Question 1

Given the following supply and demand curves for coupon books, a price of $8.00 would produce:
Demand Q = 55,000 - 4000P
Supply Q = 5000 + 1000P

Accepted Answer

A)  equilibrium. 
B)  a shortage of 10,000 coupon books. 
C)  a surplus of 10,000 coupon books. 
D)  a shortage of 17,200 coupon books. 
E)  a surplus of 17,200 coupon books. 
A)  equilibrium. 
B)  a shortage of 10,000 coupon books. 
C)  a surplus of 10,000 coupon books. 
D)  a shortage of 17,200 coupon books. 
E)  a surplus of 17,200 coupon books.

Question 2

Microeconomics is the study of individual economic units such as consumers, business firms, or specific government agencies.

Accepted Answer

A) True 
 B)False

Question 3

The first step in the problem solving approach in the field of managerial economics is:

Accepted Answer

A)  determination of the data that is relevant to the problem 
B)  identification of the problem 
C)  choosing the best possible solution 
D)  an evaluation of the alternative solutions 
E)  none of the above 
A)  determination of the data that is relevant to the problem 
B)  identification of the problem 
C)  choosing the best possible solution 
D)  an evaluation of the alternative solutions 
E)  none of the above

Question 4

Given the equations, Qdh = 500 - 25Ph and Qsh= - 250 + 50Ph, what is the equilibrium price for Alaskan halibut?

Accepted Answer

A)  $5.00 
B)  $10.00 
C)  $15.00 
D)  $20.00 
E)  $25.00 
A)  $5.00 
B)  $10.00 
C)  $15.00 
D)  $20.00 
E)  $25.00

Question 5

Given the following supply and demand curves for six-packs of beer, a price of $7.00 would produce:
Demand Q = 31,000 - 2000P
Supply Q = 10,000 + 1500P

Accepted Answer

A)  equilibrium. 
B)  a shortage of 3,500 six-packs of beer. 
C)  a surplus of 3,500 six-packs of beer. 
D)  a shortage of 17,000 six-packs of beer. 
E)  a surplus of 20,500 six-packs of beer. 
A)  equilibrium. 
B)  a shortage of 3,500 six-packs of beer. 
C)  a surplus of 3,500 six-packs of beer. 
D)  a shortage of 17,000 six-packs of beer. 
E)  a surplus of 20,500 six-packs of beer.

Question 6

Perfect competition most closely refers to a:

Accepted Answer

A)  market structure that is characterized by the existence of only one firm in the industry 
B)  market structure that is characterized by the existence of many firms the in the industry 
C)  market structure that is characterized by the existence of a few dominant firms in an industry. 
D)  market structure that is characterized by many buyers and sellers, where each one believes that it is not possible to affect market prices by their own individual actions. 
E)  market industry that is characterized by many buyers and sellers, where each one believes that it is possible to affect market prices by their own individual actions. 
A)  market structure that is characterized by the existence of only one firm in the industry 
B)  market structure that is characterized by the existence of many firms the in the industry 
C)  market structure that is characterized by the existence of a few dominant firms in an industry. 
D)  market structure that is characterized by many buyers and sellers, where each one believes that it is not possible to affect market prices by their own individual actions. 
E)  market industry that is characterized by many buyers and sellers, where each one believes that it is possible to affect market prices by their own individual actions.

Question 7

A change in demand refers to:

Accepted Answer

A)  a movement along the demand curve. 
B)  a change in a non-price variable in the demand function resulting in a shift in the demand curve. 
C)  a change in quantity demanded because of a change in price. 
D)  movement along the demand curve due to a change in income. 
E)  movement along the demand curve due to a change in the price of a related good. 
A)  a movement along the demand curve. 
B)  a change in a non-price variable in the demand function resulting in a shift in the demand curve. 
C)  a change in quantity demanded because of a change in price. 
D)  movement along the demand curve due to a change in income. 
E)  movement along the demand curve due to a change in the price of a related good.

Question 8

Given the following supply and demand curves for coupon books, a price of $10.00 would produce:
Demand Q = 55,000 - 4000P
Supply Q = 5000 + 1000P

Accepted Answer

A)  equilibrium. 
B)  a shortage of 10,000 coupon books. 
C)  a surplus of 10,000 coupon books. 
D)  a shortage of 17,200 coupon books. 
E)  a surplus of 17,200 coupon books. 
A)  equilibrium. 
B)  a shortage of 10,000 coupon books. 
C)  a surplus of 10,000 coupon books. 
D)  a shortage of 17,200 coupon books. 
E)  a surplus of 17,200 coupon books.

Question 9

The two major things to consider when trying to minimize cost are technology of production and output prices.

