Question 1 Not yet answered Points out of 1.00 Flag question Figure 1.1 Figure 1.1 OF OUTPUT OF TANKS OUTPUT OF AUTOMOBIL PPCZ PPCI Refer to Figure 1.1. Which statement is true regarding points D and E on production possibilities curve PPC1? Select one: Oa. point D represents a more efficient use of resources than point E Ob. a shift in the PPC is needed to move between the two points Oc. point E has a production mix with more automobiles than point D Od. both are possible mixes of outputQuestion T Not yet answered Points out of 1.00 ' Flag question Which of the following is considered a determinant of supply for a consumer good: Select one: (a. the prices of the inputs used to produce the good Ob. income O(' consumer tastes Od. income taxes Question 12 Not yet answered Points out of 1.00 Flag question Tesla Auto Company announces that it will offer a new model called Model S+ effective immediately. As a result of this information, today's demand curve for the current Model S Select one: (Qa. shifts to the right (QOb. shifts to the left O(' will not shift; rather, the demand curve for Mustangs will shift to the right next month Qd. willinvert Question 13 Not yet answered Points out of 1.00 Flag question When the price a good increases, the amount sold tends to decrease. This phenomenon is best described as: Select one: (Qa. lawof supply QOb. law of one price OC. invisible hand Qd. law of demand Qe. law of scarcity Question 14 Not yet answered Points out of 1.00 Flag question Which of the following events could shift the demand curve for gasoline to the left? Select one: (a. Public service announcements are run on television, encouraging people drive to work instead of walking or riding bicycles. Qb. Income of gasoline buyers rises, and gasoline is a normal good (c. Taxes on gasoline increase (Od. The price of gasoline falls Figure 1-1 Price D1 D2 Quantity Question 15 Not yet answered Points out of 1.00 Flag question The shift from D2 to D1 is called Select one: Oa. an increase in overall demand Ob. a decrease in overall demand (c. adecrease in quantity demanded (Od. anincrease in quantity demanded Question 16 Not yet answered Points out of 1.00 Flag question The movement along D2 could be caused by Select one: Oa. an increase in price Ob. a decrease in the price of a complement c. a technological advance in production Od. a decrease in the price of a substituteQuestion 17 Mot yet answered Points out of 1.00 Flag question If the demand curve shifts from D2 to D1, then Select one; Q- Ob. Oc. Qd. firms would be willing to supply less of the good than before at each possible price people are willing to buy less of the good than before at each possible price people's incomes evidently have increased people are willing to buy less of the good than before at each possible price Use for questions 18-20 P Question 18 Mot yet answered Points out of 1.00 Flag question Assume starting at point e in figure 7. What is the likely position of the new equilibrium if the demand curve shifts to the left? Qa. a Qb. b Qc Qd. d Question 19 Not yet answered Points out of 1.00 Flag question Assume starting at point e in figure 7. What is the likely position of the new equilibrium if the supply curve shifts to the left? Oa. a Qb. b OC. C Qd. d Question 2 Not yet answered Points out of 1.00 Flag question Suppose that the graph below depicts demand and supply electric vehicles built in the US. Which graph best represents the situation when new technology in robotic production improves the efficiency in producing vehicles.? Figure 2.1 Figure 2.1 Supply Curve Supply Curve Demand Curve Demand Curve (leftward) (rightward) (leftward) (rightward) Quantity Quantity Quantity 2} (b} e} Select one: Qa. @ Qb. b Qc Qd. d Question 20 Not yet answered Points out of 1.00 P Flag question Assume starting at point e in Figure 7. If the demand curve shifts to the left, what will happen to the equilibrium price level? Oa. rise Ob. fall Oc. no change Od. fall at first but then fall back to the original positionQuestion 3 Mot yet answered Points out of 1.00 v Flag question Which of the following events will cause the price of locally grown apricots to rise: Select one: Oa. QOb. @] Qd. A rain storm that ends a drought and improves the apricot harvest A news report of one medical study suggesting apricots causes illnesses A tariff is on apricot imports is canceled A strike by farm workers ends resulting in raising wages for harvesting apricots Question 4 Not yet answered Paints out of 1.00 Flag question The price of tomatoes at a local market will fall because of the following event: Select one: Qs A summer of prime tomato-growing weather resulting in a large harvest of tomatoes A hailstorm that destroys one half of the tomatoes just ready for harvest A news report of one medical study suggesting tomatoes cure certain illnesses A strike by farm workers resulting in higher wages for harvesting tomatoes Question 5 Not yet answered Points out of 1.00 P Flag question Which of the following will increase the overall demand for homes? Select one: Oa. A decrease in interest rates Ob. A decrease in consumer income Oc. A decrease in the price of homes Od. An increase in the supply of homes Question 6 Not yet answered Points out of 1.00 P Flag question Per capita GDP is: Select one: Oa. Also known as GDP Ob. Also known as average GDP Oc. Also known as Real GDP Od. The value of the factors of production used to produce output in a countryQuestion 7 Mot yet answered Points out of 1.00 Flag question Per capita GDP will fall if GDP: Select one: (Oa. increases more rapidly than the population increases (Ob. increases at the same rate as the population increases (Oc. decreases and the population increases (Od. increases more slowly than the population decreases Question 8 Mot yet answered Points out of 1.00 Flag question What percent of US output is manufactured goods? Select one: Oa. about 10% Ob. about 20% Oc. about 60% Od. about 80% Question 9 Not yet answered Points out of 1.00 Flag question Which of the following is considered in the calculation of 2023 US GDP? Select one: Oa. QOb. O Od. sale of a used Chevy Malibu volunteers building a home for a family in need payment for income taxes laptop produced and purchased in US Question 10 Not yet answered Points out of 1.00 v Flag guestion If the price charged is below the market equilibrium price, what is likely to occur? Select one: @F! surplus (Ob. shortage Oc. rise in quantity demand (Od. fallin quantity supplied