1) The price elasticity of demand for trips abroad is:

Response options group

Unitary

Elastic

Inelastic

Perfectly inelastic

2) The sum of the surpluses of each of the different consumers represents the surplus of the ________________.

Response options group

demand market

total market of a group of consumers

market demand for a group of consumers

total market

3) The price elasticity of supply is a ____________ measure of the change in quantities supplied when the prices of goods change.

Response options group

sensitivity

change

insensitivity

decrease

4) The producer surplus is calculated:

Response options group

adding minimum price plus equilibrium price, then it is multiplied by the equilibrium quantity and the result is divided by two.

by subtracting the equilibrium price minus the minimum price, then it is multiplied by the equilibrium quantity and the result is divided by two.

adding maximum price plus equilibrium price, then it is multiplied by the equilibrium quantity and the result is divided by two.

by subtracting the equilibrium price minus the maximum price, then it is multiplied by the equilibrium quantity and the result is divided by two.

5) The total market surplus represents ___________________.

Response options group

the sum of the surpluses of a group of consumers and a group of producers for a given product

the subtraction of consumer and producer surpluses for a given product

the sum of consumer and producer surplus for a given product

the subtraction of the surpluses of a group of consumers and a group of producers for a given product

6) The consumer's monetary income should be allocated in such a way that up to the last dollar spent on each product purchased provides the most __________________________.

Response options group

high amount of total profit per dollar

low amount of marginal profit per dollar

high amount of marginal profit per dollar

low amount of total profit per dollar

7) The consumer's equilibrium position is at the point where the budget line ________________________________________________________.

Response options group

is tangent to the highest indifference curve that can be reached

intersects the lowest indifference curve that can be reached

intersects the highest indifference curve that can be reached

is tangent to the lowest indifference curve that can be reached

8) An indifference curve shows all the combinations of products A and B that will be provided by _______________________________.

Response options group

equal levels of satisfaction or utility

different levels of satisfaction or utility

higher levels of satisfaction or utility

lower levels of satisfaction or utility

9) The marginal utility is ______________________________.

Response options group

the increase in total profit

the increase in profit per dollar

decrease in total profit

the new total profit line minus the previous total profit

10) The marginal profit per dollar invested method requires the consumer to choose that combination where it is _________________________________________.

Response options group

higher for the different goods or services regardless of the assigned budget

the same for the different goods or services and exhausting the assigned budget

the same for the different goods or services regardless of the assigned budget

higher for the different goods or services and exhausting the assigned budget