14 4 12 B 10 C G 8- Bicycles 6 D N E 0 2 4 6 8 10 Computers Refer to the diagram. The combination of computers and bicycles shown by point F Select one: O a. is unattainable given currently available resources and technology. O b. is attainable but implies that the economy is not using all its resources. O c. is irrelevant because it is inconsistent with consumer preferences. O d. suggests that opportunity costs are constant.Question ot yet answered Marked out of 2 P Flag question The production possibilities curve illustrates the basic principle that Select one: O a. the production of more of any one good will in time require smaller and smaller sacrifices of other goods O b. an economy will automatically obtain full employment of its resources. O c. if all the resources of an economy are in use, more of one good can be produced only if less of another good is produced. O d. an economy's capacity to produce increases in proportion to its population sizeuEStion yet answered Marked out of 2 P Flag question Which of the following statements is not correct? Select one: O a. An increase in a nation's labor supply will cause its potential output to increase. O b. Economic growth can be illustrated by an expansion of a nation's production possibilities curve. O c. An increase in the quantity of a nation's resources will cause economic growth, but an increase in the quality of resources will not. O d. New technologies or new ways of producing output can cause a nation's production possibilities curve to shift outward. Next paMOU b Question 1 Not yet answered Marked out of 2 P Flag question In deciding whether to study for an economics quiz or go to a concert, one is confronted by the idea(s) of Select one: O a. scarcity and opportunity costs. O b. money and real capital. O c. complementary economic goals. O d. full production. 25uestion 4 ot yet answered Marked out of 2 P Flag question Any combination of goods lying outside of the budget line Select one: O a. implies that the consumer is not spending all of the consumer's income. O b. yields less utility than any point on the budget line. O c. yields less utility than any point inside the budget line. O d. is unattainable, given the consumer's income. 21Marginal Cost Marginal Benefit and Marginal Cost (Dollars) Marginal Benefit 0 Q1 Q2 Quantity of Shoes Refer to the diagram for athletic shoes. If the current output of shoes is Q3, then Select one: O a. resources are being allocated efficiently to the production of shoes. O b. society would consider additional units of shoes to be more valuable than alternative products. O c. society would consider additional units of shoes to be less valuable than alternative products. O d. society would experience a net gain by producing more shoes.Question 0 Not yet answered Marked out of 2 P Flag question The role of the entrepreneur in society is to Select one: O a. provide capital to the firm, which the management combines with labor. O b. bring the factors of production together and take the risks of producing output. O c. control the land upon which all production takes place and to get the most rent. O d. regulate what products are considered safe to market.Question 2 Not yet answered Marked out of 2 P Flag question Which of the following statements pertains to macroeconomics? Select one: O a. Because the minimum wage was raised, Mrs. Olsen decided to enter the labor force. O b. A decline in the price of soybeans caused farmer Wanek to plant more wheat. O c. National income grew by 2.7 percent last year. O d. The Pumpkin Center State Bank increased its interest rate on consumer loans by 1 percentage point Next par 23 24 25Question 5 Not yet answered Marked out of 2 P Flag question Which of the following is considered a firm's "factor of production"? Select one: O a. money or cash balances of the firm O b. the firm's shares of common stock O c. U.S. Treasury bonds owned by the firm O d. the office building occupied by the firmQuestion 3 Not yet answered Marked out of 2 P Flag question Ben says that "an increase in the tax on beer will raise its price." Holly argues that "taxes should be increased on beer because college students drink too much. " We can conclude that Select one: O a. Ben's statement is normative, but Holly's is positive. O b. Holly's statement is normative, but Ben's is positive. O c. Both statements are normative. O d. Both statements are positive