2Nd_Exam_Agricultureeconomics_Practice Exam

Front 1

1.
The graph above represents _________________________ curves?

Back 1

Indifference

Front 2

2.
Among points A, B, C, and D, which combination of wings and hamburgers yields the highest level of satisfaction?
_______________ Wings _______________Hamburgers

Back 2

B) 9 wings and 8 Burgers

Front 3

3.
Among points, A, B, C, and D, which combination of wings and hamburgers yields the lowest level of satisfaction?
_______________Wings ______________Hamburgers

Back 3

D) 3 wings and 5 burgers

Front 4

Given points A and B, how many wings is this consumer willing to give up in order to obtain one additional hamburger?

Back 4

B) -1/2

Front 5

What is the technical name of the ratio described above?

Back 5

A) MRS

Front 6

Which of the following statements is true?

Back 6

B) When total utility reaches a maximum, marginal utility is zero.

Front 7

The shift in the budget line in the graph is due to ___________________________?

Back 7

D) Consumer Income decreased

Front 8

According to the chart, which bundle is preferred

Back 8

C

Front 9

Which of the following is true?

Back 9

The Law of Diminishing Marginal Utility states that our additional satisfaction declines as more of a good is consumed

Front 10

The counterclockwise rotation in this diagram resulted from a ______________________________?

Back 10

D) Decrease in the Price of Beef

Front 11

If the price per glass of Tea is $3.00 and the price per glass of Kool-Aid is $4.00, then the budget for this consumer is ______________________?

Back 11

$48.00

Front 12

As demonstrated in the graph, the combination of 6 glasses of Kool-Aid and 8 glasses of tea represent a consumer's __________________________.

Back 12

Equilibrium Quantity

Front 13

When interpreting the diagram above one could conclude that:

Back 13

C) Mu Kool Aid = Mu Tea
P Kool Aid P Tea

Front 14

This diagram technically is called a (an) ________________ curve

Back 14

Engel Curve

Front 15

From this diagram, we can conclude that shrimp from Galveston Bay is a ____________________ good

Back 15

Normal

Front 16

Consumer surplus at a price of $7.00 is equal to _______________?

Back 16

) $75.00

Front 17

The economic well being of consumers in this market would increase by _________ dollars if the market price decreased by $3.00

Back 17

$225.00

Front 18

The increase in quantity as demonstrated by the movement from point A to B along the demand curve is referred to as a __________________________?

Back 18

Change in Quantity demanded

Front 19

In the following graph, line CAB is referred to as a ___________________________?

Back 19

Consumer Demand Curve

Front 20

The increase in consumption of hamburgers brought about by the decrease in price as demonstrated from point A to B, resulting in more buying power for the consumer is referred to as ___________________________

Back 20

income Effect

Front 21

Own Price-elasticity of demand is determined dividing the percent change in quantity by

Back 21

Percent change in price

Front 22

The own price-elasticity of demand for this good from $5.00 to $3.00 is:

Back 22

-.50

Front 23

The own price-elasticity coefficient above indicates a ___________________ type of demand

Back 23

Inelastic

Front 24

with regard to economic well being, the consumer will be _______ as the price decreases?

Back 24

Better off

Front 25

The producer revenue at $5.00 is __________?

Back 25

$350.00

Front 26

As a result of the producers decision to decrease the price, the producers total revenue will __________________?

Back 26

Decrease by $80.00

Front 27

In the graph above, the Income elasticity for tacos is ______________________?

Back 27

.67

Front 28

Tacos in this case would be considered a ________ good

Back 28

Normal-Necessity

Front 29

How many platters will the Dixie chicken sell

Back 29

1240

Front 30

The Dixie Chicken's revenue will _____________

Back 30

Decrease by $290.00

Front 31

_____________is a schedule that shows how many units of a good the consumer will purchase at different prices for that good during some specified time in a specified market, all other factors held constant or equal.

Back 31

Demand Curve

Front 32

_______________ reflects what $1.00 today would have purchased in goods and services in comparison to a particular base period.

Back 32

Purchasing Power

Front 33

___________________ is defined by the income available for consumption and the prices that consumer faces.

Back 33

Budget Constraint