03 Jun Question 1 Because you can only obtain more of one goo
Question
1
Because you can only obtain more of one good by giving up some of another good, the shape of a production possibility curve is _______________.
downward-sloping
perfectly vertical
perfectly horizontal
upward-sloping
2. Refer to the table shown. The average product when eight workers are employed is _____6____
Number of workers Total Output
1 4
2 10
3 18
4 28
5 35
6 41
7 45
8 48
9 50
10 49
3. A resource is said to have a comparative advantage if
it is equally suited to the production of all goods.
its suitability to the production of one good changes as it produces more of that good.
its suitability to the production of one good does not change as it produces more of that good.
it is better suited to the production of one good than to the production of an alternative good.
4 Refer to the graph shown. Initially, the market is in equilibrium with price equal to $3 and quantity equal to 100. Government imposes a tax on suppliers of $1 per unit. The effect of the tax is to
?
lower the price consumers pay from $3 to $2.
lower the price sellers keep after paying the tax.
raise the price consumers pay from $3 to $4.
raise the price sellers keep after paying the tax.
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