Exam 1 consists of 45 multiple-choice questions and covers lessons 1-4.You have 75 minutes to complete the examYou may use 2 sheets of blank paper (No notes)You may use a basic 4-function calculatorThe exam will not shut down after 75 minutes, but you are expected to compete the exam within this time frame unless there are technical issues noted by your proctor. 

The price elasticity of demand is defined as the magnitude of the

       ​Blue Violet Production Possibilities​Blue Violet Production Possibilities​Sweet Pansy Production Possibilities​Sweet Pansy Production Possibilities Teapots(numberper week) Coffeepots(numberper week) Teapots(numberper week) Coffeepots(numberper week) 150 0 150 0 100 25 100 50 50 50 50 100 0 75 0 150Two countries, Blue Violet and Sweet Pansy, produce only two goods: teapots and coffeepots. The table above gives their production possibilities.

The “law of demand” states that, other things remaining the same, the quantity demanded of any good is

The marginal benefit of a good or service is measured by

By choosing to come to class, you know you are giving up the ability to watch television. In doing so, you are applying the concept of

f1q30g1.jpg In the above figure, a price of $15 per dozen roses would result in a ________ so that the price of roses will ________.

Homer changes jobs and his new job pays him a higher income. Before he changed jobs, Homer purchased 3 pounds of tuna and 2 pounds of chicken. After he changed jobs, Homer now purchases 2 pounds of tuna and 3 pounds of chicken. For Homer,

When the price of a movie ticket increases from $5 to $7, the quantity of tickets demanded decreases from 600 to 400 a day. What is the absolute value of the price elasticity of demand for movie tickets?

Refining gasoline for our cars requires a very specialized resource, crude oil. As a result, the