Economics assignment Essay - 2064 Words

MBA 515 Practice Multiple Choice Questions 1. If the price of automobiles were to increase substantially, the demand curve for gasoline would most likely A) shift leftward. B) shift rightward. C) remain unchanged. D) become steeper. 2. Recently, many cities have attempted to pass laws taxing the sale of sugary drinks such as soda pop. If one of these laws passes, we would expect A) the supply curve for soda pop to shift to the right. B) the supply curve for soda pop to become more vertical. C) the demand curve for soda pop to shift to the right. D) the demand curve for soda pop to shift to the left. 3. As the price of a good increases, the change in the quantity demanded can be shown by A) shifting the demand curve leftward.†¦show more content†¦B) elastic. C) Both A and B above. D) Neither A nor B above. 16. A normal good has a ________ income elasticity of demand and quantity demanded ________ as income rises. A) negative; increases B) negative; decreases C) positive; increases D) positive; decreases 17. An indifference curve represents bundles of goods that a consumer A) views as equally desirable. B) ranks from most preferred to least preferred. C) refers to any other bundle of goods. D) All of the above. 18. Freds marginal utility of pizza equals 10 and his marginal utility of salad equals 2, then A) he would give up 5 pizzas to get the next salad. B) he would give up 5 salads to get the next pizza. C) he will eat five times as much pizza as salad. D) he will eat five times as much salad as pizza. 19. Joes income is $500, the price of food (F, y-axis) is $2, and the price of shelter (S, x-axis) is $100. Which of the following bundles is in Joes opportunity set? A) 50 units of food, 5 units of shelter B) 200 units of food, 2 units of shelter C) 100 units of food, 1 unit of shelter D) 150 units of food, 3 units of shelter 20. If the price of one good increases while the price of the other good and the consumers income remain unchanged, what will happen to the budget line? A) The budget line rotates inward from the intercept on the axis ofShow MoreRelatedEconomics For Business Assignment : Economics1362 Words   |  6 PagesEconomics for business assignment This is a two sided argument which needs complex and in-depth analysis to make a final judgement. The degree of government intervention may depend on many factors affecting the economy as a whole, a specific market and the businesses operating within it. The nature of different government regulations may have a restrictive nature, however some government action may have a beneficial effect on business activity and positively impact their objectives. It is essentialRead MoreEconomics Assignment6708 Words   |  27 Pagespoint c for the entire market on the graph on the right. 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