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Economics

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Maslow Was Mainly Concerned With Explaining How

Maslow was mainly concerned with explaining how human needs motivate behavior.

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Equilibrium quantity must decrease when demand

Equilibrium quantity must decrease when demand: increases and supply does not change, when demand does not change and supply decreases, and when both demand and supply decrease. increases and supply does not change, when demand does not…

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Сhanging prices to attract customers is most difficult in a

Changing prices to attract customers is most difficult in a: oligopoly market monopoly market purely competitive market monopolistically competitive market

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A mixed market economy tends to exist under a

A mixed market economy tends to exist under a communist government that provides little regulation. democratic government that provides some regulation. representative government that provides no regulation. socialist government that…

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In the long run, money demand and money supply determine

In the long run, money demand and money supply determine A. the value of money and the real interest rate. B. the value of money but not the real interest rate. C. the real interest rate but not the value of money. D. neither the value of…

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If the market for a product is broadly defined, then

If the market for a product is broadly defined, then: Answer Options: A) there are few substitutes for the product and the demand for the product is relatively inelastic. B) there are many substitutes for the product and the demand for…

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The most important determinant of the price elasticity of demand for a good is:

The most important determinant of the price elasticity of demand for a good is: Answer Options: A) the definition of the market for a good. B) the share of the good in the consumer’s budget. C) whether the good is a necessity or a luxury.…

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Total revenue equals

Total revenue equals: Answer Options: A) change in price per unit times quantity sold. B) price per unit times quantity supplied. C) price per unit times change in quantity sold. D) price per unit times quantity sold.

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If, in a competitive market, marginal benefit is less than marginal cost

If, in a competitive market, marginal benefit is less than marginal cost A) the net benefit to consumers from participating in the market is less than the net benefit to producers. B) the output is greater than the equilibrium quantity.…

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Economic efficiency in a competitive market is achieved when

Economic efficiency in a competitive market is achieved when A) the marginal benefit equals the marginal cost from the last unit sold. B) consumers and producers are satisfied. C) economic surplus is equal to consumer surplus. D) producer…

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Suppliers will be willing to supply a product only if

Suppliers will be willing to supply a product only if A) the price received is at least equal to the additional cost of producing the product. B) the price received is less than the additional cost of producing the product. C) the price…

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Willingness to pay measures

Willingness to pay measures A) the amount a seller actually receives for a good minus the minimum amount the seller is willing to accept for the good. B) the maximum price a buyer is willing to pay minus the minimum price a seller is…

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Assume that the demand curve for MP3 players shifts to the right and the supply curve for MP3 players shifts to the left, but the supply curve shifts less than the demand curve. As a result

Assume that the demand curve for MP3 players shifts to the right and the supply curve for MP3 players shifts to the left, but the supply curve shifts less than the demand curve. As a result: Answer Options: A) the equilibrium price of MP3…

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Assume that both the demand curve and the supply curve for MP3 players shift to the right but the supply curve shifts more than the demand curve. As a result:

Assume that both the demand curve and the supply curve for MP3 players shift to the right but the supply curve shifts more than the demand curve. As a result: Answer Options: A) both the equilibrium price and quantity of MP3 players will…

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Assume that the price for swimming pool maintenance services has risen and sales of these services have fallen. One can conclude that

Assume that the price for swimming pool maintenance services has risen and sales of these services have fallen. One can conclude that: Answer Options: A) the demand for swimming pool maintenance services has increased. B) the law of…

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Assume that the hourly price for the services of tarot card readers has risen and sales of these services have also risen. One can conclude that:

Assume that the hourly price for the services of tarot card readers has risen and sales of these services have also risen. One can conclude that: Answer Options: A) the demand for tarot card readers has increased. B) tarot card readers…

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Which of the following would cause the equilibrium price of white bread to decrease and the equilibrium quantity of white bread to increase?

Which of the following would cause the equilibrium price of white bread to decrease and the equilibrium quantity of white bread to increase? A) an increase in the price of flour B) a decrease in the price of flour C) an increase in the…

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Let D = demand, S = supply, P = equilibrium price, and Q= equilibrium quantity. What happens in the market for tropical hardwood trees if the governments restrict the amount of forest lands that can be logged?

Let D = demand, S = supply, P = equilibrium price, and Q= equilibrium quantity. What happens in the market for tropical hardwood trees if the governments restrict the amount of forest lands that can be logged? A) D no change, S decreases,…

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In a perfectly competitive market, there are buyers and sellers

In a perfectly competitive market, there are ________ buyers and ________ sellers

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In the olive oil market, an increase in the equilibrium price and a decrease in the equilibrium quantity were observed at the same time. This may be due to

In the olive oil market, an increase in the equilibrium price and a decrease in the equilibrium quantity were observed at the same time. This may be due to: Answer Options: a. decrease in olive oil supply. b. increase in olive oil demand.…

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Until recently, hamburgers at the city sports arena cost $5.50 each. The food concessionaries sold an average of 6,250 hamburgers on game night. When the price was raised to $6.50, hamburger sales dropped off to an average of 4,500 per night

Until recently, hamburgers at the city sports arena cost $5.50 each. The food concessionaries sold an average of 6,250 hamburgers on game night. When the price was raised to $6.50, hamburger sales dropped off to an average of 4,500 per…

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Identify the economic system in which private individuals or corporations own capital goods, like factories, raw materials, and the means (tools) of production.

