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

surplus of 4,000 bushels will result.

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

Every American deserves a national health insurance.

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

the quantity supplied of corn to be rising

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.

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

a decrease in the price of tacos.

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

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Basics of Economics

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Beginning Economics #microeconomics

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Questions 15

Answers

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

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