Question 12 (1 point) Listen Production possibilities (alternatives) B D Capital goods 10 w / Consumer goods 12 14 Using the above production possibilities table and assuming the economy is producing at production alternative C, the opportunity cost of producing three more units of consumer goods is 2 units of capital goods 1/3 unit of capital goods 1 unit of capital goods 1/2 unit of capital goodsQuestion 13 (1 point) Listen Production possibilities (alternatives) B Capital goods + Consumer goods 12 14 15 Compared to production alternative D in the above table, the choice of alternative production C would increase future economic growth not be possible result in unemployment decrease future growthQuestion 14 (1 point) Listen Production possibilities (alternatives) E Capital goods Consumer goods 12 14 15 Based upon the table above, a total output of 3 units of capital and 4 units of consumer goods is not possible. results in maximum possible growth for the economy. is an inefficient use of available resources and technology. O none of the above,Question 15 (1 point) I: P Induction o ssibilities :kematives B Q Q L E Capital goods 5 4 3 2 1 0 Consumer goods 0 5 9 12 14 15 Using the above table, for the economy to produce a total of 3 units of capital goods and 13 units of consumer goods, it must 0 use the available resources and technology more efficiently. O obtain additional resources and/or gain higher levels of technology. 0 reach full employment. 0 none of the above. Question 16 (1 point) I: 0 1 2 a 4 Tractors Referring to the above graph, starting at point A, the opportunity cost of producing each successive unit of tractors is O a constant 2 units of bread 0 2, 4, 6 and 8 units of bread, 0 8, 6, 4 and 2 units of bread. 0 none of the above. Question 21 (1 point) I: Production Possibilities Curve (PPC) guns food (Note points B and C are located on the PPC/PPF.) Which point on the above graph indicates resources are being wasted? Question 22 (1 point) I:I Production Possibilities Curve (PPC) guns food (Note points B and C are on the PPC/PPF.) Which point of production on the above graph is not achievable with available resources and technology. Question 23 (1 point) I: Production Possibilities Curve (PPC) guns food (Note points B and C above are on the PPC/PPF.) Which point(s) indicate(s) maximum possible production output known as productive or technical efficiency? Question 24 (1 point) I: Produtllnn Possibilities Graph Capital goods Consumer goods Which point(s) on the above PPC/PPF will lead to greater future production possibilities, i.e. economic growth represented by an outward shift in the future PPC/PPF? (hint: capital goods are on the vertical axis) 0 either point A or B 0 none of the above Question 32 (1 point) I: Based upon the above graph, changes in variable Y due to a "shift" from line A to line B are caused by changes in 0 one or more outside variables 0 both variables X and outside variables 0 variable X "only" because all outside variables are assumed constant or ceteris paribus. 0 none of the above. Question 33 (1 point) I: Referencing the above graph, the relationship between variables X and Y for lines A and B is 0 zero 0 inverse (negative) 0 direct (positive) 0 infinite Question 34 (1 point) I: Using the above graph, changes in variable Y while "moving along line" A or B are caused by 0 changes in one or more outside variables. O changes in variable X "only" because all outside variables are assumed constant or ceteris paribus. 0 changes in both variable X and outside variables. 0 none of the above. Question 40 (1 point) I: (1) (2) (3) (4) (5) Q: Q Bldg 9; Q; 50 40 S l 0 70 SO 60 50 9 60 70 80 60 8 50 60 90 70 7 40 50 100 80 6 30 40 Refer to the above table. If the demand schedule is represented by columns (2) and (3) and the supply schedule by columns (3) and (5), equilibrium price and quantity will be 0 $10 and 60 units 0 $9 and 50 units 0 $8 and 60 units 0 $7 and 50 units Question 41 (1 point) I: (1) (1) (3) (4) (5) Q4 Qt BEE Q. Qv 50 40 S l 0 70 SO 60 50 9 60 70 80 60 8 50 60 90 70 'I 40 50 100 80 6 30 40 Refer to the above table. Suppose the demand schedule is represented by columns (2) and (3) and the supply schedule by columns (3) and (5). If the price were artificially set at $9 0 the market would be in equilibrium. 