# CSC FIN333 MIDTERM EXAM (ALL CORRECT) - 88373

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Part 1 of 1 - 100.0 Points

Question 1 of 33 3.0 Points

When demand increases,

A. consumers buy more of the good only if its price falls.

B. the price is lower at any level of quantity demanded.

C. consumers are willing to buy more at any price.

D. the demand curve shifts leftward.

Question 2 of 33 3.0 Points

If the demand for digital cameras increases when consumers' incomes rise, then digital cameras are

A. a substitute for camcorders.

C. an inferior good.

D. a normal good.

Question 3 of 33 3.0 Points

In a recession, consumers have less income to spend. As a result, if dining out is a normal good, then which of the following would happen to the demand curve for dining out?

A. The demand curve would shift rightward.

B. The demand curve would not shift but the price of dining out would fall.

C. The demand curve would shift leftward.

D. The effect on the demand curve is unknown.

Question 4 of 33 3.0 Points

If a consumer's income doubles and she now purchases less of good X, we can infer that good X is a(n) __________ good.

a. Luxury

A. Luxury

B. Normal

C. Inferior

D. Special

Question 5 of 33 3.0 Points

Referring to figure, at a price of \$70, the amount of producer surplus is:

A. \$9,000.

B. \$8,000.

C. \$18,000.

D. \$6.000.

Question 6 of 33 3.0 Points

Suppose the domestic supply and demand curves for MP3 players in the United States are given by the following set of equations:

QS = 25 + 10P

QD = 925 – 5P

If the United States could trade MP3 players freely with the rest of the world at a price of \$90, how many MP3 players would be produced in the United States?

A. 625

B. It depends on foreign demand MP3 players

C. 475

D. 925

Question 7 of 33 3.0 Points

Suppose the domestic supply and demand curves for MP3 players in the United States are given by the following set of equations:

QS = 25 + 10P

QD = 925 – 5P

If the United States could trade MP3 players freely with the rest of the world at a price of \$90 the United States would import __________ MP3 players and export __________ MP3 players.

A. 0; 925

B. 450; 0

C. 475; 925

D. 0; 450

Question 8 of 33 3.0 Points

Suppose the domestic supply and demand curves for MP3 players in the United States are given by the following set of equations:

QS = 25 + 10P

QD = 925 – 5P

The opening of free trade with an international price for MP3 players of \$90 will lead to a __________ to the United States in the amount of __________.

A. Gain; 2,625 MP3 players

B. Loss; \$13,500

C. Loss; 150 MP3 players

D. Gain: \$6,750

Question 9 of 33 3.0 Points

Refer to Table The opportunity

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