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""Please answer with simple explanation""""Please answer with simple explanation""""Please answer with simple explanation""""Please answer with simple explanation""""Please answer with simple explanation""""Please answer with simple explanation""

16. Which would not be considered as capital (or an economic resource) by an economist?

a. A share of corporate stock issued by General Motors

b. An automobile used by General Electric

c. A crane used by a building contractor

d. A razor used by a barber

17. The basic economic challenge confronting street entertainers is a :

a. Principal-agent problem

b. Free-rider problem

c. Monopoly problem

d. Taxation problem

18. When society overallocates resources to the production of a product it means that the:

a. Investment in the product is declining

b. Opportunity cost of the product is decreasing

c. Marginal benefit is greater than the marginal cost

d. Marginal benefit is less than the marginal cost

41. In a linear equation for price and quantity supplied, the value of the vertical intercept is 16 and the slope of the line is 5. If price is $296, the quantity supplied is:

a. 144

b. 150

c. 56

d. 24

43. Price Quantity supplied Quantity demanded

$10 100 295

$11 150 275

$12 190 250

$13 220 220

$14 245 180

$15 265 135

Refer to the above table. A technological advance lowers production costs such that the quantity supplied increase by 60 units of this product at each price. As a result of this technological change, equilibrium output in this market:

a. Decreased by 60 units

b. Increased by 60 units

c. Increased by 30 units

d. Decrease by 30 units

44. A and B are substitute goods, but A and C are complementary goods. If the costs of production of A decrease, then the demand for:

a. both B and C will decrease

b. both B and C will increase

c. B will increase and the demand for C will decrease

d. B will decrease and the demand for C will increase

48. Seller A was willing to sell 400 units of a commodity at a prices of $5 per unit. Seller A is now willing to sell the same number of units at a prices of $4 per units. Evidently, seller A has experiences a(n):

a. increase in supply

b. decrease in supply

c. increase in demand

d. decrease in demand

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Nelly Stracke
Nelly StrackeLv2
29 Sep 2019

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Related questions

""Please answer with simple explanations""""Please answer with simple explanations""""Please answer with simple explanations""""Please answer with simple explanations""""Please answer with simple explanations""""Please answer with simple explanations""


1. Which of the following is not characteristic of the demand for a commodity that is elastic?

a. The relative change in quantity demanded is greater than the relative in price

b. Buyers are relatively sensitive to price changes

c. Total revenue declines if price is increased

d. The elasticity coefficient is less than one

2. Suppose the price elasticity of demand for bread is 0.20 if the bread falls by 10 percent, the quantity demanded will increase by:

a. 2 percent and total expenditures on bread will rise

b. 2 percent and total expenditures on bread will fall

c. 20 percent and total expenditures on bread will fall

d. 20 percent and total expenditures on bread will rise

3. If a consumer is equilibrium, an increase in money income will:

a. Move him to a new equilibrium on a lower indifference curve

b. Make his indifferent curves steeper, but will not alter the equilibrium position

c. Have no effect on the equilibrium position because product prices have not change

d. Move him a new equilibrium on a high indifferent curve

4. The larger the coefficient of price elasticity of demand for a product, the:

a. Larger the resulting price change for an increase in supply

b. More rapid the rate at which the marginal utility of that product diminishes

c. Smaller the resulting price change for an increase in supply

5. A manufactures of frozen pizzas found that total revenue decreased when price was lowed from $5to $4. It was also found that total revenue decreased when price was raised from $5 to $6. Thus,

a. The demand for pizza is elastic above $5 and inelastic below $5

b. The demand for pizza is elastic both above and below $5

c. The demand for pizza is inelastic above $5 and elastic below$5

d. $5 is not the equilibrium price of pizza

6. The elasticity of demand for a product is likely to be greater

a. if the product is necessity, rather than a luxury

b. the greater the amount good of time over which buyers adjust to a price change

c. The smaller the proportion of one

""Please answer with simple explanations""

1. The production possibilities curve below shows the hypothetical relationship between the production of capital goods and consumer goods in an economy.

Production alternative

Product A B C D E

Capital Goods 0 1 2 3 4

Consumer Goods 22 18 13 7 0

What is the total opportunity cost of producing the second unit of capital goods?

a. 4 units of consumer goods

b. 5 units of consumer goods

c. 9 units of consumer goods

d. 13 units of consumer goods

2. The U.S. and the U.S.S.R

a. Evolved in part from the same philosophical origins

b. Shared Veblin as their intellectual inspiration

c. Produced and distributed output according to the principal of relative depravation

d. Did not share scarcity as their fundamental economic problem

3. From the economist

14. “Flat of the curve medicine” refers to the situation where the
a. aggregate value of health care inputs approaches zero
b. marginal value of health care inputs approaches zero
c. average value of health care inputs approaches zero
d. median value of health care inputs approaches zero
e. none of the above
15. At the monopolist’s profit maximizing level of output:
a. marginal cost is less than marginal benefit
b. marginal cost is greater than marginal benefit
c. marginal cost is less than marginal revenue
d. marginal cost is greater than marginal revenue
16. Which of the following will not lead to an increase in the price of blueberries
a. rise in agricultural wages
b. bug infestation that damages the blueberry crop
c. decrease in the price of strawberries
d. study showing that blueberries reduce the risk of stomach cancer
17. Each of the following leads to more elastic demand for a product, except:
a. plentiful substitutes
b. longer time-horizon
c. larger share of household budget
d. greater degree of necessity
18. In a regression examining the determinants of income, the estimated effect of education on income will be upward biased if education is:
a. positively correlated with an omitted variable which is uncorrelated with income
b. positively correlated with an omitted variable which is negatively correlated with income
c. positively correlated with an omitted variable which is positively correlated with income
d. uncorrelated with an omitted variable which is positively correlated with income
19. Which of the following correctly identifies an efficiency property of competitive equilibria:
a. the good is produced by the lowest cost producers
b. consumers who deserve the good the most get it
c. the good is produced up to the point where marginal benefit equals zero
d. none of the above

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