Central Florida ECO 2013 -The supply curve illustrates the idea

IncorrectQuestion 1
0 / 2.5 pts
The supply curve illustrates the idea that firms

decrease the quantity supplied of a good when the prices of
inputs used to make the good fall.

increase the quantity supplied of a good when the prices of
inputs used to make the good rise.

decrease the quantity supplied of a good when the price of
the good rises.

increase the quantity supplied of a good when the price of
the good rises.

IncorrectQuestion 3
0 / 2.5 pts
Which factor does not cause a shift of the supply curve?

a change in consumer preferences

a change in input cost

a change in weather

a change in technology

Question 4

IncorrectQuestion 5
0 / 2.5 pts
A worker in Country X can produce 3.2 toasters per day or
6.8 blankets per day. A worker in
Country Y can produce 6.2 toasters per day or 20.5 blankets per day.
Suppose each country has 100 days of labor available. If each country devotes 30% of the days to
toaster production and 70% of the days to blanket production then in total they
can produce toasters and blankets. If the two countries completely specialize
and trade then in total they can produce
toasters and blankets.
Please enter numbers that have been rounded to 2 decimal
place such as 4.04 or 3.20 or 0.34.
IncorrectQuestion 7
0 / 2.5 pts
All else the same, when more individuals prefer to buy a
good there will be a(n)

upward movement along the demand curve.

rightward shift of the demand curve.

downward movement along the demand curve.

leftward shift of the demand curve.

IncorrectQuestion 12
0 / 2.5 pts
Most nights after work, Joe picks up dinner from Tony’s
Pizza or Bob’s Burritos. He thinks they
are both equally good places to eat. If
prices at Tony’s Pizza increase by 10% then all else the same you would observe
____ Joe’s demand curve for pizza and ____ Joe’s demand curve for burritos.

a leftward shift of
: a rightward shift of

a leftward shift of :
a downward movement along

an upward movement along
: a downward movement along

an upward movement along
: a rightward shift of

P15
Given the information in the table below, at a price of $20,
there will be an excess equal to units in this market. Enter the word supply or the word demand in
the first blank and enter a whole number in the second blank.

Price
(per unit) Quantity

Demanded Quantity
Supplied
5 100 20
10 80 40
15 60 60
20 40 80
25 20 100

IncorrectQuestion 17
0 / 2.5 pts
Suppose consumers decrease their demand for restaurant
meals, a luxury good, as a result of having to pay more for gasoline. At the
same time the increase in gasoline prices increases production costs for the
average restaurant. The will cause the equilibrium price of a restaurant meal
to and the equilibrium quantity to .
Enter the word increase, decrease, or uncertain into each blank.
Answer 1:
decrease
Answer 2:
increase

IncorrectQuestion 18
0 / 2.5 pts
There are two countries, A and B, that can each produce two
goods, jeans and sweaters. Each country
has 6 million labor hours to allocate to the production of each good. The table below identifies how many units of
each good can be produced in each country with 1 hour of labor.
Jeans Sweaters

A 10 4

B 28 7
Suppose initially that each country devotes 4 million labor
hours to jean production and 2 million labor hours to sweater production. If both countries decide to completely
specialize and produce only that good for which they have a comparative advantage, then in total they can
produce million jeans and million
sweaters. Enter whole numbers so that
for 12 million you just enter 12.

IncorrectQuestion 26
0 / 2.5 pts
Which of the following best illustrates the idea of economic
growth?

being able to produce on the production possibilities
frontier

an outward shift of the production possibilities frontier

being able to consume on the production possibilities
frontier

an inward shift of the production possibilities frontier

PartialQuestion 27
1.25 / 2.5 pts
A firm is going to buy five hours of advertising per week.
They can choose to advertise on the internet or in the newspaper. Both have the
same per hour cost. If they did not advertise at all they would have a constant
50 customers per week. For the internet advertising, the firm finds that it has
different numbers of total customers per week depending on how many hours they
advertise, based on the following table.
Hours of Internet Advertising 1 2 3 4 5
Total Customers 75 95 112 128 138

Newspaper advertising increases the customers per week by a
constant 15 customers per hour advertised. How should the firm divide its five
hours of advertising per week? The firm
should advertise hours on the internet
and hours in the newspaper. Enter whole numbers in each blank.

Question 28
IncorrectQuestion 31
0 / 2.5 pts
{calc} George and Jane need to paint fence that runs around
their property and one of them will be taking time off of work to complete the
project. George can paint 2 feet of fence in one hour. Jane can paint 2 feet of
fence in two hours. George makes $75 per hour at work. Jane makes $50 per hour
at work. In this case _____ has the higher opportunity cost of painting fence
and therefore _____ should take the time off and complete the project.

Jane ; George

Jane ; Jane

George ; George

George ; Jane

IncorrectQuestion 34
0 / 2.5 pts
When the cost of producing a good rises, firms will want to
charge a _____ price and this will ___________________.

higher: shift the
supply curve leftward

lower : shift the supply curve rightward

higher : shift the supply curve rightward

higher : cause an upward movement along the supply
curve

IncorrectQuestion 35
0 / 2.5 pts
You are going to buy a new computer at a downtown store that
is a 25-minute drive each way and has the computer for $840. You earn $16 per hour at your job and will
have to take time off to go buy the computer.
You can expect to spend 40 minutes in the store making your purchase. What is the implicit cost of buying the
computer? Enter an answer such as 42.00
or 34.50, with two decimal places.

IncorrectQuestion 37
0 / 2.5 pts
Which of the following would cause a leftward shift of the
demand curve?

an increase in the number of firms supplying the good

an increase in the price of the good

an increase in the price of a complementary good

an increase in the cost of producing the good

IncorrectQuestion 39
0 / 2.5 pts
According to the law of market forces

price will fall if quantity demanded is greater than
quantity supplied.

price will rise if quantity supplied is less than quantity
demanded.

price will fall if there is a shortage.

price will rise if there is a surplus.

IncorrectQuestion 40
0 / 2.5 pts
Consider the production possibilities frontier for a
country. Which points can be defined as efficient?

all points that are on the production possibilities frontier

all points that are feasible

all points outside the frontier

all points either on or outside the frontier