Principles of Microeconomics 8Th Edition Mankiw Test Bank Full Chapter PDF

Principles of Microeconomics 8th
Edition Mankiw Test Bank

Visit to download the full and correct content document: https://testbankdeal.com/dow
nload/principles-of-microeconomics-8th-edition-mankiw-test-bank/
1. The price elasticity of supply measures how much
a. the quantity supplied responds to changes in input prices.
b. the quantity supplied responds to changes in the price of the good.
c. the price of the good responds to changes in supply.
d. sellers respond to changes in technology.
ANSWER: b
DIFFICULTY: Easy
LEARNING OBJECTIVES: ECON.MANK.090 - Evaluate the price elasticity of supply.
TOPICS: Elasticity
Price elasticity of supply
KEYWORDS: BLOOM'S: Knowledge
CUSTOM ID: 001.05.2 - MC - MANK08
2. The price elasticity of supply measures how responsive

a. sellers are to a change in price.
b. sellers are to a change in buyers' income.
c. buyers are to a change in production costs.
d. equilibrium price is to a change in supply.
ANSWER: a
DIFFICULTY: Easy
TOPICS: Elasticity
3. The price elasticity of supply measures how responsive

a. equilibrium price is to equilibrium quantity.
b. sellers are to a change in buyers' income.
c. sellers are to a change in price.
d. consumers are to the number of substitutes.
ANSWER: c
DIFFICULTY: Easy
TOPICS: Elasticity
4. If the quantity supplied responds only slightly to changes in price, then

a. supply is said to be elastic.
b. supply is said to be inelastic.
c. an increase in price will not shift the supply curve very much.
d. even a large decrease in demand will change the equilibrium price only slightly.
ANSWER: b
DIFFICULTY: Moderate
Copyright Cengage Learning. Powered by Cognero. Page 1

TOPICS: Elasticity
KEYWORDS: BLOOM'S: Comprehension
5. A linear, upward-sloping supply curve has

a. a constant slope and a changing price elasticity of supply.
b. a changing slope and a constant price elasticity of supply.
c. both a constant slope and a constant price elasticity of supply.
d. both a changing slope and a changing price elasticity of supply.
ANSWER: a
TOPICS: Elasticity
6. A key determinant of the price elasticity of supply is the time period under consideration. Which of the following
statements best explains this fact?
a. Supply curves are steeper over long periods of time than over short periods of time.
b. Buyers of goods tend to be more responsive to price changes over long periods of time than over short periods
of time.
c. The number of firms in a market tends to be more variable over long periods of time than over short periods of
time.
d. Firms prefer to change their prices in the short run rather than in the long run.
ANSWER: c
TOPICS: Elasticity
7. A key determinant of the price elasticity of supply is the

a. time horizon.
b. income of consumers.
c. price elasticity of demand.
d. importance of the good in a consumer’s budget.
ANSWER: a
DIFFICULTY: Easy
TOPICS: Elasticity
8. A key determinant of the price elasticity of supply is the
a. number of close substitutes for the good in question.
b. extent to which buyers alter their quantities demanded in response to changes in prices.
c. length of the time period.
d. extent to which buyers alter their quantities demanded in response to changes in their incomes.
ANSWER: c
TOPICS: Elasticity
9. A key determinant of the price elasticity of supply is

a. the ability of sellers to change the price of the good they produce.
b. the ability of sellers to change the amount of the good they produce.
c. how responsive buyers are to changes in sellers' prices.
d. the slope of the demand curve.
ANSWER: b
TOPICS: Elasticity
10. If the price elasticity of supply for wheat is less than 1, then the supply of wheat is
a. inelastic.
b. elastic.
c. unit elastic.
d. quite sensitive to changes in income.
ANSWER: a
TOPICS: Elasticity
11. The supply of a good will be more elastic, the

a. more the good is considered a luxury.
b. broader is the definition of the market for the good.
c. larger the number of close substitutes for the good.
d. longer the time period being considered.
ANSWER: d

TOPICS: Elasticity
12. Frequently, in the short run, the quantity supplied of a good is

a. impossible, or nearly impossible, to measure.
b. not very responsive to price changes.
c. determined by the quantity demanded of the good.
d. determined by psychological forces and other non-economic forces.
ANSWER: b
TOPICS: Elasticity
13. In the long run, the quantity supplied of most goods

a. will increase in almost all cases, regardless of what happens to price.
b. cannot respond at all to a change in price.
c. can respond to a change in price, but the change is almost always inconsequential.
d. can respond substantially to a change in price.
ANSWER: d
TOPICS: Elasticity
14. Some firms eventually experience problems with their capacity to produce output as their output levels increase. For
these firms,
a. market power is substantial.
b. supply is perfectly inelastic.
c. supply is more elastic at low levels of output and less elastic at high levels of output.
d. supply is less elastic at low levels of output and more elastic at high levels of output.
ANSWER: c
DIFFICULTY: Challenging
TOPICS: Elasticity
KEYWORDS: BLOOM'S: Application

15. Generally, a firm is more willing and able to increase quantity supplied in response to a price change when
a. the relevant time period is short rather than long.
b. the relevant time period is long rather than short.
c. supply is inelastic.
d. the firm is experiencing capacity problems.
ANSWER: b
TOPICS: Elasticity
16. The price elasticity of supply along a typical supply curve is

a. constant.
b. equal to zero.
c. higher at low levels of quantity supplied and lower at high levels of quantity supplied.
d. lower at low levels of quantity supplied and higher at high levels of quantity supplied.
ANSWER: c
TOPICS: Elasticity
17. Suppose that two supply curves pass through the same point. One is steep, and the other is flat. Which of the following
statements is correct?
a. The flatter supply curve represents a supply that is inelastic relative to the supply represented by the steeper
supply curve.
b. The steeper supply curve represents a supply that is inelastic relative to the supply represented by the flatter
supply curve.
c. Given two prices with which to calculate the price elasticity of supply, that elasticity would be the same for
both curves.
d. A decrease in demand will increase total revenue if the steeper supply curve is relevant, while a decrease in
demand will decrease total revenue if the flatter supply cure is relevant.
ANSWER: b
TOPICS: Elasticity
18. When a supply curve is relatively flat, the

a. sellers are not at all responsive to a change in price.
b. equilibrium price changes substantially when the demand for the good changes.
c. supply is relatively elastic.
d. supply is relatively inelastic.
ANSWER: c
TOPICS: Elasticity
19. When a supply curve is relatively flat,

a. sellers are not very responsive to changes in price.
b. supply is relatively inelastic.
c. supply is relatively elastic.
d. Both a and b are correct.
ANSWER: c
TOPICS: Elasticity
20. As price elasticity of supply increases, the supply curve

a. becomes flatter.
b. becomes steeper.
c. becomes downward sloping.
d. shifts to the right.
ANSWER: a
TOPICS: Elasticity
21. If the price elasticity of supply is 1.5, and a price increase led to a 1.8% increase in quantity supplied, then the price
increase is about
a. 0.67%.
b. 0.83%.
c. 1.20%.
d. 2.70%.
ANSWER: c
TOPICS: Elasticity

