Need help with these questions

User Generated

Arjbar

Economics

Description

Questions.doc 

Would like some help with these questions......

Unformatted Attachment Preview

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.

Explanation & Answer


Anonymous
Really helpful material, saved me a great deal of time.

Studypool
4.7
Trustpilot
4.5
Sitejabber
4.4

Similar Content

Related Tags