D Question 10 1 pts Consider the market for petrol. Which of the following changes would most likely lead to an increase in demand? 0 A decrease in the price of petrol cars. 0 A decrease in the cost of public transport fares. 0 An increase in income if private car travel is a normal good 0 Both a and b are correct. 0 Both a and c are correct Consider production in the Australian economy. Assume that only two goods can be produced: car and education services. The production possibility frontier (PPF) is given by C = 200 - 4E, where C is the number of cars produced and E is the units of education services produced. Which statement is true? O The opportunity cost of one car is 4 units of education; the opportunity cost is constant along the PPF. The opportunity cost changes along the PFF, reflecting the increasing opportunity cost when more of either good is already being produced. The opportunity cost of one unit of education is giving up 40 cars. The opportunity cost of one car is constant along the PPF and equal to 5 units of education. The opportunity cost of one car is 1/4 a unit of education; the opportunity cost is constant along the PPF. D Question 9 1 pts Increasing opportunity cost is due to O taxes O firms' need to produce profits. O the fact that it is more difficult to use resources efficiently the more the society produces. O the fact that it is less difficult to use resources efficiently the more the society produces. the fact that resources are not perfectly adaptable for alternative uses.D Question 6 1 pts Which of the following statements about microeconomics and macroeconomics is not true? 0 Microeconomics is a building block for macroeconomics. O Macroeconomics is concerned with economy-wide phenomena. 0 Macroeconomics is the study of the economics of large rms. 0 Microeconomics and macroeconomics cannot be entirely separated O Microeconomics is about individual households, rms or markets. D Question 7 1 pts A new craft brewer, Willie the Boatman, has opened its doors in St Peters and is offering samples of its latest brew, Albos Delight on the Hill. If 18 individual consumers have the following demand curve for Albos Delight on the Hill: p = 27 - Zq, the market demand curve is given by: 0 Q=243 -9p. 0 Q= 135 p. O Q: 135 -5p 0 Q=270-5p. 0 None of the above