need help asap, i already paid $10 and i haven't received anything from anyone

FratBro23
Category:
Economics
Price: $5 USD

Question description

QUESTION 1

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

     

     

4 points  

QUESTION 2

  1. Equilibrium is a state of balance between supply and demand.

     

     

4 points  

QUESTION 3

  1. Goods are scarce for both rich and poor.

     

     

4 points  

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.

     

     

4 points  

QUESTION 5

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

     

     

4 points  

QUESTION 6

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

     

     

4 points  

QUESTION 7

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

     

     

4 points  

QUESTION 8

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

     

     

4 points  

QUESTION 9

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

     

     

4 points  

QUESTION 10

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

     

     

4 points  

QUESTION 11

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

     

     

4 points  

QUESTION 12

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

     

     

4 points  

QUESTION 13

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

     

     

4 points  

QUESTION 14

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

     

     

4 points  

QUESTION 15

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

     

     

4 points  

QUESTION 16

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

     

     

4 points  

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

4 points  

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

4 points  

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.

4 points  

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.

4 points  

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)

4 points  

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.

4 points  

QUESTION 23

  1. A movement along the production function is the result of a change in:

    the quantity of labor.

    technology.

    capital.

    interest rates.

4 points  

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.

4 points  

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.


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