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When a person gets an increase in current income, what is likely to happen to consumption and saving? correct answers Consumption increases and saving increases Last year, Linus earned a salary of 25,000 and he spent 24,000 thus saving 1000. AT the end of the year, he received a bonus of 1000 and...
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Add to cartWhen a person gets an increase in current income, what is likely to happen to consumption and saving? correct answers Consumption increases and saving increases Last year, Linus earned a salary of 25,000 and he spent 24,000 thus saving 1000. AT the end of the year, he received a bonus of 1000 and...
Factors of Production correct answers Resources used to produce goods and services; frequently divided into the basic categories of land, labour and capital Goods correct answers Tangible commodities, such as cars or shoes Services correct answers Intangible commodities, such as haircuts or me...
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Add to cartFactors of Production correct answers Resources used to produce goods and services; frequently divided into the basic categories of land, labour and capital Goods correct answers Tangible commodities, such as cars or shoes Services correct answers Intangible commodities, such as haircuts or me...
The fundamental problem of economics is, in short correct answers the scarcity of resources relative to wants. Scarcity is a problem that correct answers exists due to finite amounts of resources and unlimited human wants. Which of the following is not an example of a factor production? correc...
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Add to cartThe fundamental problem of economics is, in short correct answers the scarcity of resources relative to wants. Scarcity is a problem that correct answers exists due to finite amounts of resources and unlimited human wants. Which of the following is not an example of a factor production? correc...
Self-Organizing correct answers -The economy, when left alone without intervention, is naturally self-organizing -spontaneous economic order and self interest is behaviour that is enough to produce a structured and organized economy Spontaneous Economic order correct answers The billions of mino...
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Add to cartSelf-Organizing correct answers -The economy, when left alone without intervention, is naturally self-organizing -spontaneous economic order and self interest is behaviour that is enough to produce a structured and organized economy Spontaneous Economic order correct answers The billions of mino...
What is "Y" determined by? correct answers Labour, Y=f(L) What is the slope and intercept in this equation, Y = aL + B correct answers Slope = aL(rise/run) Intercept = B How do we find the x and y intercepts? correct answers By setting x/y = 0, to get the other How do we find P axi...
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Add to cartWhat is "Y" determined by? correct answers Labour, Y=f(L) What is the slope and intercept in this equation, Y = aL + B correct answers Slope = aL(rise/run) Intercept = B How do we find the x and y intercepts? correct answers By setting x/y = 0, to get the other How do we find P axi...
e. may increase the wage paid to workers. correct answers An increase in the minimum wage a. will increase the wage paid to workers. b. will decrease the marginal physical product of workers. c. will decrease the employment of workers. d. will reduce unemployment. e. may increase the wage...
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Add to carte. may increase the wage paid to workers. correct answers An increase in the minimum wage a. will increase the wage paid to workers. b. will decrease the marginal physical product of workers. c. will decrease the employment of workers. d. will reduce unemployment. e. may increase the wage...
A single proprietorship is a form of business organization which correct answers has one owner-manager who is personally responsible for the firm's actions and debts A firm that has two or more owners who share decision-making power as well as the firm's profits is called correct answers a par...
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Add to cartA single proprietorship is a form of business organization which correct answers has one owner-manager who is personally responsible for the firm's actions and debts A firm that has two or more owners who share decision-making power as well as the firm's profits is called correct answers a par...
Which of the following is NOT a determinant of market structure? correct answers The capital-labour ratio of the firm The term "perfect competition" refers to correct answers a type of market structure In economics, perfect competition refers to a market structure where correct answers each ...
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Add to cartWhich of the following is NOT a determinant of market structure? correct answers The capital-labour ratio of the firm The term "perfect competition" refers to correct answers a type of market structure In economics, perfect competition refers to a market structure where correct answers each ...
The time period to which quantity demanded refers when constructing demand curves is correct answers any specified time period The term "quantity demanded" refers to the correct answers total amount of a good that purchasers wish to purchase at a given price during a given period of time A ...
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Add to cartThe time period to which quantity demanded refers when constructing demand curves is correct answers any specified time period The term "quantity demanded" refers to the correct answers total amount of a good that purchasers wish to purchase at a given price during a given period of time A ...
What is economics? correct answers Economics is the study of the use of scarce resources to satisfy unlimited human wants. Resources correct answers Land (natural things, including natural resources), Labor (mental, physical human effort), Capital (tools, machinery, equiment used to produce thing...
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Add to cartWhat is economics? correct answers Economics is the study of the use of scarce resources to satisfy unlimited human wants. Resources correct answers Land (natural things, including natural resources), Labor (mental, physical human effort), Capital (tools, machinery, equiment used to produce thing...
Society's resources are often divided into broad categories. They are correct answers land, labour, and capital A basic underlying point in economics is that correct answers people have unlimited wants in the face of limited resources Economics can best be described as correct answers the stu...
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Add to cartSociety's resources are often divided into broad categories. They are correct answers land, labour, and capital A basic underlying point in economics is that correct answers people have unlimited wants in the face of limited resources Economics can best be described as correct answers the stu...
Perfect competition is characterized by all of the following except: A) a horizontal demand curve for individual sellers B) heavy advertising by individual sellers C) sellers are price takers D) homogeneous products correct answers B) heavy advertising by individual sellers Identify the curre...
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Add to cartPerfect competition is characterized by all of the following except: A) a horizontal demand curve for individual sellers B) heavy advertising by individual sellers C) sellers are price takers D) homogeneous products correct answers B) heavy advertising by individual sellers Identify the curre...
An increase in the personal income tax rate on interest income will correct answers increase desired saving because the expected real after-tax interest rate falls. An increase in expected future output while holding today's output constant would correct answers increase today's desired consump...
