QUESTION 9 1. Tea and coffee are substitute goods. An increase in the price of tea results in a(n) a. increase in the supply of coffee b. increase in die demand for coffee c. increase in die demand for tea d. decrease in the quantity demanded of coffee e. increase in the quantity demanded of tea QUESTION 10 1. Which of the following concepts can be used to explain why production possibility frontiers slope downwards? a. Scarcity b. Sunk costs. Trade d. Increasing marginal costs. QUESTION 11 Which of the following would be counted in the calculation of GDP? a. The purchase of IBM company shares. b.Social security payments received by retired employee. The purchase of an insurance policy by a customer. d. The monthly allowance a college student receives from parents. QUESTION 12 Tina graduates from college, where she earned SS,OOO a year working part-time, and takes a new job, where she now earns S45,OOO per year. About the same time she received her first paycheck, her bicycle was stolen. With her old income she would have purchased a new bike but with her new income she purchased a new car. Therefore, a. bicycles and automobiles are complementary goods for T ma b. Bicycle infuiu fm c. bicycles are a normal good for Tina d. b. utomobil d QUESTION 13 Of 10 20 40 Quantity Given the PPF illustrated, What is the opportunity cost Of moving from B to A? a. 5 coconuts. fish GIO fish. 10/5 coconuts. QUESTION 141 C. p tio n ent nts Gm Exp Net Use the table above to calculate GDP. 6,200. 8,450. 7,400. B of D 4,900 1,300 l,oso 1,200 l,oso