Accepted Answer

A) True 
 B)False

Question 10

Three alternative hypotheses of firm behavior, other than profit maximization, are market share maximization, growth maximization, and maximization of managerial returns.

Accepted Answer

A) True 
 B)False

Question 11

Most models to be emphasized in Managerial Economics will assume the following as a goal.

Accepted Answer

A)  revenue maximization 
B)  social welfare minimization 
C)  profit maximization 
D)  cost minimization 
E)  all of the goals identified above 
A)  revenue maximization 
B)  social welfare minimization 
C)  profit maximization 
D)  cost minimization 
E)  all of the goals identified above

Question 12

Fill in the blanks in the table.

Accepted Answer

A)  160, 100, 300, 640, 200 
B)  160, -120, 300, 100, 240 
C)  240, 340, 300, 120, 460 
D)  240, 340, 300, -120, 200 
E)  -240, 100, 600, 640, 20 
A)  160, 100, 300, 640, 200 
B)  160, -120, 300, 100, 240 
C)  240, 340, 300, 120, 460 
D)  240, 340, 300, -120, 200 
E)  -240, 100, 600, 640, 20

Question 13

Managerial economics derives primarily from a branch of economic analysis is called:

Accepted Answer

A)  microeconomics 
B)  macroeconomics 
C)  profit maximization 
D)  revenue maximization 
E)  none of the above 
A)  microeconomics 
B)  macroeconomics 
C)  profit maximization 
D)  revenue maximization 
E)  none of the above

Question 14

Given the equations Qdcd = 400 - 10Pcd and Qscd = - 200 + 20Pcd, if the price per CD was $15.00, the market would be in:

Accepted Answer

A)  surplus 
B)  shortage 
C)  equilibrium 
D)  perfect competition 
E)  none of the above 
A)  surplus 
B)  shortage 
C)  equilibrium 
D)  perfect competition 
E)  none of the above

Question 15

Given the following supply and demand curves for six-packs of beer, a price of $6.00 would produce:
Demand Q = 31,000 - 2000P
Supply Q = 10,000 + 1500P

Accepted Answer

A)  equilibrium. 
B)  a shortage of 20,000 six-packs of beer. 
C)  a surplus of 20,000 six-packs of beer. 
D)  a shortage of 15,000 six-packs of beer. 
E)  a surplus of 15,000 six-packs of beer. 
A)  equilibrium. 
B)  a shortage of 20,000 six-packs of beer. 
C)  a surplus of 20,000 six-packs of beer. 
D)  a shortage of 15,000 six-packs of beer. 
E)  a surplus of 15,000 six-packs of beer.

Question 16

A change in quantity demanded of CDs can be caused by to:

Accepted Answer

A)  a shift in the demand curve for CDs. 
B)  a change in an income variable in the CD demand function. 
C)  a change in the price of a related good. 
D)  a change in consumer tastes. 
E)  a change in a good's own price. 
A)  a shift in the demand curve for CDs. 
B)  a change in an income variable in the CD demand function. 
C)  a change in the price of a related good. 
D)  a change in consumer tastes. 
E)  a change in a good's own price.

Question 17

When price is above the equilibrium price and results in a quantity supplied that exceeds quantity demanded there would be a shortage.

Accepted Answer

A) True 
 B)False

Question 18

A change in the quantity demanded refers to a change in the amount of a good or service that consumers are willing to purchase over some period of time because of a change in the price of a good.

Accepted Answer

A) True 
 B)False

Question 19

The anticipated objective of management is to increase the firm's value. The value of the firm is the firm's ability to generate revenue.

Accepted Answer

A) True 
 B)False

Question 20

Given the equations Qds = 300 - 10Ps and Qss = - 600 + 40Ps, if the price for a pair of sandals were $25.00, the market would be in:

Accepted Answer

A)  shortage 
B)  surplus 
C)  equilibrium 
D)  perfect competition 
E)  none of the above 
A)  shortage 
B)  surplus 
C)  equilibrium 
D)  perfect competition 
E)  none of the above

Given the following supply and demand curves for coupon books, a price of $8.00 would produce: Demand Q = 55,000 - 4000P Supply Q = 5000 + 1000P

Microeconomics is the study of individual economic units such as consumers, business firms, or specific government agencies.

The first step in the problem solving approach in the field of managerial economics is:

Given the equations, Q_d_h = 500 - 25P_h and Q_s_h= - 250 + 50P_h, what is the equilibrium price for Alaskan halibut?

Given the following supply and demand curves for six-packs of beer, a price of $7.00 would produce: Demand Q = 31,000 - 2000P Supply Q = 10,000 + 1500P

Perfect competition most closely refers to a:

A change in demand refers to:

Given the following supply and demand curves for coupon books, a price of $10.00 would produce: Demand Q = 55,000 - 4000P Supply Q = 5000 + 1000P

The two major things to consider when trying to minimize cost are technology of production and output prices.

