Q: Which of the following equations correctly represents a consumer’s budget constraint for two goods X and Y?

$$ PX \times QX + PY \times QY = I $$

Q: Which of the following is the correct formula for calculating consumer surplus for a single unit?

$$ \text{Consumer Surplus} = \text{Willingness to Pay} - \text{Price Paid} $$

Question 1

According to the diagram, which of the following is NOT considered a factor of production?

Accepted Answer

Money

Question 2

Which of the following best describes the opportunity cost?

Accepted Answer

The highest-valued alternative forgone when a choice is made

Question 3

If the price of a substitute good increases, what happens to the demand for the original good, ceteris paribus?

Accepted Answer

It increases

Question 4

Which of the following equations correctly represents a consumer’s budget constraint for two goods X and Y?

Accepted Answer

$$ PX 	imes QX + PY 	imes QY = I $$

Question 5

A rightward shift of the demand curve, as shown in the diagrams, could be caused by:

Accepted Answer

An increase in the price of a substitute good

Question 6

Which of the following statements about movements along and shifts of the demand curve is correct?

Accepted Answer

A change in the price of the good causes a movement along the demand curve

Question 7

If the price of a good increases from $$1.00 to 2.00 $$and the quantity demanded decreases from 15 to 10, what is the price elasticity of demand using the midpoint formula?

Accepted Answer

$$ \frac{(10-15)/((10+15)/2)}{(2-1)/((2+1)/2)} $$

Question 8

Which of the following is a result of a binding price ceiling set below the equilibrium price?

Accepted Answer

A shortage of the good

Question 9

In the context of the factors of production, which pairing is correct?

Accepted Answer

Capital earns interest

Question 10

Which of the following best explains why the demand curve slopes downward?

Accepted Answer

Because of the substitution and income effects

Question 11

If a decrease in the price of a good leads to an increase in quantity demanded, this is an example of:

Accepted Answer

A movement along the demand curve

Question 12

Which of the following would NOT cause a shift in the demand curve for chocolate bars?

Accepted Answer

A change in the price of chocolate bars

Question 13

If the market price of a good is above equilibrium, what will result?

Accepted Answer

A surplus

Question 14

Which of the following is the correct formula for calculating consumer surplus for a single unit?

Accepted Answer

$$ 	ext{Consumer Surplus} = 	ext{Willingness to Pay} - 	ext{Price Paid} $$

Question 15

Which of the following is NOT a possible result of a rightward shift in the demand curve, all else equal?

Accepted Answer

A decrease in equilibrium price

Microeconomics: Core Principles, Demand & Supply, and Market Dynamics

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