hello there i need someone with specific knowledge in microeconomics to help me solving these 11 multiple choice principles of microeconomics questions i would really appreciate it
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1) Figure 2-4 Refer to Figure 2-4. A movement from ________ is the result of negative technological change in plastic production. Answer choices: A. Z to Y B. W to Z C. V to X D. X to W |
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2)
Figure 2-9 shows the production possibilities frontiers for Pakistan and Indonesia. Each country produces two goods, cotton and cashews.
Refer to Figure 2-9. What is the opportunity cost of producing 1 bolt of cotton in Pakistan?
Answer choices: A. 3/8 of a pound of cashews B. 5/8 of a pound of cashews C. 1 3/5 pounds of cashews D. 150 pounds of cashews 3) DeShawn’s Detailing is a service that details cars at the customers’ homes or places of work. DeShawn’s cost for a basic detailing package is $40, and he charges $75 for this service. For a total price of $90, DeShawn will also detail the car’s engine, a service that adds an additional $20 to the total cost of the package. Should DeShawn continue to offer the engine detailing service? Answer choices: A. Yes, he still makes a profit by selling the engine detailing service with the basic detailing package. B. Yes, but only if he raises the price of the basic detailing package. C. No, his marginal benefit is less than his marginal cost. D. More information is needed for DeShawn to make this decision. 4)
Consider the following items:
Which of the items listed is an example of intellectual property? Answer choices: A. a and b only B. a, b, and c C. a and d only D. all the items listed 5) Figure 3-5
Refer to Figure 3-5. In a free market such as that depicted above, a surplus is eliminated by Answer choices: A. a price decrease, decreasing the quantity supplied and increasing the quantity demanded. B. a price increase, increasing the quanity supplied and decreasing the quantity demanded. C. a price decrease, decreasing the supply and increasing the demand. D. a price increase, increasing the supply and decreasing the demand. 6) Consumers are willing to purchase a product up to the point where Answer choices: A. The consumer surplus is equal to the producer surplus. B. The marginal benefit of consuming the product equals the area below the supply curve and above the market price. C. The marginal benefit of consuming the product is equal to the marginal cost of consuming it. D. The marginal benefit of consuming a product is equal to its price. 7) Figure 2-1
Refer to Figure 2-1. Point B is Answer choices: A. technically efficient B. unattainable with current resoruces C. inefficient in that not all resources are being used D. the equilibrium output combination 8) Figure 2-6
Refer to Figure 2-6. If the economy is currently producing at point E, what is the opportunity cost of moving to point B? Answer choices: A. 10 thousand hammers B. 30 thousand wrenches C. 13 thousand hammers D. 0 wrenches 9)
Consider the following economic agents:
Who, in a centrally planned economy, decides what goods and services will be produced with the scarce resources available in that economy? Answer choices: A. the government B. producers C. consumers D. consumers and producers E. the government, consumers, and producers 10)
Figure 2-4
Refer to Figure 2-4. Consider the following movements:
Which of the movements listed above represents advancements in technology with respect to only plastic production? Answer choices: A. a, b, and c B. b and c only C. b only D. c only 11) A change in which variable will change the market demand for a product? Answer choices: A. population B. technology C. the prices of substitutes in production D. the price of the product |
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