Which of the following is an example of a non-rival good? (2 points)

Fireworks for everyone in their sightline

A toll road

A glass of water

Seats at a movie theater

An unclaimed spot on a beach

Which of the following questions helps leaders of business firms determine resource allocation? (2 points)

Who consumes the goods?

Which people most need the goods or services?

Is the opportunity cost of resources constant or increasing?

How much money do people have to pay for the goods or services?

Are the resources used to produce the goods scarce?

he primary function of a PPC is to show (2 points)

allocative efficiency

productive efficiency and opportunity cost

marginal utility

circular flow

the general suitability of all resources for any good or service

Frank can grow 15 bushels of tomatoes and 5 bushels of corn in one growing season. Mary can grow 15 bushels of tomatoes and 15 bushels of corn. In which crops should Frank and Mary specialize? (2 points)

Specialization would not benefit Mary or Frank.

Neither Frank nor Mary should specialize in tomatoes.

Frank should specialize in tomatoes and Mary in corn.

Mary and Frank should both specialize in tomatoes and corn.

Frank and Mary can benefit equally from specialization in corn.

Country Q can produce 15 pairs of socks and 5 belts in one hour. Country Z can produce 20 pairs of socks and 20 belts in one hour. Which of the following terms of trade would be mutually beneficial to both countries? (2 points)

1 belt for 2 pairs of socks

1 pair of socks for 2 belts

2 belts for 2 pairs of socks

1 belt for 5 pairs of socks

5 pairs of socks for 15 belts

Which of the following describes a situation in which total costs and benefits are the only viable evaluation to inform a decision? (2 points)

Some resource costs are unknown.

A good or service cannot be subdivided into increments or additional units.

The opportunity cost is unquantifiable.

There are no implicit benefits.

An accountant identifies steep explicit costs.

Stanley is responsible for evaluating how many liters of coconut oil should be produced by his company. His optimal choice will be based on (2 points)

total revenue only

production costs only

comparing marginal costs with marginal revenue

comparing marginal costs with total utility

comparing implicit with explicit costs

The foundational principle of consumer choice theory is that people make choices in order to (2 points)

maximize their total utility

minimize costs

consume the highest quantity for the least price

compete with other consumers

experience diminishing marginal benefits

According to rational consumer choice, what will happen to the optimal quantity of consumption for a good if the price increases? (2 points)

It will increase along with total utility.

It will decrease.

It will increase.

It will be unaffected.

Insufficient data to determine

If a consumer is trying to choose between four different restaurants for dinner, which of the following accurately describes the relief of hunger? (2 points)

It is a benefit with marginally increasing returns.

It is a variable cost of the meal because the consumer will eat varying amounts by restaurant.

That benefit is constant because a meal at any of the four restaurants will relieve hunger.

It is a rational factor to consider in the choice.

It is not a part of the utility of any of the consumer's options.