{"id":124313,"date":"2018-02-20T23:50:30","date_gmt":"2018-02-20T23:50:30","guid":{"rendered":"https:\/\/writemyessayfree.com\/economics-multiple-choice"},"modified":"2017-08-16T05:57:39","modified_gmt":"2017-08-16T05:57:39","slug":"economics-multiple-choice","status":"publish","type":"post","link":"https:\/\/www.benedictsol.com\/blogs\/economics-multiple-choice\/","title":{"rendered":"Economics Multiple Choice"},"content":{"rendered":"<div class=\"the_content_wrapper\">\n<p>Economics<br \/> Multiple Choice: 2 points each for 50 pts.<\/p>\n<p>1. To graphically demonstrate the principle of increasing marginal opportunity cost the production possibility curve must be:<br \/> A. flat.<br \/> B. straight.<br \/> C. bowed out.<br \/> D. bowed in.<\/p>\n<p>2. Refer to the graph above. As you move from point A to point B:<br \/> A. production efficiency is increased because we have more of good X.<br \/> B. production efficiency is decreased because we have less of good Y.<br \/> C. production efficiency is decreased because we are no longer on the production possibility curve.<br \/> D. the change in efficiency is unclear.<br \/> 3. Which of the following would likely result in an increase in the demand for beef?<br \/> A. A decrease in the supply of beef.<br \/> B. An increase in family incomes.<br \/> C. An increase in the price of feed grains.<br \/> D. A decrease in the price of pork.<br \/> 4. The more the current price exceeds the equilibrium price, the:<br \/> A. greater the resulting shortage will be.<br \/> B. smaller the resulting shortage will be.<br \/> C. greater the resulting surplus will be.<br \/> D. smaller the resulting surplus will be.<br \/> 5. Suppose a market has an excess demand and price starts to rise. What will the rise in price cause?<br \/> A. A fall in both quantity supplied and quantity demanded.<br \/> B. A rise in both quantity supplied and quantity demanded.<br \/> C. A rise in quantity supplied and a fall in quantity demanded.<br \/> D. A fall in quantity supplied and a rise in quantity demanded.<\/p>\n<p>6. Suppose the above supply and demand tables reflect the supply and demand for milk per week. What is the equilibrium price and quantity of milk?<br \/> A. $1 per gallon and 2000 gallons per week.<br \/> B. $2 per gallon and 1500 gallons per week.<br \/> C. $3 per gallon and 2000 gallons per week.<br \/> D. $4 per gallon and 2000 gallons per week.<\/p>\n<p>7. Refer to the graph above. The figure shows the demand and supply curves for eggs and shows two equilibrium points, E1 and E2. An increase in demand from D1 to<br \/> D2 would cause<br \/> A. price to decline from $1.25 to $1.00 a dozen and a shortage of 2000 dozen eggs per week.<br \/> B. price to remain at $1.00 a dozen and a shortage of 2000 dozen eggs per week.<br \/> C. price to rise from $1.00 to $1.25 a dozen and equilibrium quantity to be 3000 dozen eggs per week.<br \/> D. price to rise from $1.00 to $1.25 a dozen and a surplus of 2000 dozen eggs per week.<\/p>\n<p>8. Refer to the graphs above. A recent report indicates that the device known as the right heart catheter used to diagnose heart conditions poses more risks than<br \/> previously thought. The effect of the report on the market for right heart catheters is best shown by which of the graphs above?<br \/> A. I<br \/> B. II<br \/> C. III<br \/> D. IV<br \/> 9. In general, the greater the elasticity the:<br \/> A. smaller the responsiveness of price to changes in quantity.<br \/> B. smaller the responsiveness of quantity to changes in price.<br \/> C. larger the responsiveness of price to changes in quantity.<br \/> D. larger the responsiveness of quantity to changes in price.<\/p>\n<p>10. If the price of a good goes up by 5% and, in response, the quantity demanded falls by 15%, the price elasticity of demand would be:<br \/> A. .05.<br \/> B. 3.<br \/> C. 0.3333.<br \/> D. 0.15.<\/p>\n<p>11. An elasticity of supply of 2.7 means that:<br \/> A. supply is inelastic.<br \/> B. quantity supplied changes 2.7 units for each 1% change in price.<br \/> C. quantity supplied changes 2.7% for each 1% change in price.<br \/> D. price changes by 2.7% for each 1% change in quantity supplied.<\/p>\n<p>12. Economic profit is:<br \/> A. total revenue minus explicit measurable costs.<br \/> B. explicit revenues minus explicit costs.<br \/> C. implicit and explicit revenues minus implicit and explicit costs.<br \/> D. implicit and explicit revenues minus implicit costs.<br \/> 13. The short run is a period during which:<br \/> A. some inputs are variable and no inputs are fixed.<br \/> B. some inputs are variable and some inputs are fixed.<br \/> C. no inputs are variable and all inputs are fixed.<br \/> D. no inputs are variable and some inputs are fixed.<\/p>\n<p>14. The increase in output obtained by hiring an additional worker is known as:<br \/> A. the average product.<br \/> B. the marginal product.<br \/> C. the total product.<br \/> D. value added.<\/p>\n<p>15. Costs that are spent and cannot be changed in the period of time under consideration are called:<br \/> A. variable costs.<br \/> B. total costs.<br \/> C. marginal costs.<br \/> D. fixed costs.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Economics Multiple Choice: 2 points each for 50 pts. 1. To graphically demonstrate the principle of increasing marginal opportunity cost the production possibility curve must be: A. flat. B. straight. C. bowed out. D. bowed in. 2. Refer to the <a href=\"https:\/\/www.benedictsol.com\/blogs\/economics-multiple-choice\/\" class=\"read-more\">Read More &#8230;<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-124313","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/124313","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/comments?post=124313"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/124313\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=124313"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=124313"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=124313"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}