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MICROECONOMICS: UNIT IT MULTIPLE-CHOICE QUESTIONS 1. The various quantities of @ good that consumers aF¢ pling to purchase at each possible price defines (a) demand. (B) quantity demanded. (©) supply (D) auantity supplied (E) equilibrium. Ifthe marginal utility associated with additional units ofa good were constant, then (A) the demand curve would be downward sloping (B) the demand curve ‘ould be upward slopinE: (C) the demand curve would be horizontal (D) the demand curve would be vertical {(E) the demand curve W could not exist 50 THE PRICE DISCOVERY MECHANISM the figure below, what is the effect of the government setting a price ceiling at P,? 3, using Supply Deniand QUANTITY (A) It would have no effect (B) It would create a surplus. (C) tt would create a shortage. (D) It would create an equilibrium. (&) It would create a deficit. 4, What is true about an effective price floor? (A) Itis set above the equilibrium pri (B) Its set below the equilibrium price. (©) Itis set at the equilibrium price. (D) It creates a larger consumer surplus. (E) It produces an efficient allocation of resources. 5. A tise in the price of peanut butter, a complementary good for jelly, wil (A) increase the demand for jelly (B) increase the demand for peanut butter (C) decrease the demand for jelly. (D) decrease the demand for peanut butter. (E) decrease the price of jelly ae Finn “SaIWONGDZOWSIN | 25