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ECON 3-Principles of Microeconomics-931QuizzesFinal Exam Part 1History!Final Exam Part 1 Results for Jia Hui Gao"Correct answers are hidden.Score for this a!empt:66out of 74Submi!ed Dec 8 at 1:15amThis a!empt took 13 minutes.0 / 2 ptsQues!on 1IncorrectIncorrect“The Obama administra"on's troubles are the result not of excessiveambi"ons but of policy and poli"cal misjudgments. The s"mulus wastoo small; policy toward the banks wasn't tough enough; and Mr.Obama didn't do what Ronald Reagan, who also faced a poor economyearly in his administra"on, did - namely, shelter himself from cri"cismwith a narra"ve that placed the blame on previous administra"ons. ”Which one of the following economic perspec"ve does the quota"onabove best represent?liberalposi"ve analysisconserva"veradical2 / 2 ptsQues!on 2According to Adam Smith’s theory of capitalism, which one of thefollowing isnotincluded:Capitalists should provide public educa"on to promote democracy.Compe""on forces self-interested business owners to serve the publicinterest.Compe""on between capitalists would ensure that firms would remainsmall..Sellers provide specific types and quan""es of goods consumers area!racted to buy in a self-regula"ng economic system.Compe""on tends to be undermined by the capitalists domina"ng theirmarkets.0 / 2 ptsQues!on 3IncorrectIncorrectFigure 2.12 Graph showing the trade offs between two goods(Figure 2.12) Suppose the y axis of this graph represents consumergoods and the x axis represents capital goods. If the economy iscurrently opera"ng at pointband it wants to increase its consump"onof consumer goods ceteris paribus, the opportunity cost would be:reduced consumer goods.increased consump"onno change in consump"onincreased capital investmentreduced capital investment2 / 2 ptsQues!on 4(Figure 2.9) The opportunity cost of producing one addi"onal unit ofpork is _____ unit(s) of corn.251/515102 / 2 ptsQues!on 5(Produc"on Possibili"es Table above) In the table, if society wants toincrease produc"on of HDTVs from 2,000 to 3,000:produc"on of HDTVs falls by 1,000the opportunity cost of 1 HDTV will be 1.00 iPad.the opportunity cost of 1 HDTV will be 1.50 iPads.produc"on of iPads falls by 500.2 / 2 ptsQues!on 6Jason purchased a new printer for $175 and he was willing to pay$175. The minimum price acceptable by the seller, Jasmine, was $145.A consumer surplus of $0 exists, and a producer surplus of $30 exists.A consumer surplus of $5 exists, and producer surplus is $25.A consumer surplus of $5 exists, and producer surplus is $325.A consumer surplus of $25 exists, and producer surplus is $5.A consumer surplus of $325 exists, and producer surplus is $52 / 2 ptsQues!on 7Flu vaccina"on shots provide external benefits. Thus we can expect:the private market collapses.