Multiple Choice Show Identify the letter of the choice that best completes the statement or answers the question. 1. Scarcity means
2. Choice implies
3. Which of the following is true?
4. A system (whether it is a belief system, a system of government, or a program of action) will function more successfully if
5. What is the reason for the law of increasing costs?
6. One of the insights of thinking in terms of a production possibilities frontier (PPF) is
7. Opportunity cost is the value of
Exhibit 1
8. Refer to Exhibit 1. The opportunity cost of increasing TV production from 30 to 40 thousand units per year is the loss of ______ fax machines per year.
Exhibit 2
9. Refer to Exhibit 2. Which graph depicts a discovery of a new cheap source of energy?
10. Which of the following (1) best defines an advance in technology and (2) most accurately describes the effect of an advance in technology?
11. A socialist thinker believes that private property is economically undesirable because
12. Capitalist thinkers believe that prices
13. In the Simple Circular Flow of Economic Activity, income flows from
14. In the Simple Circular Flow of Economic Activity, How to produce a good or service is determined by
15. The law of demand states that price and quantity demanded are
16. Demand refers to
17. Which set of changes will raise demand?
18. The law of supply states that price and quantity supplied are
19. An advance in technology causes
Exhibit 3
20. Refer to Exhibit 3. $20 is the
Exhibit 4
21. Refer to Exhibit 4. Suppose equilibrium is at point B. Something then changes and equilibrium becomes point C. Which of the following is consistent with the change in equilibrium from point B to C?
22. An economist says, "Technological advances have the power to lower the prices of many of the goods we buy." Here is how this works:
23. An effective price ceiling will
24. An effective price floor will
25. Price ceilings and price floors
26. In year 1 the CPI is 140.0, and in year 2 the CPI is 154.0. From year 1 to year 2, Martha's salary rises from $20,000 to $23,000, and Chiang's salary rises from $40,000 to $44,000. Who is "more than keeping up with inflation"?
27. A __________ price index can __________ the cost of living.
28. The civilian noninstitutional population can be broken down into two groups:
29. If a person did at least one hour of work as a paid employee during the survey week, how is she classified?
30. The employment rate equals the number of
When the opportunity cost of producing a good rises as you produce more of it you experience?Answer and Explanation: When the opportunity cost of producing a good rises as you produce more of it, you experience b. increasing relative costs.
What happens when opportunity cost increases?In other words, opportunity cost subtracts the cost of the chosen outcome from the cost of the outcome that a company could have chosen. As the opportunity cost of producing a product increases, the process of producing goods also becomes less efficient.
How opportunity cost is related with production?The opportunity cost of moving from one efficient combination of production to another efficient combination of production is how much of one good is given up in order to get more of the other good.
When opportunity costs are increasing the slope of the production possibilities frontier becomes?Increasing opportunity cost means when we increase the production of one by one more unit of good X, we have to forgo more and more units of good Y. When the slope of the production possibilities curve becomes steeper, it represents increasing opportunity cost.
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When the opportunity cost of producing a good rises as someone produces more of it?
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