Question

1. When we look at a particular segment of the economy, such as a given industry, what are we studying? Select one:

a. positive economics. b. macroeconomics. c. microeconomics. d. normative economics.

2. Which of the following would be most likely to increase the demand for jelly?

Select one:

a. An increase in income; jelly is a normal good.

b. An increase in the price of peanut butter, which is often used with jelly.1.

c. Medical research that finds that daily consumption of jelly makes people live 10 years less, on average.

d. The price of jelly falls.

3. Which one of the following is Demand elasticity when the quantity demanded is not very responsive to changes in price?

Select one:

a. elastic.

b. independent.

c. inelastic.

d. unit elastic.

4. If a farmer were choosing between growing wheat on his own land and growing soybeans on his own land, what is the impact of increase in price of soybeans supply?

Select one:

a. an increase in the price of soybeans would increase his supply of soybeans.

b. an increase in the price of soybeans would decrease his supply of wheat.

c. an increase in the price of soybeans would not change his supply of either wheat or soybeans.

d. an increase in the price of soybeans would increase his supply of wheat.

e. an increase in the price of soybeans would decrease his supply of soybeans.

Answer 1

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