KEYWORDS: BLOOM'S: Analysis
22. If the price elasticity of supply is 0.4, and a price increase led to a 5% increase in quantity supplied, then the price
increase is about
a. 0.25%.
b. 1.2%.
c. 2%.
d. 12.5%.
ANSWER: d
TOPICS: Elasticity
increase is about
a. 0.2%.
b. 0.5%.
c. 2.0%.
d. 4.5%.
ANSWER: c
TOPICS: Elasticity
increase is about
a. 0.24%.
b. 4.2%.
c. 6%.
d. 6.2%.
ANSWER: b
TOPICS: Elasticity
25. If the price elasticity of supply is 1.2, and price increased by 5%, quantity supplied would
a. increase by 4.2%.
b. increase by 6%.
c. decrease by 4.2%.
d. decrease by 6%.
ANSWER: b
TOPICS: Elasticity
26. If the price elasticity of supply is 0.8, and price increased by 5%, quantity supplied would
a. increase by 4%.
b. increase by 6.25%.
c. decrease by 4%.
d. decrease by 6.25%.
ANSWER: a
TOPICS: Elasticity
27. If a 25% change in price results in a 40% change in quantity supplied, then the price elasticity of supply is about
a. 0.63, and supply is elastic.
b. 0.63, and supply is inelastic.
c. 1.60, and supply is elastic.
d. 1.60, and supply is inelastic.
ANSWER: c
LEARNING OBJECTIVES: ECON.MANK.265 - Given data on supply, calculate the price elasticity of supply
using the midpoint method.
TOPICS: Elasticity
ANSWER: b

TOPICS: Elasticity
ANSWER: a
TOPICS: Elasticity
ANSWER: d
TOPICS: Elasticity
31. If a 30 percent change in price causes a 15 percent change in quantity supplied, then the price elasticity of supply is
about
c. 2, and supply is inelastic.
d. 2, and supply is elastic.
ANSWER: b
TOPICS: Elasticity
32. Suppose the price elasticity of supply for cheese is 0.6 in the short run and 1.4 in the long run. If an increase in the
demand for cheese causes the price of cheese to increase by 15%, then the quantity supplied of cheese will increase by
a. 0.4% in the short run and 4.6% in the long run.
b. 1.7% in the short run and 0.7% in the long run.
c. 9% in the short run and 21% in the long run.
d. 25% in the short run and 10.7% in the long run.
ANSWER: c
TOPICS: Elasticity
33. Suppose the price elasticity of supply for soccer balls is 0.3 in the short run and 1.2 in the long run. If an increase in
the demand for soccer balls causes the price of soccer balls to increase by 20%, then the quantity supplied of soccer balls
will increase by about
a. 0.67% in the short run and 0.17% in the long run.
b. 3% in the short run and 1.2% in the long run.
c. 6% in the short run and 24% in the long run.
d. 66.7% in the short run and 16.7% in the long run.
ANSWER: c
TOPICS: Elasticity
34. Suppose the price elasticity of supply for minivans is 0.3 in the short run and 1.2 in the long run. If an increase in the
demand for minivans causes the price of minivans to increase by 5%, then the quantity supplied of minivans will increase
by about
a. 1.5% in the short run and 6% in the long run.
b. 6% in the short run and 1.5% in the long run.
c. 16.7% in the short run and 4.2% in the long run.
d. 4.2% in the short run and 16.7% in the long run.
ANSWER: a
TOPICS: Elasticity

35. If the price elasticity of supply for a window manufacturer is 1.5,
a. a 10% increase in the price of windows results in a 15% increase in the quantity of windows supplied.
b. supply is considered to be inelastic.
c. the manufacturer is likely operating very near capacity.
d. All of the above are correct.
ANSWER: a
TOPICS: Elasticity
36. In which of the following situations would supply be the most elastic?
a. An auto parts manufacturer is operating at capacity.
b. A real estate developer in Boston is looking to build condos on the waterfront.
c. A furniture manufacturer is operating its factory 8 hours per day.
d. A hotel has all of its rooms booked for each night of the next 3 months.
ANSWER: c
TOPICS: Elasticity
Scenario 5-3
Suppose that the supply of aged cheddar cheese is inelastic, and the supply of bread is elastic. Both goods are considered
to be normal goods by a majority of consumers. Suppose that a large income tax increase decreases the demand for both
goods by 10%.
37. Refer to Scenario 5-3. The price elasticity of supply for aged cheddar cheese could be
a. -1.
b. 0.
c. 0.5.
d. 1.5.
ANSWER: c
TOPICS: Elasticity
38. Refer to Scenario 5-3. The price elasticity of supply for bread could be
a. -1.
b. 0.
c. 0.5.
d. 1.5.
ANSWER: d
TOPICS: Elasticity
Table 5-9
Supply Curve A Supply Curve B Supply Curve C

Price $1.00 $2.00 $1.00 $3.00 $2.00 $5.00
Quantity Supplied 500 600 600 900 400 700
39. Refer to Table 5-9. Which of the three supply curves represents the least elastic supply?
a. supply curve A
b. supply curve B
c. supply curve C
d. There is no difference in the elasticity of the three supply curves.
ANSWER: a
TOPICS: Elasticity
40. Refer to Table 5-9. Which of the three supply curves represents the most elastic supply?
a. supply curve A
b. supply curve B
c. supply curve C
ANSWER: c
TOPICS: Elasticity
41. Refer to Table 5-9. Along which of the supply curves does quantity supplied move proportionately more than the
price?
a. along supply curve B only
b. along supply curves B and C

c. along all three supply curves
d. None. Quantity supplied moves proportionately less than the price along all of the three supply curves.
ANSWER: d
TOPICS: Elasticity
Table 5-10
Supply Curve X Supply Curve Y Supply Curve Z

