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C
A
B
A) A, B, C.
Answer: C
B) B, C, A.
C) B, A, C.
D) C, A, B.
A
B
C
A) C, A, B.
B) B, A, C.
C) A, B, C.
Answer: C
C
B
A
Q *
A) A, B, C.
B) C, A, B.
C) C, B, A.
Answer: C
P
d
d
d
Q
(a )
P
( b)
P
d
d
d
(c )
A) a. B) b.
Answer: A
C) c. D) d.
( d)
d
100
Q u a n tity
A) C, A, B.
Answer: D
B) B, A, C.
C) B, C, A.
D) A, B, C.
$150
$100
10
15
20
C
Q
A) C, A, B.
B) A, B, C.
C) C, B, A.
Answer: B
P
s
$2
$2
s
Q
(a)
P
P
s
$2
(b )
$2
(c )
A) a. B) b.
Answer: D
C) c. D) d.
(d )
S
Q
Q u a n tity
A) an increase in demand against a fixed, perfectly inelastic supply curve.
B) an increase in demand against a fixed, but somewhat price elastic supply curve.
C) an increase in supply against a somewhat price elastic demand curve.
D) a reduction in supply against a somewhat price elastic demand curve.
E) none of the above.
Answer: C
A
1
B
G
C
H
D
I
E
J
F
K
D
20
40
60
80
100
120
D
Q u a n tity
1998
5
100
1999
10
125
2000
15
150
From the above we can conclude that the demand curve for cantaloupes slopes upward and to the
right.
Answer: False
Difficulty: 3 Topic: Simple Application
67. Imposing a minimum wage may cause the quantity of labor services demanded to fall short of the
quantity that laborers are willing to supply at the minimum wage.
Answer: True
Difficulty: 2 Topic: Definition
68. Sales of the common necessities of life tend to increase sharply when there is a drop in their
price.
Answer: False
Difficulty: 1 Topic: Simple Application
69. An increase in population will tend to increase the rent of land.
Answer: True
Difficulty: 2 Topic: Simple Application
70. An excise tax on a commodity normally places an economic burden on both its producers and its
consumers.
Answer: True
Difficulty: 2 Topic: Simple Application
71. Dollar receipts for every commodity will always be higher at lower prices.
Answer: False
Difficulty: 1 Topic: Definition
72. An increase in the rental price of skis will increase the demand for ski rentals.
Answer: False
Difficulty: 1 Topic: Definition
73. Consider some price range in which a slight change in either direction will have practically no
effect on total revenue. This part of the demand curve is said to have unitary elasticity.
Answer: True
1998
$ 1 .2 9
400
1999
$ 1 .5 9
500
2000
$ 1 .7 9
600
From the above we cannot conclude that the demand curve for steak slopes upward and to the
right.
Answer: True
Difficulty: 2 Topic: Simple Application
96. A decrease in population will tend to increase the rent of land.
Answer: False
Difficulty: 2 Topic: Simple Application
97. Sales of the common necessities of life tend to decrease sharply when there is an increase in their
price.
Answer: False
Difficulty: 2 Topic: Simple Application
98. An excise tax on a commodity normally places an economic burden on only its supplier.
Answer: False
Difficulty: 2 Topic: Simple Application
99. A government policy which requires that all land rents be zero can distort the allocation of
resources.
Answer: True
$50
$40
$30
$20
$10
D
10
20
30
40
50
Q u a n tity