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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.
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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.
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