economia

Change in which of the following factors do not shift the demand curve

the price of a substitute good

Obama drives up​ miles-per-gallon requirements Emissions from all new vehicles must be cut from 354 grams to 250 grams. To meet this new​ standard, the price of a new vehicle will rise by​ $1,300. ​ What is the opportunity cost of reducing the emission level by 1​ gram? The opportunity cost of reducing the emission level by 1 gram is​

$12.50 of other goods and services

The factor of production that earns the highest percentage of total U.S. income is

. ​labor; wages

Suppose the price of a DVD rose from 15$ to 17$ and the quantity demanded decreased from 1000 per month to 900 per month. Using the mid point formula, the price elasticity of demand is

0.84

Which of the following statements is an example of price elasticity of supply​?

A 10 percent fall in the price of turkey with no other change decreases quantity supplied by 12 percent.

shopping mall

An example of a capital good is

Choose the statement that is incorrect.

Labor is often referred to as infrastructure capital.

Huey and steve can grow potatoes or tomatoes. The table above shows the pounds of potatoes and tomatoes huey and steve can grow in a week. Based on the table, steve has a comparative advantage in Huey 12 potatoes, 8 tomatoes steve 6 potatoes, 2 tomatoes

Potatoes

In one​ hour, Sue can produce 40 caps or 4 jackets and Tessa can produce 80 caps or 4 jackets. ​Sue's opportunity cost of producing a cap is 0.1 jackets and​ Tessa's opportunity cost of producing a cap is 0.05 jackets.

Tessa​; both Sue and Tessa gain

Which of the following does not influence the price elasticity of demand

The amount by which the demand curve shifts when the price of another good changes

If demand is price inelastic and the price is lowered, which of the following is correct?

The total revenue of the firms selling the product decreases

An example of a consumption good and service is​

a chocolate chip cookie

Obama will drive up​ miles-per-gallon requirements ​Obama's revision of​ auto-emission and​ fuel-economy standards will require automakers to boost fuel economy to 35.5 miles per gallon by​ 2016, notching up​ 5% each year from​ 2012, to limit the amount of carbon dioxide cars can emit. The benefits from the new​ auto-emission standards include

a reduction in carbon​ emissions, which brings a decrease in the contribution of human activity to global​ warming, and cleaner​ air, which contributes to improved health

Capital goods

are goods that businesses and governments buy to increase productive resources to use during future periods to produce other goods and services

Consumption goods and services​

are items that individuals and governments buy and use up in the current period

Items bought by businesses to help produce other goods and services are called

capital goods

To make a rational choice, a person

compares the extra benefits of one more unit to the extra costs of one more unit

the law of demand does not hold

decrease the quantity demanded of that good

When the price of a good increased by 5 ​percent, the quantity demanded of it decreased 10 percent. Demand for this good is​ ______.

elastic

In the circular flow figure of the global economy on the​ right, the flows of the components manufactured in other countries appear as​ _______, and the flows of Dreamliner sales to foreign airlines appear as​ _______.

expenditure on U.S.​ imports; expenditure on U.S. exports

The functional distribution of income shows the distribution of income among​ ______ and the personal distribution of income shows the distribution of income among​ ______.

factors of​ production; households

The scientific method uses models to​ ______.

focus on those features of reality assumed relevant for understanding a cause and effect relationship

Does the decision to make a blockbuster movie mean that some other more desirable activities get fewer resources than they​ deserve? If you respond that​ ______, then your response is a​ ______ statement.

giving an activity fewer resources than it deserves cannot be​ measured; normative

Scarcity exist because

human wants exceed the resources available to satisfy them

One winter​ recently, the price of home heating oil increased by 20 percent and the quantity demanded decreased by 2 percent. Use the total revenue test to determine whether the demand for home heating oil is elastic or inelastic. Total revenue​ ______ because the percentage increase in the price is​ ______ than the percentage decrease in the quantity demanded. Because total revenue and the price change in​ _________, the demand for home heating oil is​ ______.

increases​; greater the same direction​; inelastic

which of the following increases the supply of a product

lower prices for the resources used to produce the product

A rational choice is​ ______.

made by comparing marginal benefit and marginal cost

Compared to the developing​ economies, the advanced economies have​ _______ human capital and​ _______ physical capital.

more; more

The value of the best thing that a person must give up when making a decision is known as the __________________ cost

opportunity

What is the formula for the cross elasticity of demand? The percentage change in the

quantity demanded divided by the percentage change in the price of substitute or complement

In Canine ​Ville, the price elasticity of demand for dry dog food is 0.8​, the income elasticity of demand for dry dog food is 0.2​, and the cross elasticity of demand for dry dog food with respect to canned dog food is 0.6. Dry dog food and canned dog food are

substitutes

For a product with a rapidly increasing opportunity cost of producing additional units,

supply is price inelastic

Which of the following statements is correct?

the income elasticity of demands for normal goods is positive

We can be confident that the market for college education is competitive and that an increase in demand rather than the greed of college administrators is the reason for the ongoing rise in tuition for all of the following reasons except

the law of demand does not hold

Which of the following statements best describes the study of economics? Economics studies how

we make choices in the face of scarcity

The cross elasticity of demand for good A with respect to good B is 0.2. A 10 percent change in the price of good B will lead to a​ ______ percent change in the quantity of good A demanded. Goods A and B are​ ______.

​2; substitutes