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247011Suppose that the market price for hot dogs sold by street vendors has just risen from $4.50 to $5, and that Curly has now begun operating a hot dog cart. We can assume that:

247012Jessica’s marginal cost for producing a pitcher of lemonade is $0.25. Therefore, $0.25 can also be called her:

247013Last summer, real estate prices in your town soared. You started noticing more “For Sale” signs in your neighbors’ yards. You conclude that:

247014Supply curves are generally _ sloping because _.

247015As the price of a good rises:

247016The supply curve illustrates that firms:

247017Sellers tend to offer _ for sale as price increases, and so the supply curve is _ sloping.

247018When a slice of pizza at the student union sold for $2, Moe did not purchase any. When the price fell to $1.75, Moe purchased a slice each day for lunch. Moe’s reservation price for a slice of pizza must be:

247019One reason for the _ slope of the demand curve is that as prices fall _.

247020Gertie saw a pair of jeans that she was willing to buy for $35. The price tag, though, said they were $29.99. Therefore:

247021Shelly purchases a leather purse for $400. One can infer that:

247022The buyer’s reservation price of a particular good or service is the:

247023When the price of an item increases, buyers tend to purchase less of that item:

247024The quantity of Revlon nail polish demanded by Jen decreased after the price of Revlon nail polish increased. Jen decides to find a cheaper brand of nail polish. This is called a(n):

247025You can spend $5 for lunch and you would like to have two double cheeseburgers. When you get to the restaurant, you find out the price for double cheeseburger has increased from $2.50 to $2.99. You decide to have just one double cheeseburger for lunch. Th

247026As coffee becomes more expensive, Joe starts drinking tea, and therefore quantity demanded for coffee decreases. This is called:

247027A demand curve is _ sloping because _.

247028Which of the following is NOT true of a demand curve?

247029The demand curve illustrates the fact that consumers:

247030”Holding all other relevant factors constant, consumers will purchase more of a good as the price falls.” This statement reflects the behavior underlying:

247031In a market, the demanders are the _, and the suppliers are the _.

247032Buyers and sellers of a particular good comprise the:

247033In order to understand how the price of a good is determined in the free market, one must account for the desires of:

247034Suppose you camped out in front of an electronics store to be one of the 200 lucky people able to purchase the latest gaming system. You bought the system for $350. Two weeks later you see that the same system can be sold on e-Bay for $600, so you sell yo

247035Suppose you bought three tickets to a concert in advance at the University ticket window. At the last minute one friend cancelled, so you could use only two of those tickets. You scalped, or sold, the third ticket just outside the entrance to the concert

247036The entire group of buyers and sellers of a particular good or service makes up:

247037A good example of central planning at work in the U.S. would be:

247038In Cuba, a bureaucratic committee makes the production decisions for the country’s firms and factories. Therefore, Cuba is an example of a:

247039According to the equilibrium principle:

247040Which of the following directly follows from the No Cash on the Table Principle?

247041The No Cash on the Table Principle asserts that:

247042Everyone in the neighborhood has been complaining about the deteriorating condition of the park, but nobody has cleaned it up. Why not?

247043Which of the following is NOT a condition for maximizing total economic surplus in a particular market?

247044Suppose that the production of oranges reduces global warming. The equilibrium price of oranges is _ because not all of the _ are accounted for in the marketplace.

247045Suppose the local slaughterhouse gives off an unpleasant stench. The price of meat would then be _ because not all of the _ are accounted for in the marketplace.

247046The situation described in the book as “Smart for One, Dumb for All” occurs when:

247047If, in a particular market, all unexploited opportunities have been realized, one can conclude that:

247048When two people agree to a price in a negotiation, we can assume that:

247049Assume that Joe is willing to produce another hamburger that costs $1 to make. Mary is hungry and is willing to buy a hamburger for $3. According to the No Cash on the Table Principle, Joe and Mary:

247050Efficiency is an important goal in economics because it:

247051Efficiency occurs when:

247052An outcome is socially optimal if it:

247053Suppose that both supply and demand for iPads decrease. One can predict that the:

247054Refer to the figure above. Assume the market is originally at point W. Movement to point Z is a combination of:

247055Refer to the figure above. Assume the market is originally at point W. Movement to point Y is a combination of:

247056Assume both the demand and the supply of bagels increase. Which of the following outcomes is certain to occur?

247057Assume both the demand and the supply of beef decrease. Which of the following outcomes is certain to occur?

247058Assume the demand for sugar decreases while the supply of sugar increases. Which of the following outcomes is certain to occur?

247059Assume the demand for coffee increases while the supply decreases. Which of the following outcomes is certain to occur?

247060Suppose that the equilibrium price of French fries rises while the equilibrium quantity falls. The most consistent explanation for these observations is:

247061Suppose that the equilibrium price of pickles falls while the equilibrium quantity rises. The most consistent explanation for these observations is:

247062Suppose that both the equilibrium price and quantity of ketchup fall. The most consistent explanation for these observations is:

247063If supply decreases while demand increases simultaneously, the new equilibrium price is _ and the new equilibrium quantity is _.

