Please help me answer those simple question, I will rate your work for sure

Question 13(Multiple Choice Worth 2 points)

(01.02 MC)

Which of the following questions helps leaders of business firms determine resource allocation?

Who consumes the goods?

Which people most need the goods or services?

Is the opportunity cost of resources constant or increasing?

How much money do people have to pay for the goods or services?

Are the resources used to produce the goods scarce?

Question 14(Multiple Choice Worth 2 points)

(01.05 LC)

Which of the following accurately defines total net benefits?

The difference between total benefits and total costs

The sum of all benefits for a given choice

The total benefits minus the sum of all other foregone alternatives

The total benefits minus only implicit costs

The sum of benefits for all alternative choices

Question 15(Multiple Choice Worth 2 points)

(01.02 MC)

The government of Country Y does not regulate businesses in any way. It does not set minimum prices for any goods or regulate wages. It allows individuals to make independent decisions that impact the economy. What economic system best describes Country Y?

Command

Free enterprise

Market

Mixed

Indeterminate

Question 16(Multiple Choice Worth 2 points)

(01.05 MC)

Johnson won a free ticket to tour around the world in one year, but he will have to resign from his job. Which of the following is correct if he does cost-benefit analysis?

The tour provides only benefits.

The only cost will be paying for food.

There is no opportunity cost to be considered.

The cost of the lost income is equal to the benefit of the free ticket.

The result may lead to a sub-optimal choice if opportunity costs are not considered.

Question 17(Multiple Choice Worth 2 points)

(01.05 LC)

The benefits to businesses are known as ________ and the benefits to consumers are known as ________.

revenues; utility

profits, revenues

incentives; revenues

subsidies; taxes

utility; profits

Question 18(Multiple Choice Worth 2 points)

(01.03 LC)

Production at a level that is not maximizing available inputs can be illustrated through a

circular flow diagram

supply curve

demand curve

marginal cost curve

production possibility curve

Question 19(Multiple Choice Worth 2 points)

(01.03 MC)

Use the graph to answer the prompt.

The market above could consume at point B with ________ but would need ________ in order to produce there.

trade; economic growth

more supply; more demand

government intervention; alternative inputs

inputs; outputs

economic growth; trade

Question 20(Multiple Choice Worth 2 points)

(01.06 HC)

Below is the total benefit Michelle estimates she would get for eating handfuls of dried cranberries in one sitting.

Number of Handfuls	Total Benefit (dollars)
1	$2.00
2	$3.50
3	$4.50
4	$5.00
5	$5.25
6	$5.00
7	$4.00

If there is no cost to Michelle for a handful of dried cranberries, what is the optimal number of handfuls for her to eat?

2

3

4

5

6

Question 21(Multiple Choice Worth 2 points)

(01.06 HC)

Below is the marginal utility that Chris gains from purchasing oil paints and canvases for his painting hobby.

Units of Oil Paints	Marginal Utility of Oil Paints	Units of Canvases	Marginal Utility of Canvases
1	10	1	25
2	7.5	2	20
3	5	3	15
4	2.5	4	10
5	1	5	5

Chris has $35 and spends it all on paints and canvases. If oil paints are $2.50 per unit and canvases are $25 per unit, Chris will maximize his utility by buying which of the following combinations of paints and canvases?

1 canvas and 1 paint

1 canvas and 3 paints

1 canvas and 4 paints

2 canvases and 0 paints

2 canvases and 1 paint

Question 22(Multiple Choice Worth 2 points)

(01.06 MC)

A consumer has spent all his income on popcorn and candy at a movie. If the marginal utility per dollar of the last candy bar is less than the marginal utility per dollar of the popcorn, what should the consumer do to maximize utility?

Buy more candy bars

Buy more popcorn and the same number of candy bars

Buy fewer candy bars and more popcorn

Buy more candy bars and more popcorn

Buy more candy bars and less popcorn

Question 23(Multiple Choice Worth 2 points)

(01.04 HC)

Use the production possibilities table below to answer the following question. Assume constant opportunity costs for Tommy and Gina.

	Pillows per Day	Rugs per Day
Tommy	5	10
Gina	15	15

Given the data above, which statement provides the correct rationale for a trade agreement of 1.5 rugs for 1 pillow?

Gina's opportunity cost for producing pillows is less than Tommy's.

Tommy has a comparative advantage in both products, so he can dictate the terms of trade.

Gina has no incentive to trade with Tommy, because she has an absolute advantage in both products.

Tommy has a comparative advantage in rugs, and Gina has a comparative advantage in pillows.

Tommy has an opportunity cost that is lower than Gina for pillows, so he will want to trade pillows for rugs at a lower cost than he can produce them for himself.

Question 24(Multiple Choice Worth 2 points)

(01.05 LC)

The optimal choice will

equalize total benefits and total costs

maximize benefits regardless of costs

minimize total costs regardless of total benefits

maximize revenues

maximize the difference between total benefits and total costs

Question 25(Multiple Choice Worth 2 points)

(01.06 LC)

Eric goes to the grocery store and all the goods he wants will cost $45. However, he can only afford to purchase $20 in groceries. This is an example of a consumer's

marginal utility

being irrational

budget constraint

diminishing returns to consumption

optimal choice