### Economic Principles Quiz#### QUESTION 4The way a firm combines its resources to get the maximum output is called:- ○ the Production Possibilities Dynamic- ○ the Production function- ○ the Resource allocation curve- ○ the input-output continuum---#### QUESTION 5What is the law of demand?- ○ As the cost of a good rises, shoppers would like more of it- ○ As the price of a good increases, the demand decreases- ○ As the supply increases, so does the demand- ○ None of these are the Law of Demand- ○ All of these are the Law of Demand---#### QUESTION 6Which of the following would not cause a shift of the demand curve for a product?- ○ The price of labor- ○ An increase in income- ○ A decrease in population- ○ Advertising

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QUESTION 4 he way a firm combines its resources to get the maximum output is called: O the Production Possibilities Dynamic O the Production function O the Resource allocation curve O the input-output continuum

QUESTION 4 he way a firm combines its resources to get the maximum output is called: O the Production Possibilities Dynamic O the Production function O the Resource allocation curve O the input-output continuum

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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