247064If both supply and demand decrease simultaneously, the new equilibrium price is _ and the new equilibrium quantity is _.

247065If both supply and demand increase simultaneously, the new equilibrium price is _ and the new equilibrium quantity is _.

247066If a market is in equilibrium and demand increases while supply decreases, the change in the equilibrium price is _ and the change in the equilibrium quantity is _.

247067Refer to the figure above. If demand were to shift from D1 to D2 at the same time supply were to shift from S1 to S2:

247068Refer to the figure above. Assume demand remains unchanged at D1. If supply shifts from S2 to S1, then the equilibrium price will _ and the equilibrium quantity will _.

247069Refer to the figure above. Assume demand remains unchanged at D1. If supply shifts from S1 to S2, then the equilibrium price will _ and the equilibrium quantity will _.

247070Suppose that the equilibrium price of apples falls and the equilibrium quantity increases. Which of the following best fits the observed data?

247071Suppose that the equilibrium price of T-shirts increases and the equilibrium quantity falls. Which of the following best fits the observed data?

247072Suppose that the equilibrium price of DVD players increases and the equilibrium quantity increases. Which of the following best fits the observed data?

247073Suppose that the equilibrium price of rice falls and the equilibrium quantity falls. Which of the following best fits the observed data?

247074In general, when the demand curve shifts to the right and supply remains constant then:

247075Refer to the figure above. Suppose that only demand has suddenly shifted to the left. To restore equilibrium, this market will have an immediate:

247076Refer to the figure above. Suppose supply increases substantially. Then:

247077Refer to the figure above. If supply were to shift to the left, and demand were to also shift to the left, in the new equilibrium:

247078In general, when the supply curve shifts to the left and demand is constant then:

247079When the supply of a good decreases, consumers will eventually:

247080Which of the following is NOT a determinant of demand for gasoline?

247081An increase in the demand for GM automobiles results in:

247082Refer to the figure above. The equilibrium price in this market is:

247083Dent ‘n’ Scratch Used Cars and Trucks employs 3 salesmen. Data for their sales last month are shown in this table:Based on last month’s data, _ has an absolute advantage in selling cars and _ has an absolute advantage in selling trucks.

247084Lou and Alex live together and share household chores. They like to cook some meals ahead of time and eat leftovers. The table below shows the number of rooms they can each clean and the number of meals they can each cook in an hour. For Alex, the opportu

247085Lou and Alex live together and share household chores. They like to cook some meals ahead of time and eat leftovers. The table below shows the number of rooms they can each clean and the number of meals they can each cook in an hour. If Alex and Lou work

247086Lou and Alex live together and share household chores. They like to cook some meals ahead of time and eat leftovers. The table below shows the number of rooms they can each clean and the number of meals they can each cook in an hour. Which of the followin

247087Refer to Table 02-01. Based on their comparative advantages, Pat should specialize in _, and Corey should specialize in _.

247088Refer to Table 02-01. _ has the comparative advantage in making pizza, and _ has the comparative advantage in delivering pizza.

247089According to Table 02-01, Pat’s opportunity cost of delivering a pizza is making:

247090According to Table 02-01, Pat’s opportunity cost of making a pizza is delivering:

247091According to Table 02-01, Corey’s opportunity cost of delivering of a pizza is making:

247092According to Table 02-01, Corey’s opportunity cost of making of a pizza is delivering:

247093According to Table 02-01, Pat has the absolute advantage in:

247094According to Table 02-01, Corey has the absolute advantage in:

247095Suppose Cathy and Lewis work in a bakery making pies and cakes. Suppose it takes Cathy 1.5 hours to make a pie and 1 hour to make a cake, and suppose it takes Lewis 2 hours to make a pie and 1.5 hours to make a cake. What is the opportunity cost to Cathy

247096Suppose Cathy and Lewis work in a bakery making pies and cakes. Suppose it takes Cathy 1.5 hours to make a pie and 1 hour to make a cake, and suppose it takes Lewis 2 hours to make a pie and 1.5 hours to make a cake. Which of the following statements is c

247097Suppose it takes Paul 3 hours to bake a cake and 2 hours to move the lawn, and suppose it takes Tom 2 hours to bake a cake and 1 hour to mow the lawn. Which of the following statements is correct?

247098Suppose it takes Dan 5 minutes to make a sandwich and 15 minutes to make a smoothie, and it takes Tracy 6 minutes to make a sandwich and 12 minutes to make a smoothie. Which of the following statements is correct?

247099Suppose it takes Dan 5 minutes to make a sandwich and 15 minutes to make a smoothie, and it takes Tracy 6 minutes to make a sandwich and 12 minutes to make a smoothie. What is the opportunity cost to Dan of making a sandwich?

247100Refer to the table below. Based on their comparative advantage, Martha should specialize in __ while Julia should specialize in _.

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