Philosophers draw a distinction between positive statements, which describe the world as it is, and s,...

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Philosophers draw a distinction between positive statements, which describe the world as it is, and s, which describe how the world should be. O A. normative statement O B. budget constraint O c. Trade-off O D. opportunity cost

The economic concept of scarcity means that wants are greater than theresources available to satis those wants: 0 A. Hard to find O B. Expensive O C. Bountiful ○ D· Limited 1 poi

1 point The basic difference between macroeconomics and microeconomics is: 0 A. microeconomics concentrates on individual markets while macroeconomics focuses primarily on international trade. O B. microeconomics concentrates on the behavior of individual consumers while macroeconomics focuses on the behavior of firms. O c. microeconomics concentrates on the behavior of individual consumers and firms while macroeconomics focuses on the performance of the entire economy. 0 D. microeconomics explores the causes of inflation while macroeconomics focuses on the causes of unemployment.

13 1 point Bread Figure 1 Refer to Figure 1. An economy is operating at full employment, and then workers in the bread industry are laid off. This change is portrayed in the movement from: O A. A to B ○B, B to E C. C to F O D. G to F 1 point

RPCC Canvas IHel for Access. College Forbid... College-Forbidd. Link to Course College-Quiz 1 1 point 14 Bread Figure 1 Refer to Figure 1. Along the production possibilities frontier, which point is unattainable? O A. Point F O B. Point C O C. Point E 0 D. All points on the production possibilities frontier are attainable

i rpcc.odigia.com LA RPCC Canvas D. All points on the production possiblities frontier are attainable 1 point Bread Figure 1 Refer to Figure 1. The most inefficient point depicted is: A.Point A Point C Point D D. Point G 1 point Which of the following would most likely shift the production possibilities curve inward? 〇A. anrerease in the number of hours factories are in use O B. a decrease in the average number of hours worked per week as the labor torce chooses to enjoy more leisure time

16 1 point 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 O B. a decrease in the average number of hours worked per week as the labor force chooses to enjoy more tleisure time O C. an increase in the production of capital goods 0 D, technological progress

17 carcity exists because of: O A. the market mechanism. OB. specialization and division of labor O C. the allocation of goods by prices O D. unlimited wants and limited resources.

20 1 point Table 2 Possibility A Economics 94 87 History 76 84 91 Refer to Table 2. A student has only a few hours to prepare for two different exams tomorrow morning. The above table shows alternative possible exam outcomes with three alternative uses of the students time. The opportunity cost of scoring an 84 on the history exam rather than 76 is: 0 A. 10 points on the economics exam OB. 8 points on the history exam 。c. 7 points on the economics exam 0 D. 12 points on the economics exam

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2. D) limited

Human wants are unlimited while resources are scarce.

3. C) microeconomics concentrates on the behavior of individual consumers and firms while macroeconomics focuses on the performance of entire economy.

Microeconomics studies economic relations and economic problems at the level of individual while macroeconomics studies economic relations and economic problems at the level of economy as a whole.

14. C) Point E

Bundles lie outside PPF are unattainable.

15. D) Point G

Combination lies inside PPF are inefficient because some resources are left idle.

16. B) Decrease in average number of hours worked per week

When workers give less hours then production decreases and shifts PPF leftwards.

17. D) unlimited wants and limited resources

Human wants are unlimited while resources are scarce so people have to face scarcity and make choices.

20. C) 7 points on the economics exam

To gain 8 marks of history (84 - 76 = 8), student has to give up 94 - 87 = 7 marks of economics.

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QUESTION 21 Assume there is a price floor imposed on a good which is above the...