Price $5.00 $7.00 $5.00 $7.00 $5.00 $7.00
Quantity Supplied 200 300 300 400 400 500
42. Refer to Table 5-10. Using the midpoint method, which of the three supply curves has the most inelastic price
elasticity of supply?
a. Supply curve X
b. Supply curve Y
c. Supply curve Z
d. There is no difference in the elasticities of the three supply curves.
ANSWER: c
TOPICS: Elasticity
43. Refer to Table 5-10. Using the midpoint method, which of the three supply curves has the most elastic price elasticity
of supply?
a. Supply curve X
b. Supply curve Y
c. Supply curve Z
ANSWER: a
TOPICS: Elasticity
44. A manufacturer produces 400 units when the market price is $10 per unit and produces 600 units when the market
price is $12 per unit. Using the midpoint method, for this range of prices, the price elasticity of supply is about
a. 0.45.
b. 2.0.
c. 2.2.
d. 200.
ANSWER: c
TOPICS: Elasticity
45. At a price of $1.00, a local coffee shop is willing to supply 100 cinnamon rolls per day. At a price of $1.20, the coffee
shop would be willing to supply 150 cinnamon rolls per day. Using the midpoint method, the price elasticity of supply is
about
a. 0.45
b. 0.90
c. 1.11
d. 2.20
ANSWER: d
TOPICS: Elasticity
46. At a price of $1.20, a local coffee shop is willing to supply 100 cinnamon rolls per day. At a price of $1.40, the coffee
shop would be willing to supply 150 cinnamon rolls per day. Using the midpoint method, the price elasticity of supply is
about
a. 0.15
b. 0.375
c. 2.5
d. 2.60
ANSWER: d
TOPICS: Elasticity
47. On a certain supply curve, one point is (quantity supplied = 200, price = $4.00) and another point is (quantity supplied
= 250, price = $4.50). Using the midpoint method, the price elasticity of supply is about
a. 0.22.
b. 0.53.
c. 1.00.
d. 1.89.
ANSWER: d
TOPICS: Elasticity
48. On a certain supply curve, one point is (quantity supplied = 200, price = $2.00) and another point is (quantity supplied
= 250, price = $2.50). Using the midpoint method, the price elasticity of supply is about
a. 0.2.
b. 0.5.
c. 1.0.
d. 2.5.
ANSWER: c
TOPICS: Elasticity
49. Holding all other factors constant and using the midpoint method, if a candy manufacturer increases production by 20
percent when the market price of candy increases from $0.50 to $0.60, then supply is
a. inelastic, since the price elasticity of supply is equal to .91.
b. inelastic, since the price elasticity of supply is equal to 1.1.
c. elastic, since the price elasticity of supply is equal to 0.91.
d. elastic, since the price elasticity of supply is equal to 1.1.
ANSWER: d
TOPICS: Elasticity
50. Holding all other factors constant and using the midpoint method, if a tractor manufacturer increases production from
80 to 100 units when price increases by 15 percent, then supply is
a. inelastic, since the price elasticity of supply is equal to 0.68.
b. inelastic, since the price elasticity of supply is equal to 1.48.
c. elastic, since the price elasticity of supply is equal to 0.68.
d. elastic, since the price elasticity of supply is equal to 1.48.
ANSWER: d
TOPICS: Elasticity
51. Suppose that an increase in the price of melons from $1.30 to $1.80 per pound increases the quantity of melons that
melon farmers produce from 1.2 million pounds to 1.6 million pounds. Using the midpoint method, what is the
approximate value of the price elasticity of supply?
a. 0.67
b. 0.89
c. 1.00
d. 1.13
ANSWER: b
TOPICS: Elasticity
52. An increase in the price of cheese crackers from $2.25 to $2.45 per box causes suppliers of cheese crackers to increase
their quantity supplied from 125 boxes per minute to 145 boxes per minute. Using the midpoint method, supply is
a. elastic, and the price elasticity of supply is 1.74.
b. elastic, and the price elasticity of supply is 0.57.
c. inelastic, and the price elasticity of supply is 1.74.
d. inelastic, and the price elasticity of supply is 0.57.
ANSWER: a
TOPICS: Elasticity
53. A bakery would be willing to supply 500 bagels per day at a price of $0.50 each. At a price of $0.80, the bakery would
be willing to supply 1,100 bagels. Using the midpoint method, the price elasticity of supply for bagels is about
a. 0.62.
b. 0.77.
c. 1.24.

