Exam 1

# Exam 1 - th unit of X 1 4 2 2 Y 3 2 X 4 4 Y 10 Say the...

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QUIZ REVISION

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Why does the Supply Curve Slope  upwards? 1. Resources &  Technology 2. Prices and Income  Changes 3.  Opportunity Cost  Rises 4. Marginal Cost Rises 10
When a farmer decides to harvest his crop  with the aid of a machine he is answering  _____. 1. The What question. 2. The Whom question. 3. The How question. 4. The Why question. 10

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You spend \$2000 on a 1 week vacation, if you  had stayed at home you would have earned  \$1,000 at your job, eaten \$100 of your parents  food, and earned \$100 shoveling snow; what is  the opportunity cost of the vacation? 1. \$1,100 2. \$1,200 3. \$2,000 4. \$3,200 10
Given that point A (10, 12) and Point B (12, 8)  what is the opportunity  cost of producing the 11

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Unformatted text preview: th unit of X? 1. 4 2. 2 Y 3. 2 X 4. 4 Y 10 Say the price of X is \$2.00 and the price of Y is \$1.00; and the price of Y rises, then the relative price of X ___ 1. Falls 2. Rises 3. Remains the same 4. Uncertain 10 The law of supply is illustrated by a …. . 10 1. Movement of the supply curve. 2. Movement of the demand curve, ceteris paribus. 3. Movement along the demand curve. 4. None of the above. Say the demand and supply for Ipods increase then __________ 1. Price falls and Qty rises. 2. Price rises but Qty uncertain. 3. Price uncertain and Qty rises. 4. Price remains the same and Qty rises. 10...
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