1-Marginalism is?;a- the best alternative that we forego when making a decision.;b- the study of how societies choose to use scarce resources.;c-a market situation in which profit opportunities are eliminated almost instantaneously.;d- the process of analyzing the additional costs or benefits arising from a decision.;2-An efficient market is a market?;a- that deals in unlimited resources;b- in which long-term profits are guaranteed;c-in which profit opportunities are eliminated almost instantaneously;d- there are no opportunity costs;3-A change in __________ leads to a change in demand that causes a ________.;4-The market will be in equilibrium if __________ is set __________ the equilibrium price.;5- The demand for nurses declined in the summer of 1993, but the starting wages paid to nurses was still the same at the end of 1993. This is an example of a?;6-Gross domestic product calculations count only final goods and services because?;7-Which of the following would NOT be counted in 2006's GDP (Points: 5);a-the value of a television manufactured in 2006 but not sold in 2006;b- the commissions earned by a real estate agent in selling townhomes built prior to 2006;c- the value of a 2004 motorcycle you purchase from a dealer in 2006;d- the 20006 salary of a used motorcycle salesperson;8-. Gross domestic product calculations count only final goods and services because (Points: 5);a- one cannot calculate the quantities of intermediate goods produced;b- it is difficult to measure the prices of intermediate goods produced;c-these are the only goods and services that are produced in an economy;d- counting all goods and services would lead to double-counting of many activities;9-. Describe in words how one would graph supply and demand in a single graph and explain the process by which a good's equilibrium price and quantity are determined by that graph;10-. Describe the phases of the business cycle and the problems associated with its contractionary and expansionary phases.
Paper#31112 | Written in 18-Jul-2015Price : $22