1) If the price of oil, a close substitute for coal, increases, then
A. a. the supply curve for coal will shift to the right.
B. b. the demand curve for coal will shift to the right.
C. c. the equilibrium price and quantity of coal will not change.
D. d. the quantity of coal demanded will decline.
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2) Identify which one of the following is a normative statement:
A. a. the high temperature today was 35 degrees.
B. b. it was hotter today than yesterday.
C. c. a kilogram of shrimp is more expensive than a kilogram of potato in the supermarket.
D. d. shrimp is more delicious than potato.
3) A shift in the supply curve of bicycles that results from higher steel prices will lead to
A. a. higher prices.
B. b. lower prices.
C. c. a shift of the demand curve.
D. d. larger output.
4) The budget line
A. a. determines an individual’s optimal consumption basket.
B. b. will not shift at all if the prices of both commodities increase and income is unchanged.
C. c. determines an individual’s possible consumption baskets.
D. d. is a straight line whose slope is given by the rate of inflation.
5) Marginal cost equals
A. a. total cost divided by total output.
B. b. the change in total cost associated with an additional unit of output.
C. c. the change in average cost.
D. d. the slope of the average cost curve.
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