s 50 10 0 10 3D 30 40 50 0 30 Batter thousands of 20.The opportunity cost of mav

Question

s 50 10 0 10 3D 30 40 50 0 30 Batter thousands of 20.The opportunity cost of maving from point B to A in the dgram above is 10000 units of butter b. 20,000 units of butter c- 50 units of guns d The maximum amoust of butter that can be produced with avalable resources 21. A movement from point D to B in the diagram above is A movement from an efficient point to an inefficient poie b. Impossible, since the economy couid never have been at peint D in the first place c. A movement from an Inefficient pcint to another efficient point d. A movement frem an inefficient point to another inefficient point 22. If the price of a good rises above the equilbrium price, there will be a a Surplus and invereories wil rise b. Surplus and inventories will fall c. Shortage and inventories will rise d. Shortage and inventories wil tal 23. The law of demand states that: a. As the price of a good rses, more units are demanded b. There is a drect relationship between the price of the good and the quantity produced . There is a negative relatiorship between the price of a good and the quantity of the good d. There is an increase in the need for a good as the price of the good increases 24. In the free marketplace a. Surpluses and shortages can both persist and never be eiminated b. Surpluses can last for·long tine, but shortages disappear relatively quickly e Shortages can last for a long time, but surpluses disappear relatively quickhy d. Neither surpluses nor shertages can persls 25. If'supply lscreases and demand decreases, then the equibrium a. Price wil deinitely fal b. Price will definitely rise e Quanety will definitely tal d. Quantity wl definitely rise

Explanation / Answer

11. Option A

Economics is the study of how societies utilise scarce resources in order to produce valuable commodities and distribute them among different people.

12. Option C

Opportunity cost is the value of the choice of a best alternative cost while making a decision. A choice needs to be made between several mutually exclusive alternatives and assuming the best choice is made, it is the "cost" incurred by not enjoying the benefit which that would have been had by taking the second best available choice.

13. Option C

14. Option A

Factors of production are used to produce goods and services with few exceptions

15. Option C

Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.

43. Option B

Decrease aggregate supply means that it is a contractionary policy

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