QUESTIONS (11) THROUGH (18), THESE ARE MULTIPLE CHOICE QUESTIONS. WRITE THE NUMBEROF EACH QUESTION AND THE LETTER of the correct answer after it.11) A production function shows: (A) the quantities of output that can be produced with different quantities of inputs (B) how much profit a firm can make at different output levels (C) the long run fixed outputs for a firm(D) the level of demand for a firm’s product.12) If there are many close substitutes for a good the demand for it will be: (A) elastic (B) inelastic (C) very popular(D) a LARGE demand13) If a good is INFERIOR when the consumer’s income goes DOWN he will buy: (A) less (B) more (C) a lot more (D) the same amount14) In a market economy the government must: (A) establish and maintain a monetary system (B) protect property rights with laws, police and courts (C) supply public goods (D) all of these15) If there is EXCESS DEMAND, the price of the product is: (A) too high (B) too low (C) equilibrium (D) just right16) If elasticity of demand is – . 3 and the price goes up 10%, quantity demanded will: (A) rise 30% (B) fall 30%(C) fall 3% (D) fall . 3) If demand is ELASTIC the seller will want to: (A) raise the price (B) lower the price(C) sell less (D) none of these18) A change in Price will cause the demand curve to (A) shift to the left (B) shift to the right (C) not shift at all (D) it could be any of these
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