0 a surplus of 20 units would exist. 0 a shortage of 20 units would exist. O none of the above. Question 43 (1 point) I: Table 25.] Individual Demand and Supply Schedules Quaniih' Demandrd Bv Price A] Betsy ('ascy Market 8400 4 2 l 3.00 6 I I 2.00 10 2 i 1.00 ll 2 i Quanilh' Supplied By Pm: antics limit Comic Marks: $400 IS 9 II 3.00 S 7 10 2.00 6 3 6 1.00 0 0 5 Complete the market demand and supply blanks in the table above. Based upon your answers, if the current price is $4, the market would 0 be in equilibrium. 0 experience a shortage of 7 units. 0 experience a surplus of 20 units. 0 experience a surplus of 28 units. Question 44 (1 point) Listen Table 25.1 Individual Demand and Supply Schedules Quantity Demanded By Price Al Betsy Casey Market $4.00 Al 3.00 6 2.00 10 ww N 1.00 12 Quantity Supplied By Price Alice Butch Connie Market $4.00 15 11 3.00 10 2.00 1.00 Complete the market demand and supply blanks in the table above. Based upon your answers, if the current price was $2, the market would O be in equilibrium. O experience a shortage of 12 units. O experience a surplus of 2 units. O experience a surplus of 25 unitsQuestion 45 (1 point) Listen Table 25.1 Individual Demand and Supply Schedules Quantity Demanded By Price Betsy Casey Market $4.00 2 3.00 6 N 2.00 10 1.00 12 Quantity Supplied By Price Alice Butch Connie Market $4.00 15 3.00 10 2.00 u a 1.00 Complete the market demand and supply blanks in the table above. Based upon your answers, the equilibrium market quantity would be 17 units 15 units 25 units 35 unitsQuestion 46 (1 point) Listen Table 25.1 Individual Demand and Supply Schedules Quantity Demanded By Price Al Betsy Casey Market $4.00 3.00 6 NNNN 2.00 10 1.00 12 w Quantity Supplied By Price Alice Butch Connie Market $4.00 15 11 3.00 10 2.00 u a 1.00 Complete the market demand and supply blanks in the above table. Based upon your answers, the equilibrium market price would be O $4 O $3 O $2 O $1Question 47 (1 point) I: Tillie 25.! Individual Demand and Supply Schedules Quanlv Drmandrd Bv Price A] Betsy Casey Market 8400 4 2 l 3.00 6 I I 2.00 10 2 3 1.00 12 2 3 Quantity Supplied BY Ears Alice Butch (Lemur: Marks: $400 15 9 ii 3.00 8 7 10 2.00 6 3 6 1.00 0 0 5 Complete the market demand and supply blanks in the above table. Based upon your answers, if the government set by law that no price less than $3 could be charged, 0 a price ceiling would exist. 0 a price floor would exist. 0 the market would be in equilibrium O the government can not legally mandate the price of a product. Question 51 (1 point) I: Using the above graph, at a price of $20, ceteris paribus, pressure in the market is for 0 price to rise and quantity supplied to fall. 0 price to rise and quantity supplied to rise 0 price to fall and quantity supplied to fall 0 price to fall and quantity supplied to rise. Question 52 (1 point) Listen Supply $50 $30 Dollars Per Unit $20 $10 Demand SO 10 20 30 50 Quantity A price ceiling on the above graph of supply and demand would occur at a price of $50. O $40. O $30. O $20.Question 54 (1 point) Listen Supply $50 $40 $30 Dollars Per Unit $20 $10 Demand 30 Quantity Using the above graph, an increase in demand (shift to the right), will cause equilibrium price to O rise and quantity to fall. Ofall and quantity to rise. rise and quantity to rise. Ofall and quantity fall.Question 55 (1 point) () Listen Supply $50 $40 $30 Dollars Per Unit $20 $10 Demand SO 10 20 30 40 50 Quantity A price floor would occur on the above graph a a price of O $40. O $30. $20. $10.Question 56 (1 point) Listen Supply $50 $30 Dollars Per Unit $20 $10 Demand SO 10 20 30 Quantity At what price(s) on the above graph would a surplus exist? $10 and $20 $30 $40 and $50 Onone of the aboveQuestion 57 (1 point) I:I I'Vuhfllx A decrease in supply (shift to the left) on the above graph, will cause market equilibrium price to 0 rise and quantity to fall. 0 fall and quantity to rise. 0 rise and quantity to rise. 0 none of the above. Question 58 (1 point) I: Datum: l'hiLz'lh An increase in worker wages (cost of labor) will shift the __________________ on the above graph. 