1) Figure 2-4 Figure 2-4 shows various points on three diff
1) Figure 2-4 Figure 2-4 shows various points on three different production possibilities frontiers for a nation.Refer to Figure 2-4. A movement from ________ is the result of negative technological change in plastic production. Answer choices:A. Z to YB. W to ZC. V to XD. X to W2)Figure 2-9Figure 2-9 shows the production possibilities frontiers for Pakistan and Indonesia. Each country produces two goods, cotton and cashews.Refer to Figure 2-9. What is the opportunity cost of producing 1 bolt of cotton in Pakistan?Answer choices:A. 3/8 of a pound of cashewsB. 5/8 of a pound of cashewsC. 1 3/5 pounds of cashewsD. 150 pounds of cashews3)DeShawn’s Detailing is a service that details cars at the customers’ homes or places of work. DeShawn’s cost for a basic detailing package is $40, and he charges $75 for this service. For a total price of $90, DeShawn will also detail the car’s engine, a service that adds an additional $20 to the total cost of the package. Should DeShawn continue to offer the engine detailing service?Answer choices:A. Yes, he still makes a profit by selling the engine detailing service with the basic detailing package.B. Yes, but only if he raises the price of the basic detailing package.C. No, his marginal benefit is less than his marginal cost.D. More information is needed for DeShawn to make this decision.4) Consider the following items: a.the album ‘Divide’ by Ed Sheeranb.a Dutch horticulturalist’s new method for cultivating hybrid tulipsc.Rolls Royce’s ‘Spirit of Ecstasy’ hood ornament designd.the fine china department at a Macy’s department storeWhich of the items listed is an example of intellectual property?Answer choices:A. a and b onlyB. a, b, and cC. a and d onlyD. all the items listed5)Figure 3-5Refer to Figure 3-5. In a free market such as that depicted above, a surplus is eliminated byAnswer choices:A. a price decrease, decreasing the quantity supplied and increasing the quantity demanded.B. a price increase, increasing the quanity supplied and decreasing the quantity demanded.C. a price decrease, decreasing the supply and increasing the demand.D. a price increase, increasing the supply and decreasing the demand.6)Consumers are willing to purchase a product up to the point where Answer choices:A. The consumer surplus is equal to the producer surplus.B. The marginal benefit of consuming the product equals the area below the supply curve and above the market price.C. The marginal benefit of consuming the product is equal to the marginal cost of consuming it.D. The marginal benefit of consuming a product is equal to its price.7)Figure 2-1Refer to Figure 2-1. PointB isAnswer choices:A. technically efficientB. unattainable with current resorucesC. inefficient in that not all resources are being usedD. the equilibrium output combination8)Figure 2-6Refer to Figure 2-6. If the economy is currently producing at pointE, what is the opportunity cost of moving to pointB?Answer choices:A. 10 thousand hammersB. 30 thousand wrenchesC. 13 thousand hammersD. 0 wrenches9)Consider the following economic agents: a.the governmentb. consumersc.producersWho, in a centrally planned economy, decides what goods and services will be produced with the scarce resources available in that economy?Answer choices:A. the governmentB. producersC. consumersD. consumers and producersE. the government, consumers, and producers10)Figure 2-4 Figure 2-4 shows various points on three different production possibilities frontiers for a nation.Refer to Figure 2-4. Consider the following movements: a.from point V to point Wb.from point W to point Yc.from point Y to point ZWhich of the movements listed above represents advancements in technology with respect to only plastic production?Answer choices:A. a, b, and cB. b and c onlyC. b onlyD. c only11)A change in which variable will change the market demand for a product?Answer choices:A. populationB. technologyC. the prices of substitutes in productionD. the price of the product
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