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Exam (elaborations)

FPC1 EXAM QUESTIONS WITH 100% CORRECT ANSWERS

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FPC1 EXAM QUESTIONS WITH 100% CORRECT ANSWERS 1) A change in the demand for apples could result from any of the following EXCEPT - Answer-C) a change in the price of an apple. 2) If the demand for used cars decreases after the price of a new car falls, used cars and new cars are - Answer-subst...

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  • December 28, 2024
  • 8
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • fpc1
  • fpc1 exam
  • fpc1 exam questions with correct answers

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FPC1 EXAM QUESTIONS WITH
100% CORRECT ANSWERS
1) A change in the demand for apples could result from any of the following EXCEPT -
Answer-C) a change in the price of an apple.

2) If the demand for used cars decreases after the price of a new car falls, used cars
and new cars are - Answer-substitute goods.

3) Other things remaining the same, the quantity of a good or service demanded will
increase if the price of the good or service - Answer-B) falls.

4) Which of the following increases the supply of a product? - Answer-A) lower prices
for the resources used to produce the product

5) Which of the following increases the supply of gasoline? - Answer-C) a decrease in
the price of a resource used to produce gasoline, such as crude oil

6) Changes in which of the following factors do NOT shift the demand curve? - Answer-
A) the price of the good

7) Assume a market is in equilibrium. There is an increase in supply, but no change in
demand As a result the equilibrium price ________, and the equilibrium quantity
________. - Answer-E) falls; increases

8) The phrase "a change in demand" most directly implies a - Answer-D) shift of the
demand curve.

9) Assume a competitive market is in equilibrium. There is an increase in demand, but
no change in supply. As a result the equilibrium price ________, and the equilibrium
quantity ________. - Answer-A) rises; increases

10) Which of the following would increase the equilibrium price of bananas? (Choose 2)
- Answer-a hurricane wiped out the banana crop in South America., medical research
that demonstrates the cancer fighting ability of bananas.

Price- 10, 9 Quantity demanded- 100, 125

, 1) The data in the table above give two points on the demand curve for pizza. Using the
midpoint method, when the price of a pizza falls from $10 to $9, what is the percentage
change in price? - Answer-C) 10.5 percent

Price- 10, 9 Quantity demanded- 100, 125
2) The data in the table above give two points on the demand curve for pizza. Using the
midpoint method, when the price of a pizza falls from $10 to $9, what is the percentage
change in the quantity demanded? - Answer-A) 22.2 percent

Price- 10, 9 Quantity demanded- 100, 125
3) The data in the table above give two points on the demand curve for pizza. Using the
midpoint method, when the price of a pizza falls from $10 to $9, what is the price
elasticity of demand? - Answer-D) 2.1

Price- $8, $7 Quantity demand- 10, 14
4) In the figure above, using the midpoint method, the price elasticity of demand when
the price falls from $8 to $7 is equal to - Answer-A) 2.50.

5) If a firm supplies 200 units at a price of $50 and 100 units at a price of $40, using the
midpoint method, what is the price elasticity of supply? - Answer-C) 3.00

6) Consumer surplus is equal to - Answer-A) marginal benefit minus price summed over
the quantity consumed.

7) In the summer of 2008, the price of gasoline increased greatly. If the demand curve
for gasoline did not shift, which of the following occurred? - Answer-C) Consumer
surplus decreased.

8) Mary is willing to pay $50 for a Christmas tree, John is willing to pay $45 and Jeff is
willing to pay $40. The price of a tree is $40. The total consumer surplus for Mary, John
and Jeff taken together is - Answer-A) $15.

10) Producer surplus is the ________ summed over the quantity produced. - Answer-A)
price of the good minus the marginal cost of producing it

11) Producer surplus - Answer-A) increases if market price rises and the supply curve
does not shift.

12) Which of the following influence the price elasticity of demand? (Choose two) -
Answer-availability of substitutes, proportion of income spent on good

1) The production possibilities frontier illustrates the - Answer-A) maximum
combinations of goods and services that can be produced.

2) The production possibilities frontier is the - Answer-C) boundary between the
combinations of goods and services that can be produced and the combinations that

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