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HOMEWORK#1MACROECONOMICPRINCIPLES

ECN211,SECTION1004,LEC71306FALLSEMESTER,2012
Dr.Filer
Due:Attheendofclass,Monday,September17,2012.
MultipleChoice:Answereachofthesequestionsbydarkeningthebubbleonyourscantronsheet,asifyou
weretakinganexaminclass.Handinonlythescantronsheet.Makesureyouhavedarkenedinyournameand
10digitASUAffiliateIDnumberonthescantronsheet.YOUMUSTUSETHE(81/2INCHBY11INCH)
SCANTRONFORM229633BYEXAMSYSTEMII,AVAILABLEINTHEASUBOOKSTORE.NOOTHER
TYPEOFSCANTRONFORMWILLBEACCEPTABLE.
1. Thesuccessfuldevelopmentofalowcostsyntheticfuel,suchasethanolfromcorn,wouldbe
expectedtoaffectthemarketforcrudeoilinwhichofthefollowingways?
A) Decreasethepriceofoil.
B) Decreasetheequilibriumquantityofoilproducedandpurchased.
C) Decreasethedemandforoil.
D) Decreasethequantitysuppliedofoil.
E) Allofthese.
Usethefollowingtoanswerquestions24:
Combination
A
B
C
D
E
F
G

Clothing
0
10
20
30
40
50
60

Food
110
105
95
80
60
35
0

2. Accordingtothetableabove,acombinationof20unitsofclothingand80unitsoffoodis
A) possiblebygivingup15unitsoffood.
B) possibleifanimprovementintechnologymakestheproductionpossibilitiescurveshift
inward.
C) inefficient.
D) unattainable.
E) possibleiftheeconomyobtainsmoreresources.
3. Accordingtothetableabove,acombinationof50unitsofclothingand70unitsoffood
A) ispossibleifanimprovementintechnologyshiftstheproductionpossibilitycurveinward.
B) doesnotfullyutilizeresources.
C) isunattainable.
D) isinefficient.
E) isobtainablebygivingup35unitsoffood.
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4. Accordingtothetableabove,iftheeconomyiscurrentlyproducingatpointF,theopportunity
costof10additionalunitsofclothingis
A) 35unitsoffood.
B) 3.5unitsoffood.
C) 25unitsoffood.
D) 5unitsoffood.
E) 10unitsoffood.
5. Whichofthefollowingwillnotcausearightwardshiftinanation'sproductionpossibilities
curve?
A) Anincreaseinthegenerallevelofeducation.
B) Areductioninunemployment.
C) Advancesintechnology.
D) Anincreaseinthequantityofthenation'sresources.
E) Anincreaseinthelaborforce.
6. IfthepriceofCD(compactdisk)playersissuddenlycutinhalfduetoatechnological
innovation,whatislikelytohappentothedemandforCDs?
A) ThedemandcurveforCDplayerswillprobablyshiftout.
B) TherewillbeamovementupwardalongthedemandcurveforCDs.
C) ThedemandcurveforCDswillprobablyshiftout.
D) TherewillbenoimpactonthedemandforCDs.
E) TherewillbeamovementdownwardalongthedemandcurveforCDplayers.
7. Whichofthefollowingisnotheldconstantwhenconstructingademandcurveforpizzainthe
Tempepizzamarket?
A) ThepopulationoftheTempepizzamarket.
B) TheincomeofconsumersintheTempepizzamarket.
C) ThepricesofbeerandsubsandwichesinTempe.
D) ThetastesofconsumersintheTempepizzamarket.
E) ThepriceofpizzasintheTempepizzamarket.
8. Thequantitysuppliedofbicyclepartsisafunctionof
A) thequantitysuppliedofbicycleriders.
B) thepriceofbicycleparts.
C) howexpensivebicyclesare.
D) whatpercentofthepopulationconsistsofcollegestudentsatagiventime.
E) thequantitysuppliedofbicycles.
9. WhatwouldhappenintheTempepizzamarketifthepricesofingredientsusedtoproduce
pizzasdecreasedatthesametimethatthepricesofingredientsusedtoproducebeerincreased?
Assumebeerandpizzaarecomplements.
A) Thepriceofpizzafalls;thequantitypurchaseddecreases.
B) Thepriceofpizzafalls;thechangeinthequantitypurchasedisuncertain.
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C)
D)
E)

Thechangeinthepriceofpizzaisuncertain.Thechangeinthequantitypurchasedis
uncertain.
Thepriceofpizzarises;thechangeinthequantitypurchasedisuncertain.
Thepriceofpizzarises;thequantitypurchasedincreases.

