Which of the following is a likely result of the dramatic decrease in the price of microprocessor chips to computer manufacturers in the last two decades?
A. an increase in the supply of computers
B. an increase in the quantity supplied of computers
C. a decrease in the supply of diskettes
D. an increase in the demand for computers
Answer: A
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On the horizontal axis of a graph, generally
A) values increase from left to right. B) values increase from right to left. C) values can be positive and/or negative. D) Both answers A and C are correct.
A decrease in quantity demanded because of an increase in price is represented by a
A) rightward shift of the demand curve. B) leftward shift of the demand curve. C) movement up and to the left along the demand curve. D) movement down and to the right along the demand curve.
Refer to the diagram, where S d and D d are the domestic supply and demand for a product and P c is the world price of that product. S d + Q is the product supply curve after an import quota is imposed. A quota of wy will:
A. lower domestic price and increase domestic consumption.
B. increase the revenues of domestic producers by areas E + F + K.
C. increase the revenues of domestic producers by areas G + H.
D. increase the revenues of domestic producers by areas E + F + G + H + J.
The table above shows a nation's production possibilities frontier. The opportunity cost of a robot between combination D and E is
A) 1/4 of a pizza. B) 34 pizzas. C) 30 pizzas. D) 4 pizzas. E) undefined because neither point is production efficient.