Refer to Figure 3-23. For Bonovia, What Is the Opportunity Cost of a Pound of Cheese?

Republic of finland'south opportunity cost of producing 1 unit of ham is

two/3 dozen eggs. This is lower than Kingdom of denmark's opportunity price.

When the price of a good or service changes,

there is a movement along a given supply curve.

Which of the following events would crusade a movement upward and to the right along the supply curve for mangos?

The price of mangos rises.

The market supply curve

represents the sum of the quantities supplied by all the sellers at each price of the good.

Which of the following would shift the supply of Greenish Bay Packers football game jerseys to the left?

The price of the fabric used to make the jerseys increases.

A market place supply curve shows

the total quantity supplied at all possible prices.

Economists speaking similar policy advisers make

normative statements.

Positive statements are

claims virtually how the world is.

Which of the following is not an case of a positive, as opposed to normative, statement?
A. Trade restrictions lower our standard of living.
B. If a nation wants to avoid inflation, information technology will restrict the growth charge per unit of the quantity of money.
C. College gasoline prices will reduce gasoline consumption.
D. Equality is more important than efficiency.

D. Equality is more than of import than efficiency.

Which of the iv panels illustrates an increment in quantity supplied?

Panel A

If the supply of a product increases, then we would expect equilibrium cost

to decrease and equilibrium quantity to increment.

All else equal, a large number of people condign vegetarians would cause a move from

DA to DB.

Refer to Effigy 4-18. At the equilibrium price,

400 units would exist supplied and demanded.

Refer to Figure 4-22. At a price of $12, there is a

shortage of 4 units

Refer to Tabular array four-xiii. Suppose Harry, Darby, and Jake are the only demanders of sandwiches. As well suppose the following:
• x = ii.
• The current toll of a sandwich is $5.00.
• The marketplace quantity supplied of sandwiches is ten.
• The law of supply applies to the supply of sandwiches.
And so in that location is a

surplus of 5 sandwiches, and the price would be expected to fall from its electric current level of $5.00.

Refer to Figure four-26. Which of the following movements would illustrate the effect in the market for wedding ceremony cakes resulting from a subtract in the number of pastry chefs?

Indicate C to Point D

The written report of how club manages its deficient resources is most closely associated with which field of report?

economics

Which of the following areas of study typifies microeconomics as opposed to macroeconomics?

the bear upon of minimum-wage laws on employment in the fast food industry

Consider the production possibilities bend for a country that tin can produce sweaters, apples (in bushels), or a combination of the two If this society is producing at point T,

there is unemployment.

Inefficient production is represented past which point(south)?

T

Refer to Figure 2-8. For this economy, as more and more hammers are produced, the opportunity cost of an additional hammer produced, in terms of nails,

Increases

Harvey receives his showtime paycheck for working as an ice cream vendor. To which of the arrows does this transaction directly contribute?

C & D

Suppose an economy only produces ii goods, robots and ice foam. Last month, the economy produced 10 robots and 200 gallons of water ice cream. This month, the same economy produced 15 robots and 240 gallons of ice cream. Which of the post-obit statements could explain this modify?

a.
This month, the economy reduced the unemployment of its resources.
b.
This month, the economy experienced an improvement in technology.
c.
This calendar month, the economy experienced an increment in resources

D. All of the above are right.

D. All of the above are correct

Which of the following is an example of a capital input?

a reckoner

When an economy is operating within its production possibilities frontier, nosotros know that

there are unused resources or inefficiencies in the economic system

Refer to Effigy three-16. Hosne'due south opportunity price of ane handbag is

4/five wallet and Merve's opportunity cost of i handbag is 3/2 wallets.

The farmer has an accented advantage in the production of

Tomatoes

Refer to Table 3-26. Korea has an absolute reward in the production of

neither good and a comparative advantage in the production of airplanes.

Refer to Figure 3-20. Canada has a comparative reward in the production of

Adept Y and Mexico has a comparative advantage in the product of Good X.

Suppose Republic of madagascar is willing to trade 40 rubies to Peru for each emerald that Peru produces and sends to Republic of madagascar. Which of the following combinations of emeralds and rubies could Republic of peru then consume, assuming Peru specializes in emerald production?

