econ final 1

econ final 1

University

21 Qs

quiz-placeholder

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econ final 1

econ final 1

Assessment

Quiz

Financial Education

University

Easy

Created by

Evan Bryan

Used 33+ times

FREE Resource

21 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

"There is no such thing as a free lunch." This statement best reflects the fact that

consumers are unwilling to pay for a good unless it provides them with value.

an opportunity cost is always present when scarce resources are used to produce a good.

it generally requires enormous effort to search out the best place to eat lunch.

the value of a good to consumers will decrease as they have more of it.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is not correct?

The height of the demand curve represents the consumers' willingness to pay, or the value they place upon a unit of the good

The height of the supply curve represents the minimum price the producer would accept in order to be persuaded to produce the output.

The vertical distance between the supply curve and the demand curve represents profit.

The vertical axis represents the price at which a single unit of the good will be sold.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Which of the statements below is correct?

Honduras has the comparative advantage in both goods.

Nicaragua has the comparative advantage in oranges.

Honduras has the comparative advantage in oranges.

It would be impossible for Honduras and Nicaragua to gain from trade.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Last year, 1,000 cases of bottled water were sold at $5; this year, 1,200 cases were sold at $7. These data could be explained by the

supply and demand curves shifting to the right.

supply and demand curves shifting to the left.

supply curve shifting to the left, with no change in demand.

demand curve shifting to the right, with no change in supply.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A new hormone will increase the amount of milk each cow produces. If this hormone is adopted by many dairies, what will be the effect on the milk market?

An increase in supply, higher equilibrium price, and lower equilibrium quantity.

An increase in supply, lower equilibrium price, and higher equilibrium quantity

A decrease in supply, lower equilibrium price, and lower equilibrium quantity.

An increase in supply, higher equilibrium price, and higher equilibrium quantity.

A decrease in supply, lower equilibrium price, and higher equilibrium quantity.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Suppose demand decreases and supply increases at the same time. Which of the following will happen?

Equilibrium price will be indeterminate, while equilibrium quantity will decrease.

Equilibrium price will be indeterminate, while equilibrium quantity will increase.

Equilibrium quantity will be indeterminate, and equilibrium price will increase.

Equilibrium quantity will be indeterminate, while equilibrium price will decrease.

The change in equilibrium price and quantity cannot be determined.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The market for letter envelopes is in equilibrium, but then two things happen at the same time. First, the invention of email and other electronic communication causes people to write fewer paper letters. Second, new regulations on paper production makes production of envelopes more costly. What happens to the price and quantity of paper envelopes?

price falls, quantity falls

price rises, quantity is indeterminate

price is indeterminate, quantity rises

price is indeterminate, quantity falls

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