QUESTION 11 An advance in technology in the production of good X causes a. a leftward...

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QUESTION 11 An advance in technology in the production of good X causes a. a leftward shift in the supply curve for good X. b. the supply curve for good X to change from vertical to upward sloping. c. the supply curve for good X to change from upward sloping to vertical. d. a rightward shift in the supply curve for good X. QUESTION 13 Every time you make a a. competitive move; price b. decision; efficient effect c. choice; opportunity cost d. decision; mistake you incur a(n). QUESTION 18 If Cassandra bought 12 blouses last year when her income was $46,000 and she buys 14 blouses this year when her income is $52,000, then her income elasticity of demand for blouses is approximately a. -2.52. Ob. +1.26. O C. -0.80. O d. -1.26. O e. +0.80. If the seller of good X raises the price of good X, it follows that the total revenue of good X will a. rise; elastic b. fall; unit elastic c. fall; elastic d. fall; inelastic if demand is Good Z is income unit elastic. This means that the percentage change in income is a. equal to the percentage change in the quantity demanded of good Z. b. less than the percentage change in the quantity demanded of good Z. c. equal to the percentage change in the price of good Z. d. greater than the percentage change in the demand for good Z. e. greater than the percentage change in the price of good Z. QUESTION 11 An advance in technology in the production of good X causes a. a leftward shift in the supply curve for good X. b. the supply curve for good X to change from vertical to upward sloping. c. the supply curve for good X to change from upward sloping to vertical. d. a rightward shift in the supply curve for good X. QUESTION 13 Every time you make a a. competitive move; price b. decision; efficient effect c. choice; opportunity cost d. decision; mistake you incur a(n). QUESTION 18 If Cassandra bought 12 blouses last year when her income was $46,000 and she buys 14 blouses this year when her income is $52,000, then her income elasticity of demand for blouses is approximately a. -2.52. Ob. +1.26. O C. -0.80. O d. -1.26. O e. +0.80. If the seller of good X raises the price of good X, it follows that the total revenue of good X will a. rise; elastic b. fall; unit elastic c. fall; elastic d. fall; inelastic if demand is Good Z is income unit elastic. This means that the percentage change in income is a. equal to the percentage change in the quantity demanded of good Z. b. less than the percentage change in the quantity demanded of good Z. c. equal to the percentage change in the price of good Z. d. greater than the percentage change in the demand for good Z. e. greater than the percentage change in the price of good Z.