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If quantity demanded is completely unresponsive to changes in the price of good X, then demand for good X is Group of answer choices inelastic.

If quantity demanded is completely unresponsive to changes in the price of good X, then demand for good X is

Group of answer choices

inelastic.

unit elastic.

elastic.

perfectly elastic.

perfectly inelastic.

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Question 37

2pts

Price elasticity of demand is a measure of the responsiveness of quantity demanded to changes in

Group of answer choices

interest rates.

price.

supply.

demand.

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Question 38

2.5pts

Exhibit 2-10

Person AGood XGood Y200015050100100501500200

Person BGood XGood Y016040120808012040

1600

Refer Exhibit 2-10. Person A has the comparative advantage in the production of _____________ and person B has the comparative advantage in the production of __________________.

Group of answer choices

X; Y

Y; X

neither good X nor good Y; neither good X nor good Y

both good X and good Y; neither good X nor good Y

?neither good X nor good Y; both good X and good Y

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Question 39

2.5pts

Exhibit 2-9

Alex

Adam

Good A

Good B

Good A

Good B

300

160

225

120

150

100

120

Refer to Exhibit 2-9. For Alex, the opportunity cost of producing one unit of good B is ____________ unit(s) of good A.

Group of answer choices

3.00

0.33

0.75

1.33

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Question 40

2.5pts

Exhibit 2-8

Maria

Maya

Good X

Good Y

Good X

Good Y

Refer to Exhibit 2-8. For Maya, the opportunity cost of producing one unit of good X is ___________ unit(s) of good Y.

Group of answer choices

2.00

1.00

10.00

0.50

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Question 41

2.5pts

Exhibit 2-9

Alex

Adam

Good A

Good B

Good A

Good B

300

160

225

120

150

100

120

Refer to Exhibit 2-9. For Adam, the opportunity cost of producing one unit of good A is ____________ unit(s) of good B.

Group of answer choices

3.00

0.33

0.75

1.33

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Question 42

2.5pts

Which of the following statements isfalse?

Group of answer choices

If there are only two goods, guns and butter, it is possible to produce more of both goods through economic growth.

If there are only two goods, guns and butter, it is possible to produce more of both goods if the economy is currently operating at a productive inefficient point.

If there are only two goods, guns and butter, it is possible to produce more of both goods if the economy is currently operating at a productive efficient point,ceteris paribus.

If there are only two goods, guns and butter, producing more of one means producing less of the other if the economy is currently operating at a productive efficient point,ceteris paribus.

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Question 43

2.5pts

In the production possibilities framework, economic growth is depicted bythe production possibilities frontier (PPF)

Group of answer choices

shifting leftward (toward the origin).

shifting rightward (away from the origin).

becoming a straight line rather than a bowed outward curve.

becoming bowed outward rather than a straight line.

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Question 44

2.5pts

The law of increasing opportunity costs states that as

Group of answer choices

less of a good is produced, the higher the opportunity costs of producing that good.

more of a good is produced, the lower the opportunity costs of producing that good.

more of a good is produced, the higher the opportunity costs of producing that good.

more of a good is produced, the opportunity cost of producing the good remains the same.

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Question 45

2.5pts

If Luke can bake bread at a lower opportunity cost than Jason, and Jason can produce paintings at a lower opportunity cost than Luke, it follows that

Group of answer choices

Lukehas a comparative advantage in paintings and Jason has a comparative advantage in baking bread.

BothLuke and Jason have a comparative advantage in baking bread.

BothLuke and Jason have a comparative disadvantage in producing paintings.

Lukehas a comparative advantage in baking bread and Jason has a comparative advantage in producing paintings.

There is not enough information to answer the question.

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Question 46

2.5pts

Consider two points onthe production possibilities frontier (PPF): point A, at which there are 50 oranges and 100 apricots, and point B, at which there are 51 oranges and 98 apricots. If the economy is currently at point B, the opportunity cost of moving to point A is

Group of answer choices

2 apricots.

1 orange.

98 apricots.

3 oranges.

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Question 47

2.5pts

The economy is currently on its production possibilities frontier (PPF). A politician says that it is possible to get more of everything---more infrastructure, more schools, more national defense, more spending on social programs, and so on. The politician is

Group of answer choices

correct if he is assuming a leftward-shifting PPF.

incorrect if he is assuming a rightward-shifting PPF.

incorrect if he is assuming a PPF that does not change.

correct if he is assuming a PPF that does not change.

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Question 48

2pts

If the percentage change in quantity demanded is equal to the percentage change in price for good Z,then demand for good Z is

Group of answer choices

inelastic.

unit elastic.

elastic.

perfectly elastic.

perfectly inelastic.

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Question 49

2pts

?Elasticity measures:

Group of answer choices

?whether a price increase causes quantity demanded to increase or decrease.

?the strength of an economy's tendency to recover from recession.

?the responsiveness of decision makers to changes in price, income, or other variables.

?the profitability of investment in an industry.

?the long-run price trends in an economy.

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Question 50

2pts

If the absolute value of the price elasticity of demand for a given product is 7, this means that

Group of answer choices

the percentage change in quantity demanded is 7 times the percentage change in price.

if quantity demanded fell by 1 percent, price would fall by 7 percent.

if price was raised 7 percent, quantity demanded would fall by 7 percent.

if price was raised 7 percent, quantity demanded would rise 7 percent.

