Docsity
Log inSign up
Docsity
Prepare for your exams
Prepare for your exams

Study with the several resources on Docsity

Earn points to download
Earn points to download

Earn points by helping other students or get them with a premium plan

Guidelines and tips
Guidelines and tips
Sell on Docsity
Sell on Docsity
Docsity AI
Docsity AI
Log inSign up

Prepare for your exams

Study with the several resources on Docsity

Find documents

Prepare for your exams with the study notes shared by other students like you on Docsity

Search for your university

Find the specific documents for your university's exams

Docsity AINEW

Summarize your documents, ask them questions, convert them into quizzes and concept maps

Explore questions

Clear up your doubts by reading the answers to questions asked by your fellow students

Earn points to download

Earn points by helping other students or get them with a premium plan

Share documents
download point icon20 Points

For each uploaded document

Answer questions
download point icon5 Points

For each given answer (max 1 per day)

All the ways to get free points
Get points immediately

Choose a premium plan with all the points you need

Study Opportunities

Choose your next study program

Get in touch with the best universities in the world. Search through thousands of universities and official partners

Community

Ask the community

Ask the community for help and clear up your study doubts

Free resources

Our save-the-student-ebooks!

Download our free guides on studying techniques, anxiety management strategies, and thesis advice from Docsity tutors

Midterm Exam for Intermediate Microeconomics | ECON 301, Exams of Microeconomics

Iowa State University (ISU)Microeconomics

Material Type: Exam; Class: INTERMED MICROECON; Subject: ECONOMICS; University: Iowa State University; Term: Unknown 1989;

Typology: Exams

Pre 2010

Uploaded on 09/02/2009

koofers-user-au3
koofers-user-au3 🇺🇸

9 documents

1 / 3

Toggle sidebar

This page cannot be seen from the preview

Don't miss anything!

bg1
Midterm 1
Multiple Choice (5 points each)
Figure 1
Graph A Graph B
Graph C Graph D
1) Figure 1 shows four different markets with changes in either the supply curve or the
demand curve. Which graph best illustrates the market for computers after technological
advances in making computers occur?
A) graph A
B) graph B
C) graph C
D) graph D
2) Figure 1 shows four different markets with changes in either the supply curve or the
demand curve. Which graph best illustrates the market for typewriters after technological
advances in computerized word-processing software occur?
P
S
2
D
1
D
Q
P
1
S
2
S
D
Q
P
2
S
D
1
S
Q
P
1
D
S
2
D
Q
pf3

Partial preview of the text

Download Midterm Exam for Intermediate Microeconomics | ECON 301 and more Exams Microeconomics in PDF only on Docsity!

Midterm 1

Multiple Choice (5 points each) Figure 1 Graph A Graph B Graph C Graph D

  1. Figure 1 shows four different markets with changes in either the supply curve or the demand curve. Which graph best illustrates the market for computers after technological advances in making computers occur? A) graph A B) graph B C) graph C D) graph D
  2. Figure 1 shows four different markets with changes in either the supply curve or the demand curve. Which graph best illustrates the market for typewriters after technological advances in computerized word-processing software occur?

P S

D^2

D^1

Q

P

S^1

S^2

D Q

P

2 S D (^) S^1 Q

P

1 D S D^2 Q

A) graph A B) graph B C) graph C D) graph D

  1. From the 1970s through the 1990s, the relative price of a college education has increased greatly. During the same time period, college enrollment has also increased. This evidence suggests that during this time period A) the demand curve for a college education has shifted leftward. B) the demand curve for a college education has shifted rightward. C) the supply curve for a college education has shifted leftward. D) the supply curve for a college education has shifted rightward.
  2. Suppose the demand curve for a good is expressed as Q = 100 - 4p. If the good currently sells for $10, then the price elasticity of demand equals A) -1.5. B) -0.67. C) -4. D) -2.5.
  3. If a consumer doubles her quantity of ice cream consumed when her income rises by 25%, then her income elasticity of demand for ice cream is A) 8.0. B) 4.0. C) .25. D) .08.
  4. Consumers will always pay the entire amount of a specific tax whenever A) demand is perfectly inelastic. B) supply is perfectly elastic. C) Both A and B above. D) Either A or B above but not at the same time.
  5. The tax incidence of a specific tax or ad valorem tax is influenced by A) who pays the tax. B) the amount of the tax. C) the price elasticities of supply and demand. D) All of the above.
  6. Suppose the demand curve for movie tickets has unitary price elasticity and the supply curve is perfectly price elastic. If 4 million tickets are currently sold at a price of $5, approximately how much tax revenue could the government generate from a $1 specific tax?