Which of the following will cause a movement along the demand curve for chicken (an increase in the quantity demanded)?

A decrease in the price of chicken

If the production technology of a good improves and at the same time that consumer demand increases, what is true?

Equilibrium quantity will increase.

A leftward shift of the supply curve for computers could be caused by which of the following in the short run?

A decrease in the number of computer manufacturers

What is the correct labelling for supply and demand curves?

P is on Y axis, Q on X, D downward sloping, S is upward sloping

For an economy that is operating inside its production possibilities curve, which of the following is true?

It can increase the production of both goods.

Which of the following changes would result in an indeterminate change in the equilibrium price in a competitive market?

An increase in demand and an increase in supply

Which of the following would best explain an inward shift of the production possibilities curve?

A decrease in the quality of human capital

Which of the following best explains why many United States economists support free international trade?

Gains to most consumers and producers exceed the losses to other producers.

What are the four factors of production?

Land, labor, capital, entrepreneurship

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Questions 10

Answers

1
Which of the following will cause a movement along the demand curve for chicken (an increase in the quantity demanded)?
An increase in consumers' income
A decrease in the price of chicken
A decrease in the price of barbecue sauce, a complementary good
An increase in the price of chicken
2
If the production technology of a good improves and at the same time that consumer demand increases, what is true?
Equilibrium quantity will increase.
Equilibrium quantity will remain the same.
Equilibrium price will decrease.
Equilibrium price will increase.
3
A leftward shift of the supply curve for computers could be caused by which of the following in the short run?
A decrease in the price of components used to assemble computers
A decrease in the price of computers
A decrease in the number of computer manufacturers
A decease in taxes on computer manufacturers
4
What is the correct labelling for supply and demand curves?
P is on Y axis, Q on X, S downward sloping, D is upward sloping
P is on X axis, Q on Y, D is downward sloping, S is upward sloping
P is on Y axis, Q on X, D downward sloping, S is upward sloping
Q is on Y axis, P on X, S downward sloping, D is upward sloping
5
For an economy that is operating inside its production possibilities curve, which of the following is true?
It is using all available resources efficiently.
It can increase the production of both goods.
Its population is growing faster than the economy.
It can't move to a point on the PPC with available technology.
6
Which of the following changes would result in an indeterminate change in the equilibrium price in a competitive market?
A decrease in demand and an increase in supply
An increase in demand and an increase in supply
A decrease in demand with no change in supply
An increase in demand and a decrease in supply
7
Which Seattle-based Catholic high school has the best fall sports team?
Blanchet
Seattle Prep
Kennedy Catholic
Odea
8
Which of the following would best explain an inward shift of the production possibilities curve?
A decrease in the quality of human capital
A decrease of the number of inputs required to produce a product
An increase in the labor-force participation rate
An increase in the rate of savings
9
Which of the following best explains why many United States economists support free international trade?
Gains to most consumers and producers exceed the losses to other producers.
It is more important to reduce inflation than to reduce unemployment.
Workers are not affected; only businesses suffer.
Workers who lose their jobs can collect unemployment compensation.
10
What are the four factors of production?
Land, labor, capital, entrepreneurship
Land, labor, capital, consumer goods
Land, labor, wages, and entrepreneurship
Land, wages, capital, stock

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