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Q 1/29
Score 0
Which of the following would NOT be considered a factor of production?
20
money
sewing machine
factory worker
orange
Q 2/29
Score 0
Another name for goods and services produced by firms is
20
factors of production
outputs
inputs
resources
29 questions
Q.
Which of the following would NOT be considered a factor of production?
1
20 sec
Q.
Another name for goods and services produced by firms is
2
20 sec
Q.
In the factors of production market, households
3
20 sec
Q.
In the circular-flow diagram shown, which arrow shows the flow of spending by households?
4
20 sec
Q.
In economics, capital refers to
5
20 sec
Q.
An economic outcome is said to be efficient if the economy is
6
20 sec
Q.
On the production possibilities frontier shown, the opportunity cost of getting 15 additional toasters by moving from point D to point C is
7
20 sec
Q.
In the production possibilities frontier shown, the shift of the frontier from A to B was most likely caused by which of the following?
8
20 sec
Q.
The production possibilities frontier is bowed outward if
9
20 sec
Q.
Given the table shown, what is the opportunity cost to Toyland of increasing the production of dolls from 200 to 300?
10
20 sec
Q.
Given the table shown, which of the following statements accurately describes the production possibilities for Toyland?
11
45 sec
Q.
According to the graph, an efficient combination of bathtubs and barrels would be
12
45 sec
Q.
Microeconomics is the study of
13
45 sec
Q.
A microeconomist might study each of the following EXCEPT
14
45 sec
Q.
You lose your job and as a result you buy fewer mystery books. This shows that you consider mystery books to be a/an
15
45 sec
Q.
Currently you purchase 6 packages of hot dogs a month. You will be graduating in December and will start your new job January 2nd. You have no plans to purchase hot dogs in January. For you, hot dogs are
16
20 sec
Q.
Two goods are substitutes if a decrease in the price of one good
17
20 sec
Q.
Which of the following is NOT a determinant of demand?
18
20 sec
Q.
Which of the following would NOT shift the demand curve for a good or service?
19
20 sec
Q.
According to the graph, at a price of $35,
20
30 sec
Q.
Which of the four graphs represents the market for peanut butter after a major hurricane hits the peanut-growing south?
21
30 sec
Q.
Suppose that the number of buyers in a market increases and a technological advancement occurs also. What would we expect to happen in the market?
22
60 sec
Q.
New cars are normal goods. What will happen to the equilibrium price of new cars if the price of gasoline rises, the price of steel falls, public transportation becomes cheaper and more comfortable, auto-workers accept lower wages and automobile insurance becomes more expensive?
23
60 sec
Q.
What would happen to the equilibrium price and quantity of peanut butter if the price of peanuts went up, the price of jelly (a complementary good) fell, fewer firms decided to produce peanut butter, and health officials announced that eating peanut butter was good for you?
24
120 sec
Q.
Given the graph, which area represents consumer surplus at a price of P 2 ?
25
120 sec
Q.
Suppose the demand for nachos increases. What will happen to producer surplus in the market for nachos?
26
20 sec
Q.
The amount of deadweight loss from taxes depends on
27
30 sec
Q.
Assume that the demand for diamonds is more elastic than the demand for gasoline. The tax levied on diamonds will cause the loss of consumer surplus to be
28
45 sec
Q.
Which of the following would be true as the elasticity of supply approaches infinity?