2 emeralds and 240 rubies

Suppose Perry is willing to trade four poems to Jordan for each novel that Jordan writes and sends to Perry. Which of the following combinations of novels and poems could Jordan then consume, assuming Jordan specializes in novel production and Perry specializes in verse form production?

ii novels and 8 poems

Refer to Figure 3-18. The opportunity cost of i basin for Juba is

3/2 cups.

If a seller in a competitive marketplace chooses to charge more the going price, then

buyers will brand purchases from other sellers.

In a competitive market, the toll of a product

a.
is determined by buyers, and the quantity of the production produced is determined by sellers.
b.
is determined past sellers, and the quantity of the production produced is determined by buyers.
c.
and the quantity of the product produced are both determined past sellers.
d.None of the above is correct.

None of the above is correct

An example of a perfectly competitive market would be the

soybean marketplace

Which of the following is not a reason perfect competition is a useful simplification, despite the multifariousness of market types we find in the earth?

There are many buyers and many sellers in all types of markets.

Which of the following might cause the demand curve for an junior adept to shift to the left?

a. a decrease in income
b. an increase in the price of a substitute
c. an increase in the cost of a complement
d. None of the above is right.

c. an increase in the toll of a complement

Refer to Figure 4-five. Which of the following would cause the demand bend to shift from Demand B to Need C in the marketplace for mattresses?

a. a subtract in the number of people in the United States
b. a decrease in the price of custom wooden sleigh bed frames
c. a change in consumer tastes abroad from wooden bedroom article of furniture
d. a subtract in the price of mattresses

b. a decrease in the price of custom wooden sleigh bed frames

Which of the following would shift the demand curve for gasoline to the right?

a. a decrease in the expected time to come toll of gasoline
b. an increase in the price of cars, a complement for gasoline
c. a subtract in the cost of gasoline
d. an increment in consumer income, assuming gasoline is a normal goo

an increase in consumer income, assuming gasoline is a normal practiced

An increase in quantity demanded

results in a movement downward and to the right along a demand curve.

Opponents of cigarette taxes oftentimes argue that tobacco and marijuana are substitutes so that loftier cigarette prices

encourage marijuana use, but the evidence does not support this argument.

Suppose Phil and Miss Kay are the only consumers in the market. If the price is $half dozen, so the marketplace quantity demanded is

12 units

If these are the only 2 consumers in the market place, then the market quantity demanded at a price of $6 is

nineteen units

Refer to Table iii-17. If the production possibilities frontier is bowed outward, then "?" could be

180

Refer to Effigy three-11. If the production possibilities frontier shown is for 240 hours of production, then which of the following combinations of ham and cheese could Bonovia not produce in 240 hours?

a. 250 pounds of ham and 120 pounds of cheese
b. 100 pounds of ham and 240 pounds of cheese
c. 200 pounds of ham and 160 pounds of cheese
d. 160 pounds of ham and 200 pounds of cheese

160 pounds of ham and 200 pounds of cheese

Refer to Effigy 3-2. If the production possibilities borderland shown is for 2 months of production, and so which of the post-obit combinations of peanuts and cashews could Brazil not produce in two months?

a. 4 peanuts and 115 cashews
b. one peanuts and 200 cashews
c. three peanuts and 155 cashews
d. 5 peanuts and 88 cashews

iii peanuts and 155 cashews

Refer to Figure three-seven. If Bintu and Juba each divides her time equally between making bowls and making cups, then total production is

three bowls and 7 cups

Your professor loves her work, teaching economics. She has been offered other positions in the corporate world that would increase her income by 25 pct, only she has decided to continue working as a professor. Her decision would not alter unless the marginal

cost of instruction increased

After much consideration, you have chosen Ireland over Spain for your Study Abroad program adjacent year. However, the deadline for your terminal determination is withal months away and you may reverse this decision. Which of the following events would prompt yous to contrary this conclusion?

a. The marginal toll of going to Republic of ireland decreases.
b. The marginal price of going to Spain increases.
c. The marginal benefit of going to Espana increases.
d. The marginal do good of going to Ireland increases.

The marginal do good of going to Spain increases

Efficiency

refers to how much a lodge tin can produce with its resource. Equality refers to how evenly the benefits from using resources are distributed among members of order.

A microeconomist — every bit opposed to a macroeconomist — might study

the issue of new regulations on production in the pulp and newspaper manufacture.

Which of these statements all-time represents the police of supply?
a. When input prices increase, sellers produce less of the good.
b. When product technology improves, sellers produce less of the good.
c. When the price of a good decreases, sellers produce less of the skilful.
d. When sellers' supplies of a good increase, the price of the skillful increases.

c. When the price of a proficient decreases, sellers produce less of the proficient.

