QUESTION 16 One point on a standard indifference curve is 8 cookies and 2 browni

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QUESTION 16 One point on a standard indifference curve is 8 cookies and 2 brownies; another is 6 cookies and 4 brownies. Which of the following combinations of cookies and brownies could lie on this indifference curve? A. 7 cookies and 6 brownies B. 4 cookies and 4 brownies C. 4 cookies and 8 brownies D. 6 cookies and 10 brownies 1 points    QUESTION 17 Price takers are individuals in a market who: A. select the lowest price available in a competitive market. B. select the average of prices available in a competitive market. C. select a price from a wide range of alternatives. D. have no ability to affect the price of a good in a market. 1 points    QUESTION 18 Rice and potatoes are substitutes in consumption. If the price of rice rises and there is a bumper crop of potatoes, in the market for potatoes one would expect the equilibrium price to _____ and the equilibrium quantity to _____. A. rise; fall B. fall; fall C. rise; fall, rise, or stay the same D. rise, fall, or stay the same; rise 1 points    QUESTION 19 Scarcity exists when: A. resources are unlimited. B. making choices among two or more alternatives is not necessary. C. individuals can have more of any good without giving up anything. D. individuals can have more of one good but only by giving up something else. QUESTION 21 Suppose the market demand for TV remotes is given by the equation Qd = 100 – 2P, where P is the price and Qd is the number of TV remotes. If the market price of TV remotes is $40, then the quantity demanded equals _____ and the value of consumer surplus is _____. A. 2; $40 B. 20; $100 C. 40; $200 D. 100; $20 1 points    QUESTION 22 The price elasticity of demand can be found by: A. measuring absolute changes in price and quantity demanded. B. knowing that when price changes, quantity demanded goes in the opposite direction. C. examining only the slope of the demand curve. D. comparing the percentage change in quantity demanded to the percentage change in price. 1 points    QUESTION 23 The price of coffee increases by 10%, and as a result, Alex purchases fewer doughnuts. For Alex, coffee and doughnuts are: A. normal goods. B. complements. C. substitutes. D. inferior goods. 1 points    QUESTION 24 The price of popcorn is $0.50 per box and the price of peanuts is $0.25 per bag. You have $5 to spend. You decide to purchase 8 boxes of popcorn. The maximum number of bags of peanuts that you can purchase is: A. 8. B. 4. C. 12. D. 10. 1 points    QUESTION 25 The relation between an individual's consumption bundle and her satisfaction is called a _____ function. A. production B. demand C. consumption D. utility 1 points    QUESTION 26 Two neighbors, Molly and Sandy, are separated by a white picket fence. Each neighbor has a garden that grows tomatoes and peppers. To gain from trade, _____ can trade _____ to _____ for _____ if _____ is the more efficient grower of peppers. A. Sandy; tomatoes; Molly; peppers; Sandy B. Sandy; peppers; Molly; tomatoes; Molly C. Molly; tomatoes; Sandy; peppers; Molly D. Molly; peppers; Sandy; tomatoes; Molly
QUESTION 16 One point on a standard indifference curve is 8 cookies and 2 brownies; another is 6 cookies and 4 brownies. Which of the following combinations of cookies and brownies could lie on this indifference curve? A. 7 cookies and 6 brownies B. 4 cookies and 4 brownies C. 4 cookies and 8 brownies D. 6 cookies and 10 brownies 1 points    QUESTION 17 Price takers are individuals in a market who: A. select the lowest price available in a competitive market. B. select the average of prices available in a competitive market. C. select a price from a wide range of alternatives. D. have no ability to affect the price of a good in a market. 