Opportunity Cost of Producing Assignment
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Opportunity Cost of Producing Assignment
1) the president of the united states promises to simultaneously produce more defense goods without any decreases in the production of other goods. under which of the following conditions could such a promise be valid?
a) if the united states were producing inside its production possibilities curve
b) if the united states were producing to the right of its production possibilities curve
c) if the united states were producing at a point on its production possibilities curve
d) none of the above; the production possibilities curve must shift to the right2)which one of the following variables will change in response to a change in price?
a) supply
b) the opportunity cost of producing a given quantity of output
c) quantity supplied
d) production cost for a given quantity of output3) which one of the following is true?
a) firms supply more of a product when its price rises
b) an increase in demand leads to a decrease in supply
c) scarcity is eliminated as firms supply more of a good
d) an increase in supply leads to a decrease in demand4.) which one of the following is true?
a) firms supply more of a product when its price rises
b)an increase in demands leads to a decrease in supply
c)scarcity is eliminated as firms supply more of a good
d)an increase in supply leads to decrease in demand5.)what will lead a firm to produce a good?
a) the expectation of making a profit by doing so
b)the expectation of generating growth for the economy by doing so
c) the expectation of creating jobs by doing so
d) the expectation of generating tax revenue by doing so6)what you consume is determined only by your preferences, not by your income? True or false
7) in choosing whether to produce something, a firm wants to know
a) how the cost of producing the good compares to its selling price
b) how many other firms are producing the same good
c) how long the typical consumer will shop before making this purchase
d) how frequently consumers who purchase the good will actually use it8) assuming that the marginal utility of the first four pieces of candy was 30, 28, 24, and 18 respectively, how much total utility was derived from eating three pieces of candy?
a)58
b) 54
c)82
d)1009)goods that bring you utility are goods that
a) enhance your well-being
b) have an investment value
c)allow you to save money
d) are reasonable priced10)what does economic theory assume about human behavior?
a)the people are unaware of the opportunity costs associated with consumption
b)that people consume goods in order to derive utility
c) hat people do not take price into account in deciding what to buy
d) that rational consumers will spend all of their money11) which one of the following is true?
a) the demand for items that are labor-intensive in their production methods will be fairly elastic
b) the long-run elasticity of demand for an item will be greater than the short-run elasticity
c) items that take up a small portion of your budget will have a fairly elastic demand
d) the relative elasticity of demand decrease as the number of available substitutes increasesOpportunity Cost of Producing Assignment
RUBRIC
Excellent Quality
95-100%
Introduction 45-41 points
The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.
Literature Support
91-84 points
The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.
Methodology
58-53 points
Content is well-organized with headings for each slide and bulleted lists to group related material as needed. Use of font, color, graphics, effects, etc. to enhance readability and presentation content is excellent. Length requirements of 10 slides/pages or less is met.
Average Score
50-85%
40-38 points
More depth/detail for the background and significance is needed, or the research detail is not clear. No search history information is provided.
83-76 points
Review of relevant theoretical literature is evident, but there is little integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are included. Summary of information presented is included. Conclusion may not contain a biblical integration.
52-49 points
Content is somewhat organized, but no structure is apparent. The use of font, color, graphics, effects, etc. is occasionally detracting to the presentation content. Length requirements may not be met.
Poor Quality
0-45%
37-1 points
The background and/or significance are missing. No search history information is provided.
75-1 points
Review of relevant theoretical literature is evident, but there is no integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are not included in the summary of information presented. Conclusion does not contain a biblical integration.
48-1 points
There is no clear or logical organizational structure. No logical sequence is apparent. The use of font, color, graphics, effects etc. is often detracting to the presentation content. Length requirements may not be met
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