Question 1 Not yet answered Points out of 1.00 Flag question Question text In Figure 1.1, a shift of the production possibilities curve from PPC1 to PPC2 could be caused by: Select one: a. An decrease in the quantity of raw materials available. b. A shift of factors of production from one industry to another c. It's price is relatively high to the average consumer's income d. More labor e. All of the above Question 2 Not yet answered Points out of 1.00 Flag question Question text Suppose that the graph below depicts demand and supply curves for gasoline. Which graph best represents the situation when cost producing gasoline (refining) increases? Select one: a. a b. b c. c d. d Question 3 Not yet answered Points out of 1.00 Flag question Question text The price of tomatoes at a local market will rise because of the following event: Select one: a. A hailstorm that destroys one half of the tomatoes just ready for harvest b. A news report of one medical study suggesting tomatoes causes illnesses c. A summer of prime tomato-growing weather resulting in a large harvest of tomatoes d. A strike by farm workers ends resulting in lower wages for harvesting tomatoes Information Flag question Information text Question 4 Not yet answered Points out of 1.00 Flag question Question text The weather is particularly unfavorable for crops throughout the United States for the entire year. Select one: a. a b. b c. c d. d Question 5 Not yet answered Points out of 1.00 Flag question Question text The level of income increases for all consumers. (Assume the crops grown are an inferior goods) Select one: a. a b. b c. c d. d Question 6 Not yet answered Points out of 1.00 Flag question Question text The price of tomatoes at a local market will fall because of the following event: Select one: a. A summer of prime tomato-growing weather resulting in a large harvest of tomatoes b. A hailstorm that destroys one half of the tomatoes just ready for harvest c. A news report of one medical study suggesting tomatoes cure certain illnesses d. A strike by farm workers resulting in higher wages for harvesting tomatoes Question 7 Not yet answered Points out of 1.00 Flag question Question text OPEC lowers oil prices, which causes a significant decrease in the cost of fuel for tractors and other farm vehicles. Select one: a. a b. b c. c d. d Question 8 Not yet answered Points out of 1.00 Flag question Question text Which of the following will increase the overall demand for gasoline? Select one: a. A decrease in the price of automobiles b. A decrease in consumer income c. A decrease in the price of gasoline d. An increase in the supply of gasoline Question 9 Not yet answered Points out of 1.00 Flag question Question text Average GDP is: Select one: a. Also known as GDP b. Also known as per capita GDP c. Also known as Real GDP d. The value of the factors of production used to produce output in a country Question 10 Not yet answered Points out of 1.00 Flag question Question text Per capita GDP will rise if GDP: Select one: a. Increases more rapidly than the population increases b. Increases at the same rate as the population increases c. Decreases and the population increases d. Increases more slowly than the population increases Question 11 Not yet answered Points out of 1.00 Flag question Question text The US economy mostly produces what sort of output? Select one: a. Agricultural goods b. Services c. Manufactured goods d. Goods and services for the government Question 12 Not yet answered Points out of 1.00 Flag question Question text Which of the following is considered in the calculation of 2020 US GDP? Select one: a. sale of a 1967 Chevy Malibu b. volunteers building a home for a family in need c. payment for income tax preparation service d. laptop produced and purchased in China Question 13 Not yet answered Points out of 1.00 Flag question Question text GDP is broken down into four categories of output. Which of the following is a GDP category? Select one: a. net exports b. taxes c. savings accounts Question 14 Not yet answered Points out of 1.00 Flag question Question text Which of the following is considered a determinant of demand for a consumer good: Select one: a. the prices of the inputs used to produce the good b. income c. technology d. business taxes Question 15 Not yet answered Points out of 1.00 Flag question Question text Tesla Auto Company announces that it will offer $10,000 rebates on new Model S starting next month. As a result of this information, today's demand curve for Model S Select one: a. shifts to the right b. shifts to the left c. will not shift; rather, the demand curve for Mustangs will shift to the right next month d. will invert Question 16 Not yet answered Points out of 1.00 Flag question Question text When the price a good increases, the amount sold tends to decrease. This phenomenon is best described as: Select one: a. law of supply b. law of one price c. invisible hand d. law of demand e. law of scarcity Question 17 Not yet answered Points out of 1.00 Flag question Question text Which of the following events could shift the demand curve for gasoline to the right? Select one: a. Public service announcements are run on television, encouraging people to walk or ride bicycles instead of driving cars b. Income of gasoline buyers rises, and gasoline is a normal good c. Income of gasoline buyers rises, and gasoline is an inferior good d. The price of gasoline falls Information Flag question Information text Question 18 Not yet answered Points out of 1.00 Flag question Question text The shift from D1 to D2 is called Select one: a. an increase in overall demand b. a decrease in overall demand c. a decrease in quantity demanded d. an increase in quantity demanded Question 19 Not yet answered Points out of 1.00 Flag question Question text The movement from D1 to D2 could be caused by Select one: a. an increase in price b. a decrease in the price of a complement c. a technological advance d. a decrease in the price of a substitute Question 20 Not yet answered Points out of 1.00 Flag question Question text If the demand curve shifts from D1 to D2, then Select one: a. firms would be willing to supply less of the good than before at each possible price b. people are willing to buy less of the good than before at each possible price c. people's incomes evidently have decreased d. the price of the product has increased, causing consumers to buy less of the product