21 Jun EC300DLS1A2017 – Quiz 1
Question 1
2 / 2 pts
The test of a theory is
Question 2
2 / 2 pts
Positive economic analysis utilizes
Question 3
2 / 2 pts
The behavior of buyers and sellers depends on
Question 4
2 / 2 pts
Economists analyze markets by concentrating on
Question 5
2 / 2 pts
If a Production Possibility Frontier is concave to the origin and is drawn with the quantity of shoes on the x-axis and the quantity of T-shirts on the y-axis, a movement downward and to the right along the PPF reflects
Question 6
2 / 2 pts
The downward slope of the Production Possibilities Frontier indicates that
Question 7
2 / 2 pts
Suppose the CPI was 100 in 1990 and 300 in 2000. The average price level
Question 8
2 / 2 pts
Which of the following is a violation of the law of demand?
Question 9
2 / 2 pts
An increase in supply occurs when
Question 10
2 / 2 pts
Which of the following would result in a higher equilibrium price and an ambiguous change in equilibrium quantity?
Question 11
2 / 2 pts
Universal “free” health care in Canada is a form of a
Question 12
2 / 2 pts
Which of the following is incorrect for a linear demand curve?
Question 13
2 / 2 pts
If the cross-price elasticity of demand is 1.75, then the two goods are
Question 14
2 / 2 pts
If an increase in the price of oil from $20 to $24 per barrel induces firms to increase production from 1 million to 1.6 million barrels, then the arc elasticity of supply is
Question 15
2 / 2 pts
Which would you expect to have the highest income elasticity of demand?
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