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ECON 1100 UNT EXAM 1 GRADED A+
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ECON 1100 UNT EXAM 1 GRADED A+
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Name: Score:39 Multiple choice questions
Term
The responsiveness of buyers to changes in the price of a product is measured by:
income of consumers.
price elasticity of demand.
price elasticity of supply.
fallacy of composition.1 of 39
Term
In the market for used cars, a surplus of used cars would, ceteris paribus:
put downward pressure on the price of used cars.
an increase in the resources and technology used to produce food and clothing.
Kitchen equipment for a new restaurant venture
normal goods because the demand for fish tacos increases when income increases2 of 39
Term
In the graph below, a shift from PPF1 to PPF2 will occur as a result of:
an increase in the resources and technology used to produce food and clothing.
an increase in demand and an increase in both equilibrium price and quantity.
a decrease in the price of potato chips.
An increase in the price of digital cameras, a complement for batteries3 of 39 Term
The production possibilities schedule shown below:
results in a straight-line PPF and illustrates constant opportunity cost
Janet has an absolute advantage in the production of baskets.
isolate the relationship between two variables by holding other influences on the
relationship constant
inelastic because the drug is a necessity.4 of 39
Term
When wants and needs exceed the resources available to satisfy them:
an increase in the resources and technology used to produce food and clothing.
An increase in the price of digital cameras, a complement for batteries
isolate the relationship between two variables by holding other influences on the
relationship constant
scarcity exists and decisions must be made about how to allocate limited resources
among competing uses5 of 39
Term
Market economies are characterized by all of the following except:
fallacy of composition.
price elasticity of demand.
government ownership of capital.
the taxation of savings.6 of 39 Term
If quantity demanded is 30 when price is $3 and quantity demanded is 20 when price is $5, then
total revenue __________ if price increases from $3 to $5, implying that demand is _________.
decrease, increase
household; business; product
increases; inelastic
household; business; product7 of 39
Term
Based on the information in the table below, the opportunity cost of producing one clock in
Mexico is:
Clock Radio
Spain 4 hours 2 hours
Mexico 3 hours 6 hours
21/24 radio.
2 radios.
1/2 radio.
2/7 radio.8 of 39
Term
Which of the following is an example of capital as a factor of production?
Kitchen equipment for a new restaurant venture
Camera equipment used by a family on vacation
Shares of stock in a corporation
Personal computers used by teenagers to do homework and keep in touch with friends9 of 39 Term
For a normal good, an increase in consumer income leads to:
$3 because the quantity supplied of pumpkins is equal to the quantity demanded of
pumpkins.
an increase in demand and an increase in both equilibrium price and quantity.
a decrease in the price of potato chips.
An increase in the price of digital cameras, a complement for batteries10 of 39
Term
Based on the information in the graphs below, the opportunity cost of 1 car is:
Janet has an absolute advantage in the production of baskets.
surplus of 200 pumpkins.
1 boat for Country A and 2 boats for Country B.
Government should lower the taxes paid by small businesses.11 of 39
Term
The effect of a decrease in the price of cassettes is best shown by arrow:
A
$3 because the quantity supplied of pumpkins is equal to the quantity demanded of
pumpkins.
a decrease in the price of potato chips.
put downward pressure on the price of used cars.12 of 39
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