AP (Advanced Placement) Microeconomics: Questions 303 - 307 of 398

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Question 303

Question

MCQ▾

The island nation of Beckham uses economic resources to produce tea and crumpets. Use the following production possibilities frontier for question below.

Production Produce Tea and Crumpets

Economic growth is best represented by a movement from

Choices

Choice (5)Response

a.

A to B

b.

E to A

c.

B to C

d.

D to E

e.

C to D

Question 304

Question

MCQ▾

Generally there are how many concepts of demand elasticity?

Choices

Choice (5)Response

a.

Five

b.

Three

c.

Four

d.

Two

e.

One

Question 305

Question

MCQ▾

Ivan wants to buy a comic which cost 30 Euro while he has only 25 Euro while Emma has 30 Euro but wants to purchase an apple pie which cost 50 Euro. Who will be able to satisfy their desire?

Choices

Choice (5)Response

a.

Emma

b.

Someone else

c.

Ivan

d.

None of the above

e.

Question does not provide sufficient data or is vague

Question 306

Question

MCQ▾

Total cost can be written as

Choices

Choice (5)Response

a.

b.

c.

d.

e.

Question 307

Question

MCQ▾

Suddenly it has been recorded that the price of common salt falls in the market, its demand will be;

Choices

Choice (5)Response

a.

Demand of salt will be rise sharply.

b.

Demand of salt will be fall.

c.

Demand for salt will be practically remains same.

d.

It cannot be predicted.

e.

None of the above

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