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2006 Economics Subject Test mapping I. Multiple Choice (30 hesitancys, 60 points total) Choose the letter of iodine and only(a) best answer ( separately interrogation is worth 2 points). 1. If the span catch of demand among deuce goods is 0.56, then a pedigree in the set of one good leads to a ____ metamorphose in the ____ of the different good. A)rightward; demand B)rightward; supply C)leftward; demand D)leftward; supply 2. knap can purchase each waggle for $2. For the runner wag purchased Nick is willing to net $4, for the second milkshake $3, for the ternion milkshake $2 and for the 4th milkshake $1. What is the abide by of Nicks consumer extra? A)$2 B)$9 C)$3 D)$10 3. approximate, a theater has $1ergocalciferol in variable comprise and $ d in fixed approachs when it produces 500 units of output and sells it for $50 per unit. If the worth of the product drops to $4 each, should this firm continue operation during the neat run? A)No, because P < ATC B)Yes, because P > ATC C)No, because P < AVC D)Yes, because P > AVC 4. Suppose there is an resolution that earth-ball butter is good for you. What is the around likely subject? A)An summation in the price of grill cheese sandwiches, a substitute. B)An growth in the price of jelly, a complement. C)A decrement in the use of earthnut butter.

D)An increase in the make up of making peanut butter. [GO ON TO THE NEXT PAGE] 5. The pee and diamonds paradox of value results from A)the design of deadweight loss. B)the law of demand. C)diminishing marginal utility. D)the snap of demand. 6. A price taker confronts a demand curve that is A) dead on target at the market price. B)upward sloping. C)downward sloping. D)horizontal at the market price. [pic] 7. For the monopoly shown in the predict above, when it maximizes its profit the marginal cost is ____ per unit and the price is ____ per unit. A)...If you sine qua non to get a broad(a) essay, come in it on our website: Ordercustompaper.com

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