The price of a cookie at bakeries increases from $1.30 to $1.50. the law of supply predicts that

<strong>ECON</strong> <strong>102</strong> <strong>MIDTERM</strong> <strong>PART</strong> 1 <strong>SOLUTION</strong> / <strong>INTRODUCTORY</strong> MICRO<strong>ECON</strong>OMIC <strong>ANALYSIS</strong> <strong>AND</strong> <strong>POLICY</strong> BUY HERE⬊ http://www.seetutorials.com/econ-<strong>102</strong>- midterm-part-1-solution-introductorymicroeconomic-analysis-and-policy/ <strong>ECON</strong> <strong>102</strong> Midterm Exam 1 Answers (Penn State University) Question 1 3 / 3 pts When an economist talks about scarcity, he or she is referring to Question 2 0 / 3 pts Which of the following is a positive statement? Question 3 3 / 3 pts A statement of economic theory that abstracts from the nuances of reality is Question 4 0 / 3 pts You can either go to a movie, go to a concert, or go out to eat tonight. You decide that your first choice is going to a concert, second choice is going out to eat, and third choice is going to a movie. So, you go to a concert. The opportunity cost of this decision is Question 5 3 / 3 pts Your opportunity cost of cutting hair at your barbershop is $20 per hour. Electricity costs $6 per hour, and your weekly rent is $250. You normally stay open nine hours per day. What is the marginal cost of staying open for one more hour? Question 6 3 / 3 pts Consider the following table which shows the yield per acre of cotton and wheat in two countries, USA and Mexico: In Mexico, the opportunity cost of producing 24 units of wheat is Question 7 3 / 3 pts Mark can produce 50 baseballs in a month and Katie can produce 60 baseballs in a month. Also, Mark can produce 40 bats in a month and Katie can produce 30 bats in a month. ______________has the absolute advantage in the production of bats, and _____________ has the comparative advantage in the production of bats. Question 8 3 / 3 pts The law of increasing opportunity costs arises because Question 9 3 / 3 pts

• Page 2: Assume Oklahoma and South Dakota ea

Question 11 / 1 ptsA graphical representation of a demand schedule is ademand graph.Correct!demand curve.demand chart.demand diagram.A demand curve is a graphical representation of a demand schedule

Question 21 / 1 ptsFor a normal good, when income increases,

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wheat, Oklahoma would have to produce the other 100 units of wheat. This would leave them 50acres of land that they could use to produce corn, so they could produce 150 units of corn.Question 103 / 3 ptsAssume Oklahoma and South Dakota each have 100 acres of farmland. The following table giveshypothetical figures for yield per acre in the two states: What is the marginal rate oftransformation between wheat and corn in South Dakota?South DakotaOklahomaWheat68Corn1212-3/4-2/3-6-1.5

None of theseSouth Dakota gives up 1/2 of a unit of wheat for every unit of corn it produces, so the MRT is

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Question 113 / 3 ptsThe price of a cookie at bakeries increases from $1.30 to $1.50. The law of supply predicts thatbakeries will produce more cookies.

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What happens to equilibrium price and quantity when there is a simultaneous increase in demand and increase in supply quizlet?

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Which of the following will cause a leftward shift in the supply of cereal?

When the price of bagels is 50 the quantity demanded is 4300 when the price rises to $1.50 the quantity demanded is 3600 What is the price elasticity of demand?