Mail - Suare X Central Pipe X Content X Content X Bb Microsoft W X Course Her( X Logout | Lib x reading resp x reading resp x how to scre X C ccsu.blackboard.com/ultra/courses/_69519_1/cl/outline OK Update : Problem Sets Midterm Exam & Review Remaining Time: 1 hour, 58 minutes, 44 seconds. X Final Exam (12/7) Question Completion Status: My Grades Weekly Modules QUESTION 1 2 points Save Answer Week 1 (8/31) 18 Why is there scarcity? Week 2 (9/7) O A. Because human wants are limited. Week 3 (9/14) O B. Because the opportunity set determines this. Week 4 (9/21) O C. Because our unlimited wants exceed our limited resources. O D. Because theory dictates it. Week 5 (9/28) Week 6 (10/5) Week 7 (10/12) QUESTION 2 2 points Save Answer Week 8 (10/19) Week 9 (10/26) Scarcity implies that: O A. at the current market price, consumers are willing to purchase more of a good than suppliers are willing to produce. Week 10 (11/2) O B. consumers would be willing to purchase the same quantity of a good at a higher price. O C. consumers are too poor to afford the goods and services available Resources O D. it is impossible to completely fulfill the unlimited human desire for goods and services with the limited resources available. Institutional Policies Student Services Library Resources QUESTION 3 2 points Save Answer Community Resources Gomer decides to spend an hour playing basketball rather than studying. His opportunity cost is: Economic Resources O A. the benefit to his grades from studying for an hour O B. nothing, because he enjoys playing basketball more than studying. O C. nothing, because he had a free pass into the sports complex to play basketball. O D. the increase in skill he obtains from playing basketball for that hour. Priv Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers Save and Submit TernI1: Mail-Sue X Central Pi; X ' Content X ' Content X Eb Microsoft X a Course H: X LogoutlL x 5 reading re X _= reading re X howtoso X + v ( C i ccsu.blackboard.comulu ' ' ' Lilli: m if! I] Remaining Time: 1 hour, 58 minutes. 39 seconds. X Question Completion Status: QUESTION 4 2 points Save Answer Astudent has only a few hours to prepare for two different exams this afternoon. The table below shows alternative possible exam scores with three alternative uses of the student's time. The opportunity cost of scoring a 94 on the economics exam rather than a 77 is: Possibility A Economics History | 94 76 II 87 84 III 77 91 O A. 14 points on the history exam. 0 B. 15 points on the history exam. 0 C. 8 points on the history exam. 0 D. 17 points on the history exam. QUESTION 5 2 points Save Answer The model that economists use for illustrating the process of individual choice in a situation of scarcity is the , sometimes also called the opportunity set, a diagram which shows what choices are possible given the individuals income. 0 A. budget constraint 0 B. income cap 0 C. consumption set O D. original budget Click Save and Submit to save and submit. Click Save AllAnswers to save all answers. Save All Answers Save and Submit I1: Mail-Sue X Central Pi; X ' Content X ' Content X Eb Microsoft X '1 Course H: X LogoutlL x 5 reading re X _= reading re X howtoscw X + v ( C i ccsu.blackboardicomulu ' ' ' Lliil: m if! i] Remaining Time: 1 hour, 58 minutes. 36 seconds. X Question Completion Status: QUESTION 6 2 points Save Answer In the picture below, when the economy moves from PointAto Point B Production possibilities curve / Clothing W Food O A the economy begins using its resources efciently to produce both food and clothing. O B. the economy operates at its productive capacity once it reaches Point B. O C. the economy increases production of both clothing and food. O D. All of the above occur. QUESTION 7 2 points The law of explains why people and societies rarely make all-or-nothing choices (rarely decide to produce or consume just one good or service). 0 At marginal analysis Click Save and Submit to save and submit. Click Save AllAnswers to save all answers. Save All Answers Save and Submit I1: Mail-Sue X Central Pi; X ' Content X ' Content X Eb Microsoft X '1 Course H: X LogoutlL x 5 reading re X _= reading re X howtcso X + v ( C i ccsu.blackboardtcomulu ' ' ' Lilli: m if! I] Remaining Time: 1 hour, 58 minutes. 33 seconds. X Question Completion Status: QUESTION 7 2 points Save Answer The law of explains why people and societies rarely make all-ornothing choices (rarely decide to produce or consume just one good or service). 0 At marginal analysis 0 B. consumption O C. diminishing marginal utility O D. utility QUESTION 8 2 points Save Answer Which of the following would most likely shift the production possibilities curve inward? O A. an increase in the number of hours factories are in use. 0 B. an increase in the production of capital goods O C. technological progress 0 D. a decrease in the average number of hours worked per week as the labor force chooses to enjoy more leisure time QUESTION 9 2 points Save Answer The slope of the is determined by the relative price of the two goods, which is calculated by taking the price of one good and dividing it by the price of the other good. O A market demand curve O B. substitution curve 0 C. production possibilities frontier A n L........ ......__:... Click Save and Submit to save and submit. Click Save AllAnswers to save all answers. Save All Answers Save and Submit o Mail - Suare X Central Pipe X Content X Content X Bb Microsoft W X Course Her( X Logout | Lib x reading resp X reading resp x how to scre X C A ccsu.blackboard.com/ultra/courses/_69519_1/cl/outline OK Update : X Remaining Time: 1 hour, 58 minutes, 29 seconds. Question Completion Status: O D. budget constraint 18 QUESTION 10 2 points Save Answer Any given demand or supply curve is based on the ceteris paribus assumption that O A. everything is variable O B. all else held equal/constant O C. no one knows which variables will change and which will remain constant. O D. what is true for the individual is not necessarily true for the whole. QUESTION 11 2 points Save Answer Economists refer to the relationship that a higher price leads to a lower quantity demanded as the O A. price model O B. law of demand O C. elasticity of demand O D. theory of consumption QUESTION 12 2 points When quantity demanded decreases in response to a change in price: O A. there is a movement down (left) along the same demand curve. Priv Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers Save and Submit TernI1: Mail-Sue X Central Pi; X ' Content X ' Content X Eb Microsoft X '1 Course He X LogoutlL x 5 reading re X _= reading re X howtoscw X + v / (- C i ccsu.blackboard.com,lu ' ' ' Lllll: m 12: I] K (\\ Update v Remaining Time: 1 hour, 58 minutes. 26 seconds. X Question Completion Status: QUESTION 12 2 points Save Answer When quantity demanded decreases in response to a change in price: O A there is a movement down (left) along the same demand curve. O B. the demand curve shifts to the left. 0 C. the demand curve shifts to the right. O D. there is a movement up (right) along the same demand curve. QUESTION 13 2 points Save Answer Using the graph below and beginning on curve D1, a shift to curve D2 would indicate a(n): Price O A decrease in quantity demanded. O B. decrease in demand. 0 C. increase in demand. Click Save and Submit to save and submit. Click Save AllAnswers to save all answers. Save All Answers Save and Submit I1: Mail-Sue X Central Pi; X ' Content X ' Content X Eb Microsoft X '1 Course H: X LogoutlL x 5 reading re X _= reading re X howtoscw X + v ( C i ccsu.blackboard.comulu ' ' ' Lilli: m if! I] v Remaining Time: 1 hour, 58 minutes. 21 seconds. X Question Completion Status: uuanury O A. decrease in quantity demanded. O B. decrease in demand. O C. increase in demand. 0 D. increase in quantity demanded. QUESTION 14 2 points Save Answer Given the market for computers, it new manufacturers enter the computer industry, then (ceteris paribus): O A. the supply curve shifts to the left. 0 B. the demand curve shifts to the left. 0 C. some established manufacturers must exit the industry. 0 D. the supply curve shifts to the right. QUESTION 15 2 points Save Answer According to the law of supply: 0 A. the supply curve is downward sloping, O B. there is an inverse (or negative) relationship between price and the quantity supplied. 0 C. there is a direct (or positive) relationship between price and the quantity supplied. 0 D. when the price ofa product increases, the supply curve will shift to the right, Click Save and Submit to save and submit. Click Save AllAnswers to save all answers. Save All Answers Save and Submit I1: Mail-Sue X Central Pi; X ' Content X ' Content X Eb Microsoft X '1 Course He X LogoutlL x 5 reading re X _= reading re X howtoso X + v ( C i ccsu.blackboard.comuiu ' ' ' Lilli: m if! I] v Remaining Time: 1 hour, 58 minutes. 17 seconds. X Question Completion Status: QUESTION 16 2 points Save Answer The is the quantity where quantity demanded and quantity supplied are equal at a certain price. 0 A. equilibrium quantity 0 B. quantity supplied 0 C. supply and demand schedule 0 D.quantity demanded QUESTION 17 2 points Save Answer The price elasticity of demand measures the: O A. responsiveness of quantity demanded to a change in price. 0 B. responsiveness of price to a change in demand. O C. responsiveness of quantity demanded to a change in income. O D. responsiveness of quantity demanded to a change in quantity supplied. QUESTION 18 2 points Save Answer When demand is inelastic: O A. the percentage change in quantity demanded resulting from a price change is greater than the percentage change in price. 0 B. demand curves appear to be fairly at. O C. price elasticity of demand is greater than 1. O D. consumers are not very responsive to changes in price. Click Save and Submit to save and submit. Click Save AllAnswers to save all answers. Save All Answers Save and Submit I1: Mail-Sue X Central Pi; X ' Content X ' Content X Eb Microsoft X '1 Course He X LogoutlL x 5 reading re X _= reading re X howtoso X + v ( C i ccsu.blackboard.comulu ' ' ' Lllll: m if! I] v Remaining Time: 1 hour, 58 minutes. 