True or False Questions

Jul 24th, 2014
Business & Finance
Price: $10 USD

Question description


The law of demand states that there is a direct relationship between supply and demand.


Equilibrium is a state of balance between supply and demand.

A) True
B) False


Goods are scarce for both rich and poor.

A) True
B) False


"The big corporations in this country, like ExxonMobil and GM, have deep pockets and need to be hiring more people." This is a positive statement about economic policy.

A) True
B) False


The law of supply states that there is a direct relationship between price and quantity demanded.

A) True
B) False


In the circular flow model, firms own economic resources, and householdsbuy the manufactured products and services.

A) True
B) False


Households play a dual role of providing the factors of production whilepurchasing the goods and services of firms.

A) True
B) False


At point A, more "X" goods are being produced than at point E.

A) True
B) False


At point B, almost all "X" goods are being produced and almost no"Y" goods.

A) True
B) False


Point C is unattainable.

A) True
B) False


In the immediate term, Point D is unattainable.

A) True
B) False


Opportunity cost is the lowest valued benefit that must be sacrificed asthe result of choosing an alternative.

A) True
B) False


Scarcity denotes that our desire for a good exceeds the amount that isfreely available from nature.

A) True
B) False


Economics is a social science concerned with satisfying man's unlimitedwants with limited resources.

A) True
B) False


Joint output of individuals or nations will be maximized when goods areexchanged between parties in accordance with the law of"comparative advantage".

A) True
B) False


The production possibilities frontier assumes that the level of technologyvaries when applying the model.

A) True
B) False


Excess demand in the market will cause the price of a product to decline.

A) True
B) False


Demand is measured on the vertical axis and supply on the horizontalaxis.

A) True
B) False


A change in quantity demanded is a movement along the same demandcurve.

A) True
B) False


As globalization and world trade proliferates, individual markets withincountries' economies become more competitive.

A) True
B) False

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School: UT Austin

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