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AlfredDieselGuy AlfredDieselGuy
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Posts: 576
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6 years ago
The price system has
 
  A) prices fixed by the government.
  B) prices fixed by the seller.
  C) voluntary exchange.
  D) prices fixed by the producer.



Ques. 2

The price of a new textbook increases from 75 to 90 while the price of used copies of the textbook increases from 50 to 65. Other things equal, we would expect to observe
 
  A) the quantity demanded of the used textbook to increase while the quantity demanded of the new textbook to fall.
  B) the quantity demanded of both to fall.
  C) the demand for the new textbook to increase while the demand for the used textbook to decrease.
  D) the quantity demanded of the used textbook to decrease and the quantity demanded of the new textbook to increase.



Ques. 3

In economics, resources are also known as
 
  A) minerals.
  B) factories.
  C) factors of production.
  D) human capital.



Ques. 4

Macroeconomics often relies on microeconomic analysis because
 
  A) microeconomics is older than macroeconomics.
  B) microeconomic theory can be tested and macroeconomic theory cannot be tested.
  C) all aggregates are made up of individuals and firms.
  D) the effects of macroeconomic subjects such as inflation and unemployment are independent of individual consumers and firms.



Ques. 5

Which of the following activities are production?
 
  A) combining flour, milk, and eggs to make cookies
  B) moving coal from southern Illinois to an electrical power plant in northern Illinois
  C) taking ice cubes from a tray to put in a drink
  D) All of the above are production.



Ques. 6

Which of the following would likely be studied in a macroeconomics course?
 
  A) the unemployment rate
  B) total output for an economy
  C) the inflation rate
  D) all of the above



Ques. 7

Production refers to
 
  A) physically producing material goods only.
  B) any activity carried on by a firm, whether a corporation, partnership, or sole proprietorship.
  C) any activity that results in the conversion of resources into goods and services that can be consumed.
  D) any activity that causes a material conversion of manufactured goods.



Ques. 8

The price of a new textbook increased from 60 to 75 in one year, while the price of a used textbook increased by 25 percent. What happened to the relative price of a used textbook?
 
  A) It increased by 25 percent.
  B) It increased by 10 percent.
  C) It remained constant.
  D) It can't be determined without knowing the nominal price of the used textbook in at least one of the years.



Ques. 9

The price system
 
  A) is the voluntary exchange system used in the United States.
  B) is old fashioned and is no longer used.
  C) is used only in countries that are developing.
  D) is used to set resource prices only.
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wrote...
6 years ago
(Answer to Q. 1)  C

(Answer to Q. 2)  D

(Answer to Q. 3)  C

(Answer to Q. 4)  C

(Answer to Q. 5)  D

(Answer to Q. 6)  D

(Answer to Q. 7)  C

(Answer to Q. 8)  C

(Answer to Q. 9)  A
wrote...
6 years ago
Words can't even express my thanks
wrote...
6 years ago
Pleasure
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