A decrease in the toll of a good will

decrease quantity supplied.

Refer to Effigy four-12. If these are the simply two sellers in the market, then the market place quantity supplied at a price of $8 is

29 units

A move along the supply curve might be caused by a change in

the cost of the good or service that is existence supplied.

Wheat is the main input in the production of flour. If the cost of wheat decreases, then we would expect the

supply of flour to increase.

Refer to Tabular array 3-34. India'southward opportunity cost of producing rice is

2 units of bananas. This is higher than Indonesia's opportunity cost of producing rice.

The supply of a good or service is determined past

those who sell the good or service.

A monopoly is a market place with one

seller, and that seller sets the cost.

Which of the following is non a reason perfect competition is a useful simplification, despite the diversity of market types we find in the earth?

In that location are many buyers and many sellers in all types of markets.

For a competitive market place,

if a seller charges more than than the going price, buyers will go elsewhere to make their purchases.

When a production possibilities frontier is bowed outward, the opportunity cost of producing an additional unit of a adept

increases every bit more than of the skillful is produced.

An economy's product of ii appurtenances is efficient if

information technology is impossible to produce more of one good without producing less of the other

Which markets are represented in the uncomplicated circular-flow diagram?

markets for appurtenances and services and markets for factors of production

Which of the post-obit statements about models is right?

Models presume away irrelevant details.

The production possibilities frontier illustrates
a. the trade-off between efficiency and equality.
b. the combination of output that an economy should produce.
c. the combination of output that each member of society should eat.
d. None of the above is right.

None of the to a higher place is correct.

The inner loop of the circular-menstruum diagram represents the flows of inputs and outputs. Which of the post-obit does not appear on the inner loop?
a. wages
b. land
c. goods and services sold
d. capital

wages

Refer to Effigy ii-5. If this economy devotes all of its resource to the product of dryers, then it volition produce

80 dryers and 0 washers.

If scientists discover that steamed milk, which is used to brand lattés, prevents centre attacks, what would happen to the equilibrium price and quantity of lattés?

Both the equilibrium price and quantity would increase.

Refer to Figure 4-26. Which of the following movements would illustrate the consequence in the market place for wedding cakes resulting from a decrease in the number of pastry chefs?

Point C to Point D

A university's football stadium is never more than than half-full during football games. This indicates

the ticket price is above the equilibrium price.

If macaroni and cheese is an junior good, what would happen to the equilibrium price and quantity of macaroni and cheese if consumers' incomes rise?

Both the equilibrium price and quantity would subtract.`

If, at the current cost, at that place is a shortage of a good, then

the toll is below the equilibrium price.

Refer to Figure 4-26. Which of the following movements would illustrate the effect in the market for ballroom dancing lessons resulting from the introduction of a pop new telly show called "Dancing with the Stars"?

Point A to Indicate D

If at that place is a shortage of farm laborers, we would look

the wage of farm laborers to increase.

Economists view positive statements equally

descriptive, making a claim almost how the world is.

Normative statements are

prescriptive, whereas positive statements are descriptive.

When an economist is asked a question like "why is unemployment higher for teenagers than for older workers?" the economist

is asked to explain the cause of an economical event.

Which of the following is not an expression for the sum of all the individual demand curves for a product?

equilibrium demand

Today's demand bend for gasoline could shift in response to a change in

the expected future cost of gasoline.

Soup is an inferior good if the need

for soup falls when income rises.

A decrease in demand is represented by a

leftward shift of a demand curve

If the number of buyers in a market decreases, then

demand volition decrease.

The law of demand states that, other things equal, an increase in

price causes quantity demanded to decrease.

If textbooks and written report guides are complements, then an increase in the price of textbooks will result in

fewer study guides being sold.

The marginal do good Kyra gets from eating a 2nd sandwich is

the total benefit Kyra gets from eating two sandwiches minus the total benefit she gets from eating one sandwich.

A rational decision maker takes an action if and only if

the marginal benefit of the action exceeds the marginal cost.

For a college pupil who wishes to calculate the truthful costs of going to higher, the costs of room and lath

should exist counted just to the extent that they are more expensive at college than elsewhere.

