YOU MUST CHOOSE YOUR ANSWERS FOR THE FOLLOWING QUESTIONS.

YOU MUST CHOOSE YOUR ANSWERS FOR THE FOLLOWING QUESTIONS.

1.Supply curves follow the law of supply. a.Positively related b.Indirectly related c.Unrelated d.Negatively related 2.Scarcity means? a.Resources are limited but
consumption goods are not. b.Opportunity cost are not always involved. c.Atleast one person cannot obtain all they want of a good. d.Consumption is limited.
3.Production possibilities illustrate which one of the following concepts? a.To gain more of good you must give some quantity of another good. b.The combinations
of resources and technology that is best for society is optimized. c.The preference of society determine supply and demand. d.Opoortunity costs are decreased as
more good are produced. 4.Which of the following cause an increase in deman? a.The price of an input decreases. b.The price of a substitute in production rises.
c.The price of a substitute good increases. d.Population decreases. 5.To reach a production point beyond production possibilities curves, which of the following
must happen. a.The total income of the population must increase. b.The demands for goods and services must increase c.Production needs to become more inefficient
d.The level of resources and/or technology available must increase. 6.Microeconomics a.Is more organized than macroeconomics. b.Focuses only on firm behavior.
c.Focuses on understanding the action of individual consumers, firms, and the government. d.Focuses on understanding the economy as a whole. 7.Which of the
following is the only produced fact of production. a.Entrpeneurship b.Land c.Labor d.Capitol 8.Marginal opportunity cost increase because. a.Resources are not
specialized. b.To few resources are devoted to producing the good c.Some resources are better suited to producing certain goods d.Devoting additional resources to
an activity will increase the payoff. 9.Which type of economy has some centralized and some decentralized decision making. a.Centrally planned economies. b.Market
economies c.All option are incorrect. d.Mixed economies 10.When resources are not specialized, the production possibilities curve will be? a.Positively sloped
b.Negatively sloped c.Bowed outward d.Linear 11.The law of demand states that? a.When price goes up, quantity demand goes up. b.When price goes up , quantity
demanded goes down c.When demand falls, quantity demanded rises. d.When demand increases, quantity demanded falls. 12.If the variable x increases and the y
decreases that relationship is called a? a.Positive relationship. b.Signifigant relationship c.Direct relationship d.Negative relationship 13.Legal protection for
private party, even intellectual property, are necessary a.All options are correct. b.To ensure whoever created the investment will reap the benefit. c.To promote
efficiency. d.Because less investment will be undertaken without those protections. 14.Which statement best describes the law of demand? a.Trudy sells more pencils
because the price has gone up. b.George buys more pencils at every price c.Stan buys fewer pencils because the price of pencils went up. d.Doris sells fewer
pencils because the price of pencils has gone up. 15.When Estonia began paying women to have more babies, which of the following key economic ideas did the country
rely on. a.Factors of production influence choice. b.People are rational. c.Optimal decision are made at the margin. d.People respond to economic incentives.
 

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