Econ Essay

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1. Improvements in technology for producing all goods must result in (A) an inward shift in the production possibilities curve (B) an outward shift in the production possibilities curve (C) a flatter production possibilities curve (D) a steeper production possibilities curve (E) greater unemployment of labor

2. The quantity of peanuts supplied increased from 40 tons per week to 60 tons per week when the price of peanuts increased from $4 per ton to $5 per ton. The price elasticity of supply for peanuts over this price range is (A) Elastic (B) Inelastic (C) unit elastic (D) perfectly elastic (E) perfectly inelastic

3. Which of the following best describes the law of demand? (A) The …show more content…
For the firm shown in the graph above, the short-run, profit-maximizing strategy would be to set output at (A) Q1, price at P1, and suffer a loss (B) Q1, price at P3, and earn an economic profit (C) Q1, price at P3, and earn only a normal profit (D) Q2, price at P2, and earn an economic profit (E) Q2, price at P2, and earn only a normal profit

12. Which of the following will tend to make the demand for a product more elastic? (A) New firms which produce similar products enter the industry. (B) A change in taste and preferences makes the product more desirable. (C) The product is necessary for use with a complement. (D) Production of the product is protected by a patent. (E) Production cost of the product decreases.

13. In a perfectly competitive labor market, an increase in an effective minimum wage will result in (A) an increase in the supply of workers (B) a decrease in the supply of workers (C) a decrease in the demand for workers (D) more workers being hired (E) fewer workers being hired

14. Which of the following taxes contributes most to decreasing inequality in the distribution of income? (A) Progressive income taxes (B) Sales taxes (C) Proportional income taxes (D) Excise taxes (E) Import tariffs on necessities

15. A free-rider problem arises when a good is (A) Nonrival (B) Nondepletable (C) Nonexcludable (D) produced in a competitive

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