Monday, January 30, 2012

Microeconomics Yup

User Jedi Swift
Submitted 1/30/12 9:23 PM
Status Completed
Score 46 out of 0 points  
Instructions

  •  Question 1

    1 out of 1 points
    The word “economy” comes from the Greek word oikonomos, which means

    Selected Answer:  c. 
    “one who manages a household.”
    Correct Answer:  c. 
    “one who manages a household.”

  • Question 2

    1 out of 1 points
    In considering how to allocate its scarce resources among its various members, a household considers

    Selected Answer:  d. 
    all of the above
    Correct Answer:  d. 
    all of the above

  • Question 3

    1 out of 1 points
    Which of the following is correct?

    Selected Answer:  b. 
    Economists study the management of scarce resources.
    Correct Answer:  b. 
    Economists study the management of scarce resources.

  • Question 4

    1 out of 1 points
    The overriding reason why households and societies face many decisions is that

    Selected Answer:  c. 
    resources are scarce.
    Correct Answer:  c. 
    resources are scarce.

  • Question 5

    1 out of 1 points
    Economics is the study of

    Selected Answer:  b. 
    how society manages its scarce resources.
    Correct Answer:  b. 
    how society manages its scarce resources.

  • Question 6

    1 out of 1 points
    Oil is considered to be a non-renewable energy source.  Oil

    Selected Answer:  d. 
    is a scarce resource.
    Correct Answer:  d. 
    is a scarce resource.

  • Question 7

    1 out of 1 points
    Which of the following is a decision that economists study?

    Selected Answer:  d. 
    All of the above are correct.
    Correct Answer:  d. 
    All of the above are correct.

  • Question 8

    0 out of 1 points
    Incorrect
    Which of the following statements best represents the principle represented by the adage, "There is no such thing as a free lunch"?

    Selected Answer:  c. 
    Melissa can attend the concert only if she takes her sister with her.
    Correct Answer:  d. 
    Kendra must decide between going to Colorado or Cancun for spring break.

  • Question 9

    0 out of 1 points
    Incorrect
    Economists use the word equality to describe a situation in which

    Selected Answer:  c. 
    each member of society has access to abundant quantities of goods and services, regardless of his or her income.
    Correct Answer:  d. 
    each member of society has the same income.

  • Question 10

    1 out of 1 points
    Efficiency

    Selected Answer:  d. 
    refers to how much a society can produce with its resources.  Equality refers to how evenly the benefits from using resources are distributed among members of society.
    Correct Answer:  d. 
    refers to how much a society can produce with its resources.  Equality refers to how evenly the benefits from using resources are distributed among members of society.

  • Question 11

    1 out of 1 points
    The property of society getting the most it can from its scarce resources is called

    Selected Answer:  b. 
    efficiency.
    Correct Answer:  b. 
    efficiency.

  • Question 12

    1 out of 1 points
    Which of the following is true?

    Selected Answer:  b. 
    Efficiency refers to the size of the economic pie; equality refers to how the pie is divided.
    Correct Answer:  b. 
    Efficiency refers to the size of the economic pie; equality refers to how the pie is divided.

  • Question 13

    1 out of 1 points
    When the government redistributes income from the wealthy to the poor,

    Selected Answer:  a. 
    people work less and produce fewer goods and services.
    Correct Answer:  a. 
    people work less and produce fewer goods and services.

  • Question 14

    1 out of 1 points
    Senator Green argues that replacing the income tax with a national sales tax would increase the level of output.  Senator Brown objects that this policy would benefit the rich at the expense of the poor.

    Selected Answer:  a. 
    Senator Green’s argument is primarily about efficiency, while Senator Brown’s argument is primarily about equality.
    Correct Answer:  a. 
    Senator Green’s argument is primarily about efficiency, while Senator Brown’s argument is primarily about equality.