14 seconds. X Question Completion Status: qua) I IV\" I: 2 points Save Answer Billy Bob's Barber Shop knows that a 5 percent increase in the price of their haircuts results in a 10 percent decrease in the number of haircuts purchased. What is the elasticity of demand facing Billy Bob's Barber Shop? O A. 0.5 which is inelastic O B. 0.5 which is elastic O C. 2.0 which is inelastic O D. 2.0 which is elastic QUESTION 20 2 points Save Answer The term refers to the additional utility provided by one additional unit of consumption. 0 A. marginal utility O B. total utility O C. utility O D. Giffen utility QUESTION 21 2 points Save Answer Which of the following is considered to be a tell-tale signal that the point with the highest total utility has been found? 0 A. the quantities demanded change so total utility rises O B. the marginal utility per dollar is controlled by trade-offs O C. the consumer is purchasing equal quantities of both goods 0 D. the marginal utility per dollar is the same for both goods Click Save and Submit to save and submit. Click Save AllAnswers to save all answers. Save All Answers Save and Submit o Mail - Suare X Central Pipe X Content X Content X Bb Microsoft W X Course Her( X Logout | Lib x reading resp X reading resp x how to scre X C A ccsu.blackboard.com/ultra/courses/_69519_1/cl/outline OK Update : X Remaining Time: 1 hour, 58 minutes, 11 seconds. Question Completion Status: QUESTION 22 2 points Save Answer Which of the graphs below illustrate the concept of increasing opportunity cost in a country's PPF. 18 PPF A PPF B Good B Good BI Good A Good A PPF C PPF D Good B I Good B Good A Good A O A PPF A Priv Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers Save and Submit TernI1: Mail-Sue X Central Pi; X ' Content X ' Content X Eb Microsoft X '1 Course He X LogoutlL x = reading re X = reading re X howtoso X + v (- C i ccsu.blackboard.comuli ; ' ' Gilli i: m 731' I] X Remaining Time: 1 hour, 58 minutes. 04 seconds. Question Completion Status: Good A Good A O A. PPFA o B. PPF B O c. PPF c O D. PPF D QUESTION 23 2 points Save Answer In May and June, Tammy spent all her clothing budget on bathing suits and beach bags. Each bathing suit cost $75 and each beach bag cost $50. At Tammy's optimal choice, her marginal utility from the last bathing suit purchased is 375 and her marginal utility from the last beach bag purchased is 200. Is Tammy maximizing her utility? O A. Unknown, we do not have enough information to answer this question. 0 B. No. she should buy more bathing suits and less beach bags O C. Yes, she is maximizing her utility with this combination of bathing suits and beach bags. 0 D. No, she should buy more beach bags and less bathing suits QUESTION 24 2 points Given the budget constaint below, what is this person's income/budget? Click Save and Submit to save and submit. Click Save AllAnswers to save all answers. Save All Answers Save and Submit o Mail - Suare X Central Pipe X Content X Content X Bb Microsoft W X Course Her( X Logout | Lib x reading resp X reading resp x how to scre X C A ccsu.blackboard.com/ultra/courses/_69519_1/cl/outline OK Update : X Remaining Time: 1 hour, 58 minutes, 02 seconds. Question Completion Status: QUESTION 24 2 points Save Answer Given the budget constaint below, what is this person's income/budget? 18 Burgers: $2 Bus Tickets: 50 cents C O- NWAUTO Burgers F 8 12 16 20 24 Bus Tickets O A. $40 O B. $20 O C. $10 O D. $2 QUESTION 25 2 points Save Answer Suppose for most people peanut butter and jelly are complementary goods in consumption. Suppose the price of peanut better increases, how would the market for jelly respond? O A. The demand for jelly increases, shifting the curve to the right. O B. The supply and demand for jelly decreases, shifting both curves to the left. O C. The supply of jelly decreases, shifting the curve to the right. O D. The demand for jelly decreases, shifting the curve to the left. Priv Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers Save and Submit TernI1: Mail-Sue X Central Pi; X ' Content X ' Content X Eb Microsoft X '1 Course He X LogoutlL x 5 reading re X _= reading re X howtoscw X + v <_ x c i ccsu.blackboardtcomulu lllll: m if remaining time: hour minutes. seconds. question completion status: points save answer below is the supply and demand schedule for cups of coffee at dunkin. use this infomation to ll in blanks below. must be entered exactly there are specic words that required l have put them parenthesis next blank pnce no on equilibrium quantity market price only do not enter dollar signs government instituted a control set minimum would an example or oor create surplus amount shortage using midpoint formula calculate elasticity when increases from nearest decimal means dunkin inelastic q u esti graphs determine which graph best represents scenarios listed fill with letter associated correct graph. click submit submit. allanswers all answers. answers i1: mail-sue central pi content eb microsoft course h: logoutll reading re _="reading" howtoso v ccsu.blackboard.comu lll i: b d gilli ccsu.blackboardlcomul given hard candy what happen sugar baby toys boom caused by pandemic lockdowns traditional paper books happens electronic nooks etc become much more popular luxury cars recession many people lose theirjobs used clothing grapes. was advancement technology allowed grape pickers pick faster frozen pizza. producing pasta became protable burger king it mcdonalds lot expensive>