1 points    QUESTION 18 Rice and potatoes are substitutes in consumption. If the price of rice rises and there is a bumper crop of potatoes, in the market for potatoes one would expect the equilibrium price to _____ and the equilibrium quantity to _____. A. rise; fall B. fall; fall C. rise; fall, rise, or stay the same D. rise, fall, or stay the same; rise 1 points    QUESTION 19 Scarcity exists when: A. resources are unlimited. B. making choices among two or more alternatives is not necessary. C. individuals can have more of any good without giving up anything. D. individuals can have more of one good but only by giving up something else. QUESTION 21 Suppose the market demand for TV remotes is given by the equation Qd = 100 – 2P, where P is the price and Qd is the number of TV remotes. If the market price of TV remotes is $40, then the quantity demanded equals _____ and the value of consumer surplus is _____. A. 2; $40 B. 20; $100 C. 40; $200 D. 100; $20 1 points    QUESTION 22 The price elasticity of demand can be found by: A. measuring absolute changes in price and quantity demanded. B. knowing that when price changes, quantity demanded goes in the opposite direction. C. examining only the slope of the demand curve. D. comparing the percentage change in quantity demanded to the percentage change in price. 1 points    QUESTION 23 The price of coffee increases by 10%, and as a result, Alex purchases fewer doughnuts. For Alex, coffee and doughnuts are: A. normal goods. B. complements. C. substitutes. D. inferior goods. 1 points    QUESTION 24 The price of popcorn is $0.50 per box and the price of peanuts is $0.25 per bag. You have $5 to spend. You decide to purchase 8 boxes of popcorn. The maximum number of bags of peanuts that you can purchase is: A. 8. B. 4. C. 12. D. 10. 1 points    QUESTION 25 The relation between an individual's consumption bundle and her satisfaction is called a _____ function. A. production B. demand C. consumption D. utility 1 points    QUESTION 26 Two neighbors, Molly and Sandy, are separated by a white picket fence. Each neighbor has a garden that grows tomatoes and peppers. To gain from trade, _____ can trade _____ to _____ for _____ if _____ is the more efficient grower of peppers. A. Sandy; tomatoes; Molly; peppers; Sandy B. Sandy; peppers; Molly; tomatoes; Molly C. Molly; tomatoes; Sandy; peppers; Molly D. Molly; peppers; Sandy; tomatoes; Molly
QUESTION 16 One point on a standard indifference curve is 8 cookies and 2 brownies; another is 6 cookies and 4 brownies. Which of the following combinations of cookies and brownies could lie on this indifference curve? A. 7 cookies and 6 brownies B. 4 cookies and 4 brownies C. 4 cookies and 8 brownies D. 6 cookies and 10 brownies 1 points    QUESTION 17 Price takers are individuals in a market who: A. select the lowest price available in a competitive market. B. select the average of prices available in a competitive market. C. select a price from a wide range of alternatives. D. have no ability to affect the price of a good in a market. 1 points    QUESTION 18 Rice and potatoes are substitutes in consumption. If the price of rice rises and there is a bumper crop of potatoes, in the market for potatoes one would expect the equilibrium price to _____ and the equilibrium quantity to _____. A. rise; fall B. fall; fall C. rise; fall, rise, or stay the same D. rise, fall, or stay the same; rise 1 points    QUESTION 19 Scarcity exists when: A. resources are unlimited. B. making choices among two or more alternatives is not necessary. C. individuals can have more of any good without giving up anything. D. individuals can have more of one good but only by giving up something else. QUESTION 21 Suppose the market demand for TV remotes is given by the equation Qd = 100 – 2P, where P is the price and Qd is the number of TV remotes. If the market price of TV remotes is $40, then the quantity demanded equals _____ and the value of consumer surplus is _____. A. 2; $40 B. 20; $100 C. 40; $200 D. 100; $20 1 points    QUESTION 22 The price elasticity of demand can be found by: A. measuring absolute changes in price and quantity demanded. B. knowing that when price changes, quantity demanded goes in the opposite direction. C. examining only the slope of the demand curve. D. comparing the percentage change in quantity demanded to the percentage change in price. 1 points    QUESTION 23 The price of coffee increases by 10%, and as a result, Alex purchases fewer doughnuts. For Alex, coffee and doughnuts are: A. normal goods. B. complements. C. substitutes. D. inferior goods. 1 points    QUESTION 24 The price of popcorn is $0.50 per box and the price of peanuts is $0.25 per bag. You have $5 to spend. You decide to purchase 8 boxes of popcorn. The maximum number of bags of peanuts that you can purchase is: A. 8. B. 4. C. 12. D. 10. 1 points    QUESTION 25 The relation between an individual's consumption bundle and her satisfaction is called a _____ function. A. production B. demand C. consumption D. utility 1 points    QUESTION 26 Two neighbors, Molly and Sandy, are separated by a white picket fence. Each neighbor has a garden that grows tomatoes and peppers. To gain from trade, _____ can trade _____ to _____ for _____ if _____ is the more efficient grower of peppers. A. Sandy; tomatoes; Molly; peppers; Sandy B. Sandy; peppers; Molly; tomatoes; Molly C. Molly; tomatoes; Sandy; peppers; Molly D. Molly; peppers; Sandy; tomatoes; Molly
