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Question 1 Opportunity cost is the lowest valued benefit that must be sacrificed asthe result of choosing an alternative. True False 4 points Question 2 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. True False 4 points Question 3 The production possibilities frontier assumes that the level of technologyvaries when applying the model. True False 4 points Question 4 The law of supply states that there is a negative relationship between priceand quantity demanded. True False 4 points Question 5 Households play a dual role of providing the factors of production while purchasing the goods and services of firms. True False 4 points Question 6 If the spot oil price in petroleum markets is rising, then we can expect the supply curves of products using petroleum as an input to shift rightward. True False 4 points Question 7 Joint output of individuals or nations will be maximized when goods are exchanged between parties in accordance with the law of “comparative advantage”. True False 4 points Question 8 As globalization and world trade proliferates, individual markets withincountries’ economies become more competitive. True False 4 points Question 9 “As the price of gasoline rises, consumer demand decreases. In addition, the quantity demanded of compact cars increased, causing their price to rise.” This statement contains two errors: demand and quantity demanded are confused twice. True False 4 points Question 10 “The big corporations in this country, like ExxonMobil and GM, have deep pockets and need to be hiring more people.” This is a positive statement about economic policy. True False 4 points Question 11 Equilibrium is a state of balance between supply and demand. True False 4 points Question 12 The “Law of diminishing returns” states that as any activity is extended, it eventually becomes increasingly easier to pursue the activity further. True False 4 points Question 13 The law of demand states that there is a direct relationship between supply and demand. True False 4 points Question 14 Excess demand in the market will cause the price of a product to decline. True False 4 points Question 15 Government actions, such as price floors and ceilings, can actually reduce employment and raise market inefficiency True False 4 points Question 16 A change in quantity demanded is a movement along the same demand curve. True False 4 points Question 17 For economies that rely on decentralized decision making, the most important decisions are made by the government. True False 4 points Question 18 A point inside the production possibilities frontier represents an economy that is utilizing resources efficiently. True False 4 points Question 19 An increase in consumer income will affect the supply of any given product. True False 4 points Question 20 In the circular flow model, firms own economic resources, and households buy the manufactured products and services. True False 4 points Question 21 Demand is measured on the vertical axis and supply on the horizontal axis. True False 4 points Question 22 In the production possibilities frontier, a nation’s boundary will shift inward if they export more than they import, likely leading to inflationary pressures in the economy. True False 4 points Question 23 A substitute good is a determinant of supply. True False 4 points Question 24 Antiques would tend to have highly price inelastic supply curves. True False 4 points Question 25 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. True False

Question 1

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

4 points

Question 2

  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 3

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

4 points

Question 4

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

4 points

Question 5

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

4 points

Question 6

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

4 points

Question 7

  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 8

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

4 points

Question 9

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

4 points

Question 10

  1. “The big corporations in this country, like ExxonMobil and GM, have deep pockets and need to be hiring more people.” This is a positive statement about economic policy.

4 points

Question 11

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

4 points

Question 12

  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 13

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

4 points

Question 14

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

4 points

Question 15

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

4 points

Question 16

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

4 points

Question 17

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

4 points

Question 18

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

4 points

Question 19

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

4 points

Question 20

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

4 points

Question 21

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

4 points

Question 22

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

4 points

Question 23

  1. A substitute good is a determinant of supply.

4 points

Question 24

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

4 points

Question 25

  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.

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