Question 1 1 pts Question 1 tests your understanding of macroeconomics and microeconomics. 1. Which statement below is FALSE? OB An analysis of the impact of the minimum wage law on the market for unskilled labor in the Bay Area is principally a topic in macroeconomics. OC Macroeconomics looks at topics like economic growth, money, and the business cycle. OA An analysis of how rent control affects the availability of apartments to rent in San Francisco is principally a topic in microeconomics. Question 2 1 pts Question 2 tests your understanding of positive and normative statements in economics. 2. Which statement below is unambiguously normative? OC The federal government should cut taxes so people are left with more money to spend. OA People wouldn't have to work so many hours if the government cut taxes. OB People would choose to work more hours if the government cut taxes.Question 3 1 pts Question 3 tests your understanding of opportunity cost. 3. What is the opportunity cost of your decision to take this exam? OA The feeling of relief you will experience when you finish this exam. O B The score you will receive as a result of taking this exam. OC What you would have done if you hadn't taken this exam Question 4 1 pts Question 4 tests your understanding of marginal analysis. Cast your mind back to the last time you took an in-person class. 4. What is the likely outcome if an instructor no longer held graded quizzes at the beginning of class? OD There would be no change in student arrival times. O B More students in the class would arrive promptly. OA Fewer students would arrive promptly. OC No student would arrive promptly.Question 5 1 pts Question 5 tests your understanding of what it means to say that there is an economic problem. 5. According to Professor Robbins, an economic problem would arise only if (choose one or both) OB there were multiple ends that could be ranked in order of importance OA there were limited means that could be applied to more than one endQuestion 6 1 pts Question 6 tests your understanding of two different sorts of order. 6. In An Essay on the History of Civil Society (1767), Adam Ferguson famously wrote that "[elvery step and every movement of the multitude, even in what are termed enlightened ages, are made with equal blindness to the future; and nations stumble upon establishments, which are indeed the result of human action, but not the execution of any human design." Here are three examples of what Ferguson would have called "establishments." A a natural language like Spanish B the bus schedules on the VTA C the free market Which are "the result of human action, but not the execution of any human design"? (Choose one or more.) OB OA OCQuestion 7 1 pts Questions 7-12 test your understanding of the production possibilities frontier (PPF). Questions 7-11. The diagram below illustrates the production possibilities for growing rice and wheat in America under different sets of circumstances, A, B, C, D, and E. Begin with A in each case. Wheat 0 Rice Select the curve (A, B, C, D, or E) that best illustrates each of the following circumstances. 7. A new ice age shortens the growing season for both rice and wheat.Question 8 1 pts Questions 7-12 test your understanding of the production possibilities frontier (PPF). Questions 7-11. The diagram below illustrates the production possibilities for growing rice and wheat in America under different sets of circumstances, A, B, C, D, and E. Begin with A in each case. Wheat E 0 Rice Select the curve (A, B, C, D, or E) that best illustrates each of the following circumstances. 8. A virulent disease wipes out much, but not all, of the wheat crop.Question 10 1 pts Questions 7-12 test your understanding of the production possibilities frontier (PPF). Questions 7-11. The diagram below illustrates the production possibilities for growing rice and wheat in America under different sets of circumstances, A, B, C, D, and E. Begin with A in each case. Wheat E D 0 Rice Select the curve (A, B, C, D, or E) that best illustrates each of the following circumstances. 10. Consumer preferences switch from rice to wheat