jj econmics

The slope of the
production possibilities curves tells you
a. the quantity of all inputs
available for productive uses.
b. the length of time required to
switch between two different economic activities.
c. how much of one good must be
sacrificed in order to produce more of the other.
d. the size of the labor force.
The
person who creates a product innovation and brings it to market is providing
the resource of
a. labor.
b. land.
c. entrepreneurship.
d. capital.
What
will happen when the price of a good is held below its equilibrium price?
a. A surplus results.
b. Supply of the good decreases.
c. Demand for the good increases.
d. A shortage results.
If
dry cleanersincrease the fees for cleaning services, economic theory predicts
that
a. the supply of dry cleaning
services will decrease, but demand will remain constant.
b. the supply of dry cleaning
services will increase, but demand will remain constant.
c. demand will remain unchanged, but
the quantity of cleaning services demanded falls.
d. the quantity of cleaning services
demanded remains unchanged, but the demand falls.
At
prices above the equilibrium price, shortages occur.
a. true
b. false

The
supply curve shifts when the firm experiences a change in its production
technology.
a. true
b. false
Which
of the following statements is true with respect to total utility and marginal
utility?
a. Marginal utility is always equal
to total utility.
b. Total utility will always be
negative when marginal utility is positive.
c. Total utility is minimized when
marginal utility is zero.
d. Marginal utility can decline as
total utility rises.
The
price elasticity of demand becomes relatively greater as more substitutes are
easily available.
a. true
b. false