8/11/2019 Sample First Quiz Econ 11
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Name_____________Economics 1 Sample First Quiz Prof.
SproulVersion 112 objective questions 1 point eac!"2# questions
$ill be on t!e actual quiz%
Figure 2.7
1. See fi&ure 2.'. (f t!is in)ustr* is onl* allo$e) to sell
in its )omestic mar+et t!e priceof t!e &oo) $ill be ,1- per
unit. (f forei&n sales are also allo$e) t!e price $ill rise
to,1'. (f onl* )omestic sales are allo$e) )omestic pro)ucer surplus
$ill be &iven b* area_____.
a. b. /c. 0).
2. See fi&ure 2.'. Startin& from a situation $!ere onl*
)omestic sales are allo$e) t!e la$is c!an&e) to allo$
forei&n sales. !is $ill cause )omestic pro)ucer surplus to rise
b*areas.a. 3/b. /30c. 03). 3
4. See fi&ure 2.'. (f a price floor is set at ,1' consumer
surplus $ill be &iven b* area___.a. b. /c. 0).
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17
9 11
Suppy
(domestic)
Demand
(domestic)
Demand
(domestic+fo
Price
Quanti
A
B C
D