  • Question 15

    0 out of 1 points
    Incorrect
    Suppose the government taxes the wealthy at a higher rate than it taxes the poor and then develops programs to redistribute the tax revenue from the wealthy to the poor.  This redistribution of wealth

    Selected Answer:  d. 
    is less equal and less efficient for society.
    Correct Answer:  a. 
    is more equal but less efficient for society.

  • Question 16

    1 out of 1 points
    The government has just passed a law requiring that all residents earn the same annual income regardless of work effort.  This law is likely to

    Selected Answer:  d. 
    decrease efficiency but increase equality.
    Correct Answer:  d. 
    decrease efficiency but increase equality.

  • Question 17

    1 out of 1 points
    In economics, the cost of something is

    Selected Answer:  c. 
    what you give up to get it.
    Correct Answer:  c. 
    what you give up to get it.

  • Question 18

    0 out of 1 points
    Incorrect
    Which of the following is correct concerning opportunity cost?

    Selected Answer:  a. 
    To compute opportunity costs, you should subtract benefits from costs.
    Correct Answer:  c. 
    Except to the extent that you pay more for them, opportunity costs should not include the cost of things you would have purchased anyway.

  • Question 19

    0 out of 1 points
    Incorrect
    For most students, the largest single cost of a college education is

    Selected Answer:  b. 
    room and board.
    Correct Answer:  d. 
    the wages given up to attend school.

  • Question 20

    0 out of 1 points
    Incorrect
    For a college student who wishes to calculate the true costs of going to college, the costs of room and board

    Selected Answer:  a. 
    plus the cost of tuition, equals the opportunity cost of going to college.
    Correct Answer:  c. 
    should be counted only to the extent that they are more expensive at college than elsewhere.

  • Question 21

    1 out of 1 points
    Suppose after graduating from college you get a job working at a bank earning $30,000 per year.  After two years of working at the bank earning the same salary, you have an opportunity to enroll in a one-year graduate program that would require you to quit your job at the bank.  Which of the following should not be included in a calculation of your opportunity cost?

    Selected Answer:  a. 
    the $45,000 salary that you will be able to earn after having completed your graduate program
    Correct Answer:  a. 
    the $45,000 salary that you will be able to earn after having completed your graduate program

  • Question 22

    0 out of 1 points
    Incorrect
    Maureen’s college raises the cost of room and board per semester.  This increase raises Maureen’s opportunity cost of attending college

    Selected Answer:  d. 
    even if the amount she would have to pay for room and board if she didn’t attend college rose by the same amount. An increase in opportunity cost reduces Maureen’s incentive to attend college.
    Correct Answer:  c. 
    only if the amount she would have to pay for room and board if she didn’t attend college rose by less than the increase in the amount her college charges.  An increase in opportunity cost reduces Maureen’s incentive to attend college.

  • Question 23

    0 out of 1 points
    Incorrect
    When calculating the cost of college, which of the following should you probably not  include?

    Selected Answer:  a. 
    The income you would have earned had you not gone to college
    Correct Answer:  c. 
    The cost of rent for your off-campus apartment.

  • Question 24

    1 out of 1 points
    You have driven 500 miles on a vacation and then you notice that you are only 25 miles from an attraction you hadn’t known about, but would really like to see.  In computing the opportunity cost of visiting this attraction you had not planned to visit, you should include

    Selected Answer:  b. 
    the cost of driving the next 25 miles, but not the cost of driving the first 500.
    Correct Answer:  b. 
    the cost of driving the next 25 miles, but not the cost of driving the first 500.

  • Question 25

    0 out of 1 points
    Incorrect
    College-age athletes who drop out of college to play professional sports

    Selected Answer:  b. 
    underestimate the value of a college education.
    Correct Answer:  c. 
    are well aware that their opportunity cost of attending college is very high.

  • Question 26

    1 out of 1 points
    A rational decisionmaker

    Selected Answer:  b. 
    takes an action only if the marginal benefit of that action exceeds the marginal cost of that action.
    Correct Answer:  b. 
    takes an action only if the marginal benefit of that action exceeds the marginal cost of that action.

