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07-27-2010, 01:54 PM
More output could be produced with available resources if:
Select correct option:
Resources are allocated efficiently.
Resources are imperfectly shiftable among alternative uses.
Prices are reduced.
The economy is operating at a point inside the production possibilities curve.
A schedule which shows the various amounts of a product consumers are willing and able
to purchase at each price in a series of possible prices during a specified period of time is
called:
Select correct option:
Supply Scedule.
Demand Scedule.
Quantity supplied Scedule.
Quantity demanded Scedule.
Suppose we find that the cross-price elasticity of demand for two products is a negative
number. We know that:
Select correct option:
The two goods are normal goods.
The two goods are inferior goods.
The two goods are substitutes.
The two goods are complements.
If diminishing marginal utility holds and a person consumes less of a good, then all else
being equal:
Select correct option:
The price of the good will rise.
Marginal utility will rise.
Expenditure on the good will increase.
Marginal utility will decline.
AD curve slopes upward for both Keynes and classical
Select correct option:
True
False
The cross elasticity of demand of complements goods is:
Select correct option:
Less than 0.
Equal to 0.
Greater than 0.
Between 0 and 1.
Our economy is characterized by:
Select correct option:
Unlimited wants and needs.
Unlimited material resources.
No energy resources.
Abundant productive labor.
A Natural Monopoly is most likely to exist when:
Select correct option:
There are large barriers to entry.
There are long term patents.
There are large economies of scale.
There is government regulation of the industry.
The trend of unemployment over the last forty years is:
Select correct option:
A decrease in unemployment.
It has remained largely unchanged.
An increase in unemployment.
It is too difficult to tell so don't bother.
Which one of the following is most likely to lead to an increase in aggregate demand? An
increase in:
Select correct option:
Government tax revenues
Household savings
Business capital investment
Demand for imports
A nation's production possibilities curve is "bowed out" from the origin because:
Select correct option:
Resources are not perfectly shiftable between productions of the two goods.
Capital goods and consumer goods utilize the same production technology.
Resources are scarce relative to human wants.
Opportunity costs are decreasing.
Which of the following markets is most likely to be oligopolistic?
Select correct option:
The market for corn.
The market for aluminum.
The market for colas.
The market for ground coffees.
Which best expresses the law of demand?
Select correct option:
A higher price reduces demand.
A lower price reduces demand.
A higher price reduces quantity demanded.
A lower price shifts the demand curve to the right.
Select correct option:
Resources are allocated efficiently.
Resources are imperfectly shiftable among alternative uses.
Prices are reduced.
The economy is operating at a point inside the production possibilities curve.
A schedule which shows the various amounts of a product consumers are willing and able
to purchase at each price in a series of possible prices during a specified period of time is
called:
Select correct option:
Supply Scedule.
Demand Scedule.
Quantity supplied Scedule.
Quantity demanded Scedule.
Suppose we find that the cross-price elasticity of demand for two products is a negative
number. We know that:
Select correct option:
The two goods are normal goods.
The two goods are inferior goods.
The two goods are substitutes.
The two goods are complements.
If diminishing marginal utility holds and a person consumes less of a good, then all else
being equal:
Select correct option:
The price of the good will rise.
Marginal utility will rise.
Expenditure on the good will increase.
Marginal utility will decline.
AD curve slopes upward for both Keynes and classical
Select correct option:
True
False
The cross elasticity of demand of complements goods is:
Select correct option:
Less than 0.
Equal to 0.
Greater than 0.
Between 0 and 1.
Our economy is characterized by:
Select correct option:
Unlimited wants and needs.
Unlimited material resources.
No energy resources.
Abundant productive labor.
A Natural Monopoly is most likely to exist when:
Select correct option:
There are large barriers to entry.
There are long term patents.
There are large economies of scale.
There is government regulation of the industry.
The trend of unemployment over the last forty years is:
Select correct option:
A decrease in unemployment.
It has remained largely unchanged.
An increase in unemployment.
It is too difficult to tell so don't bother.
Which one of the following is most likely to lead to an increase in aggregate demand? An
increase in:
Select correct option:
Government tax revenues
Household savings
Business capital investment
Demand for imports
A nation's production possibilities curve is "bowed out" from the origin because:
Select correct option:
Resources are not perfectly shiftable between productions of the two goods.
Capital goods and consumer goods utilize the same production technology.
Resources are scarce relative to human wants.
Opportunity costs are decreasing.
Which of the following markets is most likely to be oligopolistic?
Select correct option:
The market for corn.
The market for aluminum.
The market for colas.
The market for ground coffees.
Which best expresses the law of demand?
Select correct option:
A higher price reduces demand.
A lower price reduces demand.
A higher price reduces quantity demanded.
A lower price shifts the demand curve to the right.