Question Details

IncorrectQuestion 1 0 / 2.5 pts The supply curve illustrates the idea that firms decrease the quantity supplied of a good when the prices of inputs...


Eco2013 (Macroeconomics). production possibility frontier and supply and demand


IncorrectQuestion 1

 

0 / 2.5 pts

 

The supply curve illustrates the idea that firms

 

decrease the quantity supplied of a good when the prices of inputs used to make the

 

good fall.

 

increase the quantity supplied of a good when the prices of inputs used to make the

 

good rise.

 

decrease the quantity supplied of a good when the price of the good rises.

 

increase the quantity supplied of a good when the price of the good rises. Question 2

 

2.5 / 2.5 pts The price of a good has gone down. What would be a good explanation of this?

 

there are now fewer firms selling the good.

 

there was an excess demand for the good in the market.

 

the price of a substitute good has gone up.

 

the cost of a key input used to produce the good has declined. IncorrectQuestion 3

 

0 / 2.5 pts

 

Which factor does not cause a shift of the supply curve?

 

a change in consumer preferences

 

a change in input cost

 

a change in weather

 

a change in technology Question 4

 

2.5 / 2.5 pts Which of the following variables does not affect demand directly? the cost of a key input used to produce the good

 

the preferences of the people who buy the good

 

the price of the good

 

the income level of the people who buy the good IncorrectQuestion 5

 

0 / 2.5 pts A worker in Country X can produce 3.2 toasters per day or 6.8 blankets per day. A

 

worker in Country Y can produce 6.2 toasters per day or 20.5 blankets per day.

 

Suppose each country has 100 days of labor available. If each country devotes 30% of

 

the days to toaster production and 70% of the days to blanket production then in total

 

they can produce toasters and blankets. If the two countries completely specialize and

 

trade then in total they can produce toasters and blankets.

 

Please enter numbers that have been rounded to 2 decimal place such as 4.04 or 3.20

 

or 0.34.

 

Answer 1:

 

34.06

 

Answer 2:

 

15.65

 

Answer 3:

 

3.30

 

Answer 4:

 

0.47 Question 6

 

2.5 / 2.5 pts A production possibilities frontier illustrates

 

the quantity of a good produced as more labor is employed.

 

the different quantities of two goods that can be produced at the same cost.

 

the quantity of labor required to produce each additional unit of output.

 

the different quantities of two goods that can be produced with given resources. IncorrectQuestion 7

 

0 / 2.5 pts

 

All else the same, when more individuals prefer to buy a good there will be a(n)

 

upward movement along the demand curve. rightward shift of the demand curve.

 

downward movement along the demand curve.

 

leftward shift of the demand curve. Question 8

 

2.5 / 2.5 pts

 

If country A increases production of food from 1500 to 2000 units and car production

 

decreases from 600 to 350 units then the opportunity cost of producing one more unit

 

of food is _____ cars. Do not enter fractions and round your answer to one decimal place

 

such as 3.2. Question 9

 

2.5 / 2.5 pts

 

Which of the following is true?

 

At any given time, a country can never consume at a point beyond its production

 

possibilities frontier.

 

A country can never consume more of a good than it produces.

 

Specialization and trade allows a country to consume at a point beyond its production

 

possibilities frontier.

 

Specialization allows a country to produce at a point beyond its production possibilities

 

frontier. Question 10

 

2.5 / 2.5 pts The law of demand defines a

 

positive relationship between income and quantity demanded.

 

negative relationship between price and quantity demanded.

 

positive relationship between price and quantity demanded.

 

negative relationship between income and quantity demanded. Question 11 2.5 / 2.5 pts

 

The scarcity principle applies to

 

the choices of all individuals except the very rich.

 

the allocation of money resources only.

 

the allocation of physical resources only.

