A society that is producing its maximum combination of goods and using all avail
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A society that is producing its maximum combination of goods and using all available resources for production:
Group of answer choiceshas maximized its opportunity cost.has minimized its opportunity cost.
has eliminated scarcity.
is operating on its production possibilities frontier (PPF).
is operating outside its production possibilities frontier (PPF).
Flag question: Question 2Question 21 pts
Because of scarcity:
Group of answer choicesindividuals and societies are allowed no choice about which wants and needs to satisfy.choices can be made about which wants to satisfy, but not about which resources to use.
individuals and societies must choose which wants and needs to satisfy.
choices must be made about which resources to use, but not about which wants to satisfy.
all choices about wants and using resources must be made by the government.
Flag question: Question 3Question 31 pts
You have a comparative advantage in producing a good whenever:
Group of answer choicesyour opportunity cost is constant.you can produce more of the good than someone else can using the same resources.
you have specific training in the production of that good.
your opportunity cost of producing that good is lower than that of other producers.
you enjoy producing that good.
Flag question: Question 4Question 41 pts
Which of the following shifts a demand curve to the left?
Group of answer choicesThe good is currently in style.The price of the good in question goes down.
The price of a complementary good falls.
People believe the price of the good will go down soon.
Flag question: Question 5Question 51 pts
Which of the following is an example of an inferior good?
Group of answer choicessushibooks
cinnamon rolls
thrift store clothes
Flag question: Question 6Question 61 pts
The Law of Supply is a negative (or inverse) relationship.
Group of answer choicesTrueFalse
Flag question: Question 7Question 71 pts
This causes the supply curve to shift (either to the right or to the left).
Group of answer choicesThe determinants of demand.The price of the good in question.
The supply curve can never shift.
The determinants of supply.
Flag question: Question 8Question 81 pts
When the quantity demanded is greater than the quantity supplied, we are in an equilibrium.
Group of answer choicesTrueFalse
Flag question: Question 9Question 91 pts
A ___________ is a minimum legal price a seller may charge for a good or service.
Group of answer choicesopportunity costprice ceiling
equilibrium price
price floor
Flag question: Question 10Question 101 pts
Which of the following statements about economic growth is true?
Group of answer choicesall countries have experienced the same rate of economic growththose countries experiencing growth later will never catch-up
the general trend for countries is economic growth
the general trend for countries is economic decline
Flag question: Question 11Question 111 pts
What will happen in a market where a binding price floor is removed?
Group of answer choicesThe price or quantity of the product sold in the legal market will not changeThere will be upward pressure on the prices
There will be downward pressure on the prices
The products sold will become scarcer
There will be increased pressure to buy and sell the good on the black market
Flag question: Question 12Question 121 pts
What will happen when a non-binding price ceiling is imposed?
Group of answer choicesShortages will occur.Surpluses will occur.
The market will not be impacted by this type of price ceiling.
1-Suppose you have a market for grapes which is currently in equilibrium. Thinking of the supply and demand graph for this market, what would have to happen to cause both the equilibrium quantity of grapes in this market to rise and the equilibrium price of grapes in this market to fall? Is this even something that could happen?
In your answer, please pay attention to and describe what would have to happen to the supply and demand. (You may of course elaborate with any hypothetical “real life” reasons for any changes in the graph too.)2-
2-a. When economists say they “think at the margins,” what is this referring to? In other words, what is happening when someone is “thinking at the margins”?
b. What is one “real life” example of when we might have to “think at the margins”?
In your answer, be sure to define all economic terms used.
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