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production possibilities curve (PPC)

Refer to the graph below: Given production possibilities curve (PPC), labeled (a), point N suggests that A. the economy is attaining full employment, but not full production. B. the economy is attaining full production, but not full employment. C. the economy is using its available resources inefficiently. D. the economy is attaining both full employment and full production. E. point N is unattainable. 2. Refer to the graph below: The movement from the production possibilities curve (PPC) (a) to PPC (b) suggests A. a movement from unemployment to full employment. B. an improvement in capital good technology, but not in consumer good technology. C. an improvement in consumer good technology, but not in capital good technology. D. a decline in the total output of society. E. the society becomes worse off. 3. Refer to the graph below: If the economy were producing combination G initially, the cost of producing additional BD units of capital goods is the value of A. the resources used in producing OD of capital goods. B. the resources used in producing EF of consumer goods. C. the resources used in producing OE of consumer goods. D. BD units of capital goods. E. BD units of consumer goods. 4. Suppose that food and autos are the goods that are produced by a country and shown on a Production Possibilities Curve (PPC). Which of the following changes would not result in an outward shift in the PPC? A. Immigration into the country by a large number of highly skilled auto workers B. The development of highly productive computer software to manage auto production C. A long drought that affects the production of many food items D. A general improvement in technology E. Significant growth in the population 5. If an economy is experiencing unemployment, it is operating at a point A. on its production possibilities curve (PPC). B. below its PPC. C. beyond its PPC. D. at the horizontal intercept of its PPC. E. at the vertical intercept of its PPC. 6. Refer to the graph below: Which of the following best explains the shift of Sharpland’s production possibilities curve between 2011 and 2016? An increase in A. the number of tractors. B. general technology. C. agricultural land resources. D. the quality and quantity of teachers. E. the demand for schooling. 7. Suppose that a country’s GDP rises from $5000 to $8000 and over the same period, prices have risen by 50%. In this case, real GDP has A. risen. B. fallen. C. stayed the same. D. risen, then fallen over the period. E. this cannot be determined without more information. 8. While per capita GDP is a useful measure of economic well-being, it fails to take into account A. the population of the economy. B. the value of capital goods produced within the economy. C. the value of goods produced for export. D. the distribution of GDP within the economy. E. whether goods were produced within the country. 9. Suppose that Gross Domestic Product for 2016 is $600 million and the price index for that year (2009 = 100) is 300. GDP for 2016 in constant (2009) dollars is A. Impossible to determine with this information. B. $200,000,000. C. $20,000. D. $200,000. E. $2,000,000. 10. When analyzing the performance of a single economy over time, which measure is most appropriate? A. Real GDP B. GDP C. Real GDP per capita D. GDP per capita E. Base year GDP 11. A situation in which the demand for a product is decreasing while the price is simultaneously increasing can be explained by A. a decrease in supply. B. an increase in supply. C. unchanged supply. D. all of the above. E. none of the above. 12. In a command economy, prices A. determine how much of the good is produced. B. do not determine production levels. C. are set by the interaction of demand and supply. D. are always low. E. are determined by monopolies. 13. If an increase in the price of cookies leads to a decrease in the demand for ice cream, then ice cream and cookies must be A. substitutes. B. complements. C. normal goods. D. inferior goods. E. standardized products. 14. An increase in the price of a good will cause which of the following? A. Quantity demanded to demand to rise B. Demand to fall C. Quantity supplied to fall D. Supply to rise E. None of the above 15. Which of the following will cause demand to rise? A. A decrease in price B. A decrease in the price of a substitute good C. A decrease in the price of a complementary good D. An increase in supply E. An increase in the cost of production 16. A change in the quantity supplied of a good may be caused by A. a change in technology. B. a change in the number of firms selling the good. C. a change in the price of the good. D. a change in the demand for the good. E. either (c) or (d). 17. Refer to the graph below: If the market starts in equilibrium with D1 and S1, and the price of Pepsi increases, the new equilibrium price and quantity are A. 13 and 55. B. 10 and 40. C. 10 and 65. D. 7 and 55. E. 10 and 55. 18. If consumers expect an increase in the price of coffee next month, what will happen to the equilibrium price and quantity of coffee this month? A. Price will increase, quantity will decrease B. Price will increase, quantity will increase C. Price will decrease, quantity will decrease D. Price will decrease, quantity will increase E. The new equilibrium price and quantity can not be determined 19. From a standpoint of resource allocation, a surplus of corn implies A. consumers would prefer some of the resources used to produce corn be used to produce something else. B. the market for agricultural products is failing. C. government should purchase the surplus to protect the farmers. D. the price of corn is too low and should be increased. E. the quantity demanded of corn exceeds the quantity supplied. 20. In a market economy, a shortage of wheat will cause the A. price of bread to rise. B. price of bread to fall. C. price of wheat to fall. D. supply of bread to increase. E. supply of wheat to fall. 21. Refer to the graph below: If the supply and demand for rental housing are DD and SS, what effect will a rent control law that sets the maximum allowable rent at $400 have on the market? It will lead to A. a surplus of 5 thousand units. B. a shortage of 5 thousand units. C. a surplus of 10 thousand units. D. a shortage of 10 thousand units. E. no change in equilibrium rent or quantity. 