1) There are 72,922 seats in Lambeau Field where the Green Bay Packers play football. The Packers have sold out their season tickets since 1960. There are about 80,000 people on the waiting list to buy season tickets in 2015. If the Packers raised ticket prices, the

A) the quantity demanded of Packers tickets decreases.B) demand curve for Packers tickets shifts leftward.

C) demand for Packers tickets decreases.D) demand curve for Packers tickets shifts rightward

2) As an economic concept, scarcity applies to

A) time but not money.B) money but not time.

C) both money and time.D) neither time nor money

4) The fact that a rock star earns $5 million a year while a teacher earns $25,000 annually is most directly an example of an economy answering the ________ part of one of the two big economic questions.

A) "why"B) "when"

C) "how"D) "for whom"

5) Suppose Joe can prepare 20 sandwiches or 10 pizzas in an hour and Beth can produce 36 sandwiches or 27 pizzas. The concept of comparative advantage concludes that

A) Beth should produce pizza and Joe should produce sandwiches.

B) Beth should produce both goods because she can produce more of both goods in an hour than can Joe.

C) Beth should produce sandwiches and Joe should produce pizza.

D) Beth should produce both goods and Joe should produce sandwiches.

6) Joe pays $8,000.00 in tuition. The 8,000 dollar tuition Joe pays is an example of what economists call

A) an indexed price.B) a relative price.

C) a money price.D) an opportunity price.

11) Kelly graduates and her income increases by $25,000 a year. Other things remaining the same, she increases the quantity of clothes she buys. For Kelly, clothes are ________.

A) a substitute goodB) an inferior good

C) a complement goodD) a normal good

12) Producers of DVDs are able to lower the wage rate that they pay to their workers. You predict that the

A) supply curve will shift leftward.B) price will rise.

C) quantity supplied will decrease.D) supply curve will shift rightward.

13) A normative statement is

A) about what ought to be.B) one that is based on an economic experiment.

C) about what is.D) always true.

16) A shortage causes the

A) supply curve to shift rightward.B) price to fall.

C) price to rise.D) demand curve to shift leftward.

17) In 2014, the price of peanuts was rising, which led peanut butter sellers to expect the price of peanut butter would rise in the future. Consequently, in the current market for peanut butter there was ________ which resulted in ________ in the price of peanut butter and ________ in the quantity of peanut butter.

A) a decrease in demand for peanut butter; a decrease; a decrease

B) an increase in demand for peanut butter; an increase; an increase

C) an increase in supply of peanut butter; a decrease; an increase

D) a decrease in supply of peanut butter; an increase; a decrease

18) Suppose that a typical German factory can produce 20 cameras or 1 computer in an hour, and that a typical American factory can produce 10 cameras or 1 computer in an hour. The opportunity cost of 20 cameras in terms of computers in Germany is

A) 10 computers per camera.B) 1 computer per camera.

C) 1/20 of a computer per camera.D) 2 computers per camera.

20) The above table gives the demand and supply schedules for Blu-ray discs. Based on the table, the equilibrium quantity and price of a Blu-ray discs is

A) 16,000 and $24.B) 20,000 and $20.

C) 28,000 and $12.D) 16,000 and $16.

21) If the price of a movie download falls, the rental rate of DVDs ________ and the equilibrium quantity of DVDs rented ________.

A) rises; decreasesB) falls; increases

C) falls; decreasesD) rises; increases

22) Which of the following shifts the supply curve for oranges?

A) disastrous weather that destroys about half of this year's orange crop

B) an increase in the price of bananas, a substitute in consumption for oranges

C) an increase in income for all orange consumers

D) a newly discovered increase in the nutritional value of oranges

23) The statement "The unemployment rate for teens is higher than that for adults" is

A) an ethical statement.B) a political statement.

C) a normative statement.D) a positive statement.

24) "As part of the financial crisis bailout plan in 2009, the Federal Reserve bought stakes in banks. This policy will result in an increase in the inflation rate." This is an example of

A) a normative statement.B) an economic model.

C) a microeconomic statement.D) a positive statement.

27) Twenty years ago a stove cost $300 and a refrigerator cost $1,500. Today a stove costs $600, while a refrigerator costs $1,800. Which of the following statements is TRUE?

A) The relative price of a stove has increased.

B) The relative price of a refrigerator has increased.

C) The relative price of stoves and refrigerators has not changed.

D) The money price of a refrigerator has fallen.

28) On Saturday morning, you rank your choices for activities in the following order: go to the library, work out at the gym, have breakfast with friends, and sleep late. Suppose you decide to go to the library. Your opportunity cost is

A) working out at the gym, having breakfast with friends, and sleeping late.

B) not clear because not enough information is given.

C) working out at the gym.

D) zero because you do not have to pay money to use the library.

29) The social arrangement that gives John Grisham, the writer of best-selling novels, the ownership of his novels is

A) a market.B) property rights.

C) absolute advantage.D) dynamic comparative advantage.