02 May Question: Question 26 0.4 pts When one producer has a comparative advantage in production, he or she O is u…
Question 26 0.4 pts When one producer has a comparative advantage in production, he or she O is unable to reach his or her production possibilities frontier (PPF) O does not benefit from trade with other producers. trades only with others who have the same comparative advantage. can produce a good at a lower opportunity cost than someone else. O can produce more output than someone else using the same quantity of resources, Question 27 0.4 pts Leading economic indicators suggest that incomes will be going up next year. In response to these reports, companies are forecasting increased prices for future sales of their goods. As a result of these increases, the supply curve will O shift to the right, causing the equilibrium price to decrease. remain the same, but the equilibrium price will increase. shift to the left, causing the equilibrium price to increase. O shift to the right, causing the equilibrium price to increase. O remain the same, but the equilibrium price will decrease. Question 28 0.4 pts Which one of the following pairs of goods is likely to have a negative cross- price elasticity of demand? tennis shoes and flip-flops soda and water O coffee and cream O spaghetti and ravioli O tea and coffee
Question 29 0.4 pts Ceteris paribus means in sets of two. buyer beware. constant opportunity cost other things being equal. there is no reason to argue about people’s tastes Question 30 0.4 pts Which of the following scenarios would represent a monopoly? O In a city, there are two taxi cab companies. O In a city, there are 10 different carpet cleaning companies. In a city, there are five hotels for visitors to stay OIn a city, there are 1,300 different restaurants. In a city, there is one Ethiopian restaurant.
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