d. 1.63.
ANSWER: d
TOPICS: Elasticity
54. A t-shirt maker would be willing to supply 75 t-shirts per day at a price of $18.00 each. At a price of $20.00, the t-shirt
maker would be willing to supply 100 t-shirts. Using the midpoint method, the price elasticity of supply for t-shirts is
about
ANSWER: c
TOPICS: Elasticity
55. In January the price of dark chocolate candy bars was $2.00, and Willy’s Chocolate Factory produced 80 pounds. In
February the price of dark chocolate candy bars was $2.50, and Willy’s produced 110 pounds. In March the price of dark
chocolate candy bars was $3.00, and Willy’s produced 140 pounds. The price elasticity of supply of Willy’s dark
chocolate candy bars was about
a. 0.70 when the price increased from $2.00 to $2.50 and 0.76 when the price increased from $2.50 to $3.00.
b. 0.88 when the price increased from $2.00 to $2.50 and 1.08 when the price increased from $2.50 to $3.00.
c. 1.42 when the price increased from $2.00 to $2.50 and 1.32 when the price increased from $2.50 to $3.00.
d. 1.50 when the price increased from $2.00 to $2.50 and 1.18 when the price increased from $2.50 to $3.00.
ANSWER: c
TOPICS: Elasticity
56. In January the price of widgets was $1.00, and Wendy's Widgets produced 80 widgets. In February the price of
widgets was $1.50, and Wendy's Widgets produced 110 widgets. In March the price of widgets was $2.00, and Wendy's
Widgets produced 140 widgets. The price elasticity of supply of Wendy's Widgets was about
a. 0.79 when the price increased from $1.00 to $1.50 and 0.84 when the price increased from $1.50 to $2.00.
b. 1.27 when the price increased from $1.00 to $1.50 and 1.19 when the price increased from $1.50 to $2.00.
c. 0.79 when the price increased from $1.00 to $1.50 and 1.19 when the price increased from $1.50 to $2.00.
d. 1.27 when the price increased from $1.00 to $1.50 and 0.84 when the price increased from $1.50 to $2.00.
ANSWER: a
TOPICS: Elasticity
57. At price of $1.20, a local pencil manufacturer is willing to supply 150 boxes per day. At a price of $1.40, the
manufacturer is willing to supply 170 boxes per day. Using the midpoint method, the price elasticity of supply is about
a. 2.0.
b. 1.23.
c. 1.00.
d. 0.81.
ANSWER: d
TOPICS: Elasticity
58. At price of $1.30 per pound, a local apple orchard is willing to supply 150 pounds of apples per day. At a price of
$1.50 per pound, the orchard is willing to supply 170 pounds of apples per day. Using the midpoint method, the price
elasticity of supply is about
a. 1.14.
b. 1.00.
c. 0.875.
d. 0.50.
ANSWER: c
TOPICS: Elasticity
59. At price of $1.25, a paper manufacturer is willing to supply 150 spiral notebooks per day. At a price of $1.50, the
paper manufacturer is willing to supply 175 spiral notebooks per day. Using the midpoint method, the price elasticity of
supply is about
a. 1.18.
b. 1.00.
c. 0.85.
d. 0.25.
ANSWER: c
TOPICS: Elasticity
Figure 5-14
60. Refer to Figure 5-14. Over which range is the supply curve in this figure the most elastic?
a. $16 to $40
b. $40 to $100
c. $100 to $220
d. $220 to $430
ANSWER: a
LEARNING OBJECTIVES: ECON.MANK.273 - Given data on the price elasticity of supply, identify a region of
the supply curve as elastic, inelastic, or unit elastic.
TOPICS: Elasticity
61. Refer to Figure 5-14. Over which range is the supply curve in this figure the least elastic?
a. $16 to $40
b. $40 to $100
c. $100 to $220
d. $220 to $430
ANSWER: d
TOPICS: Elasticity
62. Refer to Figure 5-14. Using the midpoint method, what is the price elasticity of supply between $16 and $40?
a. 0.125
b. 0.86
c. 1.0
d. 2.5
ANSWER: c
TOPICS: Elasticity
a. 0.58
b. 0.67
c. 1.00
d. 1.73
ANSWER: a
TOPICS: Elasticity
Figure 5-15

64. Refer to Figure 5-15. Along which of these segments of the supply curve is supply least elastic?
a. GH
b. CD
c. AC
d. AB
ANSWER: a
TOPICS: Elasticity
65. Refer to Figure 5-15. Along which of these segments of the supply curve is supply most elastic?
a. AB
b. CD
c. DH
d. GH
ANSWER: a
TOPICS: Elasticity
66. Refer to Figure 5-15. Using the midpoint method, what is the price elasticity of supply between points A and B?
a. 2.33
b. 1.0
c. 0.43
d. 0.1
ANSWER: a
TOPICS: Elasticity
67. Refer to Figure 5-15. Using the midpoint method, what is the price elasticity of supply between points B and C?
a. 1.67
b. 1.19
c. 0.84
d. 0.61
ANSWER: b
TOPICS: Elasticity
68. Refer to Figure 5-15. Using the midpoint method, what is the price elasticity of supply between points C and D?
a. 0.21
b. 0.29
c. 0.73
d. 1.36
ANSWER: c
TOPICS: Elasticity
69. Refer to Figure 5-15. Using the midpoint method, what is the price elasticity of supply between points D and G?
a. 1.89
b. 1.26
c. 0.53
d. 0.34
ANSWER: c
TOPICS: Elasticity
Figure 5-16
a. 0.75
b. 1.00
c. 1.20
d. 1.25
ANSWER: d
TOPICS: Elasticity
a. 0.86
b. 1.00
c. 1.17
d. 1.25
ANSWER: c
TOPICS: Elasticity

Figure 5-17
72. Refer to Figure 5-17. Using the midpoint method, what is the price elasticity of supply between point A and point B?
a. 0.4
b. 0.6
c. 1.67
d. 2.16
ANSWER: c
TOPICS: Elasticity
73. Refer to Figure 5-17. Using the midpoint method, what is the price elasticity of supply between point B and point C?
a. 1.44
b. 1.29
c. 0.96
d. 0.69
ANSWER: a
TOPICS: Elasticity
74. Refer to Figure 5-17. If, holding the supply curve fixed, there were an increase in demand that caused the equilibrium
price to increase from $6 to $7, then sellers’ total revenue would
a. increase.
b. decrease.
c. remain unchanged.
d. The effect on total revenue cannot be determined from the given information.
ANSWER: a
TOPICS: Elasticity
Figure 5-18
a. 0.50
b. 0.56
c. 1.80
d. 2.00
ANSWER: c
TOPICS: Elasticity
a. 0.60
b. 0.64
c. 1.57
d. 1.67
ANSWER: c
TOPICS: Elasticity
77. If sellers respond to very small changes in price by adjusting their quantity supplied by extremely large amounts, the
price elasticity of supply approaches
a. zero, and the supply curve is horizontal.
b. zero, and the supply curve is vertical.
c. infinity, and the supply curve is horizontal.
d. infinity, and the supply curve is vertical.
ANSWER: c
TOPICS: Elasticity
78. Which of the following statements is valid when supply is perfectly elastic at a price of $4?
a. The elasticity of supply approaches infinity.
b. The supply curve is vertical.
c. At a price below $4, quantity supplied is infinite.
d. At a price above $4, quantity supplied is zero.
ANSWER: a
TOPICS: Elasticity
79. Which of the following statements is not valid when supply is perfectly elastic?
a. The elasticity of supply approaches infinity.
b. The supply curve is horizontal.
c. Very small changes in price lead to very large changes in quantity supplied.
d. The time period under consideration is more likely a short period rather than a long period.
ANSWER: d
TOPICS: Elasticity
80. When supply is perfectly elastic, the value of the price elasticity of supply is
a. 0.
b. 1.
c. greater than 0 and less than 1.
d. infinity.
ANSWER: d
TOPICS: Elasticity
81. As the price elasticity of supply approaches infinity, very small changes in price lead to
a. very large changes in quantity supplied.
b. very small changes in quantity supplied.
c. no change in quantity supplied.
d. None of the above is correct.
ANSWER: a
TOPICS: Elasticity
82. If the price elasticity of supply for a good is equal to infinity, then the
a. supply curve is vertical.
b. supply curve is horizontal.
c. supply curve also has a slope equal to infinity.
d. quantity supplied is constant regardless of the price.
ANSWER: b
TOPICS: Elasticity
83. A manufacturer produces 1,000 units, regardless of the market price. For this firm, the price elasticity of supply is
a. infinity.
b. zero.
c. one.
d. negative one.

