Question 4 A supple curve shifts when there is a change in a) Input prices b) Te
ID: 1160574 • Letter: Q
Question
Question 4
A supple curve shifts when there is a change in
a) Input prices
b) Technology
c) Number of sellers in the market
d) All of the above
Question 5
Suppose there is a shortage in the market for avocados. Assuming a competitive and unrestrained market, what happens over time?
a) The price of avocados will fall, and the shortage will worsen
b) The price of avocados will rise, and the market will eventually reach equilibrium
c) The price of avocados will rise, and a large surplus will be created
d) Producers will stop growing avocados
Question 6
Assume that Falda and Varick can switch between producing wheat and producing cloth at a constant rate.
Quantity Produced in 1 Hour
Bushels of Wheat
Yards of Cloth
8
12
6
15
Refer to Table. Falda has an absolute advantage in the production of
wheat.
cloth.
both goods.
neither good.
Question 7
Assume that Bonnie and Gary can switch between producing corn and producing pork at a constant rate.
Minutes Needed to Make 1
Bushel of corn
Pound of pork
30
15
15
5
Refer to Table. Assume that Bonnie and Gary each has 480 minutes available. If each person produces the product in which they have comparative advantage then the total production will be
a.
24 bushels of corn and 64 pounds of pork.
21 bushels of corn and 33 pounds of pork.
16 bushels of corn and 96 pounds of pork.
5 bushels of corn and 24 pounds of pork.
Question 8
Labor Hours Needed to Make 1 Pound of
Amount Produced in 40 Hours
Chicken Salad
Fruit Salad
Chicken Salad
Fruit Salad
Kevin
8 hours/pound
5 hours/pound
5 pounds
8 pounds
Chris
4 hours/pound
10 hours/pound
10 pounds
4 pounds
Refer to Table. Which of the following combinations of chicken salad and fruit salad could the Kevin produce in 40 hours?
a.
1 pound of chicken salad and 7.5 pounds of fruit salad.
b.
2.3 pounds of chicken salad and 5 pounds of fruit salad.
c.
3 pounds of chicken salad and 3.2 pounds of fruit salad.
d.
4.5 pounds of chicken salad and 2 pounds of fruit salad.
Quantity Produced in 1 Hour
Bushels of Wheat
Yards of Cloth
Varick8
12
Falda6
15
Explanation / Answer
Q 4. d) All of the above
Input prices, technology, number of sellers in the market
5 b) price will rise, the market will eventually reach equilibrium
6 b) cloth
7) c) 16 bushels of corn, and, 96 pounds of Pork
8) c) 3 pounds of chicken salad, 3.2 pounds of fruit salad
8*3+5*.2 = 40 hours
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