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Title: In a market system, what must take place for quantity demanded to continually be equated with ... Post by: lyss96 on Feb 26, 2018 In a market system, what must take place for quantity demanded to continually be equated with quantity supplied?
A) Price controls must be applied by governments. B) Relative prices must be able to adjust to market clearing levels. C) Tastes and preferences of consumers must adjust to eliminate surpluses or shortages. D) Businesses must engage in involuntary, unprofitable exchanges to eliminate surpluses or shortages. Ques. 2 In a market system, which component conveys information about what is relatively scarce and what is relatively abundant? A) the number of producers B) the number of consumers C) prices D) the amount of government regulation Ques. 3 The only variable that can affect a movement along the demand curve is A) income levels. B) the price of the good itself. C) the number of buyers. D) the number of substitutes. Ques. 4 Economic goods are A) abundant goods, about which we must constantly make decisions about their best use. B) all imaginable items from which individuals derive satisfaction or happiness. C) goods that are scarce, for which the quantity demanded exceeds the quantity supplied at a zero price. D) goods that are scarce, for which the quantity demanded exceeds the quantity supplied at any price. Ques. 5 Which of the following would most likely NOT be taught in a microeconomics course? A) changes in prices of automobiles B) the effects of a gas tax on gas purchases C) the effect of an increase in wheat prices on farmers' behavior D) the unemployment rate Ques. 6 Macroeconomics deals with A) aggregates within the economy. B) specific sectors within the economy. C) the retail industry only. D) decisions made by firms. Ques. 7 An economic system in which relative prices change to reflect changes in supply and demand for different commodities is known as a A) socialist system. B) communist system. C) queuing system. D) market system. Ques. 8 According to the law of demand, an increase in the price of a good causes A) a rightward shift of the demand curve for that good. B) a leftward shift of the demand curve for that good. C) an upward movement along the demand curve for that good. D) a downward movement along the demand curve for that good. Ques. 9 Macroeconomics deals with ________ while microeconomics deals with ________. A) choices important to people; choices not important to people B) economywide choices; choices of individuals C) choices that involve money; choices that does not involve money D) choices of rich people; choices of poor people Title: In a market system, what must take place for quantity demanded to continually be equated with ... Post by: Betardsamere on Feb 26, 2018 Content hidden
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