Econ 201 midterm 2

Multiple Choice Questions 2 marks each.

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Econ 201 midterm 2

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If the percentage increase in quantity demanded of good X is larger than the percentage decrease in the price of good Y, the cross-price elasticity is: A greater than zero but less than one. C supply is infinitely elastic. Microeconomics Intro Document pages.

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Multiple Choice Questions 2 marks each. All social systems face the problem of economic scarcity, and this problem arises primarily from the fact that: A in order to produce more of one good, increasing amounts of other goods must be foregone. B every society can produce along its possibilities frontier. C human wants are essentially unlimited but the means to satisfy these wants are limited. The Federal government has decided that more middle-class Canadians should benefit from the growth of the economy in the next 20 years. Among the three fundamental questions in economics, which one applies to this situation? A What to produce. B How to produce. C For whom to produce.

Econ 201 midterm 2

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Practicequestions Final Econ Document 15 pages. Jump to Page. Sign in. C supply is infinitely elastic. C positive and greater than 1. C 10 quirks. B normative analysis. D the 24 hours that comprise a day. This means: A all producers who want to sell coffee are pleased. B quantity supplied is not responsive to price.

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Did you find this document useful? Mini Case Assignment Document 2 pages. If the CPI for was C every time P increases by 1 unit, Q falls by 3 units. D a rightward shift of the supply curve so that more is offered for sale at every price. D No quirks. C microeconomic analysis. Commonly, the sum of consumer and producer surplus. All of the following are determinants of the level of demand except: A the costs of producing the good. A With negative externalities in production occur, market supply will be greater than the socially optimal supply.