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CLEP Principles of Microeconomics: Practice & Study Guide Final Exam

Free Practice Test Instructions:

Choose your answer to the question and click 'Continue' to see how you did. Then click 'Next Question' to answer the next question. When you have completed the free practice test, click 'View Results' to see your results. Good luck!

Question 1 1. Which of the following is true for two products that are complements?

Question 2 2. When the price of gasoline rises by 10% demand falls by 2%. What is true of the demand for gasoline?

Question 3 3. Using the same amount of resources, Island X can produce 75 lb of apples or 15 lb of strawberries and Island Y can produce 30 lb of apples or 18 lb of strawberries. Which statement is consistent with this information?

Question 4 4. An economy produces both military and consumer goods. When the economy is producing inside the production possibilities curve, which of the following is a consequence?

Question 5 5. At 0 units of production total cost is $60. At 3 units of production total coat is $105. What are the average fixed and average variable costs at 3 units of production?

Question 6 6. Which of these events would not change average variable cost for product X but would raise average total costs?

Question 7 7.

The total cost for producing a product are as follows:

0 units $50

1 unit $70

2 units $85

3 units $95

What is the marginal cost of producing the third unit?

Question 8 8. How is the individual demand curve for a product shaped when marginal utility decreases as more of the product is consumed?

Question 9 9. Government regulators would like a natural monopoly to produce a socially optimal level of output. Where should regulators set the price?

Question 10 10. Which of the following is a characteristic of monopolistic competition?

Question 11 11. When does monopsony occur in a labor market?

Question 12 12. An increase in the price of the good that labor produces would result in which of these?

Question 13 13. What does the market demand curve show?

Question 14 14. Which would have the biggest effect on a market demand curve for a whole city?

Question 15 15. What is a sunk cost?

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CLEP Principles of Microeconomics: Practice & Study Guide Final Free Practice Test Instructions

Choose your answer to the question and click 'Continue' to see how you did. Then click 'Next Question' to answer the next question. When you have completed the free practice test, click 'View Results' to see your results. Good luck!

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