Question

1. Suppose that a point is on the PPF. This point is: a) b) c) d) infeasible and inefficient feasible and efficient infeasible and efficient feasible and inefficient 2. The opportunity cost of attending Brooklyn College: a) b) c) d) includes the cost of books, tuition, and lost earnings includes the cost of books and tuition but not lost earnings includes lost earnings but not the cost of books or tuition does not include the cost of books, tuition, or lost earnings 3. Suppose that there is a very sunny summer and grapes grow best when it is sunny. This will cause: a) the equilibrium price and quantity of grapes to both rise b) c) d) the equilibrium price of grapes to fall and the equilibrium quantity of grapes to rise the equilibrium price and quantity of grapes to both fall the equilibrium price of grapes to rise and the equilibrium quantity of grapes to fall Suppose that wild salmon and farm raised salmon are substitutes. An increase in the price of farm raised salmon will cause: 4. a) b) c) d) the demand for wild salmon to rise the demand for wild salmon to fall the supply of wild salmon to rise the supply of wild salmon to fall

Answer 1