In a command economy________ either makes the economic decisions or at least, strongly influences how the decisions are made correct answers Government
Best described tool of monetary policy correct answers interest rates
most likely a topic of discussion in microeconomics correct answers a d...
ECO 231 FINALS || A+ Graded Already.
In a command economy________ either makes the economic decisions or at least, strongly
influences how the decisions are made correct answers Government
Best described tool of monetary policy correct answers interest rates
most likely a topic of discussion in microeconomics correct answers a decrease in unemployment
rates
describe the circular flow of income correct answers business buy resources from the
government, and households use their income from the sale of resources to buy goods and
services from businesses
______ refers to the following concept in the production of many goods: as the level of
production increases, the average cost of producing each individual good declines correct
answers economies of scale
philosophers draw a distinction between positive statements, which describe the world as it is,
and ______, which describes the world how it should be correct answers normative statements
as depicted in the_____, it is necessary to give up one good to gain more of another good correct
answers The production possibilities frontier
attending college is an example where the _____ exceeds the monetary cost correct answers
opportunity cost
scarcity exist because correct answers unlimited wants and limited resources
the opportunity cost of an action correct answers is a subjective valuation that can be determined
only by the individual who chooses the action
the slope of _______ is determined by the relative price of the two goods. The relative price is
calculated by taking the price of one good and dividing it by the price of the other good. correct
answers Budget constraint
the general pattern of consumption is that the first few units of any good tends to provide a
higher level of ____ to a person than consumption of later units of the same good. This is a
common pattern. correct answers Utility
The downward slope of the demand curve illustrates that as ______, rises, _____ decrease.
correct answers Price; quantity supplied
The term "ceteris paribus "means that correct answers all variables except those specified are
constant
, A supply curve is a graphical illustration of the relationship between price, shown on the vertical
axis, and _______, shown on the horizontal axis. correct answers quantity supplied
In economics, the demand for a good refers to the amount of that good that individuals correct
answers will buy at various prices
the demand schedule for a good correct answers indicates the quantities that will be purchased at
alternative market prices
When quantity demanded decreases in response to a change in price correct answers there is a
movement up and along the demand curve
A serve freeze has once again damaged the Florida orange crop. The impact on the market for
orange juice will be a leftward shift of correct answers supply curve
according to the law of supply correct answers there is a direct relationship between price and
quantity supplied
Andy considers beer and pizza to be complements of one another. if the price of pizza decreases,
economist would except correct answers Andy's demand for beer to increase
improvements in the productivity of labor tend to correct answers increase wages
_____ will not result in a leftward shift of the market demand curve for labor correct answers an
increase in labor productivity
In contrast to the goods and services market,_______ are rare in the labor market. This is
because legislation preventing individuals from earning too much income are not politically or
socially popular. correct answers Price ceilings
Are markets always in equilibrium? correct answers No, but if there is no outside interference,
they tend to move toward equilibrium.
The slope of the production possibilities frontier is determined by the _____ of expanding
production of one good, measured by how much other good would be lost. In short, what does
cost to produce to the additional goods correct answers opportunity cost
when one nation can produce a product at a lower cost relative to another nation, it is said to
have a(n) ____ in producing that product correct answers absolute advantage
Which of these statements is true? correct answers A nation cannot have a comparative
advantage in the production of every good
according to international trade theory, a county should correct answers import goods in which
has a comparative disadvantage
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