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The state university closed access to the nearby wooded trails five

months ago because it was deemed unsafe. Ever since then, not as many runners have been purchasing trail shoes, leaving many available in the shoe store.


As a result of the trail closing, which of the following occurred?

-a.)
-Shift in demand
-b.)
-Producer surplus
-c.)
-Consumer surplus
-d.)
-Movement along the demand curve

Which of the following is the best example of the Law of Supply?

-a.)
-As the price of scooters increases, firms produce more scooters.
-b.)
-As the price of apples increases, consumers buy more oranges.
-c.)
-Due to an increase in the price of coffee, more tea is sold.
-d.)
-The price of Christmas trees goes up in December.

Which of the following would cause an increase in the supply of steak?

-a.)
-Decrease in the price of feed for cattle
-b.)
-Increase in transportation costs to supermarkets
-c.)
-Mad Cow disease
-d.)
-Increase in the price of fish

Thompson's Shoe Emporium can produce and ship 200 pairs of rain boots by the end of the week at a cost of $80 per pair. Shoe Locker agreed to the cost and placed an order for the shipment. Although they sold the units to Shoe Locker at $80 per pair, Thompson's Shoe Emporium was willing to produce the shoes at a price as low as $50 per pair.


The difference between the amount that Shoe Locker paid for the shoes ($80) and the lowest amount that Thompson's Shoe Emporium would have agreed to receive for the shoes ($50) is known as the __________.

-a.)
-producer surplus
-b.)
-deadweight loss
-c.)
-profit maximization
-d.)
-consumer surplusCountry A can produce either 10 computers or 30 bushels of apples.
Country B can produce either 8 computers or 16 bushels of apples. 


Which of the following is true based on the information above?

-a.)
-Country B has the absolute advantage in the production of only computers.
-b.)
-Country B has the absolute advantage in the production of both computers and apples.
-c.)
-Country A has the absolute advantage in the production of only apples.
-d.)
-Country A has the absolute advantage in the production of both computers and apples.

Step-by-step answer

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