y, an economist would expect a movement in the market for X from F to E. A to B. E to F. B to A. ECON 2302 Microeconomics EXAM 100 % CORRECT WITH ANSWERS RATED A+ DOWNLOAD.Qualified Virginia State University Question 8 4 / 4 points A change in price will lead to a change in _ _ and to a change in _ _, while a change in preferences will lead to a change in and a change in the prices of relevant resources will lead to a change in . Question 9 quantity supplied; demand; income; supply demand; quantity supplied; supply; quantity demanded quantity supplied; supply; quantity supplied; demand quantity supplied; quantity demanded; demand; supply quantity supplied; quantity demanded; supply; demand 4 / 4 points Economists state that the utility a person receives from a unit of a good, the the price he or she is willing to pay for it. more; lower more; higher less; higher less; lower b and d ECON 2302 Microeconomics EXAM 100 % CORRECT WITH ANSWERS RATED A+ DOWNLOAD.Qualified Virginia State University Question 10 4 / 4 points One can determine the consumers’ surplus if the _ are known. tax paid maximum buying price price paid maximum buying price and price paid maximum buying price and tax paid Question 11 4 / 4 points ECON 2302 Microeconomics EXAM 100 % CORRECT WITH ANSWERS RATED A+ DOWNLOAD.Qualified Virginia State University $4.50. $4.00. $3.50. $3.00. Question 13 4 / 4 points Exhibit 3-2 Good X Refer to Exhibit 3-2. Suppose equilibrium is at point B. Something then changes and equilibrium becomes point C. Which of the following is consistent with the change in ECON 2302 Microeconomics EXAM 100 % CORRECT WITH ANSWERS RATED A+ DOWNLOAD.Qualified Virginia State University equilibrium from point B to C (assuming that good X is a normal good)? There was an increase in resource prices and income stayed constant. There was a decrease in resource prices and income stayed constant. There was an increase in resource prices and income decreased. There was an increase in resource prices and income increased. Question 14 0 / 4 points Oil producers expect that oil prices next year will be lower than oil prices this year. As a result, oil producers are most likely to place more oil on the market this year, thus shifting the present supply curve of oil rightward. ECON 2302 Microeconomics EXAM 100 % CORRECT WITH ANSWERS RATED A+ DOWNLOAD.Qualified Virginia State University hold some oil off the market this year, thus shifting the present supply curve of oil leftward. place more oil on the market this year, thus increasing the quantity supplied of oil at lower but not higher prices. hold some oil off the market this year, thus decreasing the quantity supplied of oil at lower but not higher prices. Question 15 0 / 4 points As the price of good A rises as a result of a decrease in the supply of good A, the demand for good B rises. Therefore, goods A and B are normal goods. inferior goods. substitutes for one another. complements to one another. none of the above Question 16 4 / 4 points Consider a point on a market demand curve. The point represents ECON 2302 Microeconomics EXAM 100 % CORRECT WITH ANSWERS RATED A+ DOWNLOAD.Qualified Virginia State University Adam Smith. John Maynard Keynes. Alan Greenspan. Julian Simon. Question 20 4 / 4 points Exhibit 3-13 -----------------------------Quantity Demanded------------------------------------- Price Jose Kaitlyn Leah Maria Market ECON 2302 Microeconomics EXAM 100 % CORRECT WITH ANSWERS RATED A+ DOWNLOAD.Qualified Virginia State University $5 50 20 25 40 (A) 6 45 18 23 36 (B) 7 40 16 20 32 (C) 8 28 14 17 28 (D) 9 15 12 14 20 (E) 10 6 10 10 12 (F) Assume that Jose, Kaitlyn, Leah, and Maria are the only buyers in this market. Refer to Exhibit 3-13. Fill in blanks (E) and (F) respectively with the market quantity demanded at each given price. 6.78; 3.80 61; 38 75; 64 48; 27 ECON 2302 Microeconomics EXAM 100 % CORRECT WITH ANSWERS RATED A+ DOWNLOAD.Qualified Virginia State University none of the above Question 21 4 / 4 points Exhibit 3-4