10. AssumebeerandpizzaarecomplementarygoodsintheTempepizzamarket.Anincreasein
thepriceofbarleyandhops,whicharekeyingredientsintheproductionprocessofbeer,other
thingsbeingequal,willcause,intheTempepizzamarket,
A) anincreaseinthedemandforpizzas.
B) anincreaseinthequantitydemandedofbeer.
C) adecreaseinthedemandforbeer.
D) anincreaseinthedemandforbeer.
E) adecreaseinthedemandforpizzas.
11. WhatwouldhappenintheTempepizzamarket,iftherewereatechnologicaladvancementin
theproductionprocessforpizza,atthesametimethattherewasanincreaseintheinputprices
oftheresourcesusedtoproducepizza?
A) Thepriceofpizzaswouldincrease,whilethequantityproducedandexchangedofpizzas
woulddecrease.
B) Thepriceofpizzaswouldincrease,whilethequantityproducedandexchangedofpizzas
wouldincrease.
C) Thepriceofpizzaswoulddecrease,whilethequantityproducedandexchangedofpizzas
woulddecrease.
D) Thepriceofpizzaswoulddecrease,whilethequantityproducedandexchangedofpizzas
wouldincrease.
E) Thereisnotenoughinformationprovidedtoanswerthequestion.
12. Hopsandbarleyareinputsintothebeerproductionprocess.Recently,farmersthatoncegrew
hopsandbarleyhavestoppedgrowinghopsandbarleyandhavestartedgrowingcornasaresult
ofincreasedgovernmentsubsidiestocorngrowers.Whatimpactdidthesechangeshaveonthe
beermarket?
A) Thepriceofbeerfellandthequantityofbeersoldinthemarketincreased.
B) Thepriceofbeerfellandthequantityofbeersoldinthemarketdecreased.
C) Thepriceofbeerincreasedandthequantityofbeersoldinthemarketdecreased.
D) Thepriceofbeerincreasedandthequantityofbeersoldinthemarketincreased.
E) Noneoftheaboveoccurred.
13. IfeveryoneexpectsthepriceofpizzasinTempetofallinthenearfuture,whatwillhappento
themarketforpizzasinTempe?
A) Theamountboughtandsoldtodaywillincrease.
B) Theamountboughtandsoldtodaywilldecrease.
C) Thesupplywillincreasetoday.
D) Peoplewillbuymorenow,causingadecreaseindemandinthefuture.
E) Peoplewillbuythesameamountnow.

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14. Whichofthefollowingwouldnotshiftthedemandcurveforgolfballs?
A) Adecreaseinthepriceofgolfballs.
B) Anincreaseinthepriceofgolfclubs.
C) Adecreaseinthepopularityofgolf.
D) Anincreaseinthenumberofgolfers.
E) Anexpectedincreaseinthepriceofgolfballs.
15. Thecircularflowofincomemodelshowsthat
A) moneyflowstothehouseholdsectorincludethepaymentstoresourceownersexceptfor
paymentstoentrepreneurs.
B) moneyflowsfromhouseholdtobusinesstofinancialintermediaryuntilthereisno
shortageorsurplus.
C) revenueflowstohouseholdswhentheybuygoodsandservices.
D) incomeisequaltothevalueofoutput.
E) businessesareonlydemanders,andhouseholdsareonlysuppliers.
Usethefollowingtoanswerquestions1619:
ProductionPossibilitiesSchedule
Combination
CapitalGoods
ConsumerGoods
A
4
0
B
3
4
C
2
7
D
1
9
E
0
10

16. Considerthetableabove.ThePPCrepresentingthisschedulewouldbe
A) bowedinifconsumergoodsareplottedonthehorizontalaxisandbowedoutifcapital
goodsareplottedonthehorizontalaxis.
B) apositivelyslopedstraightline.
C) bowedout(concavetotheorigin).
D) bowedin(convextotheorigin).
E) anegativelyslopedstraightline.
17. Inthetableabove,acombinationof9unitsofconsumergoodsand5unitsofcapitalgoodsis
A) attainablewithoutanynewresources.
B) unwantedbecauseresourceswouldbecomeunemployed.
C) attainableifinefficientuseoftechnologicalknowhowisdecreased.
D) attainableifunemployedresourcesreturntowork.
E) unattainableandbeyondtheproductionpossibilitiesofthisnation.
18. Ifthenationdepictedinthetableaboveproduced4unitsofconsumergoodsand2unitsof
capitalgoods,thenit
A) wouldbeusingallitstechnologicalknowhow.
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B)
C)
D)
E)

wouldhaveunemployedresources.
wouldbeproducingatmaximumefficiency.
wouldbeusingallitsresources.
Noneofthese;thisnationisnotcurrentlyabletoproducethiscombination.

