Priori Method of Analysis Essay
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages Description/Paper Instructions
Priori Method of Analysis Essay
Which of the following statements about the a priori method of analysis that is used by microeconomic?
(4)Which of the
following statements about the a priori method of analysis that is used by
microeconomists is true?
(a)The
analysis goes from the concrete to the abstract
(b)The
analysis is based on empirical evidence
(c)The
analysis is based on logical inference
(d)All
of the above(5)The demand schedule for microeconomics classes
shows:
(a)The positive
relationship between the price and quantity of microeconomics classes students
buy
(b)The negative
relationship between the price and quantity of microeconomics classes students
buy
(c)The
relationship between the price and quantity of microeconomics classes students
buy
(d)All of the
above(6)Which of the following best explains the concept of
a time-series graph?
(a)A graph that
measures price on the Y-axis and quantity demanded on the X-axis
(b)A graph that
measures the rate of inflation on the Y-axis and the rate of unemployment on
the X-axis
(c)A graph that
measures time on the Y-axis and years on the X-axis(7)Which of the following statements about general
equilibrium analysis is false?
(a)It is an
analytical tool employed by economists that suggests that multiple markets in a
competitive economy are simultaneously in equilibrium
(b)It is an
analytical tool employed by economists that exposes the relationships between
multiple markets in an economy
(c)It is an
analytical tool employed by economists that focuses on the functioning of
single markets in an economy
(d)None of the
above(10)Which of the following
statements is true?
If there is a simultaneous decrease in the demand and
supply in the market for cooking gas:
(a)The price for
cooking gas decreases and the quantity decreases
(b)The price of
cooking gas is undetermined and the quantity decreases
(c)The price of
cooking gas decreases and the quantity is undetermined
(d)The price for
cooking gas increases and the quantity decreases(11)If you were a government economic advisor and the government you
advise wanted to raise the equilibrium price of Soya milk, which of the
following policy action would you recommend to the government?
(a)Take Soya milk from the government reserve and
sell it
(b)Subsidize the production costs of Soya milk
farmers
(c)Tax the production of Soya milk by farmers
(d)Subsidize the fertilizers and energy costs of
Soya milk farmers(12)Given ceteris paribus, the removal of a 3 percent subsidy on the
interest rate paid by celery farmers will have what effect on the market
equilibrium of celery?
(a)Price will increase, and quantity will increase
(b)Price will decrease, and quantity will decrease
(c)Price will increase, and quantity will decrease
(d)Price and quantity will stay the same
(14)If consumers switch away from eating pineapples at the same time that
the number of pineapple farmers increases in the market, then:
(a)These two effects nullify each other resulting in
no change in the market equilibrium price for pineapples
(b)The market price of pineapples increases
(c)The demand curve shifts to the left and the
supply curve shifts to the right
(d)The equilibrium quantity of pineapples must
increase in the market(15)Given the demand-supply situations for pineapples in Q#14 above,
which of the following statements is true?
(a)The price of pineapples increases and the
quantity decreases unambiguously
(b)The price of pineapples decreases unambiguously
and the quantity of pineapples is ambiguous
(c)The price of pineapples decreases ambiguously and
the quantity of pineapples is unambiguous
(d)None of the above(16)A revolutionary technology used in the production of brown rice
lowers its cost of production given ceteris paribus. As a result, the market
changes to a new equilibrium because of a(an):
(a)An upward movement along the demand curve for
brown rice
(b)Rightward shift in the supply curve for brown
rice
(c)Rightward shift in the demand curve for
brown rice
(d)Shortage of brown rice(17)Which of the
following statements is true?
If the federal
government subsidies a national day care service for firms that supply this
service given ceteris paribus:
(a)The
supply curve for day care service will shift to the right
(b)The
demand curve for day care service will shift to the right
(c)The
demand curve for day care service will shift to the left
(d)Any
of the above(22)Which of the following statements is true?
(a)A shift to the left in the demand curve for apples when the original
supply curve for apples remain unchanged will cause the new equilibrium price
of apples to rise and its new equilibrium quantity to fall
(b) A shift to the right in the supply curve for apples given that its
market demand curve does not change will cause a decrease in the equilibrium
price of apples and an increase in its equilibrium quantity
(c)A shift to the right in the supply curve for apples when the original
demand curve for apples remain unchanged will cause the new equilibrium price
of apples to rise and the new equilibrium quantity to fall
(d)None
of the above(23)Suppose
blueberry muffins are an inferior good, an increase in consumer income, other
things being equal, would:
(a)Increase
the demand for muffins
(b)Decrease
the quantity demanded of muffins
(c)Decrease
the demand for muffins
(d)Increase
the quantity demanded of muffins(24)Which of the
following statements best explains the difference between the concepts of
market demand and market supply in a given market?
