2. If you want to obtain an item, the expense you have to give up is called
(A) out-of-pocket cost.
(B) opportunity cost.
(C) comparative worth.
(D) absolute value.

1. The concepts of supply and demand are (A) useful only in the analysis of economic behavior in individual markets. (B) useful in analyzing the overall economy, but not in analyzing individual markets. (C) central to microeconomic analysis, but seldom used in macroeconomic analysis. (D) central to macroeconomic analysis as well as to microeconomic analysis.

3. The price elasticity of demand is computed as the (A) percentage change in quantity demanded divided by the percentage change in price. (B) percentage change in price divided by the percentage change in quantity demanded. (C) change in quantity demanded divided by the change in the price. (D) percentage change in quantity demanded divided by the percentage change in income.

4. When demand is elastic, a decrease in price will cause (A) an increase in total revenue. (B) a decrease in total revenue. (C) no change in total revenue but an increase in quantity demanded. (D) no change in total revenue but a decrease in quantity demanded.

5. Suppose that Nation X can produce either 60 units of apple or 20 units of banana per year, and Nation Y can produce either 20 units of apple or 60 units of banana per year. Before trade, Nation X produces and consumes 30 units of apple and 10 units of banana per year. Nation Y produces and consumes 10 units of apple and 30 units of banana. Suppose that trade is initiated between the two countries, and Nation X sends 30 units of apple to Nation Y in exchange for 30 units of banana. Nation X will now be able to consume a maximum of (A) 40 units of apple and 20 units of banana. (B) 40 units of apple and 30 units of banana. (C) 30 units of apple and 30 units of banana. (D) 10 units of apple and 40 units of banana.

6. On a graph, the area below a demand curve and above the price measures (A) deadweight loss. (B) willingness to pay. (C) consumer surplus. (D) producer surplus.

7. After removing a binding price ceiling from a market by the government, the price paid by buyers will (A) increase, and the quantity sold in the market will decrease. (B) increase, and the quantity sold in the market will increase. (C) decrease, and the quantity sold in the market will increase. (D) decrease, and the quantity sold in the market will decrease.

8. Consider a firm operating in a competitive market. The firm is producing 40 units of output, has an average total cost of production equal to $6, and is earning $240 economic profit in the short run. What is the current market price? (A) $0 (B) $6 (C) $10 (D) $12

9. If the government plans to reduce the tax on a good for which the supply is relatively elastic and the demand is relatively inelastic, (A) buyers of the good will enjoy most of the benefit of the tax reduction. (B) sellers of the good will enjoy most of the benefit of the tax reduction. (C) buyers and sellers will each enjoy 50 percent of the benefit of the tax reduction. (D) both equilibrium price and quantity will decrease.

10. Which of the following statements demonstrates the “law of demand”? (A) John buys more donuts at $0.25 per donut than at $0.50 per donut, other things equal. (B) Allen buys fewer muffins at $0.75 per muffin than at $1 per muffin, other things equal. (C) After Tim got a raise at work, he bought more pretzels at $1.50 per pretzel than he did before his raise. (D) Mike buys fewer Snickers at $0.60 per Snickers after the price of Milky Ways falls to $0.50 per Milky Way

11. If a good can effectively reduce its average production cost when produced in large quantities. This phenomenon is called (A) economies of cost. (B) economies of scale. (C) economies of scope. (D) economies of production.

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