Kimanichelsea20

Sophia Marcoeconomics Milestone 1 1 Which statement below is true of price floors? If they are above the equilibrium, they are non-binding. They generate shortages. They lead to surpluses. Rent control is an example of a price floor. CONCEPT Surplus and Constraints 2 Which of the following terms is the sum of the amount of resources used to produce goods and services? GDP per capita Income approach GDP growth Expenditure approach CONCEPT Economic Growth (GDP) 3

Sophia Marcoeconomics Milestone 4 1 Which statement below regarding the stagflation of the late 1970s/early 1980s is true? The Phillips curve represented the state of the economy at the time. Expansionary fiscal policies succeeded in lowering the unemployment rate. Expansionary fiscal policy led to double digit inflation. Disruptions in the oil supply caused the LRAS curve to move to the left. CONCEPT Pros and Cons of Monetary and Fiscal Policy 2 Which of the following would be true o...

Select the statement below that corresponds to the business cycle. The process of expansion and contraction of the GDP Happens between expansions and recessions Shows only the periods of economic decline Happens between recessions and expansions 7/30/2020 Sophia :: Welcome CONCEPT Business Cycles - Expansionary/Recessionary (NBER) 2 Which of the following could cause a shift in the demand curve? A major shift in supply A change in income A change in quantity A change in production ...

Which of the following is why the long run average cost curve must lie at the same level or below any short run average cost curve? Because of economies of scale Because of the law of diminishing returns Because in the long run, a firm will generally operate at higher per-unit cost than in the short run Because in the long run, all production costs are variable CONCEPT 8/17/2020 Sophia :: Welcome Long-Run Supply Curve 2 Which of the following market structures has only one seller, who ...

Which of the following is true about the field of economics? Economics as a field of study was introduced during the Industrial Revolution and has not changed over time Economics can correctly predict when a recession is coming and how long it will last Economics is commonly broken into Labor Economics and Consumer Economics Economics is a social science that intersects with other fields of study CONCEPT What is Economics? 2 A real estate agency’s policy is to start all sales commissi...

Which example below represents a fixed input? Office space being rented Hourly employees Utility bills Raw materials for construction CONCEPT Production Function and Constraints 2 The Prisoner's Dilemma can come into play when firms ___________. are forced to advertise and market their goods to consumers are regulated by the government in order to provide fair pricing to consumers engage in predatory pricing to move each other out of the market decide whether to work together on thi...

Which of the following always occurs when a tax is imposed? Consumers pay more of the tax than producers. Producers pay more of the tax than consumers. The quantity sold of the good will increase. The price of the good will increase. CONCEPT Taxation and Subsidy 2 The following is a list of methods used to gather information on the burden pollution places on society. Which of these is used to analyze how regulation affects market prices? Contingent valuation Healthcare outcomes Cost-...

Which statement below is NOT a reason why the aggregate demand curve slopes downward?  As the price level falls, consumption and investment increase.  As the price level falls, consumption increases.  As the price level falls, consumption and investment decrease.  As the domestic exchange rate falls, foreigners purchase more domestic goods and services. CONCEPT Aggregate Demand 4 Which of the following is an example of the Law of Demand?  The price of alpaca wool i...

Which sentence(s) in a paragraph can be used to summarize the main idea expressed in the paragraph? supporting sentence analyzing sentence topic sentence concluding sentence RATIONALE The concluding sentence can be used to summarize the main idea expressed in a paragraph. The topic and supporting sentences perform different functions in a paragraph. An analyzing sentence is not a type of sentence in a paragraph. CONCEPT Paragraph Development 2 Beau reviews his essay to identify possi...

You passed this Milestone 23 questions were answered correctly. 2 questions were answered incorrectly. 1 The term "profane" comes from the Latin word "profanus," which refers to what?  A forbidden action.  An expert in religious matters.  Any land outside the Roman Empire.  The area outside the temple. CONCEPT The Sacred and the Profane 2 Most religions provide an account of which of the following?  The cosmos at large, but not individual things or persons wi...