The property of a Production Possibilities Curve (PPC) includes the following:

Group of answer choices

a. It is a boundary.

b. It shifts when technology changes.

c. It can be achieved only with the full employment of resources.

d. None of these above.

e. All of these above.

1. Economists define technology as:

Group of answer choices

a. Knowledge of science and mathematics.

b. Applied science.

c. Society's knowledge of production.

d. None of these above.

e. All of these above.

1. For a market to exhibit a surplus,

Group of answer choices

a. Demand must exceed supply.

b. The actual price must below the equilibrium price.

c. The demand curve must slope upward.

d. The supply curve must slope downward.

e. The actual price must above the equilibrium price.

Generally supply curve slope upward to the right because

Group of answer choices

a. Rising prices motivate producers to offer more units for sale.

b. Technology progresses over time, increasing the ability of firms to produce more at existing price.

c. Increases in the price of a commodity lead to rightward shifts of the supply curve.

d. Of increases in input prices as production is increased.

e. Empirical studies almost always show that this is the case.

. The following question (#22) below is based on the following information for an auto repair shop

specializing in muffler installations.

___________________________________________________

Quantity of laborNumber of

Used per daymufflers installed

____________________________________________________

00

12

26

312

414

____________________________________________

1. The average product of the third worker is

Group of answer choices

a. 1.

b. 3.

c. 4.

d. 9.

e. 10.