Money correct answers Which of the following is not a resource?
Opportunity Cost correct answers Which of the following is not a price?
The next best alternative uses of the $30 and the one hour correct answers Henry spends one hour shopping and buys one sweater for $30. The opportunity cost ...
ECON 202(Correctly solved)
Money correct answers Which of the following is not a resource?
Opportunity Cost correct answers Which of the following is not a price?
The next best alternative uses of the $30 and the one hour correct answers Henry spends one hour
shopping and buys one sweater for $30. The opportunity cost of the sweater is
False correct answers The equilibrium price occurs whenever the quantity bought equals the quantity sold
$176 correct answers Suppose in year 10, the following goods were all that were produced in country A.
6 pairs of shoes with 2 shoe laces per pair at $20 per pair of shoes
20 shoe laces at $2 a lace
8 pairs of socks at $5 a pair
Then country A's GDP in year 10 was
Frictional Unemployed correct answers Mary has decided to decline her first job offer. She is
Structural Unemployed correct answers Sam, a college football coach, cannot find a job since he was
fired from East Central University because there are no openings for football coaches at the university
level. Sam is
None of the above correct answers When the government imposes an effective quota on the import of
shoes
Cyclical correct answers Which type of unemployment is associated with downward fluctuations of
economic activity?
There is not enough information to give a definitive answer to this question correct answers If the
unemployment rate is 8%, we can say that the economy
, Price correct answers Suppose the demand curve increases in period one while the supply curve increases
in period two. Then there will be a market cycle with respect to
All of the above correct answers The diminishing marginal concept ensures that
Dividing nominal GDP by the GDP deflator correct answers Real GDP is computed by
Economic Wealth correct answers Voluntary exchanges between buyers and sellers generate
1.25 correct answers If nominal GDP is $500 and the real GDP is $400, the GDP deflator is (HINT: $400
= $500/______)
Employed plus unemployed correct answers The labor force equals the number of people
Not in the labor force correct answers Someone who is available for work but has not been actively
looking for a job is
False correct answers Eliminating frictional unemployment would be good for the economy
People's decisions made necessary by the problem of scarcity correct answers Economics is primarily the
study of
An increase in the price of television sets correct answers Which of the following will not shift the
demand curve for television sets?
A decrease in supply correct answers Seller A, who was originally willing to supply 400 units of a
commodity as $5 per unit, is now willing to supply the same number of units at $7 per unity. Evidently,
seller A has experienced
A leftward shift of the supply curve for autos correct answers If the United Auto Workers Union is able to
obtain a substantial wage increase for auto workers, other things being equal, the price of autos will rise.
The rise in prices can be attributed to
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