thank you so much

market baskets are collections of quantities of goods. I mentioned something that we could call a "goods test," an experiment that would enable us to determine if something is or isn't a good. this test led us to conclude that a good is always something physical, i.e. something with physical dimensions (length, width, height, weight). O true O false it has to be something you can see Question 12 (1 point) say a country's rate of product transformation is 2. suppose it increases its production of good 1 by one unit. what will happen to its production of good 2? it will increase by 2 units it will decrease by 2 units it will increase by 1/2 unit it will decrease by 1/2 unit based on our conceptualization of an economy, what are two of an economy's four components? supply and demand indifference curves and the production possibility frontier Oprices and production Olegal constraints and resources none of these answers Question 14 (1 point) The country that Kaldor used as an example in his essay was the U.S. Russia Australia Great Britain why can or can't we economists - determine what makes a person better/worse off? because people have different preferences because it's impossible to figure out a person's preferences by observing their behavior because people choose what market basket to consume on the basis of their preferences O because what a person wants and buys isn't necessarily what's best for them because a person's welfare is solely determined by their income, which can be observed Question 16 (1 point) suppose that if all cars are required to have working catalytic converters on them, air quality in a particular city will increase by 20%. a person living in that city has a WTP for this improvement in air quality of $300 a year. to have a working catalytic converter on their car, this person will have to spend $225 a year. what does a law requiring working catalytic converters on cars do to this person's welfare? increases it decreases it nothing (neither increases nor decreases it) Owe can't draw any conclusion about this policy's effect on this individual's say countries #1 and #2 are not trading with each other. say country #1's rate of product transformation is 3. country #2's rate of product transformation is 1. then both of these countries could possibly benefit from trade with each other. is that true? O yes no maybe, but we need more information to say Question 18 (1 point) suppose only five people are affected by the adoption of policy A. Suppose individual #1's WTP for the policy is $1,500 and individual #2's WTP for the policy is $1,000. Suppose individual #3's WTAC for the policy is $600, individual #4's WTAC is $1,000, and individual #5's WTAC is $1,200. Does this policy pass the benefit- cost test? O yes no we need more information (about individual preferences) to say when a country moves from one point on its production possibilities frontier to another, what is it doing? getting more out of it resources moving resources from one industry to another adopting new technologies O it could be doing any of these things Question 20 (1 point) say countries #1 and #2 are not trading with each other. say country #1's rate of product transformation is 3. country #2's rate of product transformation is 1. would economists argue that these two countries should change production and engage in trade with each other? O yes, because in total, more of one of the goods could be produced but less of the other O yes, because in total, more of both goods could be produced they (economists) wouldn't make the argument that they should trade