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#### Question 1 Microeconomics studies the allocation of scarce resources

###### Economics

Question 1

Microeconomics studies the allocation of

1. scarce resources.
2. decision makers.
3. unlimited resources.
4. models.

Question 2

The market supply of Oregon hazelnuts is given by:

Q = 20 + 1.5P - 0.5COST

where Q is hazelnut quantity supplied, P is hazelnut price, and COST is an index variable representing the costs of production. The coefficient 20 represents:

1. the partial derivative of quantity supplied with respect to cost.
2. the partial derivative of quantity supplied with respect to price.
3. quantity supplied when price and costs are each positive.
4. quantity supplied when price and costs are zero.

Question 3

By selecting a bundle where marginal rate of subsitution (MRS) equals the marginal rate of transformation (MRT), the consumer is

1. not behaving in an optimal way.
2. achieving a corner solution.
3. on a higher indifference curve than they can afford.
4. reaching the highest possible indifference curve she can affor

Question 4

The Cobb-Douglas utility function is appropriate to represent preferences for pizza and burritos if they

1. are never substitutable for each other.
2. are moderately substitutable for each other.
3. are perfect substitutes.
4. are perfect complements.

Question 5

Consider the demand function Qd = 150 - 2P, where P is price.  The effects of determinants of

Qd other than price are reflected in

1. in both the slope and the intercept of the function.
2. neither the slope nor the intercept of the function.
3. the slope of the function.
4. the intercept of the function.

Question 6

In the year 2018, 1.3 billion pounds of milk were produced and sold in the U.S.  This was

1. a quantity determined by the interactions in the market.
2. the maximum amount dairy producers could produce.
3. what consumers needed.
4. the decision of the U.S. Department of Agriculture.

Question 7

The percentage change in quantity demanded associated with a one percent rise in price is known as the

1. marginal rate of transformation.
2. slope of the demand curve.
3. excess demand.
4. price elasticity of deman

Question 8

The market supply of Oregon hazelnuts is given by:

Q = 20 + 1.5P - 0.5COST

where Q is hazelnut quantity supplied, P is hazelnut price, and COST is an index variable representing the costs of production. The coefficient -0.5 represents:

1. how much costs change when quantity supplied decreases by one unit.
2. the partial derivative of quantity supplied with respect to cost.
3. the partial derivative of cost with respect to quantity supplied.
4. how much costs change when quantity supplied rises by one unit.

Question 9

An increase in the price of pork will lead to

1. a leftward shift of the demand curve of pork.
2. a movement up along the demand curve of pork.
3. a rightward shift of the demand curve of pork.
4. a movement down along the demand curve of pork.

Question 10

The term “inverse demand curve” refers to

1. a demand curve that slopes upward.
2. the difference between quantity demanded and supplied at each price.
3. expressing the demand curve in terms of price as a function of quantity.
4. the demand for “inverses.”

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