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HCM 402 MIDTERM || A+ GUARANTEED.
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A change in price of a good or service typically causes for that specific good or service. correct answers a change along the supply curve Why would a bank require a borrower to have collateral or a cosigner before agreeing to lend funds? correct answers reduces risk associated with imperfect in...

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  • August 16, 2024
  • 7
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • a change in price of a good or service typically c

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  • HCM 402
  • HCM 402

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HCM 402 MIDTERM || A+ GUARANTEED.
A change in price of a good or service typically causes for that specific good or service. correct
answers a change along the supply curve

Why would a bank require a borrower to have collateral or a cosigner before agreeing to lend
funds? correct answers reduces risk associated with imperfect information

If the supply curve for a product is vertical, then the elasticity of supply is:v correct answers
equal to zero.

Which of the following will not result in a rightward shift of the market supply curve for labor?
correct answers an increase in labor productivity

Demand is said to be ________________ when the quantity demanded changes at the same
proportion as the price. correct answers unit elastic

In a market-oriented economy, the amount of a good that is produced is primarily decided by the
interaction of: correct answers buyers and sellers.

When the level of insurance premiums that someone pays is equal to the amount that an average
person in that risk group would collect in insurance payments, the level of insurance correct
answers reaches actuarial fairness.

Because of their relatively small national economies, which of the following is most likely
considered to be the most important factor for Belgium, Korea, and Canada to take full
advantage of specialization? correct answers international trade

Which of the following would reduce the supply of microcomputers? correct answers higher
wage rates for the workers that assemble the computers

The two main tools of macroeconomic policy include monetary policy, and fiscal policy, which
involves __________ spending. correct answers government

If macroeconomics looks at the economy as a whole, it focuses on which of the following?
correct answers unemployed people

Which of the following lies primarily within the realm of macroeconomics? correct answers a
study of how tax cuts stimulate aggregate production

As a person receives more of a good, the _______________ from each additional unit of the
good declines. correct answers marginal utility

According to the law of supply: correct answers there is a direct relationship between price and
the quantity supplied.

, Andy views beer and pizza as complements to one another. If the price of pizza decreases,
economists would expect: correct answers Andy's demand for beer to increase.

Supply is said to be ________________ when the quantity supplied is very responsive to
changes in price correct answers elastic

Which of the following will not result in a leftward shift of the market demand curve for labor?
correct answers an increase in the wage rate

_____________ - a term referring to the fact that for many goods, as the level of production
increases, the average cost of producing each individual unit declines. correct answers
Economies of scale

Whenever there is a shortage at a particular price, the quantity sold at that price will equal:
correct answers the quantity supplied at that price

A 10 percent decrease in the price of potato chips leads to a 30 percent increase in the quantity of
soda demanded. It appears that: correct answers cross-price elasticity of demand for soda is -3.

The slope of the _________________ is determined by the relative price of the two goods, which
is calculated by taking the price of one good and dividing it by the price of the other good correct
answers budget constraint

Macroeconomics primarily examines: correct answers broad issues such as national output,
employment and inflation.

With regard to the provision of health insurance in the United States, which of the following is
regarded as a way of addressing moral hazard and adverse selection problems? correct answers
greater government involvement

Youth smoking seems to be more _____________ than adult smoking—that is, the quantity of
youth smoking will fall by a greater percentage than the quantity of adult smoking in response to
a given percentage increase in price. correct answers elastic

When demand is inelastic: correct answers consumers are not very responsive to changes in
price.

Why has there been a shift away from the traditional fee-for-service structure in the U.S. health
care? correct answers reduces incentives and moral hazards of added services to increase income

The demand for a product is unit elastic. At a price of $20, 10 units of a product are sold. If the
price is increased to $40, then one would expect sales to equal: correct answers 5 units.

Why is there scarcity? correct answers Because our unlimited wants exceed our limited resources

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