1. Economics studies _____. (Points: 5) How society manages its scarce resources Social Welfare Ethical use of resources Protection of workers' rights2. All other things being equal, a decrease in supply results in a(n)_____. (Points: 5) increase in equilibrium price and a decrease in equilibrium quantity increase in equilibrium quantity and a decrease in equilibrium price decrease in equilibrium quantity and a decrease in equilibrium price decrease in demand3. In one hour, a person can fix 4 flat tires or type 200 words. The opportunity cost of fixing ONE flat tire is _____. (Points: 5) 200 words 4 flat tires 1 word 50 words4. The amount of a good or service that buyers would be willing and able to purchase at a specific price is known as _____. (Points: 5) quantity demanded demand supply quantity supplied5. Public goods are _____. (Points: 5) excludable but not rival in consumption rival in consumption but not excludable excludable and rival in consumption neither excludable nor rival in consumption6. In a free market economy, government is needed when _____. (Points: 5) property right are not assigned to individuals the market fails to allocate resources efficiently a single supplier has a substantial influence on the market price. all of the above apply7. All other things being equal, an increase in demand results in a(n) ______. (Points: 5) increase in equilibrium price and a decrease in equilibrium quantity increase in equilibrium quantity and a decrease in equilibrium price decrease in equilibrium quantity and a decrease in equilibrium price increase in equilibrium price and an increase in equilibrium quantity8. In a free market, a shortage of a product always leads to: (Points: 5) Increases in price Decreases in price No change in price Any of the above9. Price discrimination is most likely practiced by a(n) _____. (Points: 5) monopoly oligopoly monopolistic firm perfectly competitive firm10. Rival pricing strategies and collisions are typically found in a(n) _____. (Points: 5) monopoly oligopoly monopolistic competition perfectly competition11. Most products purchased in our daily lives are found in this market: (Points: 5) monopoly oligopoly monopolistic competition perfect competition12. When the government is involved in regulating the prices sellers are allowed to charge, this often leads to_____. (Points: 5) unemployment, inflation, and recession deceptive advertising price gouging the quantity of goods available being less than the equilibrium quantity13. A price imposed by the government below an equilibrium price is called a ____ . (Points: 5) price ceiling price floor price carpet price surplus14. A tax on imports is called a: (Points: 5) sales tax corporate tax trade tax tariff15. Profit-maximizing firms produce extra units of output up to the point where: (Points: 5) marginal revenue equals marginal cost marginal revenue exceeds marginal cost marginal revenue is less than marginal cost any of the above16. In the United States, anti-trust laws might not allow: (Points: 5) black markets underground economy mergers of big and dominant companies like Coca-Cola and PepsiCo too much competition in a specific market.17. Higher oil prices tend to: (Points: 5) increase the prices of many different products increase the prices of farm products only increase prices in the airline industry only increase the prices of public transportation only18. When doing research, Economists: (Points: 5) follow the scientific method: observation, theory, and more observation cannot use experiments, as they are often done in areas like Physics and Chemistry. have to use whatever data the world happens to give them all of the above.19. Economic models_____. (Points: 5) must completely describe every aspect of the economy in order to be useful are simplified abstract representations of reality avoid the use of assumptions wherever possible are ideals that economics agents aspire to achieve20. A few industry-dominating firms acting as a collective monopoly is known as a: (Points: 5) a trading bloc a market a cartel an industry
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