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• 7. For a particular good, a 12 percent increase in price causes a 3 percent decrease in quantity dem
• 8. Refer to Figure 2. Which of the following statements is not correct? (A) When the price is $10, q
• 9. Refer to Figure 2. A government-imposed price of $12 in this market is an example of a (A) bindin
• 10. Refer to Figure 3, If this market is currently producing at Q4, then total economic well-being w
• 11. Refer to Figure 3. This market is characterized by (A) government intervention. (B) a positive e
• 12. Refer to Figure 3. At Q3 (A) the marginal consumer values this product less than the social cost
• 13. Refer to Table 3. What is the total revenue from selling 4 units? (A) $120 (B)$257 (C) $317 (D)
• 14. Refer to Table 3. What is the marginal revenue from selling the 3rd unit? (A) $40 (B)$120 (C) $2
• 15. Refer to Table 3. What is the average revenue when 3 units are sold? (A) $40 (B)$257 (C) $120 (D
• 16. Refer to Figure 4. The demand curve for a monopoly firm is depicted by curve (A) A. (B) C. (C) D
• 17. Refer to Figure 4. If the monopoly firm is currently producing Q4 units of output, then a decrea
• 18. Refer to Figure 4. Profit can always be increased by increasing the level of output by one unit
• 19. Refer to Figure 4. A profit-maximizing monopoly's total revenue is equal to (A) P5 ✖Q3. (B)
• 20. Refer to Figure 5. In order to maximize its profit, the firm will choose to produce (A) less tha
• 21. Refer to Figure 5. When the firm is maximizing its profit, the markup over marginal cost amounts
• 22. Refer to Figure 5. The firm's maximum profit is (A)-$5,000.00.(B)$0.  (C)$5,000.00. (D)$8,8
• 23. Refer to Figure 5. Efficient scale is reached (A) at 100 units. (B) between 100 and 133.33 units
• 24. Refer to Figure 5. The quantity of output at which the MC and ATC curves cross is the (A) effici
• 25. Refer to Figure 5. Given this firm's cost curves, if the firm were perfectly competitive ra
• 26. Refer to Table 4. What are the GDP deflator and the inflation rate for 1931? (A) 9.16, -11.5 (B
• 27. Refer to Table 4. What was the growth rate of real GDP for 1930? (A) -8.62%. Real GDP is a bette
• 28. Refer to Table 4. If prices had remained constant between 1929 and 1930, Nominal GDP would have
• 29. Refer to Table 5. If the base year is Year 1, then the CPI in Year 3 was (A) 120.5.(B)111.2. (C)
• 30. Refer to Table 5. The cost of the basket (A) decreased from Year 1 to Year 2 and increased from
• 31. Refer to Table 5. The inflation rate was (A) positive in Year 2 and positive in Year 3. (B) nega