Help help 22) the production possibilities curve demonstrates which of the following concepts? A) all of above B) choice C) trade offs D) scarcity 25) the production possibilities curve can shift inward when? A) the stock of productive capital rises B) employment increases C) production increases D) a country experiences a natural disaster 26) if a country wants to promote future growth is should ? A) produce more consumer goods today B) produce economic goods C) produce only needed goods D) produce more capital goods today 27) whenever a society forgoes current consumption to invest in capital goods A) it will be easier for that society to consume less in the future because people will become accustomed to less B) that society can consume more in the future C) it will have less to consume next year D) it will be forced to produce fewer capital goods in the future 28) how is economic growth shown by the production possibilities curve? A) by moving the curve to the left B) by moving up the existing curve C) by changing the shape of the curve from a straight line to one that is bowed D) by shifting the curve to the right 29) economic growth can be drawn in a diagram by? A) making the production possibilities curve less bowed out B) shifting the production possibilities curve in C) making the production possibilities curve more bowed out D) shifting the production possibilities curve out 30) suppose that the price of cornflakes is $6.75 per box and the price of oatmeal is $4.50 per box. Both boxes contain the same number of cereal . The relative price of cornflakes in terms of oatmeal is?? A) 0.67 B) 0.75 C) 1.50 D) 1.0 31) the law of demand includes the statement "other things being equal" these other things include all of the following except!! A) the price of related goods B) incomes C) tastes D) the price of the good itself 32) suppose that jeans that were fashionable in the 1990s become unfashionable today. If other factors were held constant then there would be in the market jeans? A) a rightward shift of the demand curve B) a leftward shift movement along the supply curve C) a leftward shift in the demand curve D) a rightward movement along the supply curve 33) all of the following will affect the position of the demand curve expect? A) income B) changes in expectations of future relative prices C) taste and preference D) prices of resources used to produce the product 34) if the demand of a good is inversely related to income it must be? A) an everyday product B) an inferior good C) a normal good D) a bad good 38) which of the following will cause an outward (rightward) shift in the supply curve? A) a reduction in the price of the good B) an increase in the number of consumers C) technological progress D) an increase in the price of labor input 40) markets tend to? A) exist primarily in towns or cities B) reduce transaction costs C) make exchanges more difficult D) increase transaction costs 41) suppose there is a simultaneous increase in the demand of rice and increases in the supply of rice which of the following will occur as a result of these simultaneous events? A) the market clearing price may rise fall or stay the same but the equilibrium quantity will rise B) the market clearing price will fall but the equilibrium quantity will rise C) the market clearing price will fall but the equilibrium quantity may rise fall or stay the same D) both the market clearing price and equilibrium quantity will rise 43) prices can achieve the rationing function when A) they are controlled by the government B) prices are inflexible C) prices are flexible D) price controls are in place and ration coupons are used too 44) the role of platform firms is to? A) reduce the amount of market competition among sellers B) reduce the amount of information in the price system. C) lower transaction costs for buyers and sellers D) reduce the level of voluntary exchanges in markets 45) an example of black market is A) a retail market B) barter C) scalping D) a discount market 46) price floors? A) creates surpluses by setting the price above equilibrium B) provide free market incentives for producers C) create shortages by setting the price above equilibrium D) are used to advocates of the free market 47) according to the text during World War II rationing was conducted in the U.S through the use of ? A) coupons B) sharing C) queuing D) lotteries 48) in order to be effective the price ceiling ? A) must be set above equilibrium price B) must be set at equilibrium price C) must be a zero price D) must be set below equilibrium price 50) a map is an example of a model because a map? A) is a simplified representation of reality B) is two dimensional C) realistically describes an area D) is always as complex as space will permit