Provide details on what you need help with along with a budget and time limit. Questions are posted anonymously and can be made 100% private.
Match with a Tutor
Studypool matches you to the best tutor to help you with your question. Our tutors are highly qualified and vetted.
Get Quality Help
Your matched tutor provides personalized help according to your question details. Payment is made only after you have completed your 1-on-1 session and are satisfied with your session.
Save and Submit
QUESTION 1
1.
The law of demand states that there is a direct relationship between supply and demand.
True
False
QUESTION 2
1.
Equilibrium is a state of balance between supply and demand.
True
False
QUESTION 3
1.
Goods are scarce for both rich and poor.
True
False
QUESTION 4
1.
"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.
True
False
QUESTION 5
1.
The law of supply states that there is a direct relationship between price and quantity
demanded.
True
False
QUESTION 6
1.
In the circular flow model, firms own economic resources, and households buy the
manufactured products and services.
True
False
QUESTION 7
1.
Households play a dual role of providing the factors of production while purchasing the goods
and services of firms.
True
False
QUESTION 8
1.
Opportunity cost is the lowest valued benefit that must be sacrificed as the result of choosing
an alternative.
True
False
QUESTION 9
1.
Scarcity denotes that our desire for a good exceeds the amount that is freely available from
nature.
True
False
QUESTION 10
1.
Economics is a social science concerned with satisfying man's unlimited wants with limited
resources.
True
False
QUESTION 11
1.
Joint output of individuals or nations will be maximized when goods are exchanged between
parties in accordance with the law of "comparative advantage".
True
False
QUESTION 12
1.
The production possibilities frontier assumes that the level of technology varies when applying
the model.
True
False
QUESTION 13
1.
Excess demand in the market will cause the price of a product to decline.
True
False
QUESTION 14
1.
Demand is measured on the vertical axis and supply on the horizontal axis.
True
False
QUESTION 15
1.
A change in quantity demanded is a movement along the same demand curve.
True
False
QUESTION 16
1.
As globalization and world trade proliferates, individual markets within countries' economies
become more competitive.
True
False
QUESTION 17
1.
Which growth theory compares a subsistence real wage rate to the actual real wage rate?
Classical growth theory
Inflation growth theory
Neoclassical growth theory
New growth theory
QUESTION 18
1.
Suppose the working age population in Tiny Town is 100 people. If 25 of these people are NOT
in the labor force, the ________ equals ________.
unemployment rate; 25/100 × 100
employment rate; 25/75 × 100
labor force; 75
labor force; 25/100 × 100
QUESTION 19
1.
Suppose there is a rise in the real wage rate. As a result, the quantity of labor demanded:
increases.
decreases.
does not change because there is no change in the money wage rate.
increases only if the price level also decreases.
QUESTION 20
1.
GDP can be computed as the sum of:
all sales that have taken place in an economy over a period of time.
the total expenditures of consumers and business over a period of time.
the total expenditures of consumption, investment, and government expenditure on goods and
services over a period of time.
the total expenditures of consumption, investment, government expenditure on goods and
services, and net exports over a period of time.
QUESTION 21
1.
The real wage rate equals:
(100 x (money wage rate/price level)
(100 x (price level/money wage rate)
(money wage rate x (price level)
(money wage + (number of hours worked/(price level)
QUESTION 22
1.
If the CPI was 121.5 at the end of 2007 and 138.3 at the end of 2008, the inflation rate over
these two years was:
10.2 percent.
13.8 percent.
12.2 percent.
16.8 percent.
QUESTION 23
1.
A movement along the production function is the result of a change in:
the quantity of labor.
technology.
capital.
interest rates.
QUESTION 24
1.
All of the following are part of fiscal policy EXCEPT:
setting tax rates.
setting government spending.
choosing the size of the government deficit.
controlling the money supply.
QUESTION 25
1.
Along a production possibilities frontier for real GDP and the quantity of leisure time, as leisure
time increases, real GDP:
decreases.
increases.
stays the same.
could increase, decrease or stay the same.
Purchase answer to see full
attachment
User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.
Would you like to help your fellow students? Are you in need of an additional source of income? Apply to become a tutor on Studypool! Our best tutors earn over $7,500 each month!