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unt Econ 1100 Exam 1 Questions & answers with Complete solutions | Latest edition
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unt Econ 1100 Exam 1The primary difference between a change in supply and a change in the quantity supplied is:
- correct answer-a change in quantity supplied is caused by a change in the price of the
good itself, and a change in supply is caused by a change in a non-price determinant of
supply
Which of the following will cause a decrease in the demand for batteries? - correct
answer-An increase in the price of digital cameras, a complement for batteries
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 - correct answer-1/2 radio.
Which of the following is a normative microeconomic statement? - correct
answer-Government should lower the taxes paid by small businesses.
An outward shift of a production possibilities frontier illustrates that: - correct
answer-economic growth has occurred.
If the demand for electricity is inelastic but not perfectly inelastic, a 10% increase in the price
of electricity is likely to: - correct answer-lead to a decrease in the quantity demanded of
electricity of less than 10%.
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
_________. - correct answer-increases; inelastic
In the market for used cars, a surplus of used cars would, ceteris paribus: - correct
answer-put downward pressure on the price of used cars.
In the graph below, a shift from PPF1 to PPF2 will occur as a result of: - correct answer-an
increase in the resources and technology used to produce food and clothing.
Initially, assume Country A is producing and consuming 10 cars and 20 boats, while Country
B is producing and consuming 20 cars and 40 boats. The two countries then decide to
specialize according to comparative advantage and engage in trade. The potential gains
from trade for both countries combined work out to be: - correct answer-20 boats, to be
divided between the two countries.
Which of the following is an example of capital as a factor of production? - correct
answer-Kitchen equipment for a new restaurant venture
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