 

the allocation of all resources. IncorrectQuestion 12

 

0 / 2.5 pts Most nights after work, Joe picks up dinner from Tony’s Pizza or Bob’s Burritos. He

 

thinks they are both equally good places to eat. If prices at Tony’s Pizza increase by

 

10% then all else the same you would observe ____ Joe’s demand curve for pizza and

 

____ Joe’s demand curve for burritos.

 

a leftward shift of : a rightward shift of

 

a leftward shift of : a downward movement along

 

an upward movement along : a downward movement along

 

an upward movement along : a rightward shift of Question 13

 

2.5 / 2.5 pts In an eight-hour day Bob can catch 24 pounds of fish or he can repair 15 cars. In an

 

eight-hour day Fred can catch 27 pounds of fish or he can repair 18 cars. If both men

 

decide to follow their comparative advantage then Bob will gain from trade if he can sell

 

100 units of the good he is specializing in for at least ____ units of the other good. Enter

 

a number rounded to two decimal places. Question 14

 

2.5 / 2.5 pts

 

All else the same, when a firm develops a technological improvement

 

there is a rightward shift of the supply curve.

 

there is a leftward shift of the supply curve. there is a downward movement along the supply curve.

 

there is an upward movement along the supply curve. PartialQuestion 15

 

1.25 / 2.5 pts

 

Given the information in the table below, at a price of $20, there will be an excess equal to units

 

in this market. Enter the word supply or the word demand in the first blank and enter a whole

 

number in the second blank. Price

 

(per unit)

 

5

 

10

 

15

 

20

 

25 Quantity

 

Demanded

 

100

 

80

 

60

 

40

 

20 Quantity

 

Supplied

 

20

 

40

 

60

 

80

 

100 Answer 1:

 

supply

 

Answer 2:

 

demand Question 16

 

2.5 / 2.5 pts During a recession unemployment rises and income falls. As a result of the reduction in

 

income we would expect:

 

the demand for inferior goods to fall and the demand for normal goods to rise.

 

the supply for all goods and services to fall.

 

the demand for inferior goods to rise and the demand for normal goods to fall.

 

the demand for all goods and services to fall. IncorrectQuestion 17

 

0 / 2.5 pts Suppose consumers decrease their demand for restaurant meals, a luxury good, as a

 

result of having to pay more for gasoline. At the same time the increase in gasoline

 

prices increases production costs for the average restaurant. The will cause the

 

equilibrium price of a restaurant meal to and the equilibrium quantity to . Enter the

 

word increase, decrease, or uncertain into each blank.

 

Answer 1: decrease

 

Answer 2:

 

increase IncorrectQuestion 18

 

0 / 2.5 pts There are two countries, A and B, that can each produce two goods, jeans and

 

sweaters. Each country has 6 million labor hours to allocate to the production of each

 

good. The table below identifies how many units of each good can be produced in each

 

country with 1 hour of labor.

 

Jeans Sweaters A 10 4 B 28 7 Suppose initially that each country devotes 4 million labor hours to jean production and

 

2 million labor hours to sweater production. If both countries decide to completely

 

specialize and produce only that good for which they have a comparative advantage,

 

then in total they can produce million jeans and million sweaters. Enter whole numbers

 

so that for 12 million you just enter 12.

 

Answer 1:

 

1

 

Answer 2:

 

5 Question 19

 

2.5 / 2.5 pts Suppose one observes that when the price of good X increases, the demand for good Y

 

increases. One must conclude that

 

goods X and Y are complements.

 

goods X and Y are inferior goods.

 

goods X and Y are normal goods.

 

goods X and Y are substitutes. Question 20

 

2.5 / 2.5 pts Opportunity cost is defined as

 

the amount of money spent to take part in the activity chosen.

 

the value of all the possible foregone alternatives. the value of the time spent on the chosen activity.

 

the value of what you give up when choosing an activity. Question 21

 

2.5 / 2.5 pts Joe loves to eat chips and salsa. Consider his demand for tortilla chips. When the price

 

of salsa increases

 

there is a rightward shift of his demand curve for tortilla chips.

 

there is a downward movement along his demand curve for tortilla chips.

 

there is an upward movement along his demand curve for tortilla chips.

 

there is a leftward shift of his demand curve for tortilla chips. Question 22

 

2.5 / 2.5 pts

 

Mary considers a particular good to be inferior. This means that

 

an increase in her income will decrease her quantity demanded of the good.

 

she will not want to buy it.

 

an increase in the price of the good will increase her quantity demanded of the good.

