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ECON-1012-C-Introduction to Macroeconomics

ECON-1012-C-Introduction to Macroeconomics

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The horizontal axis is labelled Good X and ranges from 0 to 10, interval 2. The vertical axis is labelled Good Y and ranges from 0 to 10, interval 2. The downward sloping curve labeled PPF becomes steeper as it falls from (0, 80) through point A (3, 70), point B (6, 50), point C (8, 20) to (9, 0)Dotted lines are drawn from points A, B, and C perpendicular to both the axes.

Refer to Figure 2.1.5, which shows an economy's PPF. The economy is producing at point C. What is the opportunity cost of increasing the production of Y from 20 to 50 units?

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A grocery store employs 10 workers. Each worker can serve 2 customers or stack 5 shelves per hour. One day, the store wants to serve 10 customers and stack 30 shelves. What do you know about the output produced?

This output level is

attainable if each worker specializes in one task.

a point on the store's PPF.

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Which of the following events would not increase the supply of good X?

a technological change that lowers the marginal cost of producing X

a fall in the price of the factors of production used in producing X

an increase in the price of Y, a complement in production of X

a fall in the price of Y, a substitute in production of X

a rise in the price of X

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Which of the following items are included in intellectual property?

financial assets including stocks and bonds and money in the bank

everything which is protected by insurance

intangible output of creative effort which is protected by copyrights and patents

land and buildings

all artists' creative work that is unprotected

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Anna and Josh can both produce lasagne. When does Anna have a comparative advantage in the production of lasagne?

When people are willing to pay Anna more than Josh to produce a lasagne.

When Anna has a lower opportunity cost of producing lasagne than Josh.

When Anna uses a better recipe to produce lasagne than Josh.

When Anna has a higher opportunity cost of producing lasagne than Josh.

When Anna produces more lasagne in an hour than Josh.

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What are the flows in the market economy that go from households to firms?

goods and services through goods markets and factors of production through factor markets

expenditure on goods and services and factors of production through goods markets

factors of production and factor incomes through factor markets

factors of production through factor markets and expenditure on goods and services through goods markets

factor incomes and expenditure on goods and services through goods markets

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The horizontal axis is labelled Good X and ranges from 0 to 10, interval 2. The vertical axis is labelled Good Y and ranges from 0 to 10, interval 2. The downward sloping curve labeled PPF becomes steeper as it falls from (0, 80) through point A (3, 70), point B (6, 50), point C (8, 20) to (9, 0)Dotted lines are drawn from points A, B, and C perpendicular to both the axes.

Refer to Figure 2.1.4, which shows an economy's PPF. Which of the following statements is correct about what the economy can produce?

If the economy uses all its resources it can produce

50 units of Y and 6 units of good X.

6 units of good X and 60 units of good Y.

6 units of good X and 40 units of good Y.

50 units of good X and 6 units of good Y.

7 units of good X and 40 units of good Y.

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Do you face scarcity when you are on vacation?

Yes because it's difficult to know if you made the right choice of destination.

Yes because even vacation days have only 24 hours.

No because you have no deadlines to meet when you are on vacation.

No because your choice of vacation activities is almost infinite.

No because you can do what you want when you are on vacation.

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Amari opens a denim business to produce one type of clothing-jeans, skirts, or jackets. Amari hires Diallo, an economics graduate, to advise on the production decision. How does Diallo advise Amari?

Diallo advises Amari by

comparing marginal benefit and marginal cost of each item and finding the best use of the available resources.

using a model to predict the most preferred item among his potential clients.

using a model to predict the item that has the lowest cost.

comparing marginal benefit and marginal cost of each item and finding the best use of the resources he can afford.

using a model to predict the item that creates the greatest revenue.

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What is a statement that depends on values and that cannot be tested?

a positive statement

a natural occurrence

a normative statement

a value judgement

an economic statement

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