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Peregrine Business Exam Questions And Answers With Verified Solutions Already Passed!!!
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Peregrine Exam: Economics ReviewQuiz Questions And Answers With
Verified Solution Rated A+
No choice is free because __________?
Options:
- Resources are unlimited
- Resources vary by economy
- Resources are limited
- Resources are constant over time - ANSWER✔✔ - Resources are limited
Choose the economic concept that best fits the question or statement: I've
already done 45 minutes of exercises; how many more calories will I get rid of if I
exercise for another 10 minutes?
Options:
- Average Production (or Productivity)
- Marginal Thinking
- Opportunity Cost - ANSWER✔✔ - Marginal Thinking
The Law of Demand can be explained as __________.
Options:
- A lot of people wanting the same thing
- The higher the price, the smaller the quantity demanded, ceteris paribus
, - People are willing to make limited sacrifices to acquire products
- Legal reasons people make purchases in the marketplace - ANSWER✔✔ - The
higher the price, the smaller the quantity demanded, ceteris paribus
The law of supply states that __________.
Options:
- Producers should produce what they can sell, but only sometimes
- Producers should only sell goods when the price is low
- There is a positive relationship between price and quantity supplied, ceteris
paribus
- Producers are legally required to make necessary goods available in the
marketplace - ANSWER✔✔ - There is a positive relationship between price and
quantity supplied, ceteris paribus
Real GDP will increase if:
Options:
- The price level increases by more than the increase in the quantity of final goods
and services from the base year to today
- The price level and quantity of final goods and services decrease equally from
the base year to today
- The quantity of final goods and services remains the same as it was in the base
year, while the price level increases from the base year price level to today
- The price level today remains the same as it was in the base year, while the
quantity of final goods and services increases from the base year to today -
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