  • Question 27

    1 out of 1 points
    A rational decisionmaker takes an action if and only if

    Selected Answer:  b. 
    the marginal benefit of the action exceeds the marginal cost of the action.
    Correct Answer:  b. 
    the marginal benefit of the action exceeds the marginal cost of the action.

  • Question 28

    0 out of 1 points
    Incorrect
    People are willing to pay more for a diamond than for a bottle of water because

    Selected Answer:  a. 
    the marginal cost of producing an extra diamond far exceeds the marginal cost of producing an extra bottle of water.
    Correct Answer:  d. 
    the marginal benefit of an extra diamond far exceeds the marginal benefit of an extra bottle of water.

  • Question 29

    1 out of 1 points
    A barber currently cuts hair for 50 clients per week and earns a profit. He is considering expanding his operation in order to serve more clients. Should he expand?

    Selected Answer:  a. 
    It depends on the marginal cost of serving more clients and the marginal revenue he will earn from serving more clients.
    Correct Answer:  a. 
    It depends on the marginal cost of serving more clients and the marginal revenue he will earn from serving more clients.

  • Question 30

    1 out of 1 points
    Katie is planning to sell her house, and she is considering making two upgrades to the house before listing it for sale.  Replacing the carpeting will cost her $2,500 and replacing the roof will cost her $9,000.  Katie expects the new carpeting to increase the value of her house by $3,000 and the new roof to increase the value of her house by $7,000.

    Selected Answer:  c. 
    She should replace the carpeting but not replace the roof.
    Correct Answer:  c. 
    She should replace the carpeting but not replace the roof.

  • Question 31

    1 out of 1 points
    A construction company has built 30 houses so far this year at a total cost to the company of $7.5 million. If the company builds a 31st house, its total cost will increase to $7.76 million. Which of the following statements is correct?

    Selected Answer:  d. 
    All of the above are correct.
    Correct Answer:  d. 
    All of the above are correct.

  • Question 32

    0 out of 1 points
    Incorrect
    Catherine buys and sells real estate. Two weeks ago, she paid $300,000 for a house on Pine Street, intending to spend $50,000 on repairs and then sell the house for $400,000. Last week, the city government announced a plan to build a new landfill on Pine Street just down the street from the house Catherine purchased. As a result of the city’s announced plan, Catherine is weighing two alternatives: She can go ahead with the $50,000 in repairs and then sell the house for $290,000, or she can forgo the repairs and sell the house as it is for $250,000. She should

    Selected Answer:  b. 
    go ahead with the $50,000 in repairs and sell the house for $290,000.
    Correct Answer:  c. 
    forgo the repairs and sell the house as it is for $250,000.

  • Question 33

    0 out of 1 points
    Incorrect
    You are considering staying in college another semester so that you can complete a major in economics.  In deciding whether or not to stay you should

    Selected Answer:  c. 
    compare the total cost of your education to the total benefits of your education.
    Correct Answer:  b. 
    compare the cost of staying one more semester to the benefits of staying one more semester.

  • Question 34

    0 out of 1 points
    Incorrect
    Kyle is planning to take a roadtrip.  After he makes his plans, he has to make some unexpected auto repairs.  Also, he sees the price of gas has gone up.  Which of these two events should Kyle consider in deciding if it is still worthwhile to go on the trip?

    Selected Answer:  a. 
    the unexpected repairs and the increase in the price of gas
    Correct Answer:  c. 
    the increase in the price of gas, but not the unexpected repairs

  • Question 35

    1 out of 1 points
    Suppose your management professor has been offered a corporate job with a 30 percent pay increase. He has decided to take the job. For him, the marginal

    Selected Answer:  b. 
    benefit of leaving was greater than the marginal cost.
    Correct Answer:  b. 
    benefit of leaving was greater than the marginal cost.

