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Economics Ten Multiple Choice Questions

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Question;1) the president of the united states promises to simultaneously produce more defense goods without any decreases in the production of other goods. under which of the following conditions could such a promise be valid?a) if the united states were producing inside its production possibilities curveb)if the united states were producing to the right of its production possibilities curvec) if the united states were producing at a point on its production possibilities curved) none of the above, the production possibilities curve must shift to the right2)which one of the following variables will change in response to a change in price?a) supplyb) the opportunity cost of producing a given quantity of outputc)quantity suppliedd)production cost for a given quantity of output3) which one of the following is true?a) firms supply more of a product when its price risesb)an increase in demand leads to a decrease in supplyc)scarcity is eliminated as firms supply more of a goodd)an increase in supply leads to a decrease in demand4.)which one of the following is true?a) firms supply more of a product when its price risesb)an increase in demands leads to a decrease in supplyc)scarcity is eliminated as firms supply more of a goodd)an increase in supply leads to decrease in demand5.)what will lead a firm to produce a good?a) the expectation of making a profit by doing sob)the expectation of generating growth for the economy by doing soc) the expectation of creating jobs by doing sod) the expectation of generating tax revenue by doing so6)what you consume is determined only by your preferences, not by your income? True or false7) in choosing whether to produce something, a firm wants to knowa) how the cost of producing the good compares to its selling priceb) how many other firms are producing the same goodc) how long the typical consumer will shop before making this purchased) how frequently consumers who purchase the good will actually use it8) assuming that the marginal utility of the first four pieces of candy was 30, 28, 24, and 18 respectively, how much total utility was derived from eating three pieces of candy?a)58b) 54c)82d)1009)goods that bring you utility are goods thata) enhance your well-beingb) have an investment valuec)allow you to save moneyd) are reasonable priced10)what does economic theory assume about human behavior?a)the people are unaware of the opportunity costs associated with consumptionb)that people consume goods in order to derive utilityc) hat people do not take price into account in deciding what to buyd) that rational consumers will spend all of their money11) which one of the following is true?a) the demand for items that are labor-intensive in their production methods will be fairly elasticb) the long-run elasticity of demand for an item will be greater than the short-run elasticityc) items that take up a small portion of your budget will have a fairly elastic demandd) the relative elasticity of demand decrease as the number of available substitutes increases

 

Paper#56889 | Written in 18-Jul-2015

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