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BA Exam (elaborations) Econ Microeconomics
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BA sample test for microeconomics
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Exam (elaborations) Econ 1120 Microeconomic MCQS (solved)
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ECS4862 Assignment 3 (COMPLETE ANSWERS) 1 2024 - DUE 16 August
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ECS4862 Assignment 3 (COMPLETE ANSWERS) 1 2024 - DUE 16 August
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Microeconomics multiple choice questions1. If an effective rent ceiling is eliminated, which of
the following is most likely to occur in the rental
housing market?
(A) An increase in the demand for housing,
resulting in a decrease in the quantity of
housing supplied
(B) An increase in rents, resulting in an increase
in the quantity of housing supplied
(C) An increase in the demand for housing,
resulting in an increase in the quantity of
housing demanded
(D) A decrease in rents, resulting in an increase in
the quantity of housing supplied
(E) A decrease in the demand for housing,
resulting in an increase in the quantity of
housing supplied
2. Assume that the market for lemonade is perfectly
competitive and currently in equilibrium. Lemons
are key ingredients in lemonade. If the price of
lemons decreases, how will the lemonade market
be affected?
(A) Supply will shift leftward, increasing the
equilibrium price and decreasing the
equilibrium quantity of lemonade.
(B) Supply will shift rightward, increasing the
equilibrium price and increasing the
equilibrium quantity of lemonade.
(C) Supply will shift rightward, decreasing the
equilibrium price and increasing the
equilibrium quantity of lemonade.
(D) Demand will shift leftward, decreasing the
equilibrium price and decreasing the
, equilibrium quantity of lemonade.
(E) Demand will shift rightward, increasing the
equilibrium price and increasing the
equilibrium quantity of lemonade.
3. When marginal utility is falling but positive, total
utility will
(A) decrease at an increasing rate
(B) decrease at a decreasing rate
(C) remain constant
(D) increase at an increasing rate
(E) increase at a decreasing rate
4. The reason that firms in perfect competition earn
zero economic profit in the long run is that
(A) firms are small
(B) there are a large number of sellers
(C) firms cannot advertise
(D) there are no barriers to entry or exit
(E) the commodities produced are relatively
inexpensive
5. If the output of a firm doubles when the firm
doubles all of its inputs, the firm must be
experiencing
(A) economies of scale
(B) increasing returns to scale
(C) constant returns to scale
(D) decreasing returns to scale
(E) diseconomies of scale
6. A contractor is employing labor and capital to
build an office complex. At the current mix of
inputs, the marginal product of labor is 30 square
feet per day, and the marginal product of capital
is 90 square feet per day. The price of labor is
$1,000 per day, and the price of capital is $3,000
per day. To hire inputs in a cost-minimizing way,
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