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hammock fsu macro finalWhen an economist says "nothing is free", the economist means that...
a. no one ever gives away anything at a price of $0
.b. every time someone gives you something, you have to give up something of equal value.
c. every time you decide to do one thing, you give up the opportunity to do something
else.
d. scarcity does not really exist. - ANS-c. every time you decide to do one thing, you give up the
opportunity to do something
else.
The opportunity cost of going to college is...
a. the total spent on food, clothing, books, transportation, tuition, lodging, etc.
b. the value of the best opportunity a student gives up to attend college.
c. zero for students who are fortunate enough to have all of their college expenses paid by
someone else.
d. zero, since a college education will allow a student to earn a larger income after
graduation. - ANS-b. the value of the best opportunity a student gives up to attend college.
Economics is primarily the study of...
a. how to make money in the stock market
.b. how to find lower cost methods of production.
c. the choices we must make among alternatives because of scarcity.
d. the proper form of industrial structure for the United States. - ANS-c. the choices we must
make among alternatives because of scarcity.
Mateo values his camper at $4,000, and Nicole values it at $9,000. If Nicole buys it from Mateo
for $7,000, which of the following is true?
a. Mateo gains $3,000 of value, and Nicole gains $2,000 of value. b. Mateo gains $7,000 of
value, and Nicole loses $7,000 of value. c. Mateo gains $7,000 of value, and Nicole gains
$6,000 of value. d. Mateo and Nicole both gain $7,000 of value - ANS-a. Mateo gains $3,000 of
value, and Nicole gains $2,000 of value.
Noah values his car at $10,000, and Emily values it at $14,000. If Emily buys it from Noah for
$11,000, which of the following is true?
a. Noah gains $1,000 of value, and Emily gains $3,000 of value.
b. Noah gains $11,000 of value, and Emily loses $11,000 of value.
c. Noah gains $10,000 of value, and Emily loses $14,000 of value. d. Noah and Emily both gain
$11,000 of value. - ANS-a. Noah gains $1,000 of value, and Emily gains $3,000 of value
,Abigail wishes to spend more time this week studying for her classes. Using the idea of a
production possibilities curve, and assuming Abigail is currently spending all of her time
efficiently, Abigail can spend more time studying this week only if
a. she also spends more time doing other things
.b. she spends less time doing other things.
c. Daylight Savings Time begins this week, so everyone moves their clocks ahead one hour.
d. none of the above. - ANS-b. she spends less time doing other things.
In Europe during the 14th century, the Black Plague killed 24 million people or close to 37
percent of the population. How would this affect the production possibilities curves for the
countries of Europe at that time?
a. The production possibilities curves for these countries would have shifted outward.
b. The production possibilities curves for these countries would have shifted inward.
c. The production possibilities curves for these countries would have been unaffected.
d. This would have been illustrated by a movement along the production possibilities
curves for these countries, but it would not have shifted them. - ANS-b. The production
possibilities curves for these countries would have shifted inward.
Which of the following would most likely cause the production possibilities curve for breadfruit
and fish to shift outward from AA to BB in Figure 2-2?
a. a decrease in the labor force of the country
b. a sudden change in consumer preferences for more fish and less breadfruit
c. a major technological advance
d. a decrease in the capital stock - ANS-c. a major technological advance
A point inside the production possibilities curve represents a combination of goods that is
a. inefficient.
b. efficient
.c. unattainable.
d. attainable. - ANS-a. inefficient.
Suppose demand decreases and supply increases at the same time. Which of the following will
happen?
a. Equilibrium price will be indeterminate, while equilibrium quantity will decrease.
b. Equilibrium price will be indeterminate, while equilibrium quantity will increase.
c. Equilibrium quantity will be indeterminate, and equilibrium price will increase.
d. Equilibrium quantity will be indeterminate, while equilibrium price will decrease.
e. The change in equilibrium price and quantity cannot be determined. - ANS-d. Equilibrium
quantity will be indeterminate, while equilibrium price will decrease.
The market for computer printers is in equilibrium. Two things happen at the same time: The
price of ink cartridges (sold separately) for the printers goes down, and there is an increase in
the cost of the materials used to make printers. What happens to the price and quantity of
printers?
, a. Price rises, quantity is indeterminate.
b. Price rises, quantity falls.
c. Price is indeterminate, quantity rises.
d. Price falls, quantity is indeterminate. - ANS-a. Price rises, quantity is indeterminate.
For most people, ramen noodles are an inferior good. Suppose the market for ramen noodles is
in equilibrium, and then two things happen at the same time. First, the incomes of consumers
rise. Second, a technological improvement at noodle factories allows them to produce more
noodles at a lower cost. What happens to the price and quantity of noodles?
a. price and quantity are both indeterminate
b. rice is indeterminate, quantity falls
c. price falls, quantity rises
d. price falls, quantity is indeterminate - ANS-d. price falls, quantity is indeterminate
Which of the following does the law of demand specifically imply?a. If the product price
increases, quantity demanded will decrease. b. If consumer income increases, quantity
demanded will increase. c. If the product price increases, quantity demanded will increase. d. f
consumer income increases, quantity demanded will decrease. e. If supply increases, demand
will increase - ANS-a. If the product price increases, quantity demanded will decrease.
Refer to Figure 3-17. When the price is P1, the consumer surplus is
a. A.
b. A+B.
c. A+B+C.
d. A+B+D. - ANS-c. A+B+C.
Other things constant, as the price of a resource increases
,a. the quantity of the resource demanded falls.
b. the quantity of the resource supplied falls.
c. the price of the product the resource helps to produce falls.
d. there is less of an incentive for users of the resource to find substitute resources. - ANS-a.
the quantity of the resource demanded falls.
If Taco Bell's food is an inferior good for you, this means that...
a. Taco Bell's food is an inferior good for everyone.
b. If your income falls, you will eat more food from Taco Bell.
c. if your income falls, you will eat more ramen noodles.
d. If the price of taco bell's food rises, the quantity supplied will rise. - ANS-b. If your income
falls, you will eat more food from Taco Bell.
Which of the following would most likely increase the supply of beef?
a. lower prices of grains used to feed cattle
b. lower prices for chicken, a substitute for beef
c. new medical research suggesting that beef causes more serious health problems than
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