D Question 1 1.5 pts If W1 is the equilibrium wage rate, and W2 is a wage rate above equilibrium, then at W2 there are 0 Fewer people who want to work and more people working than at W1 C) More people who want to work and more people working than at W1 0 Fewer people who want to work and fewer people working than at W1 Q More people who want to work and fewer people working than at W1 Question 2 1.5 pts The standard of living depends on what? A country's production O A country's inflation rate A country's employment rate A country's efficiencyD Question 3 1.5 pts The reality of citizenship in a modern economy where one can be freed from being knowledgeable of how the products one needs is produced, and still have these same products offered to the same citizen's consumption. 0 Capital 0 Income Q Cost Q Technology 0 Specialization D Question 4 1.5 pts If supply rises by a greater amount than demand rises, what happens? 0 Equilibrium price falls and equilibrium quantity falls 0 Equilibrium price falls and equilibrium quantity rises Q Equilibrium price rises and equilibrium quantity rises O Equilibrium price rises and equilibrium quantity falls D Question 5 1.5 pts A decrease in the supply of a product would most likely be caused by vvhat? C) An increase in business taxes C) An increase in consumer incomes Q A decrease in the price of a complementary good Q A decrease in resource costs for production D Question 6 1.5 pts What was given up as a result of making a particular decision. 0 Economics 0 Scarcity @ Opportunity Cost 0 Outputs 0 Inputs Question 7 1.5 pts When a government ensures that inflation does not go too high, this is promoting: Justice O Equity O Efficiency Capital C StabilityQuestion 8 1.5 pts What does Ceteris paribus mean? Assuming that people are rational economic beings O Nothing else changes O There are too many variables considered in the theory C The correct relationship is specifiedD Question 10 1.5 pts If quantity supplied of a product is greater than the quantity demanded for a product, then _______ O The product is a normal good 0 There is surplus of the product Q The product is an inferior good Q There is shortage of the product D Question 11 When the average cost curve meets the marginal cost curve in the graph of cost curves through quantity produced, average costs are at a minimum. This point is also known 0 Shutdown point 0 Economic region of production Q Equilibrium Q Breakeven point Question 12 1.5 pts The production of a good requires what two types of input? O Total and average ONone of the above O Variable and fixed O Long-run and short-run Opportunity and actual costsQuestion 13 1.5 pts In the long run, some firms will exit the market if the price of the good offered for sale is less than O Average total cost O Marginal cost O Average revenue Marginal revenueD Question 15 1.5 pts Because of product differentiation, a rm in monopolistic competition 0 Faces little competition in the long run Q Is able to restrict the entry of new rms into the market 0 Does not produce where demand is elastic 0 Always has some market power D Question 17 1.5 pts If the slope of total product is decreasing, then ________ Q Total product must be increasing Q Marginal product must be decreasing Q Total product must be decreasing Q Marginal product must be increasing. Question 18 1.5 pts Which of the following is true with regard to monopolistically competitive firms' scale of production and pricing decisions? Monopolistically competitive firms produce O At the efficient scale and charge a price above the marginal cost With excess capacity and charge a price above the marginal cost O At the efficient scale and charge a price equal to marginal cost O With excess capacity and charge a price equal to marginal costQuestion 19 1.5 pts Which of the following statements is false? O The total fixed cost curve has the same slope as the total variable cost curve. O The total cost curve crosses the vertical axis at the point where the total fixed cost curve intersects the vertical axis. The vertical distance between the total variable cost curve and the total cost curve is equal to the total fixed costs. O The total variable cost curve intersects the vertical axis at the origin.D Question 20 1.5 pts The production function tells the relationship between _______ O The quantity of labor and the quantity of capital goods a rm uses. 0 The amounts of inputs and the quantities of outputs a rm produces. Q The amounts of inputs and the prots of a rm. Q The quantities of outputs and the prots of a rm. Question 40 3 pts Refer to the table below: Quantity Fixed costs Variable Total Costs Marginal Average Output costs costs total costs 0 200 0 30 80 3 120 What is the total cost of producing the first unit of output? 50 O None of these 230 30 180D Question 43 \"a; A manufacturer makes two products, each requiring time on three different machines. Each unit X1 of product 1 requires four hours of machine 1, one-and-a-half hours on machine 2, and two hours on machine 3; each unit X2 of product 2 requires four-and-a-half hours on machine 1, one hour on machine 2, and three hours on machine 3. Machine 1 is available for 110 hours, Machine 2 for 35 and Machine 3, 65 hours. A unit of X1 is 10 kg while a unit of X2 is 5 kg. In one batch of production, the deliver capacity is 200 kg. The unit prot on Products 1 and 2 are 150 pesos and 120 pesos, respectively. What is the highest possible prot? (place numerical answer only) different machines. Each unit X, product 1 requires four hours of machine 1, one-and-a-half hours on machine 2, and two hours on machine 3; each unit X2 of product 2 requires four-and-a-half hours on machine 1, one hour on machine 2, and three hours on machine 3. Machine 1 is available for 110 hours, Machine 2 for 35 and Machine 3, 65 hours. A unit of X1 is 10 kg while a unit of X2 is 5 kg. In one batch of production, the deliver capacity is 200 kg. The unit prot on Products 1 and 2 are 150 pesos and 120 pesos, respectively. 1) How many of X1 should be produced to maximize prot? 15 (place numerical answer only) 2) How many of X2 should be produced to maximize prot? I M. |