How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Chris M. Your Own Question

Chris M.
Chris M., M.S.W. Social Work
Category: Homework
Satisfied Customers: 2489
Experience:  Master's Degree, strong math and writing skills, experience in one-on-one tutoring (college English)
22285537
Type Your Homework Question Here...
Chris M. is online now
A new question is answered every 9 seconds

1. As a consequence of the condition of scarcity -

Resolved Question:

1. As a consequence of the condition of scarcity:
- there is never enough of anything.
- production has to be centrally planned.
- things which are plentiful have relatively high prices.
- individuals and communities have to make choices from among alternatives.

2. The opportunity cost of constructing a new public highway is the:
- money cost of hiring contractors and construction workers for the new highway.
- value of other goods and services that must be sacrificed to construct the new highway.
- expected cost of constructing the new highway in a future year.
- value of shorter driving times and distances when the new highway is completed.

3. Which situation would most likely cause a nation's production possibilities curve to shift inward?
- The construction of more capital goods
- An increase in discrimination based on race
- An increase in the number of skilled immigrant workers
- The destruction from bombing and warfare in a losing military conflict

4. Which expression is another way of saying "marginal benefit"?
- Benefits given up
- Unintended gain
- Employment benefits
- Extra benefit

5. Which is not a factor of production?
- Money
- Land
- Labor
- Capital

6. The economy of Germany would best be classified as:
- a command system.
- socialism.
- pure capitalism.
- a market system.

7. The simple circular-flow model shows that workers, entrepreneurs, and the owners of land and capital offer their services through:
- product markets.
- resource markets.
- employment agencies.
- business firms.

8. Laissez-faire capitalism is characterized by:
- very limited government role in the economy.
- active government intervention in the economy.
- individuals and firms abiding by a government economic plan.
- a very fair distribution of income and wealth.

9. Consumer sovereignty and "dollar votes" guide the market system in dealing with which fundamental question?
- What will be produced?
- How is the output to be produced?
- How can the system accommodate change?
- Who is to receive the output?

10. A major problem with state ownership of resources is that it does not:
- allow for the full use of central economic planning.
- let state enterprises buy resources used to make products.
- let state enterprises sell products produced with those resources.
- give incentives for individuals to make the best use of those resources.

11. The quantity demanded of a product increases as its price declines because the:
- lower price shifts the demand curve rightward.
- lower price shifts the demand curve leftward.
- lower price results in an increase in supply.
- demand curve is downsloping.

12. If there is a shortage of product X:
- fewer resources will be allocated to the production of this good.
- the price of the product will rise.
- the price of the product will decline.
- the supply curve will shift to the left and the demand curve to the right, eliminating the shortage.

13. Black markets are associated with:
- price floors and the resulting product surpluses.
- price floors and the resulting product shortages.
- price ceilings and the resulting product shortages.
- price ceilings and the resulting product surpluses.

14. An increase in demand for oil along with a simultaneous increase in supply of oil will:
- decrease price and increase quantity.
- increase price and decrease quantity.
- increase quantity, but whether it increases price depends on how much each curve shifts.
- increase price, but whether it increases quantity depends on how much each curve shifts.

15. For most products, purchases tend to fall with decreases in buyers' incomes. Such products are known as:
- inferior goods.
- direct goods.
- average goods.
- normal goods.

16. If the price-elasticity coefficient for a good is .75, the demand for that good is described as:
- normal.
- elastic.
- inferior.
- inelastic.

17. Total revenue falls as the price of a good is raised, if the demand for the good is:
- elastic.
- inelastic.
- unitary elastic.
- perfectly elastic.

18. The price elasticity of demand increases with the length of the period considered because:
- consumers' incomes will increase over time.
- the demand curve will shift outward as time passes.
- all prices will increase over time.
- consumers will be better able to find substitutes.
Submitted: 2 years ago.
Category: Homework
Expert:  Chris M. replied 2 years ago.
THIS ANSWER IS LOCKED!
You can view this answer by clicking here to Register or Login and paying $3.
If you've already paid for this answer, simply Login.
Chris M., M.S.W. Social Work
Category: Homework
Satisfied Customers: 2489
Experience: Master's Degree, strong math and writing skills, experience in one-on-one tutoring (college English)
Chris M. and 15 other Homework Specialists are ready to help you

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
< Last | Next >
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex Los Angeles, CA
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP Hesperia, CA
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin Kernersville, NC
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther Woodstock, NY
  • Thank you so much for taking your time and knowledge to support my concerns. Not only did you answer my questions, you even took it a step further with replying with more pertinent information I needed to know. Robin Elkton, Maryland
  • He answered my question promptly and gave me accurate, detailed information. If all of your experts are half as good, you have a great thing going here. Diane Dallas, TX
 
 
 

Meet The Experts:

 
 
 
  • Manal Elkhoshkhany

    Tutor

    Satisfied Customers:

    4520
    More than 5000 online tutoring sessions.
< Last | Next >
  • http://ww2.justanswer.com/uploads/BU/BusinessTutor/2012-2-2_115741_Kouki2.64x64.jpg Manal Elkhoshkhany's Avatar

    Manal Elkhoshkhany

    Tutor

    Satisfied Customers:

    4520
    More than 5000 online tutoring sessions.
  • http://ww2.justanswer.com/uploads/LI/lindaus/2012-6-10_04811_IMG20120609164157.64x64.jpg Linda_us's Avatar

    Linda_us

    Finance, Accounts & Homework Tutor

    Satisfied Customers:

    3121
    Post Graduate Diploma in Management (MBA)
  • http://ww2.justanswer.com/uploads/ComputersGuru/2010-02-13_051118_Photo41.JPG LogicPro's Avatar

    LogicPro

    Engineer

    Satisfied Customers:

    3035
    Expert in Java C++ C C# VB Javascript Design SQL HTML
  • http://ww2.justanswer.com/uploads/lanis/2009-4-1_233717_phput9xef_c1pm.jpg Lani S.'s Avatar

    Lani S.

    Tutor

    Satisfied Customers:

    2457
    Registered Nurse, Internet Researcher, Private Tutor
  • http://ww2.justanswer.com/uploads/chooser77/2009-08-18_162025_Chris.jpg Chris M.'s Avatar

    Chris M.

    M.S.W. Social Work

    Satisfied Customers:

    2341
    Master's Degree, strong math and writing skills, experience in one-on-one tutoring (college English)
  • http://ww2.justanswer.com/uploads/JawaadAhmed/2009-6-27_12137_SIs_SHadi.jpg F. Naz's Avatar

    F. Naz

    Chartered Accountant

    Satisfied Customers:

    1975
    Experience with chartered accountancy
  • http://ww2.justanswer.com/uploads/JK/jkcpa/2011-1-16_182614_jkcpa.64x64.jpg Bizhelp's Avatar

    Bizhelp

    CPA

    Satisfied Customers:

    1873
    Bachelors Degree and CPA with Accounting work experience