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Test 1 Microeconomics - Sample Test 1 Multiple Choice...

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Sample Test 1 Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. __b__ 1. College-age athletes who drop out of college to play professional sports a. are not rational decision makers. b. are well aware that their opportunity cost of attending college is very high. c. are concerned more about present circumstances than their future. d. underestimate the value of a college education. ___a_ 2. A relatively steep demand curve indicates that Figure 3-2 3. Refer to Figure 3-2 . For Ben, the opportunity cost of 1 pound of ice cream is Table 3-5
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Hours needed to make one: Amount produced in 2400 hours: Car Airplane Cars Airplanes Japan 30 150 80 16 U.S. 50 200 48 12 ___a_ 4. Refer to Table 3-5 . The opportunity cost of 1 airplane for the United States is 5. An increase in demand is represented by a. a movement downward and to the right along a demand curve. b. a movement upward and to the left along a demand curve. c. a rightward shift of a demand curve. d. a leftward shift of a demand curve. __b__ 6. Today's demand curve for gasoline could shift in response to
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