Homework Answers
5. Option A
Explanation: In the case of increasing opportunity cost, if an economy wants to produce more of one good, it needs to give up more and more units of the other good.
6. Option B
Explanation: Scarcity takes place because resources are short in supply as compared to unlimited wants.
7. Option C. Holy's statement is normative but Ben's is positive.
Explanation: A positive statement is based on facts and can be verified. A normative statement is an opinion.
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QUESTION 5 The law of increasing opportunity costs states that: OC a. if society wants to...
sestion 11 As more of a good, such as television sets, is produced, the opportunity costs...
sestion 11 As more of a good, such as television sets, is produced, the opportunity costs of producing it increases. This most likely occurs because as more of a good is produced, the inputs used to produce that good will increase in price. consumers would be willing to pay higher prices for the good as more of the good is produced resources are not equally well suited to producing all goods, and as more of a good is produced, it...
Question 11. Suppose CNN announces that bad weather in Central America has greatly reduced the number...
Question 11. Suppose CNN announces that bad weather in Central America has greatly reduced the number of cocoa bean plants and for this reason the price of chocolate is expected to rise soon, What is the impact of following on the market demand for chocolate? Select one: a. the current market demand for chocolate will decrease. b. the current quantity demanded for chocolate will decrease. c. the current market demand for chocolate will increase. d. no change will occur in...
Question 39 (Mandatory) (5 points) An unregulated market is likely to produce too much of a...
Question 39 (Mandatory) (5 points) An unregulated market is likely to produce too much of a good, compared with the socially optimal output, when A) negative externalities exist. OB) positive externalities exist. OC) benefits are given to individuals not directly involved in the transaction. D) all costs and benefits of production and consumption are reflected in the price of the product. Question 40 (Mandatory) (5 points) When firms leave a perfectly competitive market, then, other things equal, OA) market demand...
5. Improvements in technology that reduce production costs cause the _____ curve to shift to the _____, indicating a(n)...
5. Improvements in technology that reduce production costs cause the _____ curve to shift to the _____, indicating a(n) _____ in the amount _____ at each price point.A.demand; right; increase; demandedB.supply; left; decrease; suppliedC.demand; left; decrease; demandedD.supply; right; increase; supplied6. Assume a farmer’s land is equally productive in growing corn or potatoes and is currently producing both. If the price of corn increases but the price of potatoes does not change, the farm’s supply curve for potatoes will:A.shift to the...
I. Multiple Choice: Choose the alternative that best completes the statement or answers the question. 1....
I. Multiple Choice: Choose the alternative that best completes the statement or answers the question. 1. Production possibilities frontiers are typically concave (bowed out) from the origin because of the law of supply b. a. there is usually a one-for-one trade-off in resources used in production economies of scale enable firms to reduce the average costs of production as output rises d. c. the opportunity cost of a good rises as the quantity of the good produced increases e. resources...
Question 1.Susan can brew 5 gallons of root beer in an hour or she can make...
Question 1.Susan can brew 5 gallons of root beer in an hour or she can make 4 pizzas in an hour. Becky can brew 7 gallons of root beer in an hour or she can make 5 pizzas in an hour. Susan's opportunity cost of making a pizza is gallons of root beer. Becky's opportunity cost of making a pizza is gallons of root beer. Enter numbers rounded to two decimal places. Question 2 Bill and Fred bake cakes and...
Question 20 1 pts When people spend more years in school, this results in a externality because there are created by a...
Question 20 1 pts When people spend more years in school, this results in a externality because there are created by a more highly educated population. positive; external costs negative; internal costs O positive; internal benefits positive; external benefits negative; external costs Question 15 1 pts A producer knows that the price elasticity for his product is -0.5. He wants to increase quantity demanded by 30 percent. How should he change the price? increase by 6% increase by 60% decrease...
macoroeconomics 1. Society as a whole faces opportunity costs because a. there is not enough money to go around...
macoroeconomics
1. Society as a whole faces opportunity costs because a. there is not enough money to go around b. politicians are greedy c. resources are scarce d. our needs are unlimited 2. Mary decides to spend 3 hours working overtime rather than watching a video with her friends. She earns $9 an hour. Her opportunity cost of working is: a. the enjoyment she would have received had she watched the video with friends. b. $27 she earns working c....