Three alternative hypotheses of firm behavior, other than profit maximization, are market share maximization, growth maximization, and maximization of managerial returns.

Most models to be emphasized in Managerial Economics will assume the following as a goal.

Fill in the blanks in the table.

Managerial economics derives primarily from a branch of economic analysis is called:

Given the equations Q_d_cd = 400 - 10P_cd and Q_s_cd = - 200 + 20P_cd, if the price per CD was $15.00, the market would be in:

Given the following supply and demand curves for six-packs of beer, a price of $6.00 would produce: Demand Q = 31,000 - 2000P Supply Q = 10,000 + 1500P

A change in quantity demanded of CDs can be caused by to:

When price is above the equilibrium price and results in a quantity supplied that exceeds quantity demanded there would be a shortage.

A change in the quantity demanded refers to a change in the amount of a good or service that consumers are willing to purchase over some period of time because of a change in the price of a good.

The anticipated objective of management is to increase the firm's value. The value of the firm is the firm's ability to generate revenue.

Given the equations Q_d_s = 300 - 10P_s and Q_s_s = - 600 + 40P_s, if the price for a pair of sandals were $25.00, the market would be in:

Revenue of the Firm

Topics in Demand Analysis and Estimation

Economic Forecasting

Production Analysis

Cost of Production

Profit Analysis of the Firm

Perfect Competition and Monopoly

Monopolistic Competition and Oligopoly

Games, Information and Strategy

Topics in Pricing and Profit Analysis

Factor Markets

Fundamentals of Project Evaluation

Risk in Project Analysis

Economics of Public Sector Decisions

Legal and Regulatory Environment of the Firm

Filters

Exam 1: Introduction, Basic Principles, and Methodology

Given the following supply and demand curves for coupon books, a price of $8.00 would produce: Demand Q = 55,000 - 4000P Supply Q = 5000 + 1000P

Microeconomics is the study of individual economic units such as consumers, business firms, or specific government agencies.

The first step in the problem solving approach in the field of managerial economics is:

Given the equations, Qdh = 500 - 25Ph and Qsh= - 250 + 50Ph, what is the equilibrium price for Alaskan halibut?

Given the following supply and demand curves for six-packs of beer, a price of $7.00 would produce: Demand Q = 31,000 - 2000P Supply Q = 10,000 + 1500P

Perfect competition most closely refers to a:

A change in demand refers to:

Given the following supply and demand curves for coupon books, a price of $10.00 would produce: Demand Q = 55,000 - 4000P Supply Q = 5000 + 1000P

The two major things to consider when trying to minimize cost are technology of production and output prices.

Three alternative hypotheses of firm behavior, other than profit maximization, are market share maximization, growth maximization, and maximization of managerial returns.

Most models to be emphasized in Managerial Economics will assume the following as a goal.

Fill in the blanks in the table.

Managerial economics derives primarily from a branch of economic analysis is called:

Given the equations Qdcd = 400 - 10Pcd and Qscd = - 200 + 20Pcd, if the price per CD was $15.00, the market would be in:

Given the following supply and demand curves for six-packs of beer, a price of $6.00 would produce: Demand Q = 31,000 - 2000P Supply Q = 10,000 + 1500P

A change in quantity demanded of CDs can be caused by to:

When price is above the equilibrium price and results in a quantity supplied that exceeds quantity demanded there would be a shortage.

A change in the quantity demanded refers to a change in the amount of a good or service that consumers are willing to purchase over some period of time because of a change in the price of a good.

The anticipated objective of management is to increase the firm's value. The value of the firm is the firm's ability to generate revenue.

Given the equations Qds = 300 - 10Ps and Qss = - 600 + 40Ps, if the price for a pair of sandals were $25.00, the market would be in:

Revenue of the Firm

Topics in Demand Analysis and Estimation

Economic Forecasting

Production Analysis

Cost of Production

Profit Analysis of the Firm

Perfect Competition and Monopoly

Monopolistic Competition and Oligopoly

Games, Information and Strategy

Topics in Pricing and Profit Analysis

Factor Markets

Fundamentals of Project Evaluation

Risk in Project Analysis

Economics of Public Sector Decisions

Legal and Regulatory Environment of the Firm

Filters

Given the equations, Q_d_h = 500 - 25P_h and Q_s_h= - 250 + 50P_h, what is the equilibrium price for Alaskan halibut?

Given the equations Q_d_cd = 400 - 10P_cd and Q_s_cd = - 200 + 20P_cd, if the price per CD was $15.00, the market would be in:

Given the equations Q_d_s = 300 - 10P_s and Q_s_s = - 600 + 40P_s, if the price for a pair of sandals were $25.00, the market would be in: