 Question 1

1 out of 1 points

the collection and use of data to test economic theories is .................

EMPIRICAL ECONOMICS

 Question 2
0 out of 1 points

the term producers refers to.......

 Question 3
1 out of 1 points

the term resources refers to

 Question 4
0 out of 1 points

if we wish to observe the effect of an increase in X has on Y as long as nothing else is changing then we are
making assumption of.........

 Question 5
0 out of 1 points

Choosing the mix out means answering the question(s) of............

 Question 6
1 out of 1 points

The choice of the distribution of output means answering the question(s) of.........

 Question 7
0 out of 1 points

which of the following will occur when there is a simultaneous decrease in demand and a decrease in supply?
 A DECREASE IN EQUILIBRIUM QUANTITY

 Question 8
0 out of 1 points

A movement along the demand curve to the left may be caused by a…....

DECREASE IN QUANTITY DEMANDED

 Question 9
0 out of 1 points

Which of the following will occur when there is an increase in the supply of and increase in demand
for 2assette tapes?

A DECREASE IN EQUILIBRIUM PRICE

 Question 10
0 out of 1 points

Which of the following will occur when there is an increase in demand for and a dcrease in supply of milk
AN INCREASE IN EQUILIBRIUM PRICE

 Question 11
0 out of 1 points

Apples and oranges are substitute goods. A freeze in Florida destroyed a good portion of the orange
crop.Ceteris paribus.....

THE PRICE OF BOTH APPLES AND ORANGES WILL INCREASE

 Question 12
0 out of 1 points

An insect that is resistant to currently used pesticides has infested the cotton crop, and this year's crop is only
half of what was produced last year. You accurately predicted that this.........

WILL SHIFT THE SUPPLY CURVE OF COTTON TO THE LEFT, THE EQUILIBRIUM PRICE OF
COTTON WILL INCREASE, AND THE QUANTITY DEMANDED OF COTTON WILL DECREASE

 Question 13
0 out of 1 points
 the more substitute there are for the product....

THE MORE PRICE ELASTIC THE DEMAND FOR THE PRODUCT IS

 Question 14
0 out of 1 points

Utility

THE SATISFACTION YIELDED BY THE CONSUMPTION OF A GOOD SERVICE

 Question 15
1 out of 1 points

the law of diminishing marginal utility implies....

REFERS TO THE DECREASE IN ADDITIONAL SATISFACTION CREATED BY CONSUMPTION OF

MORE AND MORE UNITS OF A GOOD.

 Question 16
0 out of 1 points

a perfectly elastic demand curve implies that, ceteris paribus........

IF A FIRM RAISES ITS PRICE EVEN A BIT ABOVE THE MARKET PRICE, IT WILL SELL NOTHING.

 Question 17
1 out of 1 points

choosing the mix output means answering the question(s) of.......

 Question 18
1 out of 1 points

the law of demand states that as the price of goods increases, the ....

POSITIVE RELATIONSHIP BETWEEN PRICE AND QUANTITY SUPPLIED

 Question 19
1 out of 1 points

tax is
 Question 20
1 out of 1 points

Society answers the question "For whom" when it chooses...

 Question 21
1 out of 1 points

the concept of opportunity cost applies only to.....

THE CONCEPT APPLIES TO ALL OF THE ABOVE CASES

 Question 22
0 out of 1 points

the theory of comparative advantage states that......

SPECIALIZATION AND FREE TRADE WILL BENEFIT ALL TRADING PARTNERS

 Question 23
1 out of 1 points

In an economist's view, investment involves the process of....

USING RESOURCES TO PRODUCE NEW CAPITAL

 Question 24
0 out of 1 points

the law of demand refers to.....

NEGATIVE RELATIONSHIP BETWEEN PRICE AND QUANTITY DEMANDED

 Question 25
1 out of 1 points

if there is an increase in the price of hamburger......

ALL OF THE ABOVE

 Question 26
1 out of 1 points

the law of demand states that as the price of goods increases.........

QUANTITY DEMANDED INCREASES

 Question 27
1 out of 1 points

the law of supply refers to.....

POSITIVE RELATIONSHIP BETWEEN PRICE AND QUANTITY SUPPLIED

 Question 28
1 out of 1 points

a market is in equilibrium when there is......

NONE OF THE ABOVE

 Question 29
0 out of 1 points

an increased in the equilibrium price could be caused by..........

 Question 30
0 out of 1 points

an increase in the price of a normal good could be the result of ........

 Question 31
0 out of 1 points

an increase in the equilibrium price of a good could be the result of .............

 Question 32
0 out of 1 points

an increase in the equilibrium price of a good could be the result of....

 Question 33
0 out of 1 points

a decrease in the equilibrium price of a normal good could be the result of.......

 Question 34
1 out of 1 points

an increase in the equilibrium quantity of a normal good could be the result of.......

 Question 35
0 out of 1 points

chalk and eraser are complimentary products, if the price of chalk were to increase becuase of a decrease in the
supply, the price of eraser would..

 Question 36
1 out of 1 points

suppose the government were to eliminate all restrictions on the fishing industry, as a result, the equilibrium
price of sea food would ___ and the euqilibrium quantity of seafood would _______

 Question 37
0 out of 1 points

1. suppose that automobile workers were to negotiate a very large wage increase, as a result, the equilibrium price
of automobile would ____ and the equilibrium quantity of automobiles ____.
2.
 Question 38
0 out of 1 points

a decrease in the equilibrium price of a normal good could be the result of.......

 Question 39
0 out of 1 points
 Suppose that the technological improvements make certain types of plastic to be just as strong as certain types of
steel, as a result, the equilibrium price of steel would ____ and the equilibrium quantity of steel would _____

 Question 40
0 out of 1 points

Suppose that a boom in stock market prices raises the level of household wealth,as a rsult, the equilibrium price
of vacation home would ____ and the equilibrium quantity of vacation homes would ______.

 Question 41
1 out of 1 points

suppose that drought kills half of the nations corn crop, as a result, the equilibrium price of corn would ____ and
the equilibrium quantity of corn would ____

 Question 42
1 out of 1 points

opportunity cost can be best defined as

THE VALUE OF THE BEST ALTERNATIVE GIVEN UP WHEN MAKING A CHOICE

 Question 43
1 out of 1 points

which of the following is an example of opportunity cost?

ALL OF THE ABOVE

 Question 44
1 out of 1 points

marginal cost is best defined as

 Question 45
0 out of 1 points

the concerns of microeconomics include all the following except.......

LEVEL OF CONSUMER PRICES IN THE ECONOMY

 Question 46
0 out of 1 points

the concerns of macroeconomics include all the following, except......

THE STRUCTURE OF STEEL INDUSTRY

 Question 47
0 out of 1 points

normative economics ........

OFTEN CALLED POLICY ECONOMICS

 Question 48
1 out of 1 points

descriptive economics......

The compilation of data that describe phenomena and facts !

 Question 49
0 out of 1 points

the law of demand is an example of.......

DESCRIPTIVE ECONOMICS

 Question 50
1 out of 1 points

free entry implies that