1.Based on the above, which figure shows the impact of a worldwide reduction in labor?

(A)Figure A
(B)Figure B
(C) Figure C
(D) Figure D

2.The opportunity cost of more capital goods today is (A)fewer capital goods in the future. (B)more unemployed resources in the future. (C) fewer consumer goods in the future. (D) fewer consumer goods today.

3.Price ceilings such as rent ceilings (A)increase producer surplus. (B)do not affect producer surplus. (C) decrease producer surplus. (D) might increase or decrease producer surplus.

4. A price ceiling such as a rent ceiling (A)always results in a surplus. (B)always results in a shortage. (C) results in a shortage if the ceiling price is less than the equilibrium price. (D) results in a surplus if the ceiling price is less than the equilibrium price. 

5.In the figure above, an economy would grow fastest if it located at point(A)A. (B)B. (C) C. (D) D.

6. Consumer surplus is the (A)value of a good minus the price paid for it summed over the quantity bought. (B)price of a good expressed in dollars. (C) value of a good expressed in dollars. (D) value of a good plus the price paid for it summed over the quantity bought.

7. The latest model car in the dealer's showroom has a sticker price of $35,000.00. Fred, the shopper, has decided that he would pay no more than $32,000.00 for the car. After two hours of bargaining with the salesperson, Fred actually purchases the car for $31,000.00. Fred, therefore, has obtained a consumer surplus of (A)$32,000.00. (B)$1,000.00. (C) $35,000.00. (D) $4,000.00.

8.Last October, due to an early frost, the average price for a pumpkin increased by 10 percent compared to the average pumpkin price in previous Halloween seasons. As a result, the quantity demanded county-wide decreased from 2 million to 1.5 million." Based on this statement, it is certain that the (A)demand curve for Halloween costumes shifted leftward. (B)demand curve for pumpkins shifted leftward. (C) price elasticity of demand for pumpkins decreased from its value in previous years. (D) total revenue from the sale of pumpkins decreased. 

9. The above table shows Homer's marginal utility from consuming various quantities of chocolate chip cookies and cake. The price of cookies is $2 per pound, the price of cake is $2 per slice and Homer has $12 to spend on cookies and cake. Homer will consume ______ pound(s) of cookies and ______ slices of cake.(A)1； 5 (B)5； 2 (C) 3； 3 (D) 2； 4

10.A consumer maximizes total utility when all available income is spent and (A)the marginal utility per dollar for the last unit of each good purchased is equal for all goods. (B)the marginal utility for the last unit of each good purchased is equal for all goods. (C) total utility from all goods purchased is equal. (D) the dollars spent on the last unit of each good purchased is equal for all goods. (Figure for question 11 is provided in the image)

11.In the above figure, which curve is an indifference curve for someone who views frozen pizzas and milk as perfect complements?(A)indifference curve G (B)indifference curve F (C) indifference curve H (D) indifference curve I

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