Scarcity implies that:

Group of answer choices

A. consumers would be willing to purchase the same quantity of a good at a higher price.

B. it is impossible to completely fulfill the unlimited human desire for goods and services with the limited resources available.

C. at the current market price, consumers are willing to purchase more of a good than suppliers are willing to produce.

D. consumers are too poor to afford the goods and services available.

Flag question: Question 2Question 22pts

"If I didn't have class tonight, I would save the $4 campus parking fee and spend four hours at work where I earn $10 per hour." The opportunity cost of attending class this evening is:

Group of answer choices

A. $0

B. $4

C. $40

D. $44

Flag question: Question 3Question 32pts

The _________ is the only price where quantity demanded is equal to quantity supplied.

Group of answer choices

A. equilibrium price

B. horizontal axis intercept

C. vertical axis intercept

D. market price

Flag question: Question 4Question 42pts

Price	D1	D2	S1	S2
$12	5	8	19	14
$10	8	12	17	12
$8	11	15	15	10
$6	13	18	13	8
$4	16	21	11	6
$2	18	24	8	4

Refer to above table. Suppose that D1 and S1 are the prevailing demand and supply curves for a product. If the demand schedule changes from D1 to D2, then:

Group of answer choices

A. equilibrium price decreases from $6 to $4.

B. equilibrium quantity decreases from 15 to 13.

C. equilibrium quantity increases from 13 to 18.

D. equilibrium price increases from $6 to $8

Flag question: Question 5Question 52pts

Whenever there is a surplus at a particular price, the quantity sold at that price will equal:

Group of answer choices

(quantity demanded plus quantity supplied)/2.

B. the quantity supplied at that price.

C. the quantity supplied minus the quantity demanded.

D. the quantity demanded at that price.

Flag question: Question 6Question 62pts

Demand is said to be __________ when the quantity demanded changes at the same proportion as the price.

Group of answer choices

A. elastic

B. unit elastic

C. inelastic

D. independent

Flag question: Question 7Question 72pts

Suppose that Mimi plays golf 5 times per month when the price is $40 and 4 times per month when the price is $50. What is the price elasticity of Mimi's demand curve?

Group of answer choices

A. 0.1

B. 0.8

C. 1.0

D. 10.0

Flag question: Question 8Question 82pts

The price elasticity of demand for tickets to local baseball games is estimated to be equal to 0.89. In order to boost ticket revenues, an economist would advise:

Group of answer choices

A. increasing the price of game tickets because demand is inelastic.

B. not changing the price of game tickets because demand is unit elastic.

C. increasing the price of game tickets because demand is elastic.

D. decreasing the price of game tickets because demand is elastic.

Flag question: Question 9Question 92pts

In the U.S., the amount in savings contributed to IRAs rose from $239 billion in 1992 to $3,667 billion by 2005, while overall savings actually dropped from low to lower. Evidence suggests that, in the economy as a whole, increased savings in these retirement accounts:

Group of answer choices

A. are the negative result of a change in wage levels and a higher work effort.

B. the result of personal preferences and intertemporal budget constraints.

C. are being offset by negative savings or less savings in other kinds of accounts.

D. the result of a higher interest rates and preferences about present consumption.

Flag question: Question 10Question 102pts

Molly attends college and works part-time job as a telemarketer. She can work up to 40 hours each week at her job, which pays $8 per hour. The table below shows her utility from different levels of leisure and income. Molly is currently working 20 hours per week. If she decides to work 30 hours instead, then her marginal utility loss from having less leisure is:

Hours of Leisure	Total Utility from Leisure	Income	Total Utility from Income
0	0	0	0
5	18	40	30
15	34	80	54
15	48	120	72
20	56	160	81
25	60	200	87
30	62	240	90
		280	92

Group of answer choices

A. 18

B. 34

C. 3

D. 6