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Jul 27th, 2015
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Question description

  1. The production possibilities frontier assumes that the level of technologyvaries when applying the model.

  2. 4 points  

Question 2

  1. The law of supply states that there is a negative relationship between priceand quantity demanded.

4 points  

Question 3

  1. Demand is measured on the vertical axis and supply on the horizontalaxis.

4 points  

Question 4

  1. Opportunity cost is the lowest valued benefit that must be sacrificed asthe result of choosing an alternative.

4 points  

Question 5

  1. Joint output of individuals or nations will be maximized when goods are exchanged between parties in accordance with the law of "comparative advantage".

4 points  

Question 6

  1. Excess demand in the market will cause the price of a product to decline.

4 points  

Question 7

  1. A supply curve is negatively sloped, while a demand curve is positively sloped. If given a graph of them both, that will be evidenced by computingeach curve's X axis divided by its Y axis when devising a 90-degree angle.

4 points  

Question 8

  1. A point inside the production possibilities frontier represents an economythat is utilizing resources efficiently.

4 points  

Question 9

  1. A change in quantity demanded is a movement along the same demandcurve.

4 points  

Question 10

  1. For economies that rely on decentralized decision making, the most important decisions are made by the government.

4 points  

Question 11

  1. The smaller percentage of one's net budget one has to allocate moneyto a particular product, the more price inelastic will be the demandfor that product.

4 points  

Question 12

  1. Government actions, such as price floors and ceilings, can actually reduce employment and raise market inefficiency

4 points  

Question 13

  1. In the circular flow model, firms own economic resources, and householdsbuy the manufactured products and services.

4 points  

Question 14

  1. Households play a dual role of providing the factors of production whilepurchasing the goods and services of firms.

4 points  

Question 15

  1. Equilibrium is a state of balance between supply and demand.

4 points  

Question 16

  1. In the production possibilities frontier, a nation's boundary will shift inward if they export more than they import, likely leading to inflationarypressures in the economy.

4 points  

Question 17

  1. An increase in consumer income will affect the supply of any given product.

4 points  

Question 18

  1. As globalization and world trade proliferates, individual markets withincountries' economies become more competitive.

4 points  

Question 19

  1. "As the price of gasoline rises, consumer demand decreases. In addition,the quantity demanded of compact cars increased, causing their priceto rise." This statement contains two errors: demand and quantitydemanded are confused twice.

4 points  

Question 20

  1. If the spot oil price in petroleum markets is rising, then we can expect thesupply curves of products using petroleum as an input to shift rightward.

4 points  

Question 21

  1. A substitute good is a determinant of supply.

4 points  

Question 22

  1. The law of demand states that there is a direct relationship betweensupply and demand.

4 points  

Question 23

  1. The "Law of diminishing returns" states that as any activity is extended,it eventually becomes increasingly easier to pursue the activity further.

4 points  

Question 24

  1. Antiques would tend to have highly price inelastic supply curves.

4 points  

Question 25

  1. "The big corporations in this country, like ExxonMobil and GM, havedeep pockets and need to be hiring more people." This isa positive statement about economic policy.

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School: UT Austin

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