Macro ec quiz 1 2023 Update A+ Graded
Consider the following combinations of guns and butter that can be produced: 0 guns
20,000 units of butter; 5,000
... [Show More] guns, 15,000 units of butter; 10,000 guns, 10,000 units of
butter; 15,000 guns and 5,000 units of butter. the ppf between guns and butter is -
ANSWER-b. a downward sloping straight line
which of the following illustrates the law of demand
a. Jorge buys fewer pencils at $2 per pencil than at $1 per pencil
b. Chen buys more ice cream at $4 per half gallon than at $3 per half gallon
c. Karissa buys fewer sweaters at $50 each than at $35 each
d. a,b, and c
e. a and c - ANSWER-e. a and c
here are three things you could do if you do not attend your neighbors bbq; watch tv
with friends (valued at $17), read a good book ($14), or work ( you earn $16). the
opportunity cost of going to the bbq is
a. $16 because this is the only alternative where you make money
b. $14 because this is the lowest value
c. $17 because this is the highest value
d. $47 because this is the total $ sum - ANSWER-c. $17 because this is the highest
value
Carlos can produce the following combinations of X and Y: 10X and 10Y, 5X and 15Y,
and 0X and 20Y. The opportunity cost of one unit of X for Carlos is
a. 1 unit of y
b. 2 units of y
c .5 units of y
d. .25 units of y
e. none - ANSWER-a. 1 unit of y
Michale can produce the following combinations of x and y: 10X and 10Y, 5x and 15y,
0x and 20y. Vernon can produce 100x and 20y, 50x and 30y, or 0x and 40y. it follows
that
a. Michale has a comparative advantage in producing x and Vernon has a comparative
advantage in producing y.
b. Michael had a comparative advantage in producing Y and Vernon has a comparative
advantage in x.
c. Neither Michael or Vernon has a comparative advantage in producing X.
d. Neither Michael or Vernon has a comparative advantage in producing Y.
e. there is not enough info - ANSWER-b. Michael had a comparative advantage in
producing Y and Vernon has a comparative advantage in x.
If Max's demand for hot dogs falls as his income rises, then for Max hot dogs are
a. a bad good
b. a inferior good
c. a preferential good
d. a normal good
e. a neutral good - ANSWER-b. a inferior good
Studies show that the demand curve for peas has shifted. Which of the following
explanations would you reject first?
a. the price of string beans has changed
b. the demand for corn has changed
c. the demand for string beans has changed
d. the income of consumers has changed
e. the price of peas has changed - ANSWER-
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