Practice Problem Set Essay

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Exam 1 Review

Econ 205 – Labs 207, 209
Review for Exam 1: Chapters 1-6

This is NOT a comprehensive list of ALL material that has been covered. Rather it has been developed to make sure that you are familiar with the main concepts that we have covered in lab.
My advise:
Read all of chapters 1-6.
Learn the vocabulary. Understand the differences between terms like normal good and inferior good, normative and positive analysis, macro and microeconomics, demand and the quantity demanded.
Work through the problems and applications.
Review PowerPoint lectures.
Review lab notes (hopefully you’ve taken some!).
Review your problem sets.
Review your quizzes.

Review Questions Set :
1) The price of coffee increases. Ceteris parabis, this will cause:
a) the demand for coffee to decrease
b) the demand for coffee to increase
c) the quantity of coffee demanded to increase
d) the quantity of coffee demanded to decrease
e) a rightward shift of the supply curve for tea

2) The shape of the production possibilities curve reflects:
a) the law of demand
b) the law of supply
c) the relative prices of the two goods under consideration
d) the law of increasing costs

3) Suppose a hurricane in the Gulf of Mexico destroys a number of oil rigs, temporarily curtailing worldwide oil production. Before the rigs are repaired, a newly invented solar panel allows the cheap production of reliable solar cars, leading to a decrease in demand for oil. Ceteris parabis, the price of oil will __________ and the quantity of oil sold at equilibrium will _____________.
a) Increase; decrease
b) Decrease; decrease
c) Uncertain; decrease
d) Increase: increase
e) Decrease; increase

4) Suppose the market rent for a one-bedroom apartment in Manhattan is $2,500 per month. The city council enacts a law that the maximum rent landlords can charge for one-bedroom apartments in Manhattan is $2,000. The new law will lead to:
a) A surplus of one-bedroom apartments in Manhattan
b) A surplus of poor landlords in Manhattan
c) A shortage of one-bedroom apartments in Manhattan
d) The construction of new one-bedroom apartments in Manhattan

5) If the government imposes a minimum wage above the equilibrium market wage, there will be:
a) low unemployment
b) a shortage of workers
c) a surplus of workers
d) none of the above

6) In a price war, two rival airlines reduce ticket prices by 20%, leading to a 40% increase in ticket sales. The price elasticity of demand for airline tickets is:
a) 0
b) -1
c) -0.5
d) -2
e) -4

7) If the hot dog vendors at NCSU football games knew that the price elasticity of demand for their product was -2 and they wanted to double the quantity of hot dogs sold per game, they should:
a) Decrease the price by 100%
b) Decrease the price by 200%
c) Decrease the price by 50%
d) Decrease the price by 25%

8) Suppose you have a fixed income of $200 per month, which you budget to purchase only two goods--gasoline and pizzas. The price of pizza is currently $6, and the price of a gallon of gasoline is $2. The opportunity cost of a gallon of gasoline is:
a) 2 pizzas
b) 1 pizza
c) $6
d) 1/3 pizza
e) 3 pizzas

9) A decrease in interest rates for car loans increases the demand for new cars. Assuming nothing else changes:
a) there will be a surplus of new cars unless their prices rise
b) there will be a shortage of new cars unless their prices rise
c) neither the price nor the quantity of new cars supplied will change
d) the quantity of new cars supplied will not increase unless their cost of production declines

10) If used furniture is an inferior good, an increase in income is likely to:
a) cause a shortage of used furniture
b) decrease the price of used furniture
c) increase the price of used furniture
d) increase the quantity of used furniture supplied

11) Newspapers are currently reporting a shortage of math teachers. To an economist, this means:
a) the wage of
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