REALLY NEED AN A+ ON THIS ASSIGNMENT….MICROECONOMICS EXPERT ONLY!

Question 1

1. 
   
   Opportunity cost is the lowest valued benefit that must be sacrificed asthe result of choosing an alternative.

   
   True
   
   False
   

4 points

Question 2

1. 
   
   A supply curve is negatively sloped, while a demand curve is positively sloped. If given a graph of them both, that will be evidenced by computingeach curve’s X axis divided by its Y axis when devising a 90-degree angle.

   
   True
   
   False
   

4 points

Question 3

1. 
   
   The production possibilities frontier assumes that the level of technologyvaries when applying the model.

   
   True
   
   False
   

4 points

Question 4

1. 
   
   The law of supply states that there is a negative relationship between priceand quantity demanded.

   
   True
   
   False
   

4 points

Question 5

1. 
   
   Households play a dual role of providing the factors of production while purchasing the goods and services of firms.

   
   True
   
   False
   

4 points

Question 6

1. 
   
   If the spot oil price in petroleum markets is rising, then we can expect the supply curves of products using petroleum as an input to shift rightward.

   
   True
   
   False
   

4 points

Question 7

1. 
   
   Joint output of individuals or nations will be maximized when goods are exchanged between parties in accordance with the law of “comparative advantage”.

   
   True
   
   False
   

4 points

Question 8

1. 
   
   As globalization and world trade proliferates, individual markets withincountries’ economies become more competitive.

   
   True
   
   False
   

4 points

Question 9

1. 
   
   “As the price of gasoline rises, consumer demand decreases. In addition, the quantity demanded of compact cars increased, causing their price to rise.” This statement contains two errors: demand and quantity demanded are confused twice.

   
   True
   
   False
   

4 points

Question 10

1. 
   
   “The big corporations in this country, like ExxonMobil and GM, have deep pockets and need to be hiring more people.” This is a positive statement about economic policy.

   
   True
   
   False
   

4 points

Question 11

1. 
   
   Equilibrium is a state of balance between supply and demand.

   
   True
   
   False
   

4 points

Question 12

1. 
   
   The “Law of diminishing returns” states that as any activity is extended, it eventually becomes increasingly easier to pursue the activity further.

   
   True
   
   False
   

4 points

Question 13

1. 
   
   The law of demand states that there is a direct relationship between supply and demand.

   
   True
   
   False
   

4 points

Question 14

1. 
   
   Excess demand in the market will cause the price of a product to decline.

   
   True
   
   False
   

4 points

Question 15

1. 
   
   Government actions, such as price floors and ceilings, can actually reduce employment and raise market inefficiency

   
   True
   
   False
   

4 points

Question 16

1. 
   
   A change in quantity demanded is a movement along the same demand curve.

   
   True
   
   False
   

4 points

Question 17

1. 
   
   For economies that rely on decentralized decision making, the most important decisions are made by the government.

   
   True
   
   False
   

4 points

Question 18

1. 
   
   A point inside the production possibilities frontier represents an economy that is utilizing resources efficiently.

   
   True
   
   False
   

4 points

Question 19

1. 
   
   An increase in consumer income will affect the supply of any given product.

   
   True
   
   False
   

4 points

Question 20

1. 
   
   In the circular flow model, firms own economic resources, and households buy the manufactured products and services.

   
   True
   
   False
   

4 points

Question 21

1. 
   
   Demand is measured on the vertical axis and supply on the horizontal axis.

   
   True
   
   False
   

4 points

Question 22

1. 
   
   In the production possibilities frontier, a nation’s boundary will shift inward if they export more than they import, likely leading to inflationary pressures in the economy.

   
   True
   
   False
   

4 points

Question 23

1. 
   
   A substitute good is a determinant of supply.

   
   True
   
   False
   

4 points

Question 24

1. 
   
   Antiques would tend to have highly price inelastic supply curves.

   
   True
   
   False
   

4 points

Question 25

1. 
   
   The smaller percentage of one’s net budget one has to allocate moneyto a particular product, the more price inelastic will be the demandfor that product.

   
   True
   
   False