21. In recent years, there have been high-profile cases of contamination of baby food manufactured in China. As a result, many Chinese parents buy baby food produced outside of China. Which of the following accurately describes the likely impact on baby food prices? 19. Think about the orange market. Suppose the following two factors occur simultaneously: (i) the price of apples (a substitute for oranges) falls; and (ii) global droughts reduce the orange harvest by 30%. One would then expect on the orange market: a) The consumer surplus corresponds to the area under the demand curve. (b) the producers` surplus is equal to the area below the supply curve; (c) the producer`s surplus and the consumer`s surplus are equal to the price multiplied by the quantity. d) None of the above statements are true.
4. Let`s say drinking coffee increases my daily marginal utility by $2 per cup. Which of the following is the impact on my coffee demand curve? Indicate whether the following statements are true or false: 1. Which of the following statements will NOT change the supply curve of the correct X? 23. Suppose that in the market for good X (a normal good), the following events occur at the same time: (i) consumer incomes increase and (ii) the price of oil (an input for the production of X) increases. Which of the following statements is TRUE? 27. Which of the following conditions can NOT result in an increase in the price of a normal product in a competitive market? (a) The labour costs used to produce goods X. (b) The price of good X.
(c) The income of consumers who purchase goods X. (d) The price of good Y, which is a substitute for good X. (a) Demand increases by 30 units. (b) The quantity requested must be increased by 30 pieces. (c) The degree of equilibrium increases by 30 units. d) More than one of the above statements is true. If the supply is S1, which area represents a MARKET SURPLUS? Let`s assume that coconuts and pineapples are substitutes. If the price of pineapple rises, which of the following movements will affect the coconut market? 1.
Suppose that at a certain level of a given economic activity, marginal utility is greater than marginal cost. The economic operator concerned (the decision-maker) may increase the net profit by increasing the level of activity, for which of the following reasons? Suppose demand is initially D1, but after a change in consumer preferences, demand changes to D2. Note that the two demand curves are parallel. Which of the following statements is TRUE? 4. Which of the following is not a recognized form of organizational justice? 2. Which statement best describes business ethics? 1. A buyer purchased three units of goods X. The marginal utility of the fourth unit of X exceeds the marginal cost of the fourth unit of good X. Which of the following explains why the buyer should purchase the fourth unit? 20. Suppose that after a decrease in the supply of good X, we observe that the price of good Y decreases. If no other curve has changed, which of the following values can we deduce? The following questions provide a basic knowledge test of the selected concepts covered in this learning path: Business Ethics. Given the degree of equilibrium, which area constitutes a MARKET SURPLUS? 3.
Which of the following measures leads to a DECREASE in demand (i.e. a shift of the demand curve to the left)?. (a) A change in consumer income. (b) A change in the price of the goods. (c) A change in the price of an addition to the goods. (d) All this will shift the demand curve. 10. Why is HRM well positioned to integrate ethics, justice, CSR and sustainability into organizations? 1. The supply curve of an individual producer for a product shall be derived from: (a) the market surplus is maximised in competitive equilibrium. (b) In the balance of competition, the marginal utility to consumers corresponds to the marginal cost to producers. c) In competitive equilibrium, the social surplus is maximized in the absence of externalities. (d) In the competitive equilibrium, it is possible to put at least one person in a better position without anyone being worse off.
8. Martin sells his viola. The minimum amount he must pay for the viola is $15,500. He finds a buyer willing to pay $22,400, but that buyer insists that Martin pay for the delivery of the viola. The cost of delivery is $700. Martin`s producer surplus from the sale of his viola is equal to _____. 14. Otherwise, a reduction in the marginal cost of producing a good leads to 4.
What are the TOTAL benefits for this person if they consume 10 units of the good? 25. According to a recent article, OPEC is expected to reduce oil supply next summer. Summer is traditionally a time of increased demand for oil, as many families drive and fly to vacation spots. How would these two activities combined affect the summer gasoline market? 9. If cookies are a normal good and revenues increase, we would expect: a) A change in the cost of inputs used to produce goods X. b) A change in the technology used to produce X. (c) A change in the number of sellers of goods X. (d) A change in the price of goods X.
