1. If a 20 percent decrease in the price of a good leads to a 15 percent increase in the quantity demanded, then demand is ________ and total revenue will ________ as a result of the fall in price.
(A) elastic; increase
(B) elastic; decrease
(C) inelastic; increase
(D) inelastic; decrease

2. The market demand curve for CDs is the ________ of all the individual demand curves for CDs.(A) horizontal product (B) horizontal sum (C) vertical sum (D) vertical product

3. Which of the following is a potential impact of an effective price ceiling?(A) a shortage(B) use of non-price factors such as discrimination to allocate the price-controlled good to consumers(C) deterioration in the quality of the price-controlled good(D) All of the above are potential impacts of an effective price ceiling.

4. A price floor is a price(A) below which a seller cannot legally sell.(B) above which a seller cannot legally sell.(C) that creates a surplus of the good if it is set above the equilibrium price.(D) Both answers A and C are correct.

5. Marginal utility is the(A) usefulness of a product.(B) utility that a person receives from the consumption of goods and services.(C) change in utility that results from a one-unit change in the quantity of a good consumed.(D) change in utility that results from a one-unit change in the price of a good consumed.

6. Suppose that Sue is consuming 2 sub sandwiches and 3 cans of soda per day. This combination of consumption choices will maximize Sue's utility if(A) this choice equates the marginal utility per dollar spent on sandwiches and soda.(B) she can consume more sandwiches.(C) she can consume more sodas.(D) she can consume more sandwiches AND more sodas.

7. Bud opened a flower shop. He rented a building for $9,000 a year. To buy equipment for the store, he withdrew $10,000 from his savings account, which earned an annual interest rate of 3 percent. During the first year of operation, Bud paid $4,000 for utilities and $12,000 to his suppliers. The store's total annual revenue was $55,000. The market value of the store's equipment at the end of the year was $8,000. If Bud had not started this business, he would have continued to work as an employee at another flower shop for $30,000 a year. During the first year of operation, Bud(A) received an economic profit of $30,000. (B) received an economic profit of $20,000.(C) incurred an economic loss of $2,300. (D) incurred an economic loss of $12,300.

8. Diminishing marginal returns occur when ________.(A) the average product of the variable input eventually diminishes(B) the marginal product of an additional worker is less than the marginal product of the previous worker hired(C) the firm hires cheap less-skilled workers in place of expensive high-skilled workers(D) total product eventually diminishes

9. An industry is perfectly competitive if(A) each firm in it can influence the price of its product.(B) there are many firms in it, each selling a slightly different product.(C) there are many firms in it, each selling an identical product.(D) there are few firms in the industry.

10. In a perfectly competitive industry, the industry supply curve is the sum of the(A) supply curves of all the individual firms. (B) average variable cost curves of all the individual firms.(C) average total cost curves of all the individual firms.(D) average fixed cost curves of all the individual firms.

11.Item DollarsNet interest 239Government expenditure on goods and services 136Compensation of employees 1,715Rental income 37Proprietors' income 128Indirect taxes minus subsidies 259Corporate profits 194Exports of goods and Services 249Imports of goods and services 289Depreciation 333Using the data in the above table, gross domestic product as calculated by the income approach equals ________.(A) $2,333 (B) $2,592 (C) $2,905 (D) $2,205

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