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In a command economy________ either makes the economic decisions or at least, strongly influences how the decisions are made correct answers Government Best described tool of monetary policy correct answers interest rates most likely a topic of discussion in microeconomics correct answers a d...

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  • August 16, 2024
  • 7
  • 2024/2025
  • Exam (elaborations)
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  • in a command economy either makes the eco

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ECO 231 FINALS || A+ Graded Already.
In a command economy________ either makes the economic decisions or at least, strongly
influences how the decisions are made correct answers Government

Best described tool of monetary policy correct answers interest rates

most likely a topic of discussion in microeconomics correct answers a decrease in unemployment
rates

describe the circular flow of income correct answers business buy resources from the
government, and households use their income from the sale of resources to buy goods and
services from businesses

______ refers to the following concept in the production of many goods: as the level of
production increases, the average cost of producing each individual good declines correct
answers economies of scale

philosophers draw a distinction between positive statements, which describe the world as it is,
and ______, which describes the world how it should be correct answers normative statements

as depicted in the_____, it is necessary to give up one good to gain more of another good correct
answers The production possibilities frontier

attending college is an example where the _____ exceeds the monetary cost correct answers
opportunity cost

scarcity exist because correct answers unlimited wants and limited resources

the opportunity cost of an action correct answers is a subjective valuation that can be determined
only by the individual who chooses the action

the slope of _______ is determined by the relative price of the two goods. The relative price is
calculated by taking the price of one good and dividing it by the price of the other good. correct
answers Budget constraint

the general pattern of consumption is that the first few units of any good tends to provide a
higher level of ____ to a person than consumption of later units of the same good. This is a
common pattern. correct answers Utility

The downward slope of the demand curve illustrates that as ______, rises, _____ decrease.
correct answers Price; quantity supplied

The term "ceteris paribus "means that correct answers all variables except those specified are
constant

, A supply curve is a graphical illustration of the relationship between price, shown on the vertical
axis, and _______, shown on the horizontal axis. correct answers quantity supplied

In economics, the demand for a good refers to the amount of that good that individuals correct
answers will buy at various prices

the demand schedule for a good correct answers indicates the quantities that will be purchased at
alternative market prices

When quantity demanded decreases in response to a change in price correct answers there is a
movement up and along the demand curve

A serve freeze has once again damaged the Florida orange crop. The impact on the market for
orange juice will be a leftward shift of correct answers supply curve

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

Andy considers beer and pizza to be complements of one another. if the price of pizza decreases,
economist would except correct answers Andy's demand for beer to increase

improvements in the productivity of labor tend to correct answers increase wages

_____ will not result in a leftward shift of the market demand curve for labor correct answers an
increase in labor productivity

In contrast to the goods and services market,_______ are rare in the labor market. This is
because legislation preventing individuals from earning too much income are not politically or
socially popular. correct answers Price ceilings

Are markets always in equilibrium? correct answers No, but if there is no outside interference,
they tend to move toward equilibrium.

The slope of the production possibilities frontier is determined by the _____ of expanding
production of one good, measured by how much other good would be lost. In short, what does
cost to produce to the additional goods correct answers opportunity cost

when one nation can produce a product at a lower cost relative to another nation, it is said to
have a(n) ____ in producing that product correct answers absolute advantage

Which of these statements is true? correct answers A nation cannot have a comparative
advantage in the production of every good

according to international trade theory, a county should correct answers import goods in which
has a comparative disadvantage

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