Reference no: EM133396128

Question 1

In one of the practice games by MRUniversity, you were asked the following question:

Government enacts a tax on soda producers and the price of soda increases. Consider the demand curve for soda. What happens?

Explain in 5 steps how you would solve this problem.

Question 2

""We're on all the major social media platforms. The growth of Chobani really started virally, where one person would try it, tell five friends who each told five friends, and it really became a brand people loved to discover on their own and tell other people about. In the online landscape, we just had really great success at being able to talk to our fans. I think one of the great things about our company is our relationship with consumers; it's really a lot of fun to hear what they have to say and take it to heart." Nicki Briggs, a registered dietitian and head of the company's communications team

What factor of demand is Nicki talking about? What do you think it has done to Chobani's demand curve?

Question 3
look at Gordon Gekko (a character in the movie Wall Street). How is Ulukaya's vision of how to run a company different?

Question 4

An example of a point inside the Production Possibilities Frontier:

is an unemployment rate above 6%, which doesn't make full use of the labor force that occurs at 4-6%.
is when resources increase.
is a decrease in technology.
is called an unattainable point.

Question 5

The U.S. economy's Production Possibilities Frontier is made up of two goods: oranges and automobiles. The U.S. economy moves from point A, where it produces 100 oranges and 200 cars, to point B, where it produces 200 oranges and 150 cars. It follows that

1. There is not enough information to answer the question

2. Point B is an inefficient point

3. Point A is an inefficient point.

4. Point B may be an inefficient point

Question 6

"As the price of cheese burgers goes up, the demand for cheese burgers goes down." The author of this statement

1. uses the word "demand" when s/he should use "quantity demanded.

2. implies that quantity and price are unerelated

3. uses the word "demand," when s/he should use the word "supply"

4. No answer text provided.

Question 7

If there is always a two-for-one tradeoff between apples and oranges, then the Production Possibilities Frontier between apples and oranges is

1. a downward-sloping curve that is bowed outward.

2. a downward-sloping straight line

3. a downward-sloping curve that is bowed inward

4. an upward-sloping straight line.

Question 8

Which of the following statements are false?

I. If scarcity did not exist, then neither would the Production Possibilities Frontier.

II. All Production Possibilities Frontiers are bowed out from the origin.

III. All Production Possibilities Frontiers are made up of two goods or services.

IV. Opportunity cost can not be illustrated with the Production Possibility Frontier.

a) IV

b) III.

c) I.

d) II and IV

Question 9

Consider two points on the Production Possibiilies Frontier: Point A, at which there are 20 apples and 40 pineapples and Point B, at which there are 10 apples and 180 pineapples. What is the opportunity cost of moving from point A to point B? Hint what is the loss and what is the gain

a) .07

b) 1.4

c) 10 apples

d) 40 pineapples

Question 10

Here is the production schedule for Guns and Butter:

Guns Butter
60,000 0
30,000 30,000
0 60,000
The Production Possibilities Frontier illustrates

a) none of the answers are correct

b) the opportunity csot of one gun is four units of butter

c) constant opportunity cost of guns and butter

d) that guns are more important than butter.