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ECON 2100 Midterm: ECON 2100 Kennesaw State ECON2100 Summer2014 Exam1D Key

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turquoisegnu128
31 Jan 2019
School
KSU
Department
Economics
Course
ECON 2100
Professor
All

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ECON 2100 (Summer 2014 – Sections 08 and 09)
Exam #1D – Answer Key
1. D
2. B
3. A
4. B
5. B
6. C
7. C
8. D
9. A
10. C
11. C
12. B
13. B
14. C
15. A
16. A
17. C
18. A
19. D
20. B
21. C
22. C
23. C
24. A
25. B
26. C
27. C
28. C
29. A
30. B
31. A
32. D
33. B
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Related Questions

Q7

Marginal cost is

  a.

total revenue divided by the quantity of output.
  b.

total profit minus total costs.
  c.

the change in total cost brought about by selling an additional unit of the good.
  d.

the change in total revenue brought about by selling an additional unit of the good.
  e.

the change in total revenue minus the change in total costs.

4 points

Q8

[Table 1] The dollar amounts that go in blanks (A) and (B) are, respectively,

Table-1

(1)

(2)

(3)


Price

Quantity Sold

Marginal Revenue

$10

10

  

$10

11

(A)

$10

12

(B)

$10

13

(C)

$10

14

(D)

 

  a.

$11 and $11.
  b.

$10 and $10.
  c.

$10 and $11.
  d.

$11 and $12.

4 points

Q9

[Table 1] The dollar amounts that go in blanks (C) and (D) are, respectively,

Table-1

(1)

(2)

(3)


Price

Quantity Sold

Marginal Revenue

$10

10

  

$10

11

(A)

$10

12

(B)

$10

13

(C)

$10

14

(D)

 

  a.

$11 and $11.
  b.

$10 and $10.
  c.

$10 and $11.
  d.

$11 and $12.

4 points

Q10

[Table 1] The demand curve facing the firm represented by the information in this table is

Table-1

(1)

(2)

(3)


Price

Quantity Sold

Marginal Revenue

$10

10

  

$10

11

(A)

$10

12

(B)

$10

13

(C)

$10

14

(D)

 

  a.

downward-sloping.
  b.

upward-sloping.
  c.

horizontal.
  d.

vertical.

4 points

Q11

[Table 2] The dollar amounts that go in blanks (E) is:

Table 2

-1

-2

-3

-4

-5

-6

-7
 

Quantity Sold

Marginal Revenue

Marginal

Total

Total

Profit

Price

Cost

Cost

Revenue

  

$10

10

    

80

$100

$20

$10

11

(A)

8

88

$110

$22

$10

12

(B)

(E)

97

(G)

(I)

$10

13

(C)

(F)

107

(H)

(J)

$10

14

(D)

11

118

$140

$22
  a.

$8
  b.

$9
  c.

$10
  d.

$11

4 points

Q12

[Table 2] The dollar amounts that go in blanks (F) is:

Table 2

-1

-2

-3

-4

-5

-6

-7
 

Quantity Sold

Marginal Revenue

Marginal

Total

Total

Profit

Price

Cost

Cost

Revenue

  

$10

10

    

80

$100

$20

$10

11

(A)

8

88

$110

$22

$10

12

(B)

(E)

97

(G)

(I)

$10

13

(C)

(F)

107

(H)

(J)

$10

14

(D)

11

118

$140

$22
  a.

$8
  b.

$9
  c.

$10
  d.

$11

Given the following data, calculate the national product, the rate of growth of the national product, real national product (chained method), and the implicit price deflator.

price

quantity

 

Good A

Good B

Good C

Good A

Good B

Good C

Year 1

$4

$6

$3

10

12

15

Year 2

$4

$7

$4

12

10

16

Year 3

$5

$6

$5

13

11

17

12. If this firm faces a price of $38, the number of units it will produce per day in the short run is: A) 4 B) 5 C) 6 D) 7 E) 8 19 MC=42+2 G) 10 H) 11 1) 12 J) none of the above 38- 49,+2 9- 13. This firm's shut down price is: B) $8 C) $10 D) $11 E) $12 H) $15I ) $16 J) none of the above AVC= 2 F) $13 AVC=29 +2+1