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Question 51

2pts

?The price elasticity of demand is defined as:

Group of answer choices

?the percentage change in price divided by the percentage change in quantity demanded.

?the percentage change in quantity demanded divided by the percentage change in price.

?the change in quantity demanded divided by the change in price.

?the change in price divided by the change in quantity demanded.

?the quantity demanded divided by the price.

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Question 52

2pts

If the percentage change in quantity demanded is less than the percentage change in price for good Y, then the demand for good Y is

Group of answer choices

inelastic.

unit elastic.

elastic.

perfectly elastic.

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Question 53

2.5pts

Which of the following statements isfalse?

Group of answer choices

An upward-sloping supply curve graphically represents the law of supply.

A vertical supply curve graphically represents the law of supply.

If income rises and good X is a normal good, then the demand for good X will rise.

If income falls and good Y is an inferior good, then the demand for good Y will rise.

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Question 54

2.5pts

If the demand for a good increases by more than the supply of the good increases, then the good's equilibrium price will __________ and its equilibrium quantity will __________.

Group of answer choices

rise; fall

rise; rise

fall; fall

fall; rise

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Question 55

2.5pts

Which of the following statements is true?

Group of answer choices

To an economist,demandis the same asquantity demanded.

A demand schedule is the numerical tabulation of the law of demand.

A demand curve is the graphical representation of the direct relationship between price and quantity demanded.

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Question 56

2.5pts

Suppose that for a given good, demand decreases and supply decreases at the same time.If demand decreases by a greater amount than supply decreases, then equilibrium price __________ and equilibrium quantity __________ for that good.

Group of answer choices

rises; rises

rises; falls

falls; rises

falls; falls

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Question 57

2.5pts

Exhibit 3-17

Price of Good X

Quantity

Supplied

Quantity

Demanded

$20

400

260

360

290

310

230

350

130

400

450

Refer to Exhibit 3-17.At a price of $16, the quantity demanded of good X is ____________ than the quantity supplied of good X, and economists would use this information to predict that the price of good X would soon ______________.This would push the price __________ the equilibrium price.

Group of answer choices

greater; fall; toward

greater; rise; toward

less; fall; toward

less; rise; away from

greater; rise; away from

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Question 58

2.5pts

Demand refers to

Group of answer choices

how much of a good people are willing and able to buy at a particular price.

the different quantities of a good people are willing and able to buy at different prices.

the different quantities of a good people are willing and able to buy at a particular price.

how much of a good people are willing to buy at different prices.

none of the above

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Question 59

2.5pts

If the workers of a firm successfully negotiate an increase in wages, which of the following is most likely to happen?

Group of answer choices

The demand curve for the product the firm produces shifts rightward.

The demand curve for the product the firm produces shifts leftward.

The supply curve of the product the firm produces shifts rightward.

The supply curve of the product the firm produces shifts leftward.

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Question 60

2.5pts

On a supply-and-demand diagram, quantity demanded equals quantity supplied

Group of answer choices

only at the single equilibrium price.

at every price at or above the equilibrium price.

at every price at or below the equilibrium price.

at every price.

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Question 61

2.5pts

An "increase in the quantity demanded" means that

Group of answer choices

the demand curve has shifted to the right.

the supply curve has shifted to the left.

price has declined and consumers therefore want to purchase more of the good.

given supply, the price of the good can be expected to rise.

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Question 62

2.5pts

If the demand curve for a good shifts leftward,

Group of answer choices

quantity demanded is less at each price.

quantity demanded remains constant at each price.

quantity demanded is greater at each price.

demand is greater at each price.

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Question 63

2.5pts

In the supply-and-demand diagram of the market for peanut butter, the equilibrium point has moved down and to the right. What could have caused this?

Group of answer choices

a fall in the price of peanuts

a rise in the price of peanuts

a rise in income, assuming that peanut butter is an inferior good

a shift in preferences toward peanut butter

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Question 64

2.5pts

Which of the following pairs of goods would be most likely to be substitutes?

Group of answer choices

pasta and pasta sauce

olive oil and vegetable oil

chips and salsa

tires and automobiles

all of the above

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Question 65

2.5pts

Suppose that for a given good demand decreases and supply increases at the same time.If demand decreases by a greater amount than supply increases, then equilibrium price __________ and equilibrium quantity __________ for that good.

Group of answer choices

rises; rises

rises; falls

falls; rises

falls; falls

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Question 66

2.5pts

At a price for which the quantity supplied exceeds the quantity demanded, a __________ is experienced, which pushes the price __________ toward its equilibrium value.

Group of answer choices

surplus; downward

surplus; upward

shortage; downward

shortage; upward

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Question 67

2.5pts

If Max's demand for hot dogs falls as his income rises, then for Max hot dogs are

Group of answer choices

an inferior good.

a preferential good.

a normal good.

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Question 68

2.5pts

A "decrease in demand" means that

Group of answer choices

the demand curve has shifted to the left.

price has declined and consumers want to purchase more of the good.

the demand curve has shifted to the right.

the price of the good can be expected to decline, assuming supply stays constant.

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Question 69

2.5pts

There are two universities, A and B, in a city. Tuition rises at University A and, as a result, the demand for attending University B rises. It follows that educational services at the two universities are

Group of answer choices

complements.

normal goods.

inferior goods.

substitutes.

none of the above

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Question 70

2.5pts

At a price below the equilibrium price, there is

Group of answer choices

a surplus.

a shortage.

excess supply.

sub-equilibrium.

none of the above

No need explanation

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