Assignment:
Question 1
The test of a theory is____
Question 2
Positive economic analysis utilizes____
Question 3
The behavior of buyers and sellers depends on____
Question 4
Economists analyze markets by concentrating on____
Question 5
If a Production Possibility Frontier is concave to the origin and is drawn with the quantity of shoes on the x-axis and the quantity of T-shirts on the y-axis, a movement downward and to the right along the PPF reflects____
Question 6
The downward slope of the Production Possibilities Frontier indicates that____
Question 7
Suppose the CPI was 100 in 1990 and 300 in 2000. The average price level____
Question 8
Which of the following is a violation of the law of demand?
Question 9
An increase in supply occurs when____
Question 10
Which of the following would result in a higher equilibrium price and an ambiguous change in equilibrium quantity?
Question 11
Universal "free" health care in Canada is a form of a____
Question 12
Which of the following is incorrect for a linear demand curve?
Question 13
If the cross-price elasticity of demand is 1.75, then the two goods are____
Question 14
If an increase in the price of oil from $20 to $24 per barrel induces firms to increase production from 1 million to 1.6 million barrels, then the arc elasticity of supply is____
Question 15
Which would you expect to have the highest income elasticity of demand?