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jihuygu jihuygu
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Posts: 658
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A year ago
The price of a loaf of bread is 1.50, the price of a gallon of milk is 3.00, and the price of a pound of butter is 2.40.
 
  The price of a loaf of bread relative to a gallon of milk is ________, while the price of a gallon of milk relative to a pound of butter is ________. A) 0.5; 0.8.
  B) 0.5; 1.25.
  C) 2.0; 1.25.
  D) 2.0; 0.8.



Ques. 2

Oil found in Alaska is an example of
 
  A) physical capital.
  B) land or natural resource.
  C) human capital.
  D) labor.



Ques. 3

Which of the following is NOT considered to be an economic resource?
 
  A) your economics professor
  B) the telephone company repair truck
  C) the local gas station
  D) a view of the stars on a clear night



Ques. 4

Individual decision making by consumers and producers is the focus of
 
  A) macroeconomics.
  B) microeconomics.
  C) aggregate measures.
  D) any economic model.



Ques. 5

The price of a new car is 40,000 while the price of a five-year old car of the same brand is 16,000. The next year the price of the new car increases to 44,000 and the price of a five-year old car of the same brand is 17,600.
 
  The relative price of the used car A) decreased by 2,400.
  B) decreased by 10 percent.
  C) increased by 10 percent.
  D) remained constant at 0.4.



Ques. 6

Suppose that consumer income decreases and that hamburger is an inferior good. Which of the following will occur in the market for hamburger?
 
  A) Market clearing price will rise, and equilibrium quantity will rise.
  B) Market clearing price will fall, and equilibrium quantity will fall.
  C) Market clearing price will rise, and equilibrium quantity will fall.
  D) Market clearing price will fall, and equilibrium quantity will rise.



Ques. 7

In economics, physical capital includes
 
  A) money.
  B) bank accounts.
  C) machinery.
  D) shares of stock.
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Answer verified by a subject expert
logan27logan27
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Posts: 421
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A year ago
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(Answer to Q. 1)  B

(Answer to Q. 2)  B

(Answer to Q. 3)  D

(Answer to Q. 4)  B

(Answer to Q. 5)  D

(Answer to Q. 6)  A

(Answer to Q. 7)  C
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Really cleared things up for me
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Glad to hear Slight Smile
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