 

the good will have a price of less than five dollars. Question 23

 

2.5 / 2.5 pts Suppose you observe that the price of ice cream has gone up. Which of the following

 

would not be a valid explanation of the increase in the price of ice cream?

 

it is summer time

 

there are fewer ice cream stores in the area

 

milk prices have increased a popular new diet claims ice cream is bad for you Question 24

 

2.5 / 2.5 pts Consider the market for pizza in a college town. If bad weather in California leads to a

 

shortage of tomato sauce then this will shift the curve and the equilibrium price of

 

pizza will . Enter supply or demand in the first blank, and increase or decrease in the

 

second blank.

 

Answer 1:

 

supply

 

Answer 2:

 

increase Question 25

 

2.5 / 2.5 pts Suppose you observe that the price of oranges has gone up. Which of the following

 

would be a valid explanation of the increase in the price of oranges?

 

As their income rises, people prefer to eat mangoes instead of oranges.

 

The number of orange trees in the state increases by 10%.

 

The workers who pick the oranges receive a 10% pay hike.

 

Consumers prefer to drink apple juice instead of orange juice. IncorrectQuestion 26

 

0 / 2.5 pts Which of the following best illustrates the idea of economic growth?

 

being able to produce on the production possibilities frontier

 

an outward shift of the production possibilities frontier

 

being able to consume on the production possibilities frontier

 

an inward shift of the production possibilities frontier PartialQuestion 27

 

1.25 / 2.5 pts A firm is going to buy five hours of advertising per week. They can choose to advertise on the

 

internet or in the newspaper. Both have the same per hour cost. If they did not advertise at all

 

they would have a constant 50 customers per week. For the internet advertising, the firm finds

 

that it has different numbers of total customers per week depending on how many hours they

 

advertise, based on the following table.

 

Hours of

 

1

 

2

 

3

 

4

 

5

 

Internet

 

Advertising

 

Total

 

75

 

95

 

112

 

128

 

138

 

Customers

 

Newspaper advertising increases the customers per week by a constant 15 customers

 

per hour advertised. How should the firm divide its five hours of advertising per week?

 

The firm should advertise hours on the internet and hours in the newspaper. Enter

 

whole numbers in each blank.

 

Answer 1:

 

4

 

Answer 2:

 

5 Question 28

 

2.5 / 2.5 pts

 

Consider the following information about Sue and Mary's production possibilities: Sue

 

Wash

 

0

 

10

 

20

 

30

 

40 Sue

 

Wax

 

20

 

15

 

10

 

5

 

0 Mary

 

Wash

 

0

 

5

 

10

 

15

 

20 Mary

 

Wax

 

8

 

6

 

4

 

2

 

0 The table identifies the different combinations of cars that can be washed or waxed in a

 

day for each person. Based on the information given, ____ has an absolute advantage in

 

washing cars and _____ has a comparative advantage in washing cars.

 

Sue : Sue

 

Mary : Sue

 

Mary : Mary

 

Sue : Mary Question 29

 

2.5 / 2.5 pts

 

An increase in the number of firms selling a good causes a(n)

 

upward movement along the supply curve. leftward shift of the supply curve.

 

rightward shift of the supply curve.

 

downward movement along the supply curve. Question 30

 

2.5 / 2.5 pts

 

Which of the following is a normative statement?

 

To reduce poverty there should be an increase in the minimum wage

 

An increase in the high school graduation rate will reduce poverty.

 

An increase in the minimum wage will result in fewer unskilled workers being hired.

 

An increase in the minimum wage will increase unemployment among teenagers. IncorrectQuestion 31

 

0 / 2.5 pts {calc} George and Jane need to paint fence that runs around their property and one of

 

them will be taking time off of work to complete the project. George can paint 2 feet of

 

fence in one hour. Jane can paint 2 feet of fence in two hours. George makes $75 per

 

hour at work. Jane makes $50 per hour at work. In this case _____ has the higher

 

opportunity cost of painting fence and therefore _____ should take the time off and

 

complete the project.