  • Question 36

    0 out of 1 points
    Incorrect
    U.S. laws requiring that drivers wear seat belts have resulted in

    Selected Answer:  a. 
    fewer accidents and fewer deaths per accident.
    Correct Answer:  d. 
    little change in the number of driver deaths, but more accidents and more pedestrian deaths.

  • Question 37

    0 out of 1 points
    Incorrect
    One effect of the government-imposed seat belt law in the U.S. has been

    Selected Answer:  d. 
    a dramatic decrease in the number of driver deaths.
    Correct Answer:  c. 
    an increase in the number of accidents.

  • Question 38

    1 out of 1 points
    Suppose the state of Illinois passes a law that bans smoking in restaurants.  As a result, residents of Wisconsin who do not like breathing second-hand smoke begin driving across the border to Illinois to eat at restaurants there.  Which of the following principles does this best illustrate?

    Selected Answer:  d. 
    People respond to incentives
    Correct Answer:  d. 
    People respond to incentives

  • Question 39

    0 out of 1 points
    Incorrect
    Which of the following statements exemplifies a principle of individual decisionmaking?

    Selected Answer:  d. 
    All of the above are correct.
    Correct Answer:  c. 
    The cost of something is what you give up to get it.

  • Question 40

    1 out of 1 points
    Which of the following is not an example of a group responding to an incentive?

    Selected Answer:  b. 
    Universities offer fewer online classes when they generate more revenue than traditional classes.
    Correct Answer:  b. 
    Universities offer fewer online classes when they generate more revenue than traditional classes.

  • Question 41

    1 out of 1 points
    Economists, like mathematicians, physicists, and biologists,

    Selected Answer:  d. 
    All of the above are correct.
    Correct Answer:  d. 
    All of the above are correct.

  • Question 42

    1 out of 1 points
    The essence of science is

    Selected Answer:  b. 
    the scientific method.
    Correct Answer:  b. 
    the scientific method.

  • Question 43

    0 out of 1 points
    Incorrect
    Economists face an obstacle that many other scientists do not face.  What is that obstacle?

    Selected Answer:  d. 
    Economics cannot be addressed objectively; it must be addressed subjectively.
    Correct Answer:  a. 
    It is often difficult and sometimes impossible to perform experiments in economics.

  • Question 44

    1 out of 1 points
    In conducting their research, economists face an obstacle that not all scientists face; specifically, in economics, it is often difficult and sometimes impossible to

    Selected Answer:  c. 
    conduct laboratory experiments.
    Correct Answer:  c. 
    conduct laboratory experiments.

  • Question 45

    1 out of 1 points
    Because it is difficult for economists to use experiments to generate data, they generally must

    Selected Answer:  d. 
    use whatever data the world gives them.
    Correct Answer:  d. 
    use whatever data the world gives them.

  • Question 46

    1 out of 1 points
    Instead of conducting laboratory experiments to generate data to test their theories, economists often

    Selected Answer:  a. 
    gather data from historical episodes of economic change.
    Correct Answer:  a. 
    gather data from historical episodes of economic change.

  • Question 47

    0 out of 1 points
    Incorrect
    Economists make use of assumptions, some of which are unrealistic, for the purpose of

    Selected Answer:  c. 
    developing models when the scientific method cannot be used.
    Correct Answer:  d. 
    focusing their thinking.

  • Question 48

    0 out of 1 points
    Incorrect
    An economic theory about international trade that is based on the assumption that there are only two countries trading two goods

    Selected Answer:  d. 
    can be useful only in situations involving two countries and two goods.
    Correct Answer:  b. 
    can be useful in helping economists understand the complex world of international trade involving many countries and many goods.

  • Question 49

    1 out of 1 points
    When studying the effects of public policy changes, economists

    Selected Answer:  a. 
    sometimes make different assumptions about the short run and the long run.
    Correct Answer:  a. 
    sometimes make different assumptions about the short run and the long run.

