As more of a good, such as television sets, is produced, the opportunity costs of producing it increases. This most likely occurs because O a. consumers would be willing to pay higher prices for the good as more of the good is produced. O b. as more of a good is produced the quality of that good declines and therefore the costs of production increase. O C. as more of a good is produced the inputs used to produce that good will increase in price. O d. resources are not equally well suited to producing all goods and as more of a good is produced it is necessary to use resources less well suited to the production of that good.

As more of a good, such as television sets, is produced, the opportunity costs of producing it increases. This most likely occurs because O a. consumers would be willing to pay higher prices for the good as more of the good is produced. O b. as more of a good is produced the quality of that good declines and therefore the costs of production increase. O C. as more of a good is produced the inputs used to produce that good will increase in price. O d. resources are not equally well suited to producing all goods and as more of a good is produced it is necessary to use resources less well suited to the production of that good.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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As more of a good, such as television sets, is produced, the opportunity costs of producing it increases. This most likely occurs because O a. consumers would be willing to pay higher prices for the good as more of the good is produced. O b. as more of a good is produced the quality of that good declines and therefore the costs of production increase. O. C. as more of a good is produced the inputs used to produce that good will increase in price. O d. resources are not equally well suited to producing all goods and as more of a good is produced it is necessary to use résources less well suited to the production of that good.
The demand for a given good will decrease when the price of its substitute and the demand for a given good also decreases when the price of its complement Select one: O a. None of the provided answers are correct O b. rises; rises O c. falls; falls O d. falls; rises Assume a demand curve for coffee; Which of the following would NOT shift the demand curve for coffee? Select one: O a. an increase in wages O b. a decrease in the price of tea O c. price of coffee changes O d. a change in taste for tea
The demand curve for a normal good shifts leftward if income or the expected future price, O a. decreases; falls O b. decreases; rises O c. increases; falls O d. increases; rises Clear my choice Which of the following does NOT shift the supply curve? Select one: O a. a technological advance O b. an increase in the price of the good a decrease in the wages of labor used in production of the good O d. movement along supply curve Clear my choice
Suppose an economic boom causes incomes to increase and, at the same time, drives up wages for the sales representatives who work for cell phone companies. Assume that smartphones are a normal good. This will cause the: O price of cell phones and the equilibrium quantity to rise. O price of cell phones to rise, but the change in the equilibrium quantity is unclear and depends on whether the shift in demand is larger or smaller than the shift in supply. O price of cell phones and the equilibrium quantity to fall. O quantity of cell phones to rise, but the change in the equilibrium price is unclear and depends on whether the shift in demand is larger or smaller than the shift in supply.
FIGURE 2-4 Production possibilites curve Food Refer to Figure 2-4. If the economy chooses to shift more of its resources into clothing, what will it have to give up? Select one: O a. larger and larger amounts of food per unit of added clothing as the quantity of clothing produced increases O b. nothing, since food and clothing are NOT substitutes O c. relatively equal amounts of food per unit of added clothing as the quantity of clothing produced increases Clohing
When consumer incomes increase and there is technological progress, which of the following describes the expected change in equilibrium price and quantity transacted within the market? a. The quantity exchanged decreases, but the change in price cannot be determined. Ob. The equilibrium price decreases, but the change in quantity exchanged cannot be determined. O c. The equilibrium price increases, but the change in quantity exchanged cannot be determined. O d. The quantity exchanged increases, but the change in price cannot be determined.
QUESTION 8 Suppose the World Health Organisation has recently reported that consumption of ginger will help boost the immune system. Which of the following statements is CORRECT? O a. demand curve for fresh ginger shifts to the right. O b. demand curve for fresh ginger s shifts to the left O C. supply curve for fresh ginger shifts to the left O d. demand curve and the supply curve do not shift. Click Save and Submit to save and submit, Click Save All Answers to save all answers. O Search for anything FUJITSU 近

Consumers expect that the price per kilograms of wheat will rise next week, as a result the price per kilogram of wheat will fall today O a. b. supply of wheat next week will increase O C. demand for wheat will increase today O d. the price per kilograms of wheat will increase today
Figure 4-10 7 Quantity Refer to the Figure 4-10. What would cause the movement from point A to point B on the graph? Select one: O a. an increase in technology O b. an increase in the price of the good O C. a decrease in input prices O d. a decrease in the price of the good
What offect would an increase in the cost of materials used to produce cars have on the supply of cans? O Increase O Decrease
Suppose cauliflower and broccoli are substitutes in consumption. Suppose further that the price of cauliflower is increasing. Everything else held constant, consumer surplus in the broccoli market will and economic surplus in the broccoli market will, Select one: O A. increase; increase O B. increase; decrease Oc. decrease; decrease O D. be ambiguous; increase OE. decrease; increase OF. increase; be ambiguous O G. be ambiguous; decrease O H. be ambiguous; be ambiguous OL. decrease; be ambiguous
Suppose that the incomes of buyers in a particular market for an inferior good increase and there is also an increase in input prices. What would we expect to occur in this market? Select one: O a. The equilibrium price would increase, but the impact on the amount sold in the market would be ambiguous. O b. The equilibrium price would decrease;but the impact on the amount sold in the market would be ambiguous. out Oc Equilibrium quantity would increase, but the impact on equilibrium price would be ambiguous. O d. Equilibrium quantity would decrease, but the impact on equilibrium price would be ambiguous