Which of the next sayings best shows the concept of opportunity cost? This is a trick question because an overall economy cannot produce at a point inside the curve. 150. Traveling by plane will take six hours, weighed against 36 hours by bus. 5. Does voluntary exchange build a fortune (value)? No, the exchange does not expand output. No, if one person increases, the other party must lose an equal amount. Uncertain, it does when it leads to the creation of additional services and goods; it does not otherwise.
Yes, trade generally allows the trading partners to get more of what they value; this is the reason why they consent to the terms of the exchange. 7. Which of the following will most likely occur under an operational system of clearly defined and enforced private property rights? Resource owners shall fail to conserve essential resources, if they expect their scarcity to increase even.
Resource owners will disregard the wants of others, including other people who wish to use the source that is privately possessed. Resource owners will neglect to consider the desires of potential future purchasers when they determine how to employ privately owned resources. Resource owners will gain by finding and utilizing their resources with techniques that are highly appreciated by others. 8. Three basic decisions must be made by all economies.
- The US has added more than 1.3 million world wide web new jobs within the last year
- Strategic: Risk & compliance posture, risk allowed decision-making, etc
- Or pay off existing mortgages to qualify
- 31-Dec-08 -21.85% 11.35% -35.03%
1. Which of the following would most likely increase the demand for peanut butter? Both a and c are appropriate. 4. The number of persons wanting seat tickets to Super Bowl video games is invariably higher than the number of tickets (and chairs) available. 6. A cool spell in Florida thoroughly reduced the orange crop, and, as a total result, California oranges commanded a higher price. Which of the following statements explains the problem best?
The way to obtain Florida oranges dropped, causing the supply of California oranges to increase as well as their price. The supply of Florida oranges dropped, causing the way to obtain California oranges to decrease and their price to increase. The way to obtain Florida oranges dropped, causing their price to increase and the demand for California oranges to increase. The demand for Florida oranges was reduced by the freeze, causing an increase in the price tag on California oranges and a greater demand to them. That is a trick question because price flooring generally can be found below the equilibrium price. 9. The price tag on rooster raises as the total consequence of higher beef prices.
5. If the way to obtain apples decreases, which of the next will take place in a market setting generally? Demand for apples will decrease. The number demanded increase. The costs of apple suppliers will decrease. The price tag on apples shall increase. 6. If the supply of the good decreases, which of the following will generally take place in a market setting? The price of the nice will decrease.
The volume demanded increase. The number demanded will decrease. 8. If the demand for a good increases, which of the following will generally occur in a market setting? The price tag on the nice will decrease. The supply of the good will increase. The quantity provided will increase. Producer revenue will fall. 9. If the demand for the good decreases, which of the following will generally occur in a market setting? The price of the good increase. The way to obtain the nice will decrease. The quantity supplied will reduce. Producer earnings will rise.
1. If the United Auto Workers union can obtain a substantial wage increase for auto workers, the price tag on cars shall rise. That is a trick question because price floors generally exist below the equilibrium price. 3. Rent control applies to about two-thirds of the private, local rental housing in NEW YORK.