QUESTION 21 Assume there is a price floor imposed on a good which is above the...
QUESTION 21 Assume there is a price floor imposed on a good which is above the equilibrium price. Which of the following changes would reduce the size of the surplus? a. An increase in demand. b. A decrease in demand. c. An increase in supply. d. Any of the above. QUESTION 22 Economic growth can be illustrated by: a. an inward shift of the production possibilities curve. b. a movement along the production possibilities curve. a movement from a point...
D Question 1 1 pts Consider the market for raspberries in Australia. Which of the following...
D Question 1 1 pts Consider the market for raspberries in Australia. Which of the following would most likely lead to a decrease in demand O A decrease in the price of gooseberries, a substitute for raspberries. An increase in the price of blueberries, a complement for raspberries A decrease in income if raspberries are an inferior good. O A severe frost that destroys most of the Tasmanian raspberry crop. Both a and b are correct. DI Question 2 1...
sestion 11 As more of a good, such as television sets, is produced, the opportunity costs of producing it increases. This most likely occurs because as more of a good is produced, the inputs used to produce that good will increase in price. consumers would be willing to pay higher prices for the good as more of the good is produced resources are not equally well suited to producing all goods, and as more of a good is produced, it...
Question 39 (Mandatory) (5 points) An unregulated market is likely to produce too much of a good, compared with the socially optimal output, when A) negative externalities exist. OB) positive externalities exist. OC) benefits are given to individuals not directly involved in the transaction. D) all costs and benefits of production and consumption are reflected in the price of the product. Question 40 (Mandatory) (5 points) When firms leave a perfectly competitive market, then, other things equal, OA) market demand...
I. Multiple Choice: Choose the alternative that best completes the statement or answers the question. 1. Production possibilities frontiers are typically concave (bowed out) from the origin because of the law of supply b. a. there is usually a one-for-one trade-off in resources used in production economies of scale enable firms to reduce the average costs of production as output rises d. c. the opportunity cost of a good rises as the quantity of the good produced increases e. resources...
Question 20 1 pts When people spend more years in school, this results in a externality because there are created by a more highly educated population. positive; external costs negative; internal costs O positive; internal benefits positive; external benefits negative; external costs Question 15 1 pts A producer knows that the price elasticity for his product is -0.5. He wants to increase quantity demanded by 30 percent. How should he change the price? increase by 6% increase by 60% decrease...
macoroeconomics
1. Society as a whole faces opportunity costs because a. there is not enough money to go around b. politicians are greedy c. resources are scarce d. our needs are unlimited 2. Mary decides to spend 3 hours working overtime rather than watching a video with her friends. She earns $9 an hour. Her opportunity cost of working is: a. the enjoyment she would have received had she watched the video with friends. b. $27 she earns working c....
QUESTION 21 Assume there is a price floor imposed on a good which is above the equilibrium price. Which of the following changes would reduce the size of the surplus? a. An increase in demand. b. A decrease in demand. c. An increase in supply. d. Any of the above. QUESTION 22 Economic growth can be illustrated by: a. an inward shift of the production possibilities curve. b. a movement along the production possibilities curve. a movement from a point...
D Question 1 1 pts Consider the market for raspberries in Australia. Which of the following would most likely lead to a decrease in demand O A decrease in the price of gooseberries, a substitute for raspberries. An increase in the price of blueberries, a complement for raspberries A decrease in income if raspberries are an inferior good. O A severe frost that destroys most of the Tasmanian raspberry crop. Both a and b are correct. DI Question 2 1...
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