“Identify the economic system in which private individuals or corporations own capital goods, like factories, raw materials, and the means (tools) of production.” Answer Options: Mercantile System Laissez Faire Economy Capitalism…

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Why is the slow growth that can result from a contractionary policy a positive effect?

Why is the slow growth that can result from a contractionary policy a positive effect? It can increase interest rates. It can decrease available credit. It can increase the money supply. It can decrease inflation.

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In a mixed market economy, what is a typical way the government can reduce unemployment?

In a mixed market economy, what is a typical way the government can reduce unemployment? A. The government can pay for projects to create work. B. The government can control new factories to provide jobs. C. The government can create new…

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Which explains why the Internet can help people make better economic decisions?

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The cargo container improved distribution by introducing which method into the shipping industry?

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Which was not a result of use of the assembly line?

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Which is most likely to increase when producers make technological improvements?

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Which is most likely to increase when producers make technological improvements?

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Which improvement did the shipping container bring?

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Which is most likely to occur when technology advances?

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Which of the following explains why the Internet can help people make better economic decisions?

Which of the following explains why the Internet can help people make better economic decisions? Answer Options: A. Faster communication increases the amount of economic activity. B. Security measures guard people’s private information.…

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Which of the following explains why the Internet can help people make better economic decisions?

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The price of televisions decreased, which means the demand for _____ will most likely increase.

The price of televisions decreased, which means the demand for _____ will most likely increase. Answer Options: music players cable service computers

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Purchasing power parity is equal value of _ – a situation in which _ buys the same amount of goods and services in different currencies.

“Purchasing power parity is equal value of _____ – a situation in which _____ buys the same amount of goods and services in different currencies.” Answer Options: A. real GDP; real income B. real GDP; money C. money; money D. nominal GDP;…

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Economic institutions can shape a culture by

Economic institutions can shape a culture by: Answer Options: A. Promoting shared rituals and holiday traditions. B. Establishing educational priorities for schools. C. Setting expectations for performance in workplaces. D. Creating laws…

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Classical economists claim that which of the following is true?

Classical economists claim that which of the following is true? A. Government expenditures usually spur economic growth, especially during an economic depression. B. Crowding out exists but its effects are unimportant relative to the…

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"Amanda lost her job because of downsizing at the beginning of the recession and has been searching for another. While unemployed, she has turned to public assistance to make ends meet and provide for her children.

“Amanda lost her job because of downsizing at the beginning of the recession and has been searching for another. While unemployed, she has turned to public assistance to make ends meet and provide for her children. Her children’s school…

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In a pure monopoly, the demand curve

In a pure monopoly, the demand curve _____. A. is horizontal B. is perfectly elastic C. is vertical D. is downward sloping

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Workers in Transnational Corporations (TNCs) are paid less compared to their counterparts in the companies' home countries. The statement is a manifestation of:

Workers in Transnational Corporations (TNCs) are paid less compared to their counterparts in the companies’ home countries. The statement is a manifestation of: A. Fostering universal economic growth and development B. Allowing a…

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It describe situations where the prices of all goods and services rise uncontrollably over a defined time period

It describe situations where the prices of all goods and services rise uncontrollably over a defined time period. A. Stagflation B. Inflation C. Hyperinflation D. Deflation

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Which school of thought combines the Keynesian concept of rigid prices with the rational expectations theory?

Which school of thought combines the Keynesian concept of rigid prices with the rational expectations theory? A) Classical and Neoclassical B) Keynesian C) Monetarist D) New Keynesian

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Which school of thought emphasizes the importance of microeconomic foundations in macrocconomic analysis and believes that markets generally clear through the rational behavior of economic agents?

Which school of thought emphasizes the importance of microeconomic foundations in macrocconomic analysis and believes that markets generally clear through the rational behavior of economic agents? A) Classical and Neoclassical B)…

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The principle of monetary neutrality implies that an increase in the money supply will increase

The principle of monetary neutrality implies that an increase in the money supply will increase real GDP and the price level. real GDP, but not the price level. the price level, but not real GDP. neither the price level nor real GDP.

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What factors contribute to the rise and fall of oil prices? Select the most correct answer

What factors contribute to the rise and fall of oil prices? Select the most correct answer. A) Supply and demand dynamics, geopolitical tensions, global economic conditions B) Seasonal variations and local market conditions C) Predictable…

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True or false: A business cycle is best defined as economic fluctuations around trend growth

True or false: A business cycle is best defined as economic fluctuations around trend growth. True False

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You're a realtor in Morristown, a small city in Eastern Tennessee. Over the last two years, you've noticed home prices rise more quickly in your area than other areas of the country. You conclude that the demand for homes has increased and that you feel secure in your career for the foreseeable future. For you, housing prices are a(n)

You’re a realtor in Morristown, a small city in Eastern Tennessee. Over the last two years, you’ve noticed home prices rise more quickly in your area than other areas of the country. You conclude that the demand for homes has increased…

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Suppose the government required Crest to produce the efficient level of output. Which of the following describes what would happen to the firm and Crest's customers?

Suppose the government required Crest to produce the efficient level of output. Which of the following describes what would happen to the firm and Crest’s customers? Crest would earn negative profit, forcing it to shut down, and Crest’s…