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In: Economics

An improvement in production technology will cause the production-possibilities curve to become less curved become more...

An improvement in production technology will cause the production-possibilities curve to

become less curved

become more curved

shift outward

shift inward

3. According to the concept of scarcity in economics

wants will be fully satisfied sometime in the future

there are no free goods

free goods and scarce goods are the same

the wants of society cannot be satisfied by the goods and services that can be produced from given resources

4. The production-possibilities curve shows

All of the above

the maximum production of butter given the production of guns

that production from given resources is limited

that choosing to produce one good implies sacrificing other goods

5. Which of the following is correct? The demand curve

is an upward-sloping curve

shows that quantity demanded falls as price falls at any given time

shows that quantity demanded rises when price falls

shifts to the right when the price drops

6. In order for Ireland to grow more potatoes, wool production must decrease. This situation is an example of

opportunity benefit

zero opportunity cost

a tradeoff

a free lunch

7. Opportunity cost is best defined as

how much money is paid for something, taking inflation into account

the highest valued alternative that is sacrificed in making a choice

all the alternatives that are sacrificed in making a choice

how much money is paid for something

8. The demand curve is downward-sloping because

a higher price brings in more buyers

The demand curve is not downward-sloping; it is upward-sloping

as income rises people spend less

when the price of something goes down, people purchase more of it

9. A positive statement is a statement about

what is and what should be

what is, was, or will be

what is desirable

what should be but is not

10. The number of personal computer sold annually in the U.S. has increased at a rapid rate. The price of personal computer has fallen. This rise in sales due to lower price is called

an increase in quantity supplied

an increase in demand

an increase in quantity demanded

an increase in supply

Expert Solution

Rahul Sunny answered 8 months ago

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An improvement in production technology will cause the production-possibilities curve to become less curved become more...

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