AP (Advanced Placement) Microeconomics: Questions 313 - 315 of 398

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Question 313

Question

MCQ▾

If average household income rises and we observe that the demand for pork chops increases, pork chops must be;

Choices

Choice (5)Response

a.

A necessity.

b.

A surplus good.

c.

A shortage good.

d.

An inferior good.

e.

A normal good.

Question 314

Question

MCQ▾

David՚s grandpa is diabetic patient. He needs prescribed doze of insulin every week. But suddenly the price of insulin rises; demand for insulin will be

Choices

Choice (5)Response

a.

Will be same.

b.

Cannot be said.

c.

Rise

d.

Fall.

e.

May be rise.

Question 315

Question

MCQ▾

A student decides that, having already spent three hours studying for an exam, she should spend one more hour studying for the same exam. Which of the following is most likely true?

Choices

Choice (5)Response

a.

The marginal cost of the third hour was likely greater than the marginal cost of the fourth hour.

b.

The marginal benefit of the fourth hour is certainly less than the marginal cost of the fourth hour.

c.

Without knowing the student՚s opportunity cost of studying, we have no way of knowing whether or not her marginal benefits outweigh her marginal costs.

d.

The marginal benefit of the fourth hour is at least as great as the marginal cost of the fourth hour.

e.

The marginal benefit of the third hour was less than the marginal cost of the third hour.

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