Micro 1

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1.
1 point
Five Guys burgers and fries are complements. Ceteris paribus, an increase in
the price of fries will cause what to happen to equilibrium price and quantity,
respectively of burgers? (what does our complement rule suggest happens)
2.
1 point
Consumer surplus can be thought of as which of the following?
3.
1 point
Standing up at the Rams’ game will get you a better view. Everyone standing
will give everyone a better view. This mistake in logic is called
4.
1 point
The 1st law of demand states that, ceteris paribus,
5.
1 point
The 1st law of demand implies that when the price of good X rises, ceteris
paribus, the result is
6.
1 point
Dial­up domestic internet access is an inferior good. Ceteris paribus, if the
income of consumers increases, what should happen to the equilibrium price and quantity, respectively, of ‘Dial­Up Internet Access’?
7.
1 point
An “increase in demand” for a good refers to
8.
1 point
Suppose I purchased a ‘Sweet 16’ t­shirt for $24. Which of the following
statements must be true

x) my marginal value for this shirt must be greater than or equal to $24
Y)­ my marginal value for a second ‘sweet 16’ t­shirt must be less than $24
Z) ­my marginal value for a third ‘sweet 16’ t­shirt will be less than the marginal value of a second one
9.
1 point
‘Cream Pies’ are an input in the production of ‘pies in the face’. If the price of
‘cream pies’ decrease, the equilibrium price and quantity of ‘pies in the face’,
respectively, will
10.
1 point
Producer surplus can be thought of as which of the following
11.
1 point
Which of the following is caused by ‘Rent Control’ legislation?
12.
1 point
If you are ‘indifferent’ between two goods, A and B, this means you
13.
1 point
Price controls cause which of the following
14.
1 point
When we use the term “gains from trade,” we are referring to
15.
1 point
The height of an individual’s demand curve (measured at say quantity Q) shows
16.
1 point
Highlighting price differences that have occurred over time without accounting
for inflation is which type of mistake
17.
1 point
When attempting to determine average amount of weekly time VCU students
devote to studying, you gather data by surveying students as they leave the
library. You do your data gathering on Fridays, around 11pm. It is likely that
your analysis will suffer what type of fallacy of economic reasoning?
18.
1 point
You observe sequence and conclude causality. This is what type of fallacy of
economic reasoning?
19.
1 point
A ‘decrease in the demand’ for prostitution could be caused by
20.
1 point
An economic theory should be:
21.
1 point
A ‘decrease in quantity demanded’ for a good refers to
22.
1 point
Minimum wage legislation
23.
1 point
GB’s (gigabites) are a normal good. What is likely to happen to equilibrium price
and quantity, respectively, if the price of an input in the production of gigabites
increases and the income of consumers decreases simultaneously?
24.
1 point
The height of an individual firm’s supply curve (measured at some quantity, Q)
shows