QUESTION 1: Answer all parts D) Workers are hired to sell spring break C) Which of the following statements most closely aligns B) The market equilibrium price is $12 per unit. The vacation packages. Each worker is paid $100 A) Which of the following gives an inventor incentive to with Adam Smith's economic philosophy? government intervenes with a price restriction, and it per day. An experienced worker sells 5 create new products? results in a shortage. What must be true of the price packages per day. The newly hired worker sells restriction? Group of answer choices 3 packages per day. Each package sells for $450. What is the total benefit of the newly hired Group of answer choices The government should intervene with spending and tax worker per day? Subsidy Group of answer choices policies. Copyright The government set a price ceiling below $12. The government should control all aspects of the Group of answer choices economy. Price floor The government set a price floor below $12. The government should take a "hands-off" approach to $350 Patent The government set a price floor above $12. the economy. $1,350 The government set a price ceiling above $12. All wealth should be distributed equally among $2,250 households. $450 E) Which of the following is one of the three economic questions? F) A family farm in Sonoma grows grapes and makes raisins and wine with G) Which of the following is a factor of production? those grapes. What happens to their production possibilities curve if a Group of answer choices freeze destroys most of their grapevines? Group of answer choices How to produce? Group of answer choices Money How much to charge? Patents Where to live? It becomes steeper. Government spending How much to produce? It becomes flatter. Entrepreneurship It shifts outward. It shifts inward