ANSWER: b
TOPICS: Elasticity
84. If sellers do not adjust their quantity supplied at all in response to a change in price, the price elasticity of supply is
a. zero, and the supply curve is horizontal.
b. zero, and the supply curve is vertical.
c. infinity, and the supply curve is horizontal.
d. infinity, and the supply curve is vertical.
ANSWER: b
TOPICS: Elasticity
85. Which of the following statements is valid when the market supply curve is vertical?
a. Market quantity supplied does not change when the price changes.
b. Supply is perfectly elastic.
c. An increase in market demand will increase the equilibrium quantity.
d. An increase in market demand will not increase the equilibrium price.
ANSWER: a
TOPICS: Elasticity
86. Which of the following statements is not valid when the market supply curve is vertical?
a. Market quantity supplied does not change when the price changes.
b. Supply is perfectly inelastic.
c. An increase in market demand will increase the equilibrium quantity.
d. An increase in market demand will increase the equilibrium price.
ANSWER: c
TOPICS: Elasticity

87. If the quantity supplied is the same regardless of price, then supply is
a. elastic.
b. perfectly elastic.
c. perfectly inelastic.
d. inelastic.
ANSWER: c
TOPICS: Elasticity
88. If sellers do not adjust their quantities supplied at all in response to a change in price,
a. advances in technology must be prevalent.
b. the time period under consideration must be very long.
c. supply is perfectly elastic.
d. supply is perfectly inelastic.
ANSWER: d
TOPICS: Elasticity
89. If the price elasticity of supply is zero, then

a. supply is more elastic than it is in any other case.
b. the supply curve is horizontal.
c. the quantity supplied is the same, regardless of price.
d. a change in demand will cause a relatively small change in the equilibrium price.
ANSWER: c
TOPICS: Elasticity
90. Which of the following is an illustration of the market for original paintings by deceased artist Vincent Van Gogh?

a.
b.
c.
d.
a. A
b. B
c. C
d. D
ANSWER: c
TOPICS: Elasticity
Figure 5-19

91. Refer to Figure 5-19. Which of the following statements is not correct?
a. Supply curve A is perfectly inelastic.
b. Supply curve B is perfectly elastic.
c. Supply curve C is unit elastic.
d. Supply curve D is more elastic than supply curve C.
ANSWER: c
TOPICS: Elasticity
92. Refer to Figure 5-19. Which of the following statements is correct?

a. Supply curve A is perfectly elastic.
b. Supply curve B is perfectly inelastic.
c. Supply curve C is more inelastic than supply curve D.
d. Supply curve D is unit elastic.
ANSWER: c
TOPICS: Elasticity
Figure 5-20

93. Refer to Figure 5-20. Which supply curve is most likely relevant over a very long period of time?
a. S1
b. S2
c. S3
d. All of the above are equally likely to be relevant over a very long period of time.
ANSWER: c
TOPICS: Elasticity
94. Refer to Figure 5-20. Which supply curve represents perfectly inelastic supply?
a. S1
b. S2
c. S3
d. None of the supply curves is perfectly inelastic.
ANSWER: a
DIFFICULTY: Easy
TOPICS: Elasticity
95. A candle manufacturer produces 4,000 units when the market price is $11 per unit and produces 6,000 units when the
market price is $13 per unit. Using the midpoint method, for this range of prices, the price elasticity of supply is about
a. 6.
b. 2.4.
c. 0.4.
d. 0.67.
ANSWER: b
TOPICS: Elasticity
96. A tax accounting firm produces 500 tax returns units when the market price is $150 per return and produces 700 tax
returns when the market price is $170 per tax return. Using the midpoint method, for this range of prices, the price
elasticity of supply is about
a. 2.67.
b. 0.67.
c. 0.4.
d. 0.125.
ANSWER: a
TOPICS: Elasticity

