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Final

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Department
Economics
Course
ECON 1000
Professor
Sandra Withworth
Semester
Summer

Description
ECON 101 1 Jamie has a job that pays 30000 per year She is thinking about quitting this job to go back to school fulltime and get her MBA Tuition and books will cost 10000 If she did her MBA her living expenses will increase from 15000 to 17000 Jamies opportunity cost of doing an MBA isa 30000 b 57000 c 55000 d 42000 e 400002 Good weather in apple growing areas will result ina An increase in the supply of apples which causes lower apple pricesb An increase in the quantity of apples demanded and higher apple prices c An increase in the demand for apples because of lower apple pricesd An increase the quantity of apples supplied and higher apple pricese None of the above3 DVDs and popcorn are complements A fall in the price of DVDs will cause the equilibrium price of popcorn toand the equilibrium quantity of popcorn to a fall rise b rise fall c fall fall d rise rise e rise stay constant4 Recently the price of oranges has fallen but the quantity of oranges has increased This suggests thata The supply curve for oranges has shifted to the right b The demand curve for oranges has shifted to the right c The supply cure for oranges has shifted to the left d The demand curve for oranges has shifted to the lefte None of the above5 If average total cost if falling then marginal costa Must be falling b Can be greater than less than or equal to average total costc Must be less than average variable cost d Must be less than average total coste Both a and d are correct
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