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1. Economics is best described as the
a. study of choice when scarcity exists
b. study of the production of goods and services
c. theory of consumer behavior
d. science of money
e. art of spending money wisely
2. A 5 percent increase in income leads to a 10 percent decrease in quantity demanded for a service. This service is a(n) __________ good and demand is __________.
a. normal; elastic
b. normal; inelastic
c. normal; unit elastic
d. inferior; elastic
e. inferior; inelastic
If the Federal Reserve had maintained a constant money supply in the face of this change, what would have happened to the interest rate.
For a company to convince consumers to use their products repeatedly, they must:
It has been proposed that a government agency be charged with the responsibility for determining the amount of pollution
compare and contrast the political and economic differences of at least two countries (for example India and the United States); and 4) discuss what managers can do to successful work with the opportunities and challenges present in this global ..
a profit - maximizing industry in a competitive market is currently producing 100 units of output. Illustrate what is average variable cost.
The price elasticity of demand is: The demand curve for physician office visits is quite inelastic; therefore, a:
Discuss the concept of “jurisdiction” discussed in the text on pages 83-92, including its application in the Federal Court System and the various State Court Systems.
Bob and Dexter share a dorm room. Bob is a chain smoker but Dexter does not smoke. There are no laws that forbid smoking in the dorm rooms.
What curve would be shifted (demand or supply) and in what direction (left or right) if there was a decrease in the tax rate or interest income from 20% to 15%?
Suppose the real side of an economy is characterized by: Y = 80K1/2 L1/2 K=100 and L= 100 G = 3000 T = 3000
What is the equilibrium price and quantity (P* and Q*) in the market for oranges with the following conditions? An event in Florida changed the supply of oranges. Demand did not change. The new supply equation is Q=5+P what is the new equilibrium pri..
Compare also contrast the four marketplace models in terms of the profit-maximizing.
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