19. IfthenationdepictedinthetableaboveisproducingatcombinationE,theopportunitycostof
thetenthunitofconsumergoodswas
A) 1unitofcapitalgoods.
B) 4unitsofcapitalgoods.
C) nounitsofcapitalgoods.
D) 10unitsofcapitalgoods.
E) 6unitsofcapitalgoods.
20. WhatwouldhappenintheTempepizzamarketiftherewereanincreaseinthepricesofinputs
usedintheproductionprocessofpizza,whileatthesametimetherewasanincreaseinthe
incomesofpizzaconsumersinTempe,andpizzaisaninferiorgood?
A) Thequantityofpizzaspurchasedincreases;thepriceofpizzasdecreases.
B) Thequantityofpizzaspurchasedincreases;thechangeinthepriceofpizzasisuncertain.
C) Thechangeinthequantityofpizzaspurchasedisuncertain;thechangeinthepriceof
pizzasisuncertain.
D) Thequantityofpizzaspurchasedincreases;thepriceofpizzasincreases.
E) Thequantityofpizzaspurchaseddecreases;thechangeinthepriceofpizzasisuncertain.
21. WhatwouldhappenintheTempepizzamarketifpizzaisanormalgood,andthereisadecrease
intheincomeofthehouseholdsthatconsumepizzaintheTempepizzamarket?
A) Thepriceofpizzawouldincrease,andthequantityproducedandexchangedwould
increase.
B) Thepriceofpizzawoulddecrease,andthequantityproducedandexchangedwould
decrease.
C) Thepriceofpizzawouldincrease,andthequantityproducedandexchangedwould
decrease.
D) Thepriceofpizzawoulddecrease,andthequantityproducedandexchangedwould
increase.
E) Thereisnotenoughinformationprovidedtoanswerthequestion.
22. WhichofthefollowingwillcauseanincreaseinthedemandforpizzaintheTempepizza
market?
A) Thepriceofpizzasfalls.
B) ThepricesofotherItaliandinnersinTempedecrease.
C) Consumersexpectthepriceofpizzastodecreaseinthefuture.
D) Newstudiesindicatethateatingpizzadecreasesthechanceofgettingcoloncancer.
E) Tempeconsumers'incomesriseandpizzaisaninferiorgood.

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Usethefollowingtoanswerquestions2325:

Choice1
Choice2
Choice3
Choice4
Choice5

ProductionPossibilitiesSchedule
GoodA
GoodB
100
0
90
20
70
40
40
60
0
80

23. Accordingtotheproductionpossibilitiesscheduleinthetableabove,astheeconomyproduces
moreandmoreofgoodB,then
A) itmusthaveacomparativeadvantageintheproductionofgoodB.
B) wewillexperienceagreaterrateofeconomicgrowth.
C) itmustsacrificelargerandlargeramountsofgoodA.
D) thevalueofgoodBthatmustbeforgonedecreases.
E) theresourcestransferredwillbeincreasinglyefficientinproducinggoodB.
24. Accordingtotheproductionpossibilitiesscheduleinthetableabove,whichofthefollowing
statementsistrue?
A) Ifthiseconomyweretofullyandefficientlyemployallitsresources,itcouldprovide100
unitsofAand80unitsofB.
B) Thiseconomycouldproduce70unitsofAand40unitsofB.
C) Thiseconomycouldproduce100unitsofAand20unitsofB.
D) TheopportunitycostofproducingmoreofBdecreasesasBincreases.
E) TheopportunitycostofproducingmoreofAdecreasesasAincreases.
25. Accordingtotheproductionpossibilitiesscheduleinthetableabove,whichofthefollowing
statementsistrue?
A) Movingfromchoice3tochoice4,theopportunitycostof20moreBis30unitsofA.
B) Movingfromchoice1tochoice2,theopportunitycostof20moreBis10unitsofA.
C) ThereareincreasingopportunitycostsassociatedwithgettingmoreB.
D) Movingfromchoice2tochoice3,theopportunitycostof20moreBis20unitsofA.
E) Alloftheabove.

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