  • Question 50

    1 out of 1 points
    Which of the following statements about models is correct?

    Selected Answer:  d. 
    Models assume away irrelevant details.
    Correct Answer:  d. 
    Models assume away irrelevant details.

  • Question 51

    0 out of 1 points
    Incorrect
    In building economic models, economists often omit

    Selected Answer:  b. 
    assumptions.
    Correct Answer:  a. 
    details.

  • Question 52

    1 out of 1 points
    Economic models

    Selected Answer:  c. 
    are simplifications of reality, and in this respect economic models are no different from other scientific models.
    Correct Answer:  c. 
    are simplifications of reality, and in this respect economic models are no different from other scientific models.

  • Question 53

    0 out of 1 points
    Incorrect
    Just like models constructed in other areas of science, economic models

    Selected Answer:  a. 
    incorporate all details of the real world.
    Correct Answer:  d. 
    incorporate assumptions that contradict reality.

  • Question 54

    0 out of 1 points
    Incorrect
    Economic models are built with

    Selected Answer:  d. 
    facts about the legal system.
    Correct Answer:  c. 
    assumptions.

  • Question 55

    0 out of 1 points
    Incorrect
    The circular-flow diagram is an example of

    Selected Answer:  d. 
    All of the above are correct.
    Correct Answer:  b. 
    an economic model.

  • Question 56

    1 out of 1 points
    In the simple circular-flow diagram, the participants in the economy are

    Selected Answer:  a. 
    households and firms.
    Correct Answer:  a. 
    households and firms.

  • Question 57

    0 out of 1 points
    Incorrect
    Factors of production are

    Selected Answer:  b. 
    also called output.
    Correct Answer:  d. 
    used to produce goods and services.

  • Question 58

    0 out of 1 points
    Incorrect
    In economics, capital refers to

    Selected Answer:  d. 
    the finances necessary for firms to produce their products.
    Correct Answer:  c. 
    buildings and machines used in the production process.

  • Question 59

    1 out of 1 points
    In the simple circular-flow diagram,

    Selected Answer:  d. 
    All of the above are correct.
    Correct Answer:  d. 
    All of the above are correct.

  • Question 60

    1 out of 1 points
    In the circular-flow diagram, another name for goods and services produced by firms is

    Selected Answer:  c. 
    output.
    Correct Answer:  c. 
    output.

  • Question 61

    0 out of 1 points
    Incorrect
    Which markets are represented in the simple circular-flow diagram?

    Selected Answer:  a. 
    markets for goods and services and markets for imports and exports
    Correct Answer:  c. 
    markets for goods and services and markets for factors of production

  • Question 62

    1 out of 1 points
    In the circular-flow diagram, in the markets for

    Selected Answer:  d. 
    goods and services, households are buyers and firms are sellers.
    Correct Answer:  d. 
    goods and services, households are buyers and firms are sellers.

  • Question 63

    0 out of 1 points
    Incorrect
    In the markets for goods and services in the circular-flow diagram,

    Selected Answer:  a. 
    households provide firms with labor, land, and capital.
    Correct Answer:  b. 
    firms provide households with output.

  • Question 64

    0 out of 1 points
    Incorrect
    In the markets for the factors of production in the circular-flow diagram,

    Selected Answer:  b. 
    households are buyers and firms are sellers.
    Correct Answer:  c. 
    households are sellers and firms are buyers.

  • Question 65

    0 out of 1 points
    Incorrect
    The inner loop of the circular-flow diagram represents the flows of inputs and outputs.  Which of the following does not appear on the inner loop?

    Selected Answer:  b. 
    Land
    Correct Answer:  d. 
    Wages

  • Question 66

    1 out of 1 points
    Figure 2-1
    nar001-1.jpg

    Refer to Figure 2-1.  Which arrow represents the flow of goods and services?

