According to Figure 2.3 in the textbook and power point slides,

 

what percentage of economic activity happens among profit-seeking firms?

Group of answer choices

21 percent

It is impossible to tell from Figure 2.3.

36 percent

64 percent

75 percent

 

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Question 21 pts

According to Figure 2.3 in the textbook and power point slides, how much economic activity happens in households and communities?

Group of answer choices
64 percent
21 percent
36 percent
It is impossible to tell from Figure 2.3.
75 percent
 
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Question 31 pts

Which of the following scenarios represents production taking place in the core sphere?

Group of answer choices

Ms. Katar, an executive at Acme Manufacturing, directs the cleanup of one of the company’s old industrial waste dump sites.

Mr. Ridge plants a garden in his yard.

Mr. Ridge takes a plate of holiday cookies to his neighbors.

Ms. Katar, an executive at Acme Manufacturing, delivers paychecks to her office staff.

None of these.

Captain Hernandez coordinates the allocation of training equipment at an army base.

Captain Hernandez eats lunch at an army base.

Ms. Fuller drives her car to pick up her children at school.

Ms. Fuller hands an unemployed worker a bag of groceries at a local food pantry.

 
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Question 41 pts

Which of the following scenarios represents distribution taking place in the business sphere?

Group of answer choices
Mr. Ridge plants a garden in his yard.
Mr. Ridge takes a plate of holiday cookies to his neighbors.
Ms. Katar, an executive at Acme Manufacturing, directs the cleanup of one of the company’s old industrial waste dump sites.
Ms. Fuller hands an unemployed worker a bag of groceries at a local food pantry.
Ms. Fuller drives her car to pick up her children at school.
Captain Hernandez eats lunch at an army base.
Ms. Katar, an executive at Acme Manufacturing, delivers paychecks to her office staff.
None of these.
Captain Hernandez coordinates the allocation of training equipment at an army base.
 
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Question 51 pts

Which of the following scenarios represents consumption taking place in the public purpose sphere?

Group of answer choices
Captain Hernandez coordinates the allocation of training equipment at an army base.
Ms. Katar, an executive at Acme Manufacturing, directs the cleanup of one of the company’s old industrial waste dump sites.
Mr. Ridge plants a garden in his yard.
Ms. Fuller drives her car to pick up her children at school.
Ms. Katar, an executive at Acme Manufacturing, delivers paychecks to her office staff.
Ms. Fuller hands an unemployed worker a bag of groceries at a local food pantry.
Mr. Ridge takes a plate of holiday cookies to his neighbors.
Captain Hernandez eats lunch at an army base.
None of these.
 
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Question 61 pts

Which of the following scenarios represents resource management taking place in the public purpose sphere?

Group of answer choices
Ms. Katar, an executive at Acme Manufacturing, directs the cleanup of one of the company’s old industrial waste dump sites.
Mr. Ridge plants a garden in his yard.
Ms. Fuller hands an unemployed worker a bag of groceries at a local food pantry.
Ms. Fuller drives her car to pick up her children at school.
Ms. Katar, an executive at Acme Manufacturing, delivers paychecks to her office staff.
Captain Hernandez coordinates the allocation of training equipment at an army base.
Captain Hernandez eats lunch at an army base.
None of these.
Mr. Ridge takes a plate of holiday cookies to his neighbors.
 
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Question 72 pts

Match the following concepts to the appropriate descriptions. 

 

1. Intermediate goal

2. Microeconomics 

3. Laissez faire economy 

4. Unpaid household labor 

5. Market  

6. Institution

7. Police services 

8. A system of roads, canals, air cargo, or railways 

 

A) the subfield of economics that focuses on activities that take place within and among the major economic organizations of a society

B) physical infrastructure necessary for many goods markets to operate smoothly

C) the interaction of buyers and sellers defined within the bounds of broad product categories, such as the market for used cars or the real estate market

D) a way of structuring human activities based on customs, infrastructure, and laws

E) a goal that is desirable because its achievement will bring you closer to your final goal

F) an example of economic activity in the core sphere

G) an example of economic activity in the public purpose sphere

H) a market economy with little government regulation

 
Group of answer choices

1 E; 2 A; 3 H; 4 F; 5 C; 6 D; 7 G; 8 B

1 C; 2 A; 3 D; 4 H; 5 G; 6 E; 7 B; 8 F

None of these answers is correct.

1 E; 2 A; 3 C; 4 G; 5 B; 6 H; 7 D; 8 F

1 H; 2 A; 3 E; 4 G; 5 D; 6 B; 7 F; 8B

 
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Question 81 pts

Which one of the following is not an institutional requirement for markets to operate smoothly?

Group of answer choices

Social institutions of trust

Money as a medium of exchange

An equal balance of economic power among buyers and sellers

Individualist institutions related to private and decision making

Infrastructure for the flow of goods and information

None of these.
 
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Question 91 pts

Which one of the following is not an advantage of markets?

Group of answer choices

Markets have inherent corrections for the excessive concentration of economic power.

Markets coordinate feedback between buyers and sellers.

Markets encourage certain forms of innovation.

Markets allow individual freedom in decision-making.

Markets encourage businesses to respond to consumer preferences.

