If there is a surplus of a good, the quantity demanded is ________ the quantity supplied and the price will ________. greater than; fall B. less...
If there is a surplus of aâ€‹Â good, the quantity demanded isâ€‹Â ________ the quantity supplied and the price willâ€‹Â ________.A.greaterâ€‹Â than; fallB.lessâ€‹Â than; fallC.greaterâ€‹Â than; riseD.lessâ€‹Â than; riseE.equalâ€‹Â to; fallThe marginal cost of an activity is a measure ofâ€‹Â ________ the activity.A.the benefit derived from every one unit increase inB.the benefit derived from every one unit decrease inC.what is forgone with every one unit increase inD.the total cost ofE.sunk cost ofBoth the demand for and supply of cars changes in France. You observe that the quantity of cars does not change but the price rises.â€‹Â Thus, which of the followingâ€‹Â occurred?A.Demand and supply increased by an equal amount.B.Demand increased and supply decreased by an equal amount.C.Demand increased by a larger magnitude than supply decreased. D.Demand decreased and supply increased by an equal amount.E.Demand and supply decreased by an equal amount.Market equilibrium occurs whenA.the quantity demanded equals the quantity supplied.B.opposing forces pull demand and supply apart.C.demand and supply move in opposite direction.D.demand and supply change so that are equal at all possible prices.E.all markets become equal.If both the supply and demand curves shiftâ€‹Â simultaneously, we can always predict what will happen toA.both the price and the quantity.B.only the price.C.either the price or theâ€‹Â quantity, but not both.D.only the quantity.E.neither the price nor the quantity.To achieve gains fromâ€‹Â trade, a countryA.should produce at the midpoint of its PPF.B.specializes in the producing a good in which it has a lower opportunity cost.C.must produce at a point beyond its PPF.D.needs to have an absolute advantage in the production of at least one good.E.needs to have an absolute advantage in the production of all goodsIn the aboveâ€‹Â figure, Jack's opportunity cost of producing 1 gallon of soda isâ€‹Â ________ of bottled water.A.2 gallonsB.6 gallonsC.â€‹1/4 of a gallonD.â€‹1/2 of a gallonE.1 gallonIf the demand curve for desktop computers shifts rightward and at the same time the supply curve shiftsâ€‹Â leftward, thenA.More information is needed to determine the effect on the equilibrium price.B.the equilibrium price definitely rises.C.the equilibrium price definitely falls.D.the equilibrium quantity definitely increases.E.the equilibrium price definitely remains the same.The demand for cat food decreases while the supply increases. The equilibrium price of cat foodâ€‹Â ________, and the equilibrium quantityâ€‹Â ________.A.â€‹rises; decreasesB.â€‹falls; increasesC.does notâ€‹Â change; increasesD.â€‹rises; perhaps changes but weâ€‹Â can't say if itâ€‹Â increases, decreases, or stays the sameE.â€‹falls; perhaps changes but weâ€‹Â can't say if itâ€‹Â increases, decreases, or stays the sameThe technology associated with manufacturing computers has advanced enormously. This change has led to the price of a computerâ€‹________ and the quantityâ€‹Â ________. A.â€‹falling; increasingB.â€‹falling; not changingC.â€‹rising; increasingD.â€‹rising; decreasingE.â€‹falling; decreasingIf the price of a movie rises 3 percentâ€‹Â and, as aâ€‹Â result, the quantity demanded of video rentals increases 6â€‹Â percent, then the cross elasticity of demand isA.2.B.9.C.â€‹-1/2.D.â€‹-2.E.â€‹1/2.The figure above shows the production possibilities frontiers for the United Kingdom and France. If the United Kingdom and France specialize and engage inâ€‹Â trade, the United Kingdom will produceâ€‹Â ________ and France will produceâ€‹Â ________.A.both wheat andâ€‹Â fish; both wheat and fishB.â€‹wheat; wheatC.â€‹fish; wheatD.â€‹wheat; fishE.â€‹fish; fishThe price elasticity of supply equals the percentage change in theA.quantity demanded divided by the percentage change in the price of a substitute or complement.B.supply divided by the percentage change in the demand.C.quantity demanded divided by the percentage change in price.D.quantity supplied divided by the percentage change in the quantity demanded.E.quantity supplied divided by the percentage change in price.If both supply and demand decrease by the sameâ€‹Â amount, the equilibrium priceA.falls.B.rises.C.cannot be predicted.D.does not change.E.None of the answers is correct because the price depends on what happens to the equilibrium quantity.An example of a U.S. export isA.matchbooks made in Mexico sold to a buyer in New Jersey.B.a TV made in China sold to a buyer in Azerbaijan.C.a washing machine made in Indiana sold to a buyer in France.D.pasta made in Italy sold to buyers in Spain.E.diamonds mined in Africa sold to buyers in South America.
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Jan 02, 2020
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