1. A factual claim about how the world actually works a. is a positive statement. b. cannot be proven true or false by data and evidence. c. is a normative statement. d. is always true. 2. You have been offered an extra shift at work this Friday and this will allow you to earn an extra $100. Your friend has invited you to go to Disney the same day and this will cost you $120. What is the implicit cost of going to Disney? a. $120 c. $220 d. $20 e. $100 3. Here are some facts about the relationship between three goods: Firm X produces a good that it sells to Firm Y. Firm Y produces a service and sells it to consumers. Firm Z produces a service that is similar to Firm Y, and they also sell to consumers. Firm Z has no relationship with Firm X. Firm X experiences an increase in the demand for its product. We can expect this to a. the price that it charges for its product. This change in the price of good X will cause the b. curve for good Y to c. . The change in the market for good Y will cause the price of good Y to d. . This change in the price of good Y will cause the e. for good Z to f . Enter increase or decrease for parts a,c,d,f and supply or demand for parts b,e. 4. Which of the following variables does not directly impact the quantity of a good the firm is willing to produce? a. the price of the good b. the income level of the people who buy the good c. the number of firms producing the good d. the cost of a key input used to produce the good
1. A factual claim about how the world actually works
a. is a positive statement.
b. cannot be proven true or false by data and evidence.
c. is a normative statement.
d. is always true.
2. You have been offered an extra shift at work this Friday and this will allow you to earn an extra $100. Your friend has invited you to go to Disney the same day and this will cost you $120. What is the implicit cost of going to Disney?
a. $120
c. $220
d. $20
e. $100
3. Here are some facts about the relationship between three goods:
- Firm X produces a good that it sells to Firm Y.
- Firm Y produces a service and sells it to consumers.
- Firm Z produces a service that is similar to Firm Y, and they also sell to consumers.
- Firm Z has no relationship with Firm X.
Firm X experiences an increase in the
This change in the price of good X will cause the b. curve for good Y to c. .
The change in the market for good Y will cause the price of good Y to d. .
This change in the price of good Y will cause the e. for good Z to f .
Enter increase or decrease for parts a,c,d,f and supply or demand for parts b,e.
4. Which of the following variables does not directly impact the quantity of a good the firm is willing to produce?
a. the price of the good
b. the income level of the people who buy the good
c. the number of firms producing the good
d. the cost of a key input used to produce the good
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