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supply curves of products using petroleum as an input to shift rightward 1 task
supply curves of products using petroleum as an input to shift rightward
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages Description/Paper Instructions
Question Description
1An increase in consumer incomewill affect the supplyof any given product.
True False
2
The production possibilities frontierassumes that the level of technologyvaries when applying the model.
True False
3
Government actions, such as price floors and ceilings, can actually reduce employment and raise market inefficiency.
True False
4
The smaller percentage of one’s net budgetone has to allocate money to a particular product, the more price inelastic will be the demand for that product.
True False
5
The law of demand states that there is a direct relationship between supply and demand.
True False
6
Equilibrium is a state of balance between supply and demand.
True False
7
Joint output of individuals or nationswill be maximized when goods are exchanged between parties in accordance with the law of “comparative advantage”.
True False
8
A supply curve is negatively sloped, while a demand curve is positively sloped. If given a graph of them both, that will be evidenced by computing each curve’s X axis divided by its Y axiswhen devising a 90-degree angle.
True False
9
Households play a dual roleof providing the factors of production while purchasing the goods and services of firms.
True False
10
Excess demandin the market will cause the price of a product to decline.
True False
11
“As the price of gasoline rises, consumer demand decreases. In addition, the quantity demanded of compact cars increased, causing their price to rise.” This statement contains TWO ERRORS: demand and quantity demanded are confused twice.
True False
12
A point inside the production possibilities frontier represents an economy that is utilizing resources efficiently.
True False
13
“The big corporations in this country, like ExxonMobil and GM, have deep pockets and need to be hiring more people.” This is a positive statementabout economic policy.
True False
14
The law of supply states that there is a negative relationship between price and quantity demanded.
True False
15
A change in quantity demandedis a movement along the same demand curve.
True False
16
In the production possibilities frontier, a nation’s boundary will shift inwardif they export more than they import, likely leading to inflationary pressuresin the economy.
True False
17
The “Law of diminishing returns” states that as any activity is extended, it eventually becomes increasingly easier to pursue the activity further.
True False
18
Demand is measured on the vertical axisand supply on the horizontal axis.
True False
19
A substitute goodis a determinant of supply.
True False
20
As globalization and world trade proliferates, individual markets within countries’ economies become more competitive.
True False
21
In the circular flow model, firms own economic resources, and households buy the manufactured products and services.
True False
22
Opportunity cost is the lowest valued benefit that must be sacrificed as the result of choosing an alternative.
True False
23
Antiqueswould tend to have highly price inelastic supply curves.
True False
24
For economies that rely on decentralized decision making, the most important decisions are made by the government.
True False
25
If the spot oil price in petroleum markets is rising, then we can expect the supply curves of products using petroleum as an input to shift rightward.
True False
RUBRIC
QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points: Student failed to submit the final paper. 5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors 10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points: Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper.
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