FREE AND STUDY GAMES ABOUT STACK 33490 EXAM

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FREE AND STUDY GAMES ABOUT STACK #33490 EXAM

QUESTIONS

Actual Qs and Ans Expert-Verified Explanation

This Exam contains:

-Guarantee passing score -19 Questions and Answers -format set of multiple-choice -Expert-Verified Explanation

Question 1: Normative economics

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involves opinions and value judgements.Question 2: Late last year, the price of good A dropped dramatically. Within one week, the demand for good B almost doubled. This implies that goods A and B are most likely

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complementary goods Question 3: Assume the supply curve of sirloin steak is upward sloping. if the price increases from $4.25 to $8.60 per pound

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A greater quantity of sirloin steak will be supplied.Question 4: Consider the equation of a straight line Y=a+bX. Which of the following statments is true?

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If b is negative, the line slopes downward.

Question 5: The law of demand illustrates that

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as price decreases,quantity demand increases.Question 6: When somegoods are used to produce other goods, those goods that are used in the production process are called

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factors of production.

Question 7: If price is below equilibrium,

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quantity demanded exceeds quantity supplied, and a shortage exists Question 8: According to economic theory, a change in the quantity demanded of any good is always caused by

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changes in the price of that good.Question 9: If a driver is able to avoid a traffic jam on the freway by taking a side street, that person is made better off. However if we had assumed everybody would be better off by taking the side street, which of the following would be involved?

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fallacy of composition Question 10: When an individual is behaving according to "rational self-interest" this means that the individual

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ismaking choices that provide him or her with the greatest amount of satisfaction possible.

Question 11: The law of supply illustrates that

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whatever affects price affects quantity supplied

Question 12: If a straight line crosses the y-axis at and crosses the X-axis at + 10 it is easy to conclude that the slope of the line is

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negative

Question 13: In economics, the concept of opportunity cost is

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defined to be the highest-valued alternative that must be forgone when a choice is made Question 14: A production possibilities curve shows that more of one type of good can be produced only by

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decreasing the quantity ofother types of goods that are produced

Question 15: According to the text, the objective of economics is

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to understand why the real world is what it is.

Question 16: A price floor

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is a situation where the price is not allowed to decrease below a certain level.Question 17: Economists refer to financial capital and physical capital Examples of these include all the following except

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land

Question 18: a market

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makes possible the exchange of goods and services

Question 19: In its most fundamental sense, economics is the study of

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scarcity and choice.