Another random document with
no related content on Scribd:
125.
Ibid., ii. p. 428.
126.
Eisenmenger, ii. p. 455.
127.
Tract. Avoda Sara.
128.
Tabari, i. c. xix.
129.
Antiq. Judæ., lib. i. c. 2.
130.
Excerpta Chronologica, p. 2.
131.
Gen. iv. 15.
132.
Cosmas Indopleustes, Cosmographia, lib. v.
133.
D’Herbelot, Bibliothèque Orientale, sub voce Cabil, i. p. 438.
134.
Neue Ierosolymitanische Pilger-fahrt. Von P. F. Ignat, von
Rheinfelden. Würtzburg, 1667. P. ii. p. 8.
135.
Weil, pp. 40-3.
136.
Tabari, i. c. xxxiii.
137.
Colin de Plancy, p. 78.
138.
Herbelot, i. p. 95.
139.
Moses bar Cepha. Commentarius de Paradiso, P. i. c. 14.
Fabricius, i. p. 75.
140.
S. Basil Seleuc., Orat. xxxviii.
141.
Lettre de H. A. D., Consul de France en Abyssinie, 1841.
142.
Tabari, i. c. xxxiv.
143.
D’Herbelot, i. p. 125, s. v. Rocail.
144.
Midrash Tillim, fol. 10, col. 2.
145.
Eisenmenger, i. p. 645.
146.
Theodoret, Quæst. in Gen. xlvii.
147.
Plutarch, Isis and Osiris, ed. Parthey; pp. 72, 88, and notes pp.
183, 238.
148.
Abulfaraj, Hist. Dynast., ed. Pocock, p. 5.
149.
Joseph. Antiq. Judaic., lib. i. c. 2.
150.
Freculphus, Chron. lib. i. c. 12.
151.
Anastasius Sinaita, Ὁδηγός, ed. Gretser, Ingolst. 1606, p. 269.
152.
Gen. v. 6-9.
153.
Pseudo Josephus Gorionides; ed. Clariss. Breithauptius, lib. ii.
c. 18, p. 131.
154.
I give the Arabic legend. The account in Jasher is different.
Enoch retired from the world, and showed himself only at rare
intervals, when he gave advice to all who came to hear his
wisdom. He was taken up to heaven in a whirlwind, in a chariot
with horses of fire. (Yaschar, pp. 1094-1096.)
155.
Tabari, i. c. xxxv.
156.
Dillmann, Das Buch Enoch; Leipzig, 1853. Ewald, in his
“Geschichte der Volks Israel” (iii. 2, pp. 397-401), attributes it to
the year 130 B.C.
157.
Fol. 26, col. 2.
158.
Jalkut Rubeni, fol. 27, col. 4.
159.
Ibid., fol. 107, col. i.
160.
Targums, ed. Etheridge, i. p. 175.
161.
Suidas, Lexic. s. v. Nannacos.
162.
Nischmath Chajim, fol. 116, col. i.
163.
164.
Das Buch Henoch, von Dillmann, Leipz. 1853, c. xv. p. 9.
165.
Abulfaraj, p. 6.
166.
Eutych., Patriarcha Alex., Annales ab Orbe Condito, Arabice et
Lat., ed. Selden; London, 1642, i. p. 19.
167.
D’Herbelot, s. v. Surkrag and Kaïumarth.
168.
Tabari, c. xxxvii.
169.
D’Herbelot, s. v. Tahmourath.
170.
Tabari, caps. xxxix. xl.
171.
Gen. iv. 18-24.
172.
173.
Yaschar, tr. Drach, p. 1092; the same in Midrash Jalkut, c. 38;
Midrash, Par. Bereschith, fol. 2; Rabbi Raschi on Genesis; &c.
&c.
174.
Véland le Forgeron; Paris, 1833. There is an English
translation by Wright.
175.
Tabari, i. c. xxi.
176.
Eisenmenger, ii. p. 416.
177.
178.
Midrash, fol. 12; so also Targum of Palestine, Etheridge, i. p.
179.
179.
Chron. Græc., ed. Scaliger, Lugd. Batav. 1606, p. 4.
180.
Fabricius, i. p. 225.
181.
182.
Talmud, Tractat. Sanhedrin, fol. 108, col. 1. So also the Book
Yaschar, p. 1097.
183.
Jalkut, Genesis, fol. 14a.
184.
Jalkut Shimoni, Job. fol. 121, col. 2.
185.
Eisenmenger, i. p. 385. The Targum of Palestine says the
water was hot (i. p. 179).
186.
Tractat. Sevachim, fol. 113, col. 2.
187.
Or, a unicorn; the Hebrew word is Reém.
188.
Midrash, fol. 14.
189.
Eutych., Patriarcha Alex., ed. Selden, i. p. 36.
190.
Tabari, p. 108.
191.
Abulfeda, p. 17.
192.
Yaschar, p. 1100.
193.
194.
Weil, p. 45.
195.
Ararat.
196.
Tabari, c. xli.
197.
Weil, p. 45.
198.
Midrash, fol. 15.
199.
Tabari, p. 113.
200.
Fabricius, i. pp. 74, 243.
201.
Ed. Dillmann, c. 67.
202.
Ed. Etheridge, i. p. 182.
203.
Gen. v. 20.
204.
In the Midrash Rabba, this want of connection between the
name and the signification is remarked upon, and Solomon
Jarki in his commentary says that, for the meaning assigned,
the name ought to have been, not Noah, but Menahem.
205.
Buttmann, Ueber der Mythus d. Sündfluth, Berlin, 1819; Lüken,
Die Traditionen des Menschengeschlechts, Münster, 1856;
Bryant, Of the Deluge, in Ancient Mythology, London, 1775, &c.
206.
Parrot, Journey to Ararat, English Trans. Lond. 1845.
207.
Joseph. Antiq., i. 3; see also Ptolem. Geogr. vi. 2.
208.
Joseph. Antiq., i. 4.
209.
Euseb. Præp. Evang. ix. 19.
210.
Lucian, De Dea Syra, c. 12, 13.
211. Georg. Syncellus, Chronographia, p. 29, B., ed. Bonn; or