0 demand curve to the left 0 demand curve to the right 0 supply curve to the right 0 supply curve to the left Question 59 (1 point) I: A decrease in buyers' income, ceteris paribus, for the purchase of a normal good will shift the ______________________ on the above graph. 0 demand curve to the left 0 demand curve to the right 0 supply curve to the left 0 supply curve to the right Question 60 (1 point) I: lklmm: An increase in technology will shift the __________________________ on the above graph. 0 demand curve to the left 0 demand curve to the right 0 supply curve to the right 0 supply curve to the left Question 61 (1 point) Listen 5so Supply $30 Dollars Per Unit $20 $10 Demand 10 20 30 50 Quantity An increase in the quantity sold of a product that is a complement to the product in the above graph will shift the graph's product demand curve to the left demand curve to the right supply curve to the left O supply curve to the rightQuestion 62 (1 point) I: III A rightward shift (increase) in the supply curve in the above graph, will cause equilibrium 0 price and quantity to decrease. O price and quantity to rise. 0 price to increase and quantity to decrease 0 price to decrease and quantity to increase. Question 63 (1 point) Listen Supply Curve Supply Curve Demand Curve Demand Curve (leftward) (rightward) (leftward) (rightward) Price Price Price Price Quantity Quantity Quantity Quantity (a) (b) (c) (d) Which of the above graphs would apply when a rise in the price of manufacturing machinery occurs for a manufacturing firm? a. Ob. O c. OdQuestion 64 (1 point) Listen Supply Curve Supply Curve Demand Curve Demand Curve (leftward) (rightward) (leftward) (rightward) Price Price Price Price Quantity Quantity Quantity Quantity (a (b) (c) (d) Based upon the above graphs, which one would show the effect on product A of a price increase of a substitute product for product A? Oa Ob. O c. Od.Question 65 (1 point) Listen Supply Curve Supply Curve Demand Curve Demand Curve (leftward) (rightward) (leftward) (rightward) Price Price Price Price Quantity Quantity Quantity Quantity (a) (b) (C) (d) The effect on an inferior good with a decrease in income is shown by which of the above graphs? a. Ob. O c. Od.Question 66 (1 point) I: 0 40 80 120100200 X Assuming ceteris paribus applies to the above graph, what causes the change in Y from 70 to 80? O a change in an outside variablels) O a change in variable X only, the independent variable 0 can not be determined 0 none of the above Question 67 (1 point) I:I o ' "'o"'d"?|o'1'idzoo x The change in Y from 70 to 80 on the above graph is known as O movement along a line 0 shift in a line 0 neither of the above Question 73 (1 point) Listen Demand Schedule Price of auto Number of new autos (dollars per auto) (millions per year) $25,000 10 22,000 12 What is the coefficient of price elasticity of demand for the above demand schedule? O 0.70 O 0.35 O 0.67 1.42Question 74 (1 point) Listen $10 90 (per unit) Price 20 Demand 10 20 40 60 80 Quantity Demanded (per period) In the $40 to $20 price range in the above graph, the value of the price elasticity of demand is closest to 0.20 0.40 1.2 4.2Question 75 (1 point) I: Demand Schedule for Automobiles Price of auto Number of new autos [dollars per auto] [millions per roar] 520.000 [0 I 8.000 30 According to the above demand schedule for automobiles, the price elasticity of demand is O 9.5 and total revenue will decrease if price decreases O 9.5 and total revenue will increase if price decreases. O 0.11 and total revenue will decrease if price increases. 0 0.11 and total revenue will increase if price decreases