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Add to cartAn increase in the personal income tax rate on interest income will correct answers increase desired saving because the expected real after-tax interest rate falls. An increase in expected future output while holding today's output constant would correct answers increase today's desired consump...
When there is no other way of producing a given level of output with a smaller total value of inputs, the firm is operating at correct answers minimum cost By expressing the cost-minimizing condition as MPK/MPL = PK/PL, we are able to see correct answers how the firm can adjust the marginal prod...
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Add to cartWhen there is no other way of producing a given level of output with a smaller total value of inputs, the firm is operating at correct answers minimum cost By expressing the cost-minimizing condition as MPK/MPL = PK/PL, we are able to see correct answers how the firm can adjust the marginal prod...
If something has an opportunity cost, it is described as _____. correct answers Scarce What are the three main types of resources? correct answers Land, labor, capital What term describes goods consumed for satisfaction? correct answers Final goods What term describes goods that help produc...
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Add to cartIf something has an opportunity cost, it is described as _____. correct answers Scarce What are the three main types of resources? correct answers Land, labor, capital What term describes goods consumed for satisfaction? correct answers Final goods What term describes goods that help produc...
a monopoly is distinguished from a firm operating under any other market structure in the following way: correct answers the monopoly faces a demand curve which is equal to the market demand curve suppose a monopolist is practicing perfect price discrimination. how does this differ from the situa...
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Add to carta monopoly is distinguished from a firm operating under any other market structure in the following way: correct answers the monopoly faces a demand curve which is equal to the market demand curve suppose a monopolist is practicing perfect price discrimination. how does this differ from the situa...
technical efficiency correct answers when a given number of inputs are combined in such a way as to maximize the level of output cost minimization correct answers an implication of profit maximization that firms choose the production method that produces any given level of output at the lowest po...
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Add to carttechnical efficiency correct answers when a given number of inputs are combined in such a way as to maximize the level of output cost minimization correct answers an implication of profit maximization that firms choose the production method that produces any given level of output at the lowest po...
Fundamental problem of economics: correct answers Scarcity of resources relative to human wants Scarcity is a problem that correct answers Exists due to finite resources and unlimited human wants Which is not a factor of production a) bulldozer b) mechanic c) farmhand d) tractor e) haircu...
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Add to cartFundamental problem of economics: correct answers Scarcity of resources relative to human wants Scarcity is a problem that correct answers Exists due to finite resources and unlimited human wants Which is not a factor of production a) bulldozer b) mechanic c) farmhand d) tractor e) haircu...
Pieces of property that serve as a store of value called correct answers assets of the four factors that influence asset demand, which factor will cause the demand for all assets to increase when it increases, everything else held constant? correct answers wealth Everything else held constant,...
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Add to cartPieces of property that serve as a store of value called correct answers assets of the four factors that influence asset demand, which factor will cause the demand for all assets to increase when it increases, everything else held constant? correct answers wealth Everything else held constant,...
Disagreements over positive statements correct answers are best handled by an appeal to the facts A positive statement is one that states correct answers what is, was, or will be Positive statements correct answers are falsifiable in principle by appeal to factual evidence A normative state...
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Add to cartDisagreements over positive statements correct answers are best handled by an appeal to the facts A positive statement is one that states correct answers what is, was, or will be Positive statements correct answers are falsifiable in principle by appeal to factual evidence A normative state...
A conventional mortgage usually involves: a.) a variable interest rate. b.) a government guarantee. c.) a balloon payment. d.) equal payments. e.) a payment cap. correct answers d A condominium involves: a.) renting a mobile home. b.) part ownership of a building by a nonprofit organizatio...
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Add to cartA conventional mortgage usually involves: a.) a variable interest rate. b.) a government guarantee. c.) a balloon payment. d.) equal payments. e.) a payment cap. correct answers d A condominium involves: a.) renting a mobile home. b.) part ownership of a building by a nonprofit organizatio...
normative statements are based on correct answers value judgements and cannot be settled by recourse to facts (personal options about about what the world ought to be like as opposed to what is actually is) positive statements are correct answers statements about matters of fact, can apeal to evi...
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Add to cartnormative statements are based on correct answers value judgements and cannot be settled by recourse to facts (personal options about about what the world ought to be like as opposed to what is actually is) positive statements are correct answers statements about matters of fact, can apeal to evi...
Refer to Figure 6-2. Suppose the price of X is $2, the price of Y is $1, and the consumer's income is $10. The consumer is currently buying 4 units of good X and 2 units of good Y. In order to maximize his utility, he should: a. buy more of X and less Y b. buy the same amount of X but less Y c. ...
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Add to cartRefer to Figure 6-2. Suppose the price of X is $2, the price of Y is $1, and the consumer's income is $10. The consumer is currently buying 4 units of good X and 2 units of good Y. In order to maximize his utility, he should: a. buy more of X and less Y b. buy the same amount of X but less Y c. ...
examples of inefficiency when still fully employing all resources correct answers -if firms do not use the least cost method of production -if the marginal cost of production is not the same for every firm in an industry -if too much of one product and too little of another product are produced ...
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Add to cartexamples of inefficiency when still fully employing all resources correct answers -if firms do not use the least cost method of production -if the marginal cost of production is not the same for every firm in an industry -if too much of one product and too little of another product are produced ...
examples of inefficiency when still fully employing all resources correct answers -if firms do not use the least cost method of production -if the marginal cost of production is not the same for every firm in an industry -if too much of one product and too little of another product are produced ...
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Add to cartexamples of inefficiency when still fully employing all resources correct answers -if firms do not use the least cost method of production -if the marginal cost of production is not the same for every firm in an industry -if too much of one product and too little of another product are produced ...
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