Cory’s Ancient Fragments, p. 26 et seq.
212.
Præp. Evang. ix. 12; see also S. Cyril contra Julian, i.
213.
Bochart, Geogr. Sacra, p. 231.
214.
Ekhel, Doctrina Numm. Vet. iii. p. 132 et seq.; see also Bryant’s
New System of Ancient Mythology, Lond. 1775, i. note 3.
215.
Orac. Sibyll, i. v. 260, 265-7. Ed. Fiedlieb.
216.
Bundehesch, 7.
217.
On the Chronology of the Hindus, by Sir W. Jones; Asiatic
Researches, ii. pp. 116-7.
218.
Bopp, Die Sündfluth; Berlin, 1829, p. 9.
219.
Ovid. Metam. i. 240 et seq.
220.
Steph. Byzant., s. voce Ικονιον.
221.
Diod. Sicul. lib. i.
222.
Mém. concernant les Chinois, i. p. 157.
223.
Klaproth, Inschrift. des Yu; Halle, 1811, p. 29.
224.
Mém. concernant les Chinois, ix. p. 383.
225.
Mart. Martinii, Hist. Sin. p. 26.
226.
Steller, Beschreibung v. Kamschatka; Frankf. 1774, p. 273.
227.
Serres, Kosmoganie des Moses, übersetzt von F. X. Stech, p.
149.
228.
Davies, Mythology of the British Druids, London, 1809; and
Celtic Researches, London, 1844: curious works on the Arkite
worship and traditions of the Kelts.
229.
The prose Edda; Mallet, Northern Antiq., ed. Bohn, p. 404.
230.
Grimm, Deutsche Mythol.; Göttingen, 1854, p. 545.
231.
The same story precisely is told by the closely allied race of the
Chippewas: Atherne Jones, Traditions of the North American
Indians, London, 1830, ii. p. 9 et seq.
232.
Lütke, Voyage autour du Monde, i. p. 189.
233.
Braunschweig, Die alten amerik. Denkmäler; Berlin, 1840, p.
18.
234.
Atherne Jones, Traditions of the N. American Indians, ii. 21-33.
235.
Catlin, Letters and Notes on the Manners, &c., of the N.
American Indians; London, 1841.
236.
Mayer, Mytholog. Taschenbuch; Weimar, 1811, p. 245.
237.
Schoolcraft, Notes on the Iroquois; New York, 1847, p. 358.
238.
Müller, Geschichte des amerikanischen Urreligionen, Basle,
1855, p. 515; Lüken, Die Traditionen des
Menschengeschlechts, p. 223.
239.
Humboldt, Anh. des Cordilleren, i. p. 42.
240.
Antonio de Herrera, Hist. general de los Hechos, &c.; Madrid,
1601, iii. c. 10.
241.
Compare Lüken and Müller.
242.
Humboldt, Reise in die Aequinoctial Gegenden, iii. pp. 406-7.
243.
Nachrichten aus dem Lande Guiana, v. Salvator Gili; Hamb.,
1785, pp. 440-1, quoted by Lüken.
244.
Garcilasso de la Vega, Hist. des Yncas; Amst., i. pp. 73 and
326.
245.
Ausland, Jan. 1845, No. 1.
246.
Jalkut Genesis, fol. 16 a.
247.
248.
Tabari, i. c. xli.
249.
Hist. Dynastiarum, ed. Pocock; Oxon., 1663, p. 9.
250.
Ibid., p. 10.
251.
Eutychius, Patr. Alex., Annal., t. i. p. 44.
252.
Bereschith Rabba, fol. 22, col. 4.
253.
Eutych. Annal., ed. Selden, i. p. 35.
254.
Suidas, Lexic. s. v. Σίβυλλα.
255.
Tract. Sanhedrin, fol. 108, col. 2.
256.
Tabari, i. p. 115.
257.
258.
Eisenmenger, i. pp. 318-9.
259.
Ibid., p. 376.
260.
Ibid., p. 395.
261.
Adv. Hæres., lib. i.
262.
De Tartaris, c. 9.
263.
Reliquiæ Arcæ Noæ, in Fabricius, i. art. 33.
264.
Tabari, i. c. xlii. xliii.
265.
Tabari, i. c. xliii.
266.
Gen. xi. 16, 18, 20, 22.
267.
Abulfaraj, Hist. Dynastiarum, p. 12.
268.
Abulfaraj, Hist. Dynastiarum, p. 13.
269.
Gen. x. 21-24.
270.
Koran, Sura xi. verse 57.
271.
Tabari, i. c. xliv.: Abulfeda, Hist. Ante Islamica, pp. 19-21.
272.
Weil, pp. 47, 48.
273.
Herbelot, Biblioth. Orientale, s. v. Lokman.
274.
Tabari, i. p. 432.
275.
Koran, Sura xxvi. v. 153.
276.
Ibid. xi. v. 67.
277.
Tabari, i. c. xlv.
278.
Weil, pp. 48-61; Abulfeda, p. 21.
279.
Pirke of Rabbi Eliezer, c. xi.
280.
Ibid. c. xxiv.
281.
Ibid. c. xi.
282.
283.
Bechaji, Comm. in 1 Mos. xi.; Pirke of R. Eliezer, c. xi.; Talmud,
Sanhedrim, 109a; Targums, i. pp. 189-90, &c.
284.
Talmud, Sanhedrim; see also the history of Nimrod in Yaschar,
pp. 1107-8.
285.
Herbelot, s. v. Nimroud.
286.
Hist. Dynast., p. 12.
287.
Mémoires conc. les Chinois, i. p. 213.
288.
Euseb., Præp. Ev., ix. 14; Cory, Ancient Fragments, pp. 34-50.
289.
George Syncellus, Bibl. Græc., v. p. 178.
290.
Euseb., Præp. Ev., ix. 17.
291.
Mos. Chorene, i. 9.
292.
Müller, Glauben u. Wissen. d. Hindus; Mainz, 1822, i. p. 303.
293.
Allgem. Hist. d. Reisen, vi. p. 602.
294.
Luken, p. 287; Amerikanische Urreligionen, p. 517, &c.
295.
Humboldt, Ansichten d. Cordilleren, i. p. 42.
296.
For the Rabbinic traditions relating to Abraham I am indebted
to the exhaustive monograph of Dr. B. Beer, “Leben Abraham’s
nach Auffassung der jüdischen Sage,” Leipzig, 1859, to which I
must refer my readers for references to Jewish books, which
are given with an exactitude which leaves nothing to be
desired.
297.
Weil, p. 69.
298.
The Mussulman history of the patriarch relates that Azar
brought Abraham before Nimrod and said, “This is thy God who
made all things.” “Then why did he not make himself less
ugly?” asked Abraham,—for Nimrod had bad features.
299.
The Mussulman story, which is precisely the same as the
Jewish, adds that the camels refused to bear wood to form the
pyre, but cast it on the ground; therefore Abraham blessed the
camels. But the mules had no compunction, therefore he
cursed them that they should be sterile. The birds who flew
over the fire were killed, the city was enveloped in its smoke,
and the crackling of its flames could be heard a day’s journey
off.
300.
Weil, p. 73.
301.
Both the Rabbinic commentators and the Mussulman
historians tell a long story about the discussion carried on
between Gabriel and Abraham in the air, as he was being shot
into the flames. It is hardly worth repeating.
302.
Tabari, i. p. 147.
303.
Weil, p. 78.
304.
Gen. xv.
305.
Tabari, i. p. 156.
306.
Gen. xiv. 19. The book Jasher also says that Amraphel and
Nimrod are the same.
307.
Gen. xiv. 17.
308.
Gen. xiv. 19, 20.
309.
Gen. xiv. 23, 24.
310.
Ps. ix. 8.
311. Tabari, i. c. xlviii.
312.
Gittin, fol. 56 b; Pirke of R. Eliezer, fol. 49.
313.
Weil, p. 80.
314.
Tabari, i. c. lii.; Abulfeda, p. 25.
315.
Apocrypha de Loto, apud Fabricium, t. i. pp. 428-431.
316.
Solomon Jarschi, Comm. on Moses, xx. 5.
317.
Josh. xii. 24.
318.
Psalm cxiii. 9.
319.
This climax of absurdity is found also in the Mussulman
histories of the Patriarch.
320.
Weil, p. 83.
321.
It seems probable that S. Paul alludes to this traditional speech
more than once, as for instance Gal. iii. 9.
322.
The same story is told by the Mohammedans: Weil, p. 90.
323.
Gen. xxi. 24-27.
324.
Numbers xxi. 16, 17.
325.
Gen. xxi. 33.
326.
The Mussulmans tell the story of Ishmael almost in every
particular the same as that given below.
327.
Exod. iv. 20.
328.
Zech. ix. 9.
329.
When King Sapor heard the R. Samuel explain that Messiah
would come riding on an ass, the king said, “I will give him a
horse; it is not seemly that he should ride an ass.” “What,”
answered the Rabbi, “hast thou a horse with a hundred
colours?” (Talmud, Tract. Sanhedrim, fol. 98, col. 1.)
330.
The day is uncertain. Some say it was the 3rd Nisan; others, it
was the first of the seventh month, Tischri, New Year’s day;
others, that it was the Day of Atonement. Some say Isaac’s
age was 37; others say 36; others 26; others 25; others 16;
others 13; others, again, say 5; and others say only 2 years.
331.
In the Rabbinic tradition, the type of Christ comes out more
distinctly than in Genesis, for here we see Isaac not merely
offered by his father, but also giving himself as a free-will
offering, immaculate without in his body, and within in his soul.
332.
Might not these words be spoken mystically of Christ?
333.
And these prophetic. Abraham means that God must take care
of him in his old age. But they may also be taken by us thus,
God must take thy place as the victim.
334.
Here again—it may be fanciful—but I cannot help thinking we
have the type continued of Christ’s presence perpetuated in
the Church, in the Tabernacle in which the Host is reserved,
that all passing by may look thereupon and worship, and
“Remember Me” in the adorable Sacrament. With a vast
amount of utterly unfounded fable, the Rabbinic traditions may,
and probably do, contain much truth.
335.
“If I go not away, the Comforter will not come unto you; but if I
depart, I will send Him unto you.” (John xvi. 7.)
336.
This is one instance out of several in which the honourable and
generous conduct of a Gentile is distorted by Rabbinical
tradition; the later Rabbis being unwilling to give any but their
own nation credit for liberal and just dealing. It may have been
observed in the account of Abimelech, how the frank exchange
of promises between Abraham and the Philistine prince was
regarded by them as sinful.
337.
Joshua i. 21.
338.
2 Sam. v. 6; 1 Chron. xi. 4.
339.
2 Sam. v. 8.
340.
2 Sam. xxiv. 24; 1 Chron. xxi. 24. This is, however, in direct
contravention of the account in the fifth chapter of the 2nd
Samuel.
341.
Gen. xxiv. 34-49.
342.
Gen. xxv. 2.
343.
Gen. xxv. 4.
344.
Tabari, i. c. lvii.
345.
Weil, p. 98.
346.
This the Targumim, or paraphrases of the Sacred Text,
distinctly say, “Melchizedek, who was Shem, son of Noah, king
of Jerusalem.” (Etheridge, i. p. 199.)
347.
Fabricius, Codex Pseud. V. T. t. i. p. 311. The Book of the
Combat of Adam says Melchizedek was the son of Canaan.
348.
Suidas, Lexic. s. v. Μελχισεδέκ.
349.
Πασχάλιον, seu Chronicon Paschale a mundo condito ad
Heraclii imp. ann. vicesimum. Ed. C. du Fresne du Cange;
Paris, 1688, p. 49.