6. What do we mean by corporate social responsibility? (a) An increase in the equilibrium price and a decrease in the equilibrium quantity. (b) A decrease in the equilibrium price and an increase in the equilibrium quantity. (c) A reduction in the equilibrium price and quantity. (d) An increase in the equilibrium price and quantity. a) a b) a + b. c) a + b + e. d) We need to know the price to determine the market surplus. The questions published at the end of each learning path are reused for the knowledge test for learners interested in obtaining a digital badge or certificate of participation in the Introduction to Entrepreneurship Microcourse (IENT102). For more information, see Certify participation. 13. Suppose the equilibrium price of good X is $10 and the equilibrium quantity is 60 units.
If the price for property X $ 4: is. d. have an interest or concern in the activities of an organization a) increase; B+D. (b) decrease; B+D. c); A+B+D. (d) decrease; One. a) A shift of the demand curve to the left. (b) A shift of the demand curve to the right. c) An upward and left movement along a demand curve. (d) A downward and rightward movement along a demand curve. 5. The demand curve for a good is obtained from: (a) The consumer`s surplus is equal to the maximum amount that a consumer is willing to pay for a good minus what he has to pay for the good.
(b) the producer`s surplus is equal to the amount obtained from the sale of a good less the minimum amount that the seller must receive in order to be willing to sell the good; (c) Both (a) and (b) are true. (d) Neither (a) nor (b) is true. (a) The income of consumers who purchase goods X. (b) The labour costs used to produce goods X. (c) The price of goods Y, a supplement to X. (d) The number of purchasers of goods X. c. Economics, politics and privacy share the same ethics as the framework of a moral community. (a) the marginal cost of the goods. (b) Marginal utility of the product.
(c) the marginal utility of the good minus the marginal cost of the product. (d) Production potential Frontier (a) revenue from a product minus the cost of production of that product. (b) The amount of money a consumer is willing to pay for a good. (c) The opportunity cost of an asset. (d) None of these replies. (a) The consumer`s surplus is the difference between the minimum amount a consumer is willing to pay and what he actually pays; (b) the producer`s surplus is the difference between the amount of money a vendor receives and the maximum amount the vendor must pay; (c) The market surplus is equal to the sum of the consumer`s surplus and the producer`s surplus. d) All of the above are true. 3. At what price does the quantity delivered correspond to 3 units? 2. If the price is $8 per unit, the quantity delivered is: a) An increase in the price of baby food produced in China and a decrease in the price of baby food produced outside China.
(b) A decrease in the price of baby food produced in China and an increase in the price of baby food produced outside China. (c) Lower prices of baby food made in China and baby food produced outside China. (d) An increase in the prices of baby food manufactured in China and baby food produced outside China. (a) The quantity requested shall be less than 60 units. b) The quantity delivered is more than 60 pieces. c) There will be excess demand for asset X. d) There will be an oversupply of good X. 10. If the price of this good drops from 30 to 20 US dollars, but the consumer is prohibited from buying more than 5 units of the good, how much will the consumer`s surplus increase? 17. Suppose the price of good X increases.
If X and Y are substitutes, then we would expect on the market for the good Y: At the equilibrium price in this market, the consumer`s surplus is equal to the ___ zone and the producer`s surplus is equal to the ____ zone a) An increase in the cost of producing the good. (b) A decrease in the number of sellers in the market. (c) Both (a) and (b). (d) Neither (a) nor (b). 3. If the quantity supplied increases from 10 to 20 units, the total cost to the manufacturer will increase by: 8. What are some of the elements of a transformative sustainability strategy? a) The equilibrium price of oranges could increase or decrease, but the equilibrium amount will certainly decrease. b) The equilibrium quantity of oranges may increase or decrease, but the equilibrium price will certainly decrease. c) The equilibrium price of oranges could increase or decrease, but the equilibrium amount will certainly increase.
d) The equilibrium quantity of oranges could increase or decrease, but the equilibrium price will certainly increase.