1.Which of the following is not one of the three fundamental economic questions?O a. What to produce?O b. How to produce?O c. Where to produce?O d. For whom to produce?2.If equilibrium is present in a market:O a. the quantity supplied exceeds quantity demanded.b. the quantity demanded exceeds quantity supplied.O . the quantity demanded equals quantity supplied.O d. there is either a shortage or a surplus.3.The central question in economics is how to:O a. change government economic policy.O b. manage money and become wealthy.O c. change people's wants to match their needs.O d. deal with the problem of scarcity.4.A movement along a demand curve is called a change in:O a. demand.O b. tastes.O c. income.O d. quantity demanded.

Economics is the branch of knowledge that studies the scarcity and its implication on consumption,…

Answered: Which of the following is not one of…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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QUESTION 7 In economics, positive statements are about. O A. the way things ought to be. O B. the way things are. OC. macroeconomics, not microeconomics. O D. microeconomics, not macroeconomics. QUESTION 8 when supply increases, equilibrium price.... and equilibrium quantity...... O A. increases, increases. O B. decreases, decreases O C increases, decreases O D. decreases, increases
Can economic analysis provide a final answer to the question of whether the government should intervene in markets by imposing price ceilings and price floors? Why or why not? O A. Economic analysis can provide such an answer because it seeks to address both positive and normative questions such as "what is" and "what ought to be." O B. Economic analysis cannot provide such an answer because it seeks to address positive questions such as "what is." OC. Economic analysis can provide such an answer because it seeks to address normative questions such as "what ought to be." O D. Economic analysis can provide such an answer because it seeks to address positive questions such as "what is." O E. Economic analysis cannot provide such an answer because it seeks to address normative questions such as "what ought to be."
In the market for some good, demand decreases and supply decreases. What prediction would you make for this market? Select one: O a. Price rises. O b. Price falls. O c. Quantity falls. O d. Quantity rises.
When consumer incomes increase and there is technological progress, which of the following describes the expected change in equilibrium price and quantity transacted within the market? a. The quantity exchanged decreases, but the change in price cannot be determined. Ob. The equilibrium price decreases, but the change in quantity exchanged cannot be determined. O c. The equilibrium price increases, but the change in quantity exchanged cannot be determined. O d. The quantity exchanged increases, but the change in price cannot be determined.
Each point along the market demand curve shows... O A. the quantity of the good that consumers would be willing and able to purchase at a specific price O B. the opportunity cost of supplying a given quantity of goods to the market O C. the quantity of the good that consumers would be willing to purchase at a specific price O D. the quantity of the good that firms would be willing and able to produce at a specific price Previous page W * P
Which of the following statements about efficiency is NOT accurate based on the reading? Select one: O a. An efficient allocation maximizes deadweight loss. O b. Efficiency generally refers to a situation where society is getting as much benefit as possible from its scarce resources. O c. An efficient allocation maximizes the combined total of consumer surplus plus producer surplus. O d. Price ceilings and price floors generally do not result in the efficient allocation of resources.
Which of the following must remain the same while defining the Law of Supply? O a. Price of other commodities O b. Technology c. Price of factors o d. All of these
The demand curve for a normal good shifts leftward if income or the expected future price, O a. decreases; falls O b. decreases; rises O c. increases; falls O d. increases; rises Clear my choice Which of the following does NOT shift the supply curve? Select one: O a. a technological advance O b. an increase in the price of the good a decrease in the wages of labor used in production of the good O d. movement along supply curve Clear my choice
Suppose an economic boom causes incomes to increase and, at the same time, drives up wages for the sales representatives who work for cell phone companies. Assume that smartphones are a normal good. This will cause the: O price of cell phones and the equilibrium quantity to rise. O price of cell phones to rise, but the change in the equilibrium quantity is unclear and depends on whether the shift in demand is larger or smaller than the shift in supply. O price of cell phones and the equilibrium quantity to fall. O quantity of cell phones to rise, but the change in the equilibrium price is unclear and depends on whether the shift in demand is larger or smaller than the shift in supply.
QUESTION 8 Suppose the World Health Organisation has recently reported that consumption of ginger will help boost the immune system. Which of the following statements is CORRECT? O a. demand curve for fresh ginger shifts to the right. O b. demand curve for fresh ginger s shifts to the left O C. supply curve for fresh ginger shifts to the left O d. demand curve and the supply curve do not shift. Click Save and Submit to save and submit, Click Save All Answers to save all answers. O Search for anything FUJITSU 近

les of Macroeconomics - Spring21 Which of the following statements is CORRECT? Select one: O a. A change in the quantity demanded means a shift in the demand curve. O b. Achange in demand means a movement along the demand curve. O c. Achange in demand and change in quantity demanded means the same thing. O d. Achange in demand means a shift in the demand curve while change in the quantity demanded means a movement along the demand curve. NEXT PAGE
What will happen if the price were below the equilibrium price? Select one: O a. Quantity demanded would exceed quantity supplied and there would be a surplus O b. Quantity demanded would exceed quantity supplied and there would be a shortage O c. Quantity supplied would exceed quantity demanded and there would be a surplus O d. Quantity supplied would exceed quantity demanded and there would be a shortage Oe. Quantity supplied would equal quantity demanded and the market would clear

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