None of these.
 
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Question 102 pts

The figure below shows the production-possibilities frontiers of countries X and Y. The points on each axis represent the maximum quantities that each country could produce if they specialized entirely in one good or the other. According to this graph, the opportunity cost of producing a ton of wheat is…

Group of answer choices

2 tons of rice for

Country X

and 4 tons of rice for

Country Y

.

3/2 a ton of rice for Country X and 3/4 a ton of rice for Country Y.

2/3 a ton of rice for Country X and 4/3 a ton of rice for Country Y.

1/2 a ton of rice for Country X and 1/4 a ton of rice for Country Y.

The answer cannot be determined from the information provided.

the same for both Country X and Y.

 
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Question 111 pts

The figure below shows the production-possibilities frontiers of countries X and Y. The points on each axis represent the maximum quantities that each country could produce if they specialized entirely in one good or the other. According to the graph, who has a comparative advantage in producing wheat?

Group of answer choices
Country Y

Neither country X nor country Y

The answer cannot be determined from the information provided.
Country X

Both country X and country Y

 
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Question 121 pts

The figure below shows the production-possibilities frontiers of countries X and Y. The points on each axis represent the maximum quantities that each country could produce if they specialized entirely in one good or the other. According to this graph, which good should country Y specialize in?

Group of answer choices

Wheat

Both wheat and rice

Neither wheat nor rice

Rice

The answer cannot be determined from the information provided.
 
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Question 131 pts

The figure below shows the production-possibilities frontiers of countries X and Y. The points on each axis represent the maximum quantities that each country could produce if they specialized entirely in one good or the other. According to the graph, if both countries specialize in producing the good in which they have a comparative advantage, together they will produce…

Group of answer choices

300 tons of wheat and 400 tons of rice.

300 tons of wheat and 200 tons of rice.

300 tons of wheat and 600 tons of rice.

The answer cannot be determined from the information provided.

600 tons of wheat and 400 tons of rice.

 
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Question 142 pts

The supply and demand schedules for a local electric utility are as follows in the table below. The price is in cents per kilowatt hour (kWh), and the quantities are in millions of kilowatt hours. The utility does not operate at prices less than

10 cents per kWh

.

Price

18

16

14

12

10

8

6

quantity supplied

15

12

9

6

3

0

0

quantity demanded

1

3

4

6

8

11

14

What is the equilibrium price of electricity? 

Group of answer choices

6 cents per kWh

5 cents per kWh

1

3 cents per kWh

1

2 cents per kWh

There is not enough information given to answer the question.

15 cents per kWh

8 cents per kWh

3 cents per kWh

4 cents per kWh

14 cents per kWh

9 cents per kWh

2 cents per kWh
10 cents per kWh

11 cents per kWh

1 cent per kWh

7 cents per kWh

 
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Question 151 pts

The supply and demand schedules for a local electric utility are as follows in the table below. The price is in cents per kilowatt hour (kWh), and the quantities are in millions of kilowatt hours. The utility does not operate at prices less than 10 cents per kWh.

Price

18

16

14

12

10

8

6

quantity supplied

15

12

9

6

3

0

0

quantity demanded

1

3

4

6

8

11

14

What is the equilibrium quantity of electricity? 

Group of answer choices
There is not enough information given to answer the question.

1

5 kWh

1

4 kWh

1

3 kWh

10 kWh

1

2 kWh

1

1 kWh

2 kWh

6 kWh

7 kWh

1 kWh

9 kWh

4 kWh

8 kWh

3 kWh
5 kWh
 
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Question 161 pts

The supply and demand schedules for a local electric utility are as follows in the table below. The price is in cents per kilowatt hour (kWh), and the quantities are in millions of kilowatt hours. The utility does not operate at prices less than 10 cents per kWh.

Price

18

16

14

12

10

8

6

quantity supplied

15

12

9

6

3

0

0

quantity demanded

1

3

4

6

8

11

14

At a price of 16 cents per kWh, is there a shortage, a surplus, or equilibrium in the market? 

Group of answer choices

Equilibrium

Surplus

Shortage

There is not enough information given to answer the question.
 
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Question 171 pts

The supply and demand schedules for a local electric utility are as follows in the table below. The price is in cents per kilowatt hour (kWh), and the quantities are in millions of kilowatt hours. The utility does not operate at prices less than 10 cents per kWh.

Price

18

16

14

12

10

8

6

quantity supplied

15

12

9

6

3

0

0

quantity demanded

1

3

4

6

8

11

14

At a price of 10 cents per kWh, is there a shortage, a surplus, or equilibrium in the market? 

Group of answer choices
There is not enough information given to answer the question.
Equilibrium
Surplus
Shortage
 
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Question 186 pts

a) Draw and upload a graph of the electricity market described in questions 14 through 17. Be sure to label your axes and ensure that the supply and demand curves express the price/quantity relationships described in the table.

b) Suppose a substitute good for electricity from the local electric utility becomes less expensive. Show what happens to supply and demand in the market on your graph.

c) Explain in words what happens to the equilibrium price and quantity in the market for the local electric utility after the change.

Please provide this answer as a file upload – you may upload a word document, PDF, or picture of your answer.