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Need help with homework for MBA/Economics 1. The circular

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Need help with homework for MBA/Economics

1. The circular flow of economic activity shows the interdependency of firm and household decision making.
• True
• False

2. A demand curve is a graph identifying how much of a product a household would be willing to sell at different prices.
• True
• False

3. When a market is in equilibrium, there is a tendency for price to change.
• True
• False

4. If there is a surplus in a market, the actual price is above the equilibrium price.
• True
• False

5. Which of the following is not an important factor for determining household demand for a product?

a. Wealth of the household
b. Price of other products
c. Household tastes
d. Package design

6. Hot dogs are an example of a(n):

a. inferior good
b. normal good
c. superior good
d. inflationary good

7. As more is learned about the detrimental health consequences of smoking, the demand for cigarettes:

a. rises
b. falls
c. remains the same

8. The change that takes place in a demand curve when a new relationship between quantity demanded of a good and the price of the good is brought about by a change in the original conditions is known as a:

a. movement along the demand curve
b. movement along the supply curve
c. shift of the demand curve
d. shift of the supply curve

9. The positive relationship between the quantity of a good supplied and price is known as:

a. the law of supply
b. the law of demand
c. the supply curve
d. the supply schedule

10. Steak and eggs are examples of:

a. perfect substitutes
b. complementary goods
c. marginal goods
d. the paradox of thrift

11. The price system provided an automatic mechanism for distributing scarce goods and services.

• True
• False

12. Price ceilings are usually set by the government.

• True
• False

13. The mechanism used to determine who actually gets scarce goods is called:

a. Totalitarianism
b. Rationing
c. Economics
d. Communism

14. If the price of lobsters increase,

a. quantity demanded exceeds the quantity supplied.
b. quantity supplied exceeds the quantity demanded.
c. lobster prices are at equilibrium
d. the price of halibut will decrease

15. What organization imposed an embargo on the shipment of crude oil to the United States in 1973 and 1974?

a. The United Nations
b. The Palestine Liberation Organization
c. The Organization of Petroleum Exporting Countries
d. The Lullaby League

16. Which of the following is a non price rationing device?

a. queuing
b. rationing coupons
c. favored customers
d. all of the above

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Submitted: 5 years ago.
Category: Homework
Expert:  Chris M. replied 5 years ago.

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