03 Jun Question Question 1Following is the production possibi
Question
Question 1Following is the production possibilities frontier for an economy producing two goods Good A and Good B. Identify the correct statement.Production Possibilities Schedule Good A Good BChoice 1 100 0Choice 2 90 20Choice 3 70 40Choice 4 40 60Choice 5 0 80Select one:a. The opportunity cost of producing more of A decreases as A increases.b. The opportunity cost of producing more of B decreases as B increases.c. If this economy fully and efficiently employs all its resources, it can produce 100 units of A and 80 units of B.d. This economy can produce 70 units of A and 40 units of B.e. This economy can produce 100 units of A and 20 units of B.
Question 2Which of the following conditions will be true for a nation operating at a point lying inside its production possibilities frontier?Select one:a. The nation is not utilizing its resources efficiently.b. The nation is producing the maximum output that can be produced with a limited quantity of resources.c. The nation is producing the maximum output that can be produced with its unlimited quantity of resources.d. The nation is clearly utilizing its resources efficiently.e. The nation has experienced a technological breakthrough in one of its key industries. Question 3A point outside the production possibilities frontier [PPF]Select one:a. is attainable if all resources are used efficientlyb. will never be attainable, even if the quantity of resources increasesc. represents inefficient use of resourcesd. represents more resources than are currently availablee. may be due to unemployment
Question 4If the production (supply) of two goods is complementary, a decrease in the price of one willSelect one:a. decrease supply of the otherb. increase supply of the otherc. decrease the price of the otherd. increase the quantity supplied of the other Question 5Demand for goods and services (feedstocks) that go into final products (such as milk into ice cream) isSelect one:a. direct demandb. utilityc. derived demandd. product demand
Question 6The effect on sales of a decrease in price is an increase inSelect one:a. the quantity demandedb. demandc. the quantity suppliedd. supply
Question 7Economics is the study of how people cope withSelect one:a. limited time and unlimited incomeb. limited human wantsc. unlimited resourcesd. greede. scarcity
Question 8A shift in the demand curve expresses a relation between the quantity andSelect one:a. priceb. a price that is 50% above the average pricing of comparable itemsc. All of the aboved. income levels
Question 9Arc price elasticity measures elasticitySelect one:a. at a spot/point on a functionb. using an arithmetic average of two point elasticitiesc. before nonprice effectsd. over a given range along a price function
Question 10A demand curve expresses the relation between the quantity demanded andSelect one:a. advertisingb. incomec. priced. All of the above
Question 11Which of the following is a microeconomic concern?Select one:a. The unemployment level for a countryb. The rate of economic growth in the United Statesc. How to maintain or improve the profits of a particular firmd. The national output of the United Statese. Inflation
Question 12Given today’s fierce global competitive environment, a decrease in mandatory payments by employers to health care companies and providers for overhead health care benefits for workers would lead to an increase in theSelect one:a. the quantity supplied of workersb. demand for workersc. supply of workersd. the quantity demanded of workers
Question 13The amount of a product that people are willing and able to purchase at a specific price is referred to as theSelect one:a. consumption functionb. demandc. purchasing powerd. law of demande. quantity demanded
Question 14If you have a choice of consuming two apples plus three oranges, or one candy bar, the opportunity cost of the candy bar isSelect one:a. two apples or three oranges, whichever you value moreb. three orangesc. two applesd. two apples and three orangese. the difference in the prices of the three options
Question 15Demand is the total quantity of a good or service that customersSelect one:a. are willing and able to purchaseb. needc. are willing to purchased. are able to purchase
Question 16Supply is the total quantity of a good or service that producersSelect one:a. are willing and able to purchaseb. are willing to supplyc. are willing and technologically/economically able to supplyd. are able to purchase
Question 17In its most fundamental sense, economics is the study ofSelect one:a. externality and public goodsb. production and costc. supply and demandd. specialization and tradee. scarcity and choice
Question 18In competitive market equilibrium, social welfare is measured by theSelect one:a. difference of net benefits derived by consumers and producersb. benefits derived by producersc. benefits derived by consumersd. sum of net benefits derived by consumers and producers Question 19Archie can paint 5 backyard fences or repair 2 cars in 8 hours, while Austin can paint 4 backyard fences or repair 2 cars in 8 hours. Identify the correct statement.Select one:a. Archie and Austin are equally good in painting fences.b. Archie is relatively better in repairing cars.c. Neither Archie nor Austin are good in repairing cars.d. Austin is relatively better in painting fences.e. Archie is relatively better in painting fences. Question 20Which of the following determines the quantity demanded of a commodity?Select one:a. The number of buyersb. Consumers’ expectationsc. The income levels of consumersd
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