3. If the quantity supplied of good X is the same regardless of price, then the supply curve of good X would be
(A) elastic
(B) inelastic
(C) perfectly elastic
(D) perfectly inelastic

1. When the local used bookstore prices economics books at $20.00 each, they generally sell 70 per month. If they lower the price to $8.00 each, they sell 90. Hence, the elasticity of demand for these economics books is (A) 3.43, so this store should lower price to raise total revenue. (B) 3.43, so this store should raise price to raise total revenue. (C) 0.29, so this store should lower price to raise total revenue. (D) 0.29, so this store should raise price to raise total revenue.

2. If a 6 percent increase in income results in a 6 percent decrease in the quantity demanded of pizza, then the income elasticity of demand for pizza is (A) 1, and therefore pizza is a normal good. (B) 1, and therefore pizza is an inferior good. (C) －1, and therefore pizza is an inferior good. (D) －1, and therefore pizza is a normal good.

4. If a binding price ceiling is imposed in a market, then the price ceiling is (A) above the equilibrium price, and there will be a surplus in the market. (B) below the equilibrium price, and there will be a surplus in the market. (C) above the equilibrium price, and there will be a shortage in the market. (D) below the equilibrium price, and there will be a shortage in the market.

5. Sam produces cookies. His production cost is $4 per dozen. He sells the cookies for $10 per dozen. His producer surplus is (A) $4 per dozen (B) $6 per dozen (C) $10 per dozen (D) $14 per dozen

6. If the supply of land is fixed, a tax on land would be paid (A) entirely by the landowners. (B) entirely by the renters. (C) partly by landowners and partly by the renters, and landowners pay more than renters do. (D) partly by landowners and partly by the renters, and renters pay more than landowners do.

7. The world price of good Y is $5.00 each. The pre-trade price of good Y in Taiwan is $2.50 each. With free trade, in the good Y market in Taiwan, consumers (A) and producers will both lose. (B) and producers will both benefit. (C) will lose and producers will benefit. (D) will benefit and producers will lose.

8. Increasing returns to scale is characterized by: (A) diseconomies of scale； that is, the average cost is rises as output rises (B) economies of scale； that is, the average cost falls as output rises (C) diseconomies of scale； that is, the average cost falls as output rises (D) economies of scale； that is, the average cost rises as output rises

9. The marginal product of the labor curve represents: (A) the demand for labor (B) the supply of labor (C) the demand for capital (D) the supply of capital

10. The law of diminishing marginal product to capital means that as we add additional units of capital: (A) and labor, output will increase but at an increasing rate (B) and labor, output will increase but at a decreasing rate (C) but hold labor constant, output will decrease but at an increasing rate (D) but hold labor constant, output will increase but at a decreasing rate

11. The economy is in long-run equilibrium. Pessimism on the part of investors then shifts the aggregate demand curve $50 billion to the left. The government wants to increase spending in order to avoid a recession. If the crowding-out effect is always half as strong as the multiplier effect, and if the MPC equals 0.8, by how much does government purchases have to rise? (A) $10 billion (B) $20 billion (C) $50 billion (D) $80 billion

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