 

Jane ; George

 

Jane ; Jane

 

George ; George

 

George ; Jane Question 32

 

2.5 / 2.5 pts John is going to study economics for up to 5 hours this week. He has estimated his

 

economics exam grade based on how many hours he puts in, according to the table

 

below. Hours Studying Economics 1 2 3 4 5 Economics Exam Grade 50 65 79 91 95 If he devotes less than 5 hours to economics, then he will spend these hours studying

 

for his biology exam. He has determined that each extra hour he studies for biology will

 

raise his grade by 10 points. John loves biology and figures he will score at least a B

 

with no study effort. How many hours should he study for economics? Enter a whole

 

number. Question 33

 

2.5 / 2.5 pts

 

George finds he can wash 10 cars and wax 5 cars in one 8-hour shift. In the same 8hour shift he could wash 8 cars and wax 6 cars. If George has constant opportunity cost

 

and wants to wash 4 cars he can expect to be able to wax ____ cars. Enter a whole

 

number for your answer such as 12. IncorrectQuestion 34

 

0 / 2.5 pts

 

When the cost of producing a good rises, firms will want to charge a _____ price and this

 

will ___________________.

 

higher: shift the supply curve leftward

 

lower : shift the supply curve rightward

 

higher : shift the supply curve rightward

 

higher : cause an upward movement along the supply curve IncorrectQuestion 35

 

0 / 2.5 pts

 

You are going to buy a new computer at a downtown store that is a 25-minute drive

 

each way and has the computer for $840. You earn $16 per hour at your job and will

 

have to take time off to go buy the computer. You can expect to spend 40 minutes in

 

the store making your purchase. What is the implicit cost of buying the computer?

 

Enter an answer such as 42.00 or 34.50, with two decimal places. Question 36

 

2.5 / 2.5 pts If you want to measure the opportunity cost of an activity you should include {calc}

 

explicit minus implicit costs. explicit plus implicit costs.

 

explicit costs only.

 

implicit costs only. IncorrectQuestion 37

 

0 / 2.5 pts Which of the following would cause a leftward shift of the demand curve?

 

an increase in the number of firms supplying the good

 

an increase in the price of the good

 

an increase in the price of a complementary good

 

an increase in the cost of producing the good Question 38

 

2.5 / 2.5 pts

 

Consider the market for gasoline. Which of the following shifts the supply curve for

 

gasoline rightward?

 

A decrease in the price of a resource used to produce gasoline, such as crude oil.

 

A situation where the quantity demanded exceeds the quantity supplied.

 

An increase in the demand for gas-guzzling sport utility vehicles.

 

An increase in the price of gasoline. IncorrectQuestion 39

 

0 / 2.5 pts According to the law of market forces

 

price will fall if quantity demanded is greater than quantity supplied.

 

price will rise if quantity supplied is less than quantity demanded. price will fall if there is a shortage.

 

price will rise if there is a surplus. IncorrectQuestion 40

 

0 / 2.5 pts

 

Consider the production possibilities frontier for a country. Which points can be defined

 

as efficient?

 

all points that are on the production possibilities frontier

 

all points that are feasible

 

all points outside the frontier

 

all points either on or outside the frontier

 


Solution details:

Pay using PayPal (No PayPal account Required) or your credit card . All your purchases are securely protected by .
SiteLock

About this Question

STATUS

Answered

QUALITY

Approved

DATE ANSWERED

Oct 15, 2019

EXPERT

Tutor

ANSWER RATING

YES, THIS IS LEGAL

We have top-notch tutors who can do your essay/homework for you at a reasonable cost and then you can simply use that essay as a template to build your own arguments.

You can also use these solutions:

  • As a reference for in-depth understanding of the subject.
  • As a source of ideas / reasoning for your own research (if properly referenced)
  • For editing and paraphrasing (check your institution's definition of plagiarism and recommended paraphrase).
This we believe is a better way of understanding a problem and makes use of the efficiency of time of the student.

NEW ASSIGNMENT HELP?

Order New Solution. Quick Turnaround

Click on the button below in order to Order for a New, Original and High-Quality Essay Solutions. New orders are original solutions and precise to your writing instruction requirements. Place a New Order using the button below.

WE GUARANTEE, THAT YOUR PAPER WILL BE WRITTEN FROM SCRATCH AND WITHIN A DEADLINE.

Order Now