exercise 1

Manahan, John Laurence R. · 24問 · 1年前

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問題一覧

What is the fundamental problem of economics?

scarcity

Which of the following is NOT a factor of production?

money

Which branch of economics focuses on individual consumers and firms?

microeconomics

Opportunity cost is best defined as:

The value of the next best alternative foregone

What happens when an economy moves from a point inside the PPC to a point on the curve?

efficiency resources

If an economy experiences economic growth, how is the Production Possibility Curve affected?

It shifts outward

Which of the following is a characteristic of a market economy?

Consumer sovereignty

The law of demand states that as the price of a good increases, quantity demanded:

Decreases

WhatWhich factor does NOT cause a shift in the demand curve?

Changes in the price of the good itself

Which of the following goods is most likely an inferior good?

Public transportation

If the price of coffee increases, what happens to the demand for tea (a substitute good)?

It increases

Which of the following is an example of a complementary good?

Pens and notebooks

Which factor does NOT affect supply?

Consumer preferences

What happens to the supply curve if a new technology improves production efficiency?

It shifts right

An increase in the price of a complement good will:

Decrease demand

What happens when there is a surplus in the market?

Prices decrease

If demand is inelastic, an increase in price will:

Increase in total revenue

A perfectly inelastic demand curve is:

Vertical

If two goods are substitutes, their cross-price elasticity is:

Positive

If income elasticity of demand is negative, the good is considered:

An inferior good

Which of the following best describes unitary elastic demand?

Demand changes by the same percentage as price

When supply is perfectly inelastic, the supply curve is:

Vertical

If a firm can easily switch production to different goods, its supply is:

More elastic

Which of the following would likely cause a decrease in supply?

Higher production taxes

A point inside the Production Possibility Curve indicates:

inefficient use of resources

PRICING STRATEGY T1

PRICING STRATEGY T1

24問 • 1年前

PRICING STRATEGY T2

PRICING STRATEGY T2

PRICINGV STRATEGY T3

PRICINGV STRATEGY T3

PRICING STRATEGY T4

PRICING STRATEGY T4

PRICING STRATEGY T5

PRICING STRATEGY T5

PRICING STRATEGY T6

PRICING STRATEGY T6

Manahan, John Laurence R. · 10問 · 10ヶ月前

TRUE or FALSE

TRUE or FALSE

10問 • 10ヶ月前