When the price of a book is $16 per book, 40,000,000 books per year are supplied. When the price is $19 per book. 47,000,000 books per year are supplied. What is the elasticity of supply for books? Select one: a. 0.14 b. 0.28 C. 0.94 d. 0.35 Twenty years ago a stove cost $300 and a refrigerator cost $1.500. Today a stove costs $600, while a refrigerator costs $1.800. Which of the following statements is true? Select one: a. Today the relative price of a refrigerator is 1/3 stove per one refrigerator. b. Today the relative price of a refrigerator is 5 stoves per one refrigerator. C. Today the relative price of a refrigerator is 3 stoves per one refrigerator. d. Today the relative price of a refrigerator is 1/5 stove per one refrigerator. In one hour Tim can design 1 dress or 3 shirts. The opportunity cost of designing 3 shirts is Select one: a. 1/3 shirt for all 3 dresses b. 1 shirt for all 3 dresses C. 3 shirts for all 3 dresses O d. 9 shirts for all 3 dresses A choice of doing an activity is considered rational Select one: a. if total benefit is high because the person must concentrate on the activity's total benefits. O b. if the marginal cost of an activity exceeds the marginal benefit C. If the opportunity cost is too high and the additional benefit is too low. d. if the marginal benefit of an activity is higher or equal to the marginal cost. Which of the following statements regarding the 3 main economic question what. how and for whom to produce is correct? Select one: a. to answer how to produce an economy addresses how much of each factor of production is available and how much each can produce b. to answer how to produce an economy addresses how sectors of the economy contribute to production c. to answer what to produce an economy addresses how much of each factor of production is available and how much each can produce d. to answer for whom to produce an economy addresses how sectors of the economy contribute to production Which of the following is NOT a factor of production? Select one: O a. the management skill of a small business owner O b. the water used to cool a nuclear power plant c. the wages paid to workers d. the effort of farmers raising cattle You have the choice of going on out for the night, staying at home and have a quite dinner, or spending the night playing video-games. If you take a decision, the opportunity cost implies Select one: a. whatever you choose, your opportunity cost one of the other two choices, the second best. b. none of the above. c. the night out is the most expensive. d. the cost of your decision is too high as you must give up two activities to do only one, A positive statement is one concerned with Select one: a. stating scientific facts b. improving reality C. stating scientific opinions d. only positive news on the economy O If the price of product X falls by 5% and the quantity demanded increased by only 1% Select one: a. demand is price inelastic O b. demand is unit elastic O c. demand is price elastic d. demand is perfectly inelastic If the demand for clothes is price inelastic, The price for fabrics used in producing clothes has fallen. What happens to total revenues? Select one: a. increase b. remains unchanged C. reaches a minimum d. decrease