Question
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
Solutions
Rahul Sunny answered 7 months agoRelated Solutions
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