    Selected Answer:  b. 
    B
    Correct Answer:  b. 
    B

  • Question 67

    1 out of 1 points
    Figure 2-1
    nar001-1.jpg

    Refer to Figure 2-1.  Which arrow represents the flow of land, labor, and capital?

    Selected Answer:  c. 
    C
    Correct Answer:  c. 
    C

  • Question 68

    0 out of 1 points
    Incorrect
    Figure 2-2
    nar002-1.jpg

    Refer to Figure 2-2.  If households are sellers in the markets represented by Box D of this circular-flow diagram, then

    Selected Answer:  b. 
    Box C must represent the markets for goods and services.
    Correct Answer:  d. 
    All of the above are correct.

  • Question 69

    0 out of 1 points
    Incorrect
    Figure 2-2
    nar002-1.jpg

    Refer to Figure 2-2.  If the owners of land, labor, and capital are represented by Box B of this circular-flow diagram, then

    Selected Answer:  c. 
    households are represented by Box A.
    Correct Answer:  d. 
    firms are represented by Box A.

  • Question 70

    0 out of 1 points
    Incorrect
    Figure 2-2
    nar002-1.jpg

    Refer to Figure 2-2.  If the flow of goods and services is part of what is represented by the inner loop of this circular-flow diagram, then

    Selected Answer:  c. 
    households must be sellers of output.
    Correct Answer:  d. 
    the flow of factors of production is also part of what is represented by the inner loop.

  • Question 71

    0 out of 1 points
    Incorrect
    Figure 2-2
    nar002-1.jpg

    Refer to Figure 2-2.  Devin works as an attorney for a corporation and is paid a salary in exchange for the legal services he performs.  Juan owns office buildings and rents his buildings to companies in exchange for rent payments.  If Devin’s income is represented by a flow of dollars from Box D to Box B of this circular-flow diagram, then Juan’s income is represented by a flow of dollars

    Selected Answer:  b. 
    from Box A to Box C.
    Correct Answer:  d. 
    from Box D to Box B.

  • Question 72

    0 out of 1 points
    Incorrect
    The production possibilities frontier is a graph that shows the various combinations of output that an economy can possibly produce given the available factors of production and

    Selected Answer:  b. 
    a fair distribution of the output.
    Correct Answer:  c. 
    the available production technology.

  • Question 73

    0 out of 1 points
    Incorrect
    When constructing a production possibilities frontier, which of the following assumptions is not made?

    Selected Answer:  c. 
    The technology available to firms is given.
    Correct Answer:  a. 
    The quantities of the factors of production that are available are increasing over the relevant time period.

  • Question 74

    1 out of 1 points
    Any point on a country's production possibilities frontier represents a combination of two goods that an economy

    Selected Answer:  d. 
    can produce using all available resources and technology.
    Correct Answer:  d. 
    can produce using all available resources and technology.

  • Question 75

    1 out of 1 points
    Where can an economy not produce?

    Selected Answer:  b. 
    outside its production possibilities frontier
    Correct Answer:  b. 
    outside its production possibilities frontier

  • Question 76

    0 out of 1 points
    Incorrect
    Production is efficient if the economy is producing at a point

    Selected Answer:  a. 
    outside the production possibilities frontier.
    Correct Answer:  c. 
    on the production possibilities frontier.

  • Question 77

    0 out of 1 points
    Incorrect
    Efficiency is illustrated by

    Selected Answer:  a. 
    both the production possibilities frontier and the circular-flow diagram.
    Correct Answer:  b. 
    the production possibilities frontier only.

  • Question 78

    0 out of 1 points
    Incorrect
    A production possibilities frontier can shift outward if

    Selected Answer:  b. 
    resources are shifted from the production of one good to the production of the other good.
    Correct Answer:  a. 
    there is a technological improvement.

