EC300DLS1A2017 - Quiz 1

Question 1

2 / 2 pts

The test of a theory is

Question 2

2 / 2 pts

Positive economic analysis utilizes

Question 3

2 / 2 pts

The behavior of buyers and sellers depends on

Question 4

2 / 2 pts

Economists analyze markets by concentrating on

Question 5

2 / 2 pts

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

2 / 2 pts

The downward slope of the Production Possibilities Frontier indicates that

Question 7

2 / 2 pts

Suppose the CPI was 100 in 1990 and 300 in 2000. The average price level

Question 8

2 / 2 pts

Which of the following is a violation of the law of demand?

Question 9

2 / 2 pts

An increase in supply occurs when

Question 10

2 / 2 pts

Which of the following would result in a higher equilibrium price and an ambiguous change in equilibrium quantity?

Question 11

2 / 2 pts

Universal "free" health care in Canada is a form of a

Question 12

2 / 2 pts

Which of the following is incorrect for a linear demand curve?

Question 13

2 / 2 pts

If the cross-price elasticity of demand is 1.75, then the two goods are

Question 14

2 / 2 pts

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

2 / 2 pts

Which would you expect to have the highest income elasticity of demand?