Refer to Figure three-3. If Arturo and Dina each divides his/her time equally betwixt the production of tacos and burritos, then total product is

400 tacos and 250 burritos.

Refer to Table 3-3. Which of the post-obit combinations of cheese and vino could French republic produce in 40 hours?

6 units of cheese and 5 units of wine

Refer to Table 3-19. The values in the tabular array stand for the amounts of lemonade and pizzas that Alice and Betty can produce in one week without and with specialization and trade. What are Alice and Betty'southward gains from specialization and trade?

Alice gains 7 pitchers of lemonade and ten pizzas, while Betty gains 13 pitchers of lemonade and 10 pizzas.

Refer to Table 3-eight. Assume that England and Spain each has 24 labor hours available. If each land divides its time equally betwixt the production of cheese and bread, then full production is

ten units of cheese and vi units of bread

The overriding reason why households and societies face many decisions is that

resource are scarce.

Assume that Maya and Miguel tin can switch betwixt producing mixers and producing toasters at a constant charge per unit.

0.625 mixers.

Refer to Figure 3-18. Suppose Juba is willing to trade one bowl to Bintu for every ii cups that Bintu makes and sends to Juba. Which of the following combinations of bowls and cups could Bintu and then consume, assuming Bintu specializes in making cups and Juba specializes in making bowls?

2 bowls and four cups

Refer to Figure 3-23. Whenever Bonovia increases its production of ham by 1 pound per calendar month, so it must decrease its production of cheese by

0.80 pound.

Refer to Figure iii-14. Arturo would incur an opportunity cost of 36 burritos if he increased his production of tacos by

48

Refer to Figure 3-20. Canada has an accented advantage in the production of

Good Y and Mexico has an absolute reward in the production of Good Ten.

If he devotes all of his available resources to cantaloupe production, a farmer can produce 120 cantaloupes. If he sacrifices i.5 watermelons for each cantaloupe that he produces, it follows that

his opportunity cost of ane watermelon is 2/3 of a cantaloupe.

If labor in United mexican states is less productive than labor in the United States in all areas of product,

so both Mexico and the United States still can benefit from merchandise.

Refer to Effigy iii-14. Without trade, Arturo produced and consumed 240 tacos and 120 burritos and Dina produced and consumed 100 tacos and 150 burritos. Then, each person agreed to specialize in the product of the proficient in which they have a comparative advantage and trade 260 tacos for 156 burritos. As a event, Arturo gained

20 tacos and 24 burritos and Dina gained forty tacos and 6 burritos.

Refer to Tabular array 3-31. For the farmer, the opportunity cost of one pound of potatoes is

0.625 pound of meat.

Refer to Figure 3-xv. Which of the post-obit is not correct?

Perry and Jordan could each consume two novels and half-dozen poems without merchandise.

The opportunity cost of one parasol for Huang is

1/3 plate.

At which of the following prices would both Maxine and Daisy gain from trade with each other?

8 tarts for 12 pies

Which of the post-obit areas of written report typifies macroeconomics every bit opposed to microeconomics?

the effect on the economic system of changes in the nation's unemployment charge per unit

Economics deals primarily with the concept of

scarcity

Which of the post-obit demonstrates the law of supply

When the price of leather belts rose, leather belt sellers increase their quantity supplied of leather belts.

A supply schedule is a table that shows the relationship between

price and quantity supplied.

In the markets for appurtenances and services in the round-flow diagram,

firms provide households with output.

Unemployment would cause an economy to

produce inside its production possibilities borderland.

In the circular-menstruum diagram

income paid to the factors of production flows from firms to households.

In the circular-flow diagram, another name for goods and services produced by firms is

output

What is the opportunity toll to Footville of increasing the product of shoes from 400 to 600?

300 socks

Table 2-five shows one set of product possibilities. Which of the following statements is correct?

The opportunity cost of a bushel of corn increases equally more than corn is produced.

At which signal is this economy producing its maximum possible quantity of doors?

U

At which of the following prices, if any, can Republic of india and Indonesia both gain from trade?

three/v units of bananas per unit of rice.

Which of the following is right apropos opportunity price?

Except to the extent that you pay more for them, opportunity costs should not include the price of things you lot would accept purchased anyway.