  • Question 79

    0 out of 1 points
    Incorrect
    A production possibilities frontier shifts outward when

    Selected Answer:  c. 
    the desires of the economy’s citizens change.
    Correct Answer:  a. 
    the economy experiences economic growth.

  • Question 80

    0 out of 1 points
    Incorrect
    Suppose an economy produces two goods, food and machines.  This economy always operates on its production possibilities frontier.  Last year, it produced 1000 units of food and 47 machines.  This year, it is producing 1050 units of food and 52 machines.  Which of the following events could not explain the increase in output?

    Selected Answer:  b. 
    an increase in available labor
    Correct Answer:  a. 
    a reduction in unemployment

  • Question 81

    0 out of 1 points
    Incorrect
    A certain production possibilities frontier shows production possibilities for two goods, jewelry and clothing.  Which of the following concepts cannot be illustrated by this model?

    Selected Answer:  d. 
    the opportunity cost of clothing in terms of jewelry
    Correct Answer:  a. 
    the flow of dollars between sellers of jewelry and clothing and buyers of jewelry and clothing

  • Question 82

    0 out of 1 points
    Incorrect
    Table 2-3Production Possibilities for Libraryland

    Books
    Magazines
    400
    0
    300
    200
    200
    350
    100
    450
    0
    500


    Refer to Table 2-3.  Which of the following statements is correct?

    Selected Answer:  a. 
    Libraryland’s production possibilities frontier is a straight, downward-sloping line.
    Correct Answer:  b. 
    The opportunity cost of an additional 100 books increases as more books are produced.

  • Question 83

    0 out of 1 points
    Incorrect
    Table 2-4Production Possibilities for Batterland

    Pancakes
    Waffles
    600
       0
    450
    150
    300
    250
    150
    325
       0
    375


    Refer to Table 2-4.  What is the opportunity cost to Batterland of increasing the production of pancakes from 150 to 300?

    Selected Answer:  b. 
    150 waffles
    Correct Answer:  a. 
    75 waffles

  • Question 84

    1 out of 1 points
    Figure 2-3nar005-1.jpg

    Refer to Figure 2-3.  At which point is this economy producing its maximum possible quantity of pans?

    Selected Answer:  d. 
    N
    Correct Answer:  d. 
    N

  • Question 85

    0 out of 1 points
    Incorrect
    Figure 2-3nar005-1.jpg

    Refer to Figure 2-3.  This economy has the ability to produce at which point(s)?

    Selected Answer:  a. 
    M
    Correct Answer:  c. 
    K, M, N

  • Question 86

    0 out of 1 points
    Incorrect
    Figure 2-4nar006-1.jpg

    Refer to Figure 2-4.  This economy cannot currently produce 30 notepads and 45 lamps because

    Selected Answer:  d. 
    All of the above are correct.
    Correct Answer:  c. 
    given its current technology, it does not have the resources to produce that level of output.

  • Question 87

    1 out of 1 points
    Figure 2-4nar006-1.jpg

    Refer to Figure 2-4.  Efficient production is represented by which point(s)?

    Selected Answer:  c. 
    Y, Z
    Correct Answer:  c. 
    Y, Z

  • Question 88

    0 out of 1 points
    Incorrect
    Figure 2-4nar006-1.jpg

    Refer to Figure 2-4.  The opportunity cost of obtaining 10 additional lamps by moving from point W to point Z is

    Selected Answer:  d. 
    None of the above; the economy cannot move from point W to point Z.
    Correct Answer:  a. 
    0 notepads.

  • Question 89

    0 out of 1 points
    Incorrect
    Figure 2-5nar007-1.jpg

    Refer to Figure 2-5.  A movement from point C to point D could be caused by

    Selected Answer:  d. 
    All of the above are correct.
    Correct Answer:  a. 
    unemployment.

  • Question 90

    1 out of 1 points
    Figure 2-5nar007-1.jpg

    Refer to Figure 2-5.  If this economy moves from point A to point B, then which of the following statements is correct?

