591. Any combination of products inside the production possibility frontier is:
A) Allocatively inefficient
B) X inefficient
C) Consumer inefficient
D) Productively inefficient
592. Every society must answer three fundamental questions. Which of the following questions is true?
A) What kinds of products and services will be produced?
B) How will the products and services be made?
C) Who will get the labour and products that are delivered?
D) All of the above
593. Which best describes a demand curve?
A) In an ideal world, the quantity that customers would like to purchase.
B) The quantity of goods and services that consumers are willing to sell
C) The quantity of goods and services that consumers are willing and able to buy at every income level, with all other factors remaining unchanged
D) The quantity of goods and services that consumers are willing and able to buy at every price level, with all other factors remaining unchanged
594. You could earn $20,000 per year if you were working full-time now. Instead, you are attending school while working part-time. In your ongoing seasonal work, you acquire $5,000 each year. The opportunity cost of completing your education is as follows: The annual cost of tuition, books, and other fees at your school is $2,000;
A) $2,000
B) $5,000
C) $17,000
D) $20,000
595. A typical product may see an increase in demand if:
A) Price decreases
B) The price of a substitute falls
C) The price of a complement rises
D) Income falls
596. According to the law of diminishing utility:
A) Utility is greatest with the first unit;
B) Marginal utility rises as more units are consumed;
C) Marginal product decreases as more units are consumed;
D) Total utility rises but falls as more units are consumed
597. If marginal utility is zero:
A) Total utility is zero
B) An increase in consumption will have a negative impact on total utility
C) An increase in consumption will have a positive impact on total utility
D) Total utility is maximized
598. A decrease in income should:
A) Increase demand for a lower-quality product from within
B) Move the demand for a lower-quality product inwards
C) Move the supply of a lower-quality product outwards
D) Move the supply of a lower-quality product inwards
599. An increase in supply generally price and quantity demanded.
A) lowers, raises
B) raises, lowers
C) lowers, lowers
D) raises, raises
600. Marginal revenue (MR) is when demand is elastic, when demand is unit-elastic, and __ when demand is inelastic.
A) positive, zero, negative
B) zero, negative, positive
C) positive, negative, zero
D) positive, zero, negative
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