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Ecn 212 Roberts Homework 1

Homework Set #1 - ECN 212 - Fall 2014 - Dr. RobertsHomework Set #1 must be submitted online no later thanSunday, September 14 @ 5:00 p.m.1. Which of the following will notresult in an outward shift of the production possibilities curve?[A] An increase in the quantity of resources[B] The work force becomes more literate[C] Existing capital is used more efficiently.[D] An increase in population.[E] A technical or technological breakthroughPriceQuantity DemandedQuantity Supplied$45350050300555250506020010065150150701002002. Refer to the table above. If the market is originally in equilibrium and a price ceiling of $50 is imposed, which of the following is incorrect?[A] Net surplus in the economy will decrease.[B] Producer surplus will decrease.[C] Demand will increase.[D] Consumers will purchase less than they would at the equilibrium price.[E] Producers will sell less than they would at the equilibrium price.3. Assume that at the current market price of $4 per unit of a good, you are willing and able to buy 20 units. Last year at a price of $4 per unit, you would have purchased 30 units. What has most likely happened over the last year?[A] Supply has decreased.[B] Quantity supplied has decreased.[C] Demand has decreased.[D] Supply has increased.[E] Demand has increased.

Homework Set #1 - ECN 212 - Dr. Roberts Homework Set #1 is due in the lab no later than Wednesday, September 14, 2011. You must use a NCS Pearson Scantron, form #229633, available in the ASU Bookstore. Answer sheets must be marked in pencil and contain your name and 10 digit ASU Identification Number. Failure to enter your 10 digit Identification Number correctly on your scantron will result in a loss of points. 1. The city of Austin can buy roads or light rail. If 10 miles of roads cost $1 million and 2 miles of light rail cost $10 million, what is the city’s opportunity cost of 1000 miles of roads? [A] $10 million [B] 2 miles of light rail [ C] 20 miles of light rail [D] $50 million [E] Both [A] and [C] are correct. 2. If society begins by producing 3 units of X and 4 units of Y, and then alters production so that it is now producing 3 units of X and 5 units of Y, and we know that the quantity and quality of resources were unchanged and that technology did not change, then [A] resources were being efficiently utilized at 3 units of X and 4 units [B] 3 units of X and 4 units of Y are a combination best represented by a point inside the PPC . [C] 3 units of X and 4 units of Y are a combination best represented by a point outside the PPC . [D] it is not possible to produce 3 units of X and 5 units of Y. [E] society has moved along the PPC . 3. An economy that produces only bread and petroleum jelly now discovers a new source of oil. Assume oil is an input only in the production of petroleum jelly. Which of the graphs in the figure above depicts the resulting shift of the PPC ? [A] Figure A [B] Figure B [C] Figure C [D] Figures A and C. [E] All of these shifts would happen.

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