UNT ECON 1100 Exam 1
The primary difference between a change in supply and a change in the quantity supplied is: -
✔✔a change in quantity supplied is caused by a change in the price of the good itself, and a
change in
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UNT ECON 1100 Exam 1
The primary difference between a change in supply and a change in the quantity supplied is: -
✔✔a change in quantity supplied is caused by a change in the price of the good itself, and a
change in supply is caused by a change in a non-price determinant of supply
Which of the following will cause a decrease in the demand for batteries? - ✔✔An increase in
the price of digital cameras, a complement for batteries
Based on the information in the table below, the opportunity cost of producing one clock in
Mexico is:
Clock Radio
Spain 4 hours 2 hours
Mexico 3 hours 6 hours - ✔✔1/2 radio.
Which of the following is a normative microeconomic statement? - ✔✔Government should
lower the taxes paid by small businesses.
An outward shift of a production possibilities frontier illustrates that: - ✔✔economic growth has
occurred.
If the demand for electricity is inelastic but not perfectly inelastic, a 10% increase in the price of
electricity is likely to: - ✔✔lead to a decrease in the quantity demanded of electricity of less than
10%.
If quantity demanded is 30 when price is $3 and quantity demanded is 20 when price is $5, then
total revenue __________ if price increases from $3 to $5, implying that demand is _________. -
✔✔increases; inelastic
In the market for used cars, a surplus of used cars would, ceteris paribus: - ✔✔put downward
pressure on the price of used cars.
In the graph below, a shift from PPF1 to PPF2 will occur as a result of: - ✔✔an increase in the
resources and technology used to produce food and clothing.
Initially, assume Country A is producing and consuming 10 cars and 20 boats, while Country B
is producing and consuming 20 cars and 40 boats. The two countries then decide to specialize
according to comparative advantage and engage in trade. The potential gains from trade for both
countries combined work out to be: - ✔✔20 boats, to be divided between the two countries.
Which of the following is an example of capital as a factor of production? - ✔✔Kitchen
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