A e, T ML, G SV STLVIIUS [STHEN L Proi e G s p , Multiple Not allowed. This test can only be taken once. Attempts Force Once started, this test must be completed in one sitting. Do not leave the test before clicking Save and Submit. Completion Your answers are saved automatically. . Remaining Time: 37 minutes, 00 seconds. 1 ' Question Completion Status: A\\ Moving to another question will save this response. Question 2 A Diego and Elizabeth went to a buffet together over this past weekend. The buffet chare of food. He ate way more than he wanted and did not feel well afterwards. He felt good though because he got his "money's worth" Nevertheless, she ate as much as she would at her parents house (where food is also free). From an economic perspective, AFTER having paid the $200: O Elizabeth made the wrong decision since she ate less than she paid for. O Diego made the correct decision since he got "back his money" O Elizabeth lost $150 O Elizabeth made a more sound economic decision -compared to Diego- because she ignored sunk costs when making her decision. > /A Moving to another question will save this response. 'ged $200 upfront and once they got in, they could eat as much as they wanted without additional charges. Diego ate enougm get .;15500 worth . Elizabeth on the other hand, did not even come close. Question20f18 5 ' L | 1points | save Answer She only ate about $50 worth of food. Question20f 18 5 Attempts Force Once started, this test must be completed in one sitting. Do not leave the test before clicking Save and Submit. Completion Your answers are saved automatically. e | Remaining Time: 36 minutes, 52 seconds. Question Completion Status: \\ Moving to another question will save this response. Question 1 Statement 1: "Increase in prices increases the quantity supplied of a good". Statement 2: "increase in prices decreases the demand for a good". Is statement 1 correct? How about statement 22 Explain your answer(s). Note: The explanation must be correct for credit. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). B I YU S Pparagraph v | Arial XX P RN T + % A\\ Moving to another question will save this response, Question 3 P Which of the diagrams illustrate(s) the effect of an increase in the price of gasoline on the market for gas-powered cars? A O Aonly O B only O AandD O D only /\\ Moving to another question will save this response. vvarnings appear wnen haif the time, 5 minutes; 1 minute, and 30 seconds remain. Multiple Not allowed. This test can only be taken once. Attempts Force Once started, this test must be completed in one sitting. Do not leave the test before clicking Save and Submit. Completion Your answers are saved automatically. v Remaining Time: 36 minutes, 35 seconds. Question Completion Status: \\ Moving to another question will save this response. Question 4 Which of the following will not cause the demand for product K to change? O a change in the price of close-substitute product J O a change in the price of product K O a change in consumer tastes for product K O an increase in incomes of buyers of product K \\ Moving to another question will save this response. Your answers are saved automatically. N Remaining Time: 36 minutes, 29 seconds. Question Completion Status: A\\ Moving to another question will save this response. Question 5 Question 5 2points " sa{ Assume Country Whatever can only produces two goods: pizzas and robots. Assume that this country can produce any of these 5 combinations a week: option A: 100,000 pizzas and 0 robots option B: 87,000 pizzas and 1 robot option C: 59,000 pizzas and 2 robots option D: 36,000 pizzas and 3 robots option E: 0 pizzas and 4 robots 'What' s the opportunity cost of producing the fourth robot in terms of pizza? (write the answer as a decimal or whole number, please do not include anything else, other than the nunber itself) 4\\ Moving to another question will save this response. & Question50f18 ) Attempts be taken once. Force Completion Once started, this test must be completed in one sitting. Do not leave the test before clicking Save and Submit. Your answers are saved automatically. Remaining Time: 36 minutes, 24 seconds. * Question Completion Status: Moving to another question will save this response. A Moving to another question will save this response. > .> A Moving to another question will save this response. 44 20 F11 F12 F6 F7 F2 F3 esc F1 $ @ 2 4 O P W E R T Y U Q F G H K A S D Question Completion Status: & Moving to another Question will save this response. 7 14 1 Question 13 of 18 3 Question 13 |1 points Capital Goods o Consumer Goods Refer to the diagram. Available resources not being fully utilized are described by point OA. O C. O D. O i i > Moving to another question will save this response. 4 DD F12 O. 20 F7 FO F10 6 F8 F2 F3 F4 F1 K esc delete # 2 4 5 2 O P Y U E R T Q W J K D F G H A S7w wanci Unice, Attempts Force Once started, this test must be compl i ittii e Completion mpleted in one sitting. Do not leave the test before clicking Save and Submit. Your answers are saved automatically. Remaining Time: 35 minutes, 28 seconds. Question Completion Status: A\\ Moving to another question will save this response. % Question 15 of 18 Question 15 [ 13 points Save A Use the supply/demand model and assume that only the events described are the ones happening (everything else is constant). - 4 Increase in supply A. demand shifts left and supply shifts left. - 4 Demand decreases B. Supply shifts right and demand shifts left - 4 Supply increases and demand decreases C.demand curve shifts right Demand increases and supply increases -~ D. Supply curve shifts right - 4 Demand increases E. equilibrium price and quantity decrease - 4 demand decreases and supply decreases F. equilibrium quantity increases and equilibrium price is indeterminate. \\ Moving to another question will save this response. 4 Question 150f 18 3| 5 e Remaining Time: 35 minutes, 24 seconds. Question Completion Status: \\ Moving to another question will save this response. Question 16 Flow1 ey [ Resource ] e | Market | Flow2 | e 'LBuslnessos | Households = | (o 1 | Flow3 | Product L | Market | Flow4 Refer to the diagram. Flow 1 represents O goods and services. O consumer expenditures and business revenue. O wage, rent, interest, and profit income. O land, labor, capital, and entrepreneurial ability. A\\ Moving to another question will save this response. % 1 Question 16 of 18 5 by SR 1points save Answer | & ' Question 16 of 18 (3 en the time expires. Multiple minutes, 1 minute, and 30 seconds remain. Not allowed. This test can only be taken once. Attempts Force Completion Once started, this test must be completed in one sitting. Do not leave the test before clicking Save and Submit. Your answers are saved automatically. Remaining Time: 35 minutes, 18 seconds. Question Completion Status: Moving to another question will save this response. > Question 17 1 points Save Answer Use the supply/demand model to answer this question. One event disturbs the market for new cars in the United States: the demand decreases. We would expect: the demand and supply curves to shift to the right. O only the demand curve to shift to the right. O the demand curve to shift to the right and the supply curve to shift to the left. O only the demand curve to shift to the left. > > A Moving to another question will save this response. 44 20 F9 F10 E5 E6 F2 3 esc F1 K delete O 6 2 O D Y U R Q W E T F G H J K A S D B N M C VTMLED, 1% SECONAs, Question Completion Status: 4 Click Submit to complete this assessment. Question 18 Suppose that goods A and B are close substitutes. If the price of good A falls, then we would expect an: O Increase in the demand for A and an increase in the quantity of B demanded O Increase in the demand for A and a decrease in the quantity of B demanded O Increase in the quantity of A demanded and a decrease in the demand for B O Increase in the quantity of A demanded and an increase in the demand for good B A Click Submit to complete this assessment. Save and Submit % Question 18 of 18 |1points saye Question 18 of 18 TR T