Principles of Microeconomics 8Th Edition Mankiw Test Bank Full Chapter PDF

Uploaded by

Copyright:

Available Formats

You might also like

Principles of Microeconomics 8Th Edition Mankiw Test Bank Full Chapter PDF

Uploaded by

Document Information

Original Description:

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Principles of Microeconomics 8Th Edition Mankiw Test Bank Full Chapter PDF

Uploaded by

Copyright:

Available Formats

Principles of Microeconomics 8th

Edition Mankiw Test Bank

2. The price elasticity of supply measures how responsive

3. The price elasticity of supply measures how responsive

4. If the quantity supplied responds only slightly to changes in price, then

Copyright Cengage Learning. Powered by Cognero. Page 1

5. A linear, upward-sloping supply curve has

7. A key determinant of the price elasticity of supply is the

9. A key determinant of the price elasticity of supply is

11. The supply of a good will be more elastic, the

Copyright Cengage Learning. Powered by Cognero. Page 3

12. Frequently, in the short run, the quantity supplied of a good is

13. In the long run, the quantity supplied of most goods

Copyright Cengage Learning. Powered by Cognero. Page 4

16. The price elasticity of supply along a typical supply curve is

18. When a supply curve is relatively flat, the

19. When a supply curve is relatively flat,

20. As price elasticity of supply increases, the supply curve

Copyright Cengage Learning. Powered by Cognero. Page 6

Copyright Cengage Learning. Powered by Cognero. Page 8

Copyright Cengage Learning. Powered by Cognero. Page 10

Supply Curve A Supply Curve B Supply Curve C

Copyright Cengage Learning. Powered by Cognero. Page 12

Supply Curve X Supply Curve Y Supply Curve Z

Copyright Cengage Learning. Powered by Cognero. Page 16

Copyright Cengage Learning. Powered by Cognero. Page 20

Copyright Cengage Learning. Powered by Cognero. Page 23

Copyright Cengage Learning. Powered by Cognero. Page 27

Copyright Cengage Learning. Powered by Cognero. Page 28

89. If the price elasticity of supply is zero, then

Copyright Cengage Learning. Powered by Cognero. Page 29

Copyright Cengage Learning. Powered by Cognero. Page 30

92. Refer to Figure 5-19. Which of the following statements is correct?

Copyright Cengage Learning. Powered by Cognero. Page 31

Copyright Cengage Learning. Powered by Cognero. Page 33

211. Georg. Syncellus, Chronographia, p. 29, B., ed. Bonn; or

311. Tabari, i. c. xlviii.

You might also like