MCQS 14. The most obvious benefit of specialization and trade is that they allow us toconsume more goods than we otherwise would be able to consume.b. consume more goods by forcing people in other countries to consume fewer goods.c. spend more money on goods that are beneficial to society, and less money on goods thatare harmful to society.d. work more hours per week than we otherwise would be able to work.a.15. Suppose that the demand for picture frames is highly inelastic, and the supply of picture frames is highlyclastic. A tax of $1 per frame levied on picture frames will decrease the effective price received by sellers ofpicture frames bya. less than $0.50.b. $1.c. $0.50.d. between $0.50 and $1.16. When a binding price floor is imposed on a market to benefit sellers,-all buyers and sellers benefit.b. every seller who wants to sell the good will be able to do so, but only if he appeals to thepersonal biases of the buyers.every seller in the market benefits.d. some sellers will not be able to sell any amount of the good.a.C.

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14. The most obvious benefit of specialization and trade is that they allow us to consume more goods than we otherwise would be able to consume. b. consume more goods by forcing people in other countries to consume fewer goods. c. spend more money on goods that are beneficial to society, and less money on goods that are harmful to society. d. work more hours per week than we otherwise would be able to work.

14. The most obvious benefit of specialization and trade is that they allow us to consume more goods than we otherwise would be able to consume. b. consume more goods by forcing people in other countries to consume fewer goods. c. spend more money on goods that are beneficial to society, and less money on goods that are harmful to society. d. work more hours per week than we otherwise would be able to work.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

MCQS

14. The most obvious benefit of specialization and trade is that they allow us to
consume more goods than we otherwise would be able to consume.
b. consume more goods by forcing people in other countries to consume fewer goods.
c. spend more money on goods that are beneficial to society, and less money on goods that
are harmful to society.
d. work more hours per week than we otherwise would be able to work.
a.
15. Suppose that the demand for picture frames is highly inelastic, and the supply of picture frames is highly
clastic. A tax of $1 per frame levied on picture frames will decrease the effective price received by sellers of
picture frames by
a. less than $0.50.
b. $1.
c. $0.50.
d. between $0.50 and $1.
16. When a binding price floor is imposed on a market to benefit sellers,
-
all buyers and sellers benefit.
b. every seller who wants to sell the good will be able to do so, but only if he appeals to the
personal biases of the buyers.
every seller in the market benefits.
d. some sellers will not be able to sell any amount of the good.
a.
C.

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