You go to the movieplex where movies unremarkably cost $9. Y'all are intending to run across a movie for which you accept a $3 off coupon skillful for only that picture show at that fourth dimension. However, when yous get in that location you see a friend who asks if you would rather run across a new release. Both movies showtime and end at the same time. If yous make up one's mind to see the new release with your friend, what is your opportunity cost?

the amount y'all value the first movie + $3

Barb'south aunt gave her $100 for her birthday with the status that Barb buy herself something. In deciding how to spend the money, Affront narrows her options downwardly to four choices: Option A, Option B, Option C, and Option D. Each option costs $100. Finally she decides on Option B. The opportunity price of this decision is

the value to Affront of the option she would take chosen had Option B non been available.

If Uzbekistan and Azerbaijan each divides its time as between making bolts and making nails, then total production is

25 bolts and 70 nails.

If the production possibilities borderland shown is for 240 hours of production, and so which of the following combinations of ham and cheese could Bonovia not produce in 240 hours?

160 pounds of ham and 200 pounds of cheese

If the product possibilities frontier shown for Lisa is for 4 months of work, and so how long does it take Lisa to produce ane jacket?

1/4 month

The production possibilities frontier illustrates

the combinations of output that an economic system can produce.

Assume the market for tennis balls is perfectly competitive. When one tennis ball producer exits the market,

the price of tennis balls does not modify

Assume Leo buys coffee beans in a competitive market. It follows that
a. Leo has a limited number of sellers from which to buy coffee beans.
b. Leo volition negotiate with sellers whenever he buys coffee beans.
c. Leo tin influence the price of coffee beans if he buys a large quantity of them.
d. None of the above is right

. None of the above is right.

Which of the following would most likely serve as an example of a monopoly?

a local cable tv visitor

In a competitive market place, the price of a product
a.is determined by buyers, and the quantity of the product produced is determined by sellers.
b.is determined by sellers, and the quantity of the product produced is determined by buyers.
c. and the quantity of the product produced are both determined by sellers.
d. None of the to a higher place is correct.

None of the above is correct.

Consider the market for portable air conditioners in equilibrium. A summer of unseasonably absurd weather would crusade

both the equilibrium toll and quantity to subtract.

During the last few decades in the United States, wellness officials take argued that eating too much beef might be harmful to homo wellness. Equally a consequence, there has been a pregnant decrease in the corporeality of beef produced. Which of the post-obit best explains the subtract in product?

Individual consumers, concerned about their own wellness, decreased their demand for beef, which lowered the equilibrium price of beefiness, making information technology less attractive to produce.

If the four suppliers listed are the simply suppliers in this market and the marketplace quantity demanded is 500 cases when the price is $five.00, which of the following statements is correct?

The market is in equilibrium at a price of $5.00.

All else equal, sellers expecting the price of paper to subtract next month when many college students go out campuses for the summertime would cause a current move from

SA to SB.

Which of the following events must crusade equilibrium quantity to fall?

demand and supply both decrease

All else equal, a decrease in the price of the grain fed to turkeys would crusade a move from

y to ten.

Which of the following is an example of a normative – as opposed to a positive – argument?

The authorities should increase the tax on gasoline.

Which of the post-obit is not right?

Normative statements tin can be judged using data alone.

A positive economic argument such as "Pollution taxes subtract the quantity of pollution generated by firms"

would crave data but non values to be evaluated.

Which of the post-obit would cause the demand curve to shift from Demand A to Demand B in the market for golf assurance in the United States?

an expectation past buyers that their incomes volition increase in the very near future

"Other things equal, when the cost of a good rises, the quantity demanded of the good falls, and when the price falls, the quantity demanded rises." This relationship betwixt price and quantity demanded is referred to as

the police force of demand.

Which of the following changes would non shift the demand curve for a good or service?

a change in the price of the good or service

Pizza is a normal practiced if the need

for pizza rises when income rises.

Suppose Spencer and Kate are the only two demanders of lemonade. Each month, Spencer buys 6 glasses of lemonade when the price is $1.00 per drinking glass, and he buys four glasses when the price is $1.fifty per glass. Each month, Kate buys iv glasses of lemonade when the price is $one.00 per drinking glass, and she buys two glasses when the price is $1.50 per drinking glass. Which of the following points is on the marketplace demand curve?

B and D only

Suppose that when income rises, the need curve for physician's visits shifts to the right. In this case, we know doctor's visits are

normal goods.

Refer to Tabular array 4-5. If the four families listed in the table are the merely demanders of Mt. Dew in the market place, which of the post-obit is a correct graph of the market need?

b

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