(a)The market
demand is the vertical summation of individual consumer demand for a good
whereas market supply is the horizontal summation of the individual supply of
the output of firms in a market
(b)The market
demand is the rectangular summation of the individual consumer demand for a
good whereas market supply is the cubic summation of the individual supply of
the output of firms in a market
(c)The market demand
is the horizontal summation of the individual consumer demand for a good
whereas the market supply is the horizontal summation of the individual supply
of the output of firms in a market
(d)None of the
above(39)Within different price ranges along a linear
demand curve, elasticity is:
(a)Equal
(b)Constant
(c)Different
(d)The same as
slope(44)In order to prove that ginger tea and mint tea are
substitutes, microeconomists should test the——————————and
get a——————————-.
(a)Price
elasticity of demand; positive number
(b)Price
elasticity of supply; negative number
(c)Cross price
elasticity of demand; positive number
(d)Income
elasticity of demand; negative number(45)Suppose that the quantity of oranges sold increases
by 45 percent when the price of tangerines increases by 25 percent. What is the
coefficient of cross price elasticity of demand for these fruits?
(a)2.5
(b)3.2
(c)1.8
(d)0.3(46)Given the coefficient of cross price elasticity of
demand for the fruits in Q#45 above, which of the following statements is true?
(a)They are
complements
(b)Their demand
curve is negatively sloped
(c)Their cross
elasticity of demand is negative
(d)None of the
above(47)Suppose the cross elasticity of demand for oranges
and tangerines is equal to 20.5, it would be reasonable to conclude that the
cited fruits are:
(a)Are strongly
correlated substitutes
(b)Are strongly
correlated complements
(c)Are weakly
correlated substitutes
(d)None of the
above(48)The rationale for the correct
answer to Q#47 above is that:
(a)The lower the cross elasticity of demand coefficient the more
substitutable are two goods
(b)The higher the cross elasticity of demand coefficient the more
substitutable are two goods
(c)The lower cross elasticity of supply coefficient indicates greater
complementary for two goods
(d)None of the above(49)Which of the following statements is true?
In the very short run period:
(a)The price
elasticity of supply is very elastic
(b)The price
elasticity of demand is very elastic
(c)The price
elasticity of supply is very inelastic
(d)Income
elasticity of demand is perfectly elastic(50)Suppose that when the price of cherries is $10 per
lb, the quantity supplied of cherries is 20 lbs. When price of cherries is $6
per lb, the quantity supplied of cherries is 12 lbs. The price elasticity of
supply is:
(a)1.7
(b)1.0
(c)2.5
(d)0.8(51)If an excise tax is placed on the producer of a
product that has a perfectly inelastic demand, given ceteris paribus then:
(a)The entire tax will
be paid by the producer
(b)The consumer
and producer will equally share the burden of the tax
(c)The entire tax
will be paid by the consumer
(d)More
information is needed to determine the tax incidence(52)If bus travel is an inferior good, then its income
elasticity of demand will be:
(a)Positive
(b)Zero
(c)Negative
(d)Greater than 1(53)For which of the following medical services is the
income elasticity of demand largest?
(a)Emergency
services after a car accident
(b)Flu shots
(c)Breast
enhancements
(d)Medical tests
to diagnose specific symptoms
(54)If the income elasticity of demand for
undergarments is estimated by economists to be 6.85 in a given market, it would
be plausible to conclude that undergarments:
(a)Have a steep
and negatively sloped demand curve
(b)Have a
horizontal demand curve
(c)Are normal
goods
(d)Are Giffen
goods(55)Air travel would be classified as a normal good
if:
(a)Consumers buy
less when the price falls
(b)Consumers buy
less when income rises
(c)Consumers buy
more when income rises
(d)More
information needed to answer this question(56)Air travel in Q#55 would have an income elasticity
of demand that is:
(a)Less than 0
(b)Greater than 0
(c)Equal to 0
(d)None of the
above(57)Which of the following goods is likely to have the
most elastic demand curve?
(a)Gasoline
(b)Electricity
(c)Tummy tucks
(d)Heart
transplants
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