22. Refer to the graph below: If the supply and demand for rental housing are DD and SS, what effect will a rent control law that sets the maximum allowable rent at $800 have on the market? It will lead to A. a surplus of 5 thousand units. B. a shortage of 5 thousand units. C. a surplus of 10 thousand units. D. a shortage of 10 thousand units. E. no change in equilibrium rent or quantity. 23. Rent control laws will _____________ the search costs of potential renters. A. increase. B. decrease. C. eliminate. D. mitigate. E. reimburse. 24. Refer to the graph below: If rent is controlled at $600, there will be a ______ equal to ____ thousand units in the market. A. surplus; 10. B. surplus; 20. C. shortage; 10. D. shortage; 20. E. excess supply; 10. 25. Rent control laws in a city may affect the housing market in neighboring cities because A. it increases the supply of rental units in the city with rent controls. B. it leads people to search for rental housing in neighboring cities, increasing the demand and rents in those communities. C. it decreases the supply of rental housing in neighboring cities. D. it makes prices for rental units lower in neighboring cities. E it creates an incentive for residents in neighboring cities to move to the city with rent controls, reducing . the demand for rental housing in neighboring cities. 26. A firm increases the number of workers it hires from 50 to 52, and as a result, output increases from 100 to 110. Each of the additional units of output can be sold for $2. What is the marginal revenue product of the 52nd worker? A. 2 B. 5 C. 10 D. 20 E. 50 27. The demand for labor is a downward sloping demand curve because A. wages for workers decline as the number of workers hired rises. B. the Law of Diminishing Returns implies that wages fall as more workers are hired. C. the Law of Diminishing Returns does not affect the productivity of labor. D. the Law of Diminishing Returns only affects capital inputs. E the Law of Diminishing Returns implies that the marginal product of labor declines, which implies that . the marginal revenue product of labor is decreasing. 28. A firm has a given amount of capital. When it hires 10 workers, output is 30. When it hires 11 workers, output is 40. If the Law of Diminishing Returns applies, which of the following is the most likely amount of output when the firm hires 12 workers? A. 70 B. 60 C. 50 D. 45 E. -10 29. Which of the following represents the demand curve for labor for a firm? A. The MR curve B. The MP curve C. The MRP curve D. The MC curve E. None of the above 30. Refer to the table below: If each unit of output is sold for $5, the marginal revenue product of the 3rd worker is A. 5. B. 50. C. 200. D. 250. E. 300. 31. An increase in the wage from $6 per hour to $6.50 per hour causes a worker to increase her hours worked from 40 to 45 hours per week. For this worker, which effect dominates? A. Substitution B. Income C. Wage D. Wealth E. Leisure 32. If we observe a positively sloped labor supply curve, we can conclude that A. it violates the Law of Supply. B. the substitution effect is larger than the income effect. C. the substitution effect is smaller than the income effect. D. the market wage rises as more workers are hired. E. the demand for labor exceeds the supply of labor. 33. Refer to the graph below: A minimum wage of $12 would lead to a quantity of labor demanded equal to A. 0. B. 15. C. 25. D. 35. E. more than 35. 34. According to the alternative analysis of the minimum wage, which of the following might lead the demand curve for labor to be vertical over the relevant range? A. Firms offset higher wages by allowing longer lines during peak hours B. Higher wages are offset by increased efficiency C. Prices are increased for goods that are not price-sensitive D. All of the above E. None of the above 35. Refer to the graph below: A tax of T1 per unit on polluted discharge will induce the firm to A. clean its discharge up to q1 units per day rather than pay the tax. B. pay the tax rather than clean discharge up to q1 units per day. C. clean its discharge exceeding q1 units per day rather than pay the tax. D. pay the tax on all units. E. (a) and (d). 36. In a small city located on a lake, the raw sewage of the city is dumped directly into the lake. This has been a source of distress for citizens who like to swim, fish, and water ski. A study has been instituted to determine what value the citizens place on pollution control and the results are listed in the following table. Costs of pollution control are also listed. As the units of pollution control increase, the MSB of controlling pollution is A. increasing. B. decreasing. C. constant. D. harder to define. E. impossible to determine. 37. Refer to the graph below: This firm produces a product that creates pollution that is discharged into the water. Given that the firm’s demand and supply curves are D and S, respectively, which curve is the MSC curve for the polluting firm’s product? A. D B. S C. X1 D. X2 E. None of the above 38. Refer to the graph below: This firm produces a product that creates pollution that is discharged into the water. Given that the market demand is D and the firm’s MPC is S, what is the equilibrium quantity of the polluting firm’s product in a market with no pollution regulation? A. Q1 B. Q2 C. Q3 D. 0 E. It cannot be determined 39. Refer to the graph below: This firm produces a product that creates pollution that is discharged into the water. Given that the market demand is D and the firm’s MPC is S, what is the efficient quantity of the polluting firm’s product? A. Q1 B. Q2 C. Q3 D. 0 E. It cannot be determined 40. Refer to the graph below: This firm produces a product that creates pollution that is discharged into the water. Given that the market demand is D and the firm’s MPC is S. The value of well-being lost due to over-production of the polluting firm’s product is equal to area A. Acd. B. Abd. C. Deg. D. Dgf. E. this cannot be shown in the diagram.

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