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ECONOMICS- When price changes, one should expect a change in




Question;When price changes, one should expect a change in (Points: 1) supply.demand.the and income.quantity supplied.;Question 2. 2. What function of government promotes price stability and full employment? (Points: 1) allocationstabilizationdistributionlaw and ordernational defense;Question 3. 3. A shift to the right (away from the origin) of a production possibilities curve is an illustration of (Points: 1) the law of increasing costs.economic growth.opportunity cost.scarcity.the macroeconomy.;Question 4. 4. When the government allocates money to build highways, it is answering which basic economic question? (Points: 1) What?How?When?Why?For whom?;Question 5. 5. An economy that does NOT engage in international trade is (Points: 1) an open economy.a traditional economy.a closed economy.a mixed economy.a command economy.;Question 6. 6. If left alone, a market-directed economy will (Points: 1) invariably provide the correct economic choices.provide the correct economic choice in many but not all cases.protect consumers from monopoly.avoid the production problems encountered in command economies.disintegrate.;Question 7. 7. When price changes, there is an opposite change in the (Points: 1) quantity demanded.level of technology and income.;Question 8. 8. People are forced to make choices because of (Points: 1) competition.pressure to conform.scarcity.the absence of money.taxes.;Question 9. 9. If caviar is a normal good, a decrease in income will (Points: 1) cause the price of caviar to increase.shift the demand curve for caviar to the left.shift the demand curve for caviar to the right.increase the production of caviar.;Question 10. 10. The basis for a market solution to the basic economic questions is (Points: 1) a central market organization.a framework for the implementation of comparative advantages.a well-established system of property rights.a government that never participates in economic activities.a division of governmental functions into federal and state levels.


Paper#57381 | Written in 18-Jul-2015

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