An increase in the fee charged for DVD rentals would result in a change illustratedby:

the move from l to m in panel D

Technological improvements will likely:

shift the PPC outward to Curve 2.

Which will not increase the demand curve for desktop computers?

Dell Computers goes out of business

An economy is said to have a comparative advantage in the production of one good if it:

has the ↓ opportunity cost for producing a particular good

If a price of $8 temporarily exists in this market, a:

surplus of 4,000 bushels will result.

In the market for tacos, each of the following shifts the supply curve to the left except:

a decrease in the price of tacos.

When the price of corn is rising, we would expect:

the quantity supplied of corn to be rising

Which of the following is an example of a normative statement?

Every American deserves a national health insurance.

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Basics of Economics

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Beginning Economics #microeconomics

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Questions 15

Answers

1
If the price of a commodity (e.g., oil, corn, pecans) increases, you would expect the:
quantity supplied to increase.
supply curve to shift to the right.
supply to increase.
quantity supplied to decrease.
2
An increase in the fee charged for DVD rentals would result in a change illustratedby:
the move from l to m in panel D
the move from j to k in panel C
the move from f to g in panel A
the move from h to i in panel B
3
Technological improvements will likely:
lead to increased unemployment
shift the PPC inward to Curve 1.
shift the PPC outward to Curve 2.
leave the PPC unchanged.
4
The opportunity cost for Tom to move from from point B on the curve to point A is:
10 fish
10 coconuts
5 coconuts
5 fish
5
A hurricane hits Florida - what would be the most likely new equilibrium in the O.J. market?
D
A
B
E
6
Which of the following is the best example of making a choice at the margin?
attending college
quitting your job
drinking another cup of coffee
buying a new car
7
Which will not increase the demand curve for desktop computers?
cool new computer games are developed
the price of notebook computers increases
an increase in the incomes of computer users
Dell Computers goes out of business
8
Consumer tastes for tattoos has increased. This means that the ________ for tattoos has _______
quantity demanded; increased
demand; increased
quantity demanded; decreased
demand; decreased
9
An economy is said to have a comparative advantage in the production of one good if it:
can produce less of all goods than another economy
has the ↑ opportunity cost for producing a particular good
can produce more of all goods than another economy
has the ↓ opportunity cost for producing a particular good
10
How people choose among the alternatives available to them is:
not part of the study of economics
impossible to describe
not important
the study of microeconomics
11
If a price of $8 temporarily exists in this market, a:
shortage of 4,000 bushels will result.
surplus of 6,000 bushels will result.
shortage of 2,000 bushels will result.
surplus of 4,000 bushels will result.
12
In the market for tacos, each of the following shifts the supply curve to the left except:
an increase in the price of beef.
a decrease in the price of tacos.
fewer taco shops
an increase in the wages of taco shop workers.
13
When the price of corn is rising, we would expect:
the demand for corn to be shifting inward
the quantity demanded for corn to be rising
the quantity supplied of corn to be rising
the supply of corn to be shifting outward
14
Which of the following is an example of a normative statement?
The federal gov't spend half its budget on national defense.
The rate of unemployment is 4%
A high rate of economic growth creates more jobs for the US.
Every American deserves a national health insurance.
15
A resource is anything that:
is in scarce supply.
you pay for.
can be used in production.
can be consumed.

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