A) the price at which quantity demanded is equal to quantity supplied. B) the price at which producers receive just enough money to cover their production costs. C) the price just high enough so that a specified quantity will be purchased. D) the price at which consumers will buy a greater quantity than the market is offering. A) the price at which quantity demanded is equal to quantity supplied. B) the price at which producers receive just enough money to cover their production costs. C) the price just high enough so that a specified quantity will be purchased. D) the price at which consumers will buy a greater quantity than the market is offering.

A) transition economies have been reluctant to free the prices of necessities. B) transition economies have experienced smooth and easy transitions toward market economies. C) economies that have reformed slowly have had the most economic growth since 1989. D) transition economies have successfully provided incentives to state owned enterprises. A) transition economies have been reