Strayer ECO301 week 2 quiz (100% Answer)
Question 1
Let QD= -5P + 54 and QS= P – 6. Equilibrium can be found at
Answer
Question 1
Let QD= -5P + 54 and QS= P – 6. Equilibrium can be found at
Answer
Q = 4; P = 10
Q = 6; P = 10
P = 6; Q = 0
Q =; P = 2
5 points
Question 2
Suppose a production possibilities frontier can be expressed as 9X2+ Y2= 81 what is the opportunity cost of going from 1 unit of X to 2 units of X (in terms of units of Y)?
Answer
a. 45
b. sqrt of 45
c. sqrt of 72 – sqrt of 45
d. 1
5 points
Question 3
The Ricardian notion that of diminishing returns implies that
Answer
As more input is used more output will be made.
As more input is used less output will be made.
As more input is used the increase in output will increase.
As more input is used the increase in output will decrease.
5 points
Question 4
Suppose the equilibrium quantity is
Answer
2
3
4
5
5 points
Question 5
If the production possibilities frontier can be expressed as 4X2+ Y2= 16 then the point X = 1; Y = 4 is
Answer
outside the production possibilities frontier
on the production possibilities frontier
inside the production possibilities frontier
in the wrong quadrant to be on the graph
5 points
Question 6
If society is producing a combination of goods on its production possibilities frontier
Answer
it must be employing all available resources.
it must be growing.
it is using all the available natural resources but may not be using all available labor resources.
Both a and b.
5 points
Question 7
Suppose right (R) and left (L) shoes are only useful if produced in equal proportion and societal happiness is expressed as min(R,L). The contour lines would be
Answer
downward sloping lines
upward sloping lines
L-shaped
backward L-shaped
5 points
Question 8
IfY=X2+Z2, the contour lines
Answer
are concentric circles.
are parabolas.
are hyperbolas.
intersect whenever either X or Z is zero.
5 points
Question 9
Suppose you can write generic supply and demand curves such that QS= A + BP and QD= D + CP. Equilibrium price is given by
Answer
5 points
Question 10
The underlying reason early economists believed a (short-run) supply curve would be upward sloping is because of
Answer
decreasing average costs
increasing average cost
decreasing marginal costs
increasing marginal costs
5 points
Question 11
If an individual has a constant MRS of shoes for sneakers of 3/4 (that is, he or she is always willing to give up 3 pairs of sneakers to get 4 pairs of shoes) then, if sneakers and shoes are equally costly, he or she will
Answer
buy only sneakers.
buy only shoes.
spend his or her income equally on sneakers and shoes.
wear sneakers only 3/4 of the time.
5 points
Question 12
Suppose a cup of coffee at the campus coffee shop is $2.50 and a cup of hot tea is $1.25. Suppose a student’s beverage budget is $20 per week. What is the algebraic expression of the budget?
Answer
5 points
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