    Selected Answer:  d. 
    None of the above is correct.
    Correct Answer:  d. 
    None of the above is correct.

  • Question 91

    0 out of 1 points
    Incorrect
    Figure 2-5nar007-1.jpg

    Refer to Figure 2-5.  The opportunity cost of this economy moving from point D to point B is

    Selected Answer:  d. 
    50 soccer balls and 60 sweaters.
    Correct Answer:  c. 
    zero.

  • Question 92

    1 out of 1 points
    Figure 2-6nar008-1.jpg

    Refer to Figure 2-6.  If this economy devotes all of its resources to the production of clocks, then it will produce

    Selected Answer:  c. 
    16 clocks and 0 candles.
    Correct Answer:  c. 
    16 clocks and 0 candles.

  • Question 93

    0 out of 1 points
    Incorrect
    Figure 2-6nar008-1.jpg

    Refer to Figure 2-6.  Unemployment could cause this economy to produce at which point(s)?

    Selected Answer:  a. 
    D
    Correct Answer:  b. 
    C, F, G

  • Question 94

    0 out of 1 points
    Incorrect
    Figure 2-8
    Panel (a)Panel (b)
    nar009-1.jpgnar009-2.jpg


    Refer to Figure 2-8, Panel (a).  Production is

    Selected Answer:  c. 
    possible at points J, L, M, and N, but efficient only at point N.
    Correct Answer:  b. 
    possible at points J, K, L, and M, but efficient only at points J, L, and M.

  • Question 95

    0 out of 1 points
    Incorrect
    Figure 2-8
    Panel (a)Panel (b)
    nar009-1.jpgnar009-2.jpg


    Refer to Figure 2-8, Panel (a) and Panel (b).  A shift of the economy’s production possibilities frontier from Panel (a) to Panel (b) could be caused by

    Selected Answer:  c. 
    an improvement in coffee production technology.
    Correct Answer:  d. 
    an improvement in donut production technology.

  • Question 96

    0 out of 1 points
    Incorrect
    Figure 2-9
    Panel (a)Panel (b)
    nar010-1.jpgnar010-2.jpg


    Refer to Figure 2-9, Panel (a) and Panel (b).  Which of the following is not a result of the shift of the economy’s production possibilities frontier from Panel (a) to Panel (b)?

    Selected Answer:  c. 
    the opportunity cost of a computer is higher at all levels of computer production
    Correct Answer:  b. 
    production of 2 printers and 5 computers becomes efficient

  • Question 97

    0 out of 1 points
    Incorrect
    Figure 2-10nar011-1.jpg

    Refer to Figure 2-10.  The shift of the production possibilities frontier from A to B illustrates

    Selected Answer:  d. 
    All of the above are correct.
    Correct Answer:  c. 
    economic growth.

  • Question 98

    0 out of 1 points
    Incorrect
    Table 2-5
    Cookies (in dozens)
    Coffee (in pounds)
    1000
    0
    800
    350
    600
    650
    400
    800
    200
    1000
    0
    1150


    Refer to Table 2-5. Table 2-5 shows one set of production possibilities. What is the opportunity cost of an increase in the production of coffee from 350 pounds to 650 pounds?

    Selected Answer:  c. 
    200 pounds of coffee
    Correct Answer:  d. 
    200 dozen cookies

  • Question 99

    1 out of 1 points
    A microeconomist — as opposed to a macroeconomist — might study

    Selected Answer:  a. 
    the effect of rising oil prices on employment in the airline industry.
    Correct Answer:  a. 
    the effect of rising oil prices on employment in the airline industry.

  • Question 100

    1 out of 1 points
    Which of the following areas of study typifies macroeconomics as opposed to microeconomics?

    Selected Answer:  b. 
    the effect on the economy of changes in the nation’s unemployment rate
    Correct Answer:  b. 
    the effect on the economy of changes in the nation’s unemployment rate

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