QUESTION 16 One point on a standard indifference curve is 8 cookies and 2 brownies; another is 6 cookies and 4 brownies. Which of the following combinations of cookies and brownies could lie on this indifference curve? A. 7 cookies and 6 brownies B. 4 cookies and 4 brownies C. 4 cookies and 8 brownies D. 6 cookies and 10 brownies 1 points    QUESTION 17 Price takers are individuals in a market who: A. select the lowest price available in a competitive market. B. select the average of prices available in a competitive market. C. select a price from a wide range of alternatives. D. have no ability to affect the price of a good in a market. 1 points    QUESTION 18 Rice and potatoes are substitutes in consumption. If the price of rice rises and there is a bumper crop of potatoes, in the market for potatoes one would expect the equilibrium price to _____ and the equilibrium quantity to _____. A. rise; fall B. fall; fall C. rise; fall, rise, or stay the same D. rise, fall, or stay the same; rise 1 points    QUESTION 19 Scarcity exists when: A. resources are unlimited. B. making choices among two or more alternatives is not necessary. C. individuals can have more of any good without giving up anything. D. individuals can have more of one good but only by giving up something else. QUESTION 21 Suppose the market demand for TV remotes is given by the equation Qd = 100 – 2P, where P is the price and Qd is the number of TV remotes. If the market price of TV remotes is $40, then the quantity demanded equals _____ and the value of consumer surplus is _____. A. 2; $40 B. 20; $100 C. 40; $200 D. 100; $20 1 points    QUESTION 22 The price elasticity of demand can be found by: A. measuring absolute changes in price and quantity demanded. B. knowing that when price changes, quantity demanded goes in the opposite direction. C. examining only the slope of the demand curve. D. comparing the percentage change in quantity demanded to the percentage change in price. 1 points    QUESTION 23 The price of coffee increases by 10%, and as a result, Alex purchases fewer doughnuts. For Alex, coffee and doughnuts are: A. normal goods. B. complements. C. substitutes. D. inferior goods. 1 points    QUESTION 24 The price of popcorn is $0.50 per box and the price of peanuts is $0.25 per bag. You have $5 to spend. You decide to purchase 8 boxes of popcorn. The maximum number of bags of peanuts that you can purchase is: A. 8. B. 4. C. 12. D. 10. 1 points    QUESTION 25 The relation between an individual's consumption bundle and her satisfaction is called a _____ function. A. production B. demand C. consumption D. utility 1 points    QUESTION 26 Two neighbors, Molly and Sandy, are separated by a white picket fence. Each neighbor has a garden that grows tomatoes and peppers. To gain from trade, _____ can trade _____ to _____ for _____ if _____ is the more efficient grower of peppers. A. Sandy; tomatoes; Molly; peppers; Sandy B. Sandy; peppers; Molly; tomatoes; Molly C. Molly; tomatoes; Sandy; peppers; Molly D. Molly; peppers; Sandy; tomatoes; Molly

Explanation / Answer

Ans:

16) Option C

4 cookies and 8 brownies

The combination of cookies and brownies that could lie on this indifference curve is 4 cookies and 8 brownies.

17) Option D

have no ability to affect the price of a good in a market.

Price takers are individuals whose market share is small and they are not in a position to influence the market price.

18) Option D

rise, fall, or stay the same; rise

Since rice and potatoes are substitutes the increase in the price of rice will increase the demand for potatoes which will shift the demand curve to the right. The increase in the supply of potatoes will shift the supply curve to the right.

19) Option D

individuals can have more of one good but only by giving up something else.

Scarcity is a economic problem where peoples wants will always exceed the resources available and inorder to have more of one good people should give up something else.

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