\fQuestion 32 According to the order of operations in solving equations. which step should come rst? Not yet answer\" Select one: $33\"; '3'\" of O a. Simplify inside parentheses and brackets. Y7 Flag 0 b. Multiply and divide from left to right. question 0 c. Simplify the exponent. 0 d. Add and subtract from left to right. meal\" 33 The production possibilities model illustrates an inverse relationship between two goods or services because Notyet answered Select one: :Icgigts M of O a. of diminishing returns. f\" Flag 0 b. the opportunity cost of producing more of something will rise. question 0 c. production of different types will compete for limited resources. C) d. some goods are more difcult to produce that others. Question 34 N at yet answered Points out of 1.00 f' Flag question Isabel experiences diminishing marginal utility when Select one: C) a. the value of the hats she purchased start to fall as they wear out over time. C} b. the price of each additional hat she purchases fails when she gets volume discounts. C} c. the value to her of each additional hat she purchases start falling. C d. the price of hats increases overtime. Question 35 A positive statement is Not yet answered Select one: Points out of 1.00 O a. based upon an optimistic judgment. Flag O b. reflects one's opinions. question O c. a value judgment. O d. can be shown to be correct or incorrect.Quesm" 36 Agovernment decides to set a price ceiling on eggs so that eggs are affordable to the poor. The conditions ofdemand and supply are \"013\"\" given in the table be ow. What will the excess supply orthe shortage be if the price ceiling is set at $2.00? answered Points oulof Price 0d 05 1.00 $1.60 9,000 5.003 K? Flag question $2.00 8,500 5.503 $2.40 8000 6:403 $2.80 "(.500 T503 $3.20 1000 9:003 $3.60 6,500 11,030 $4.00 6,000 15,030 Select one: C) a. 8:500 excess supply. 0 b. 1500 shortage. O c. 3000 excess supply. Q d. 3000 shortage. Quemio" 37 In order to satisfy as man).r wants as possible. it is necessary to achieve allocative efciency. Notyet answered Select one: Points outof . . . . . . . 100 O a. since It would be impossible to produce more of one thing without producmg less of another. '2" Flag 0 b. since otherwise cost are not minimized. question 0 c. since otherwise resources are idle. 0 d. since otherwise output may go to where it is less valued. Quesm'" 38 Functions are often described as cause and effect in economics. In an economics function: ifthe variable is on the righthand side and is Notyet doing the explaining, it represents a ? answered Points outof Select one: 1.00 _ O a. relation \\f' Flag question 0 b- cause C) c. result C) d. effect Question 39 Supply and demand for bushels of wheat (millions) are shown in the following table. A$1000 price floor would result in: Notyet answered Price Qd Q5 Points Dulof $500 26 15 1.00 r\" Flag $6.00 24 18 question $?.00 22 20 $8.00 21 21 $9.00 20 22 $10.00 19 23 $11.00 18 24 Select one: Q a. An excess supply of 1 million bushels and a price of $11. 0 b. an excess supply of4 million bushels and a price of $10.00. C) c. an excess supply of2 million bushels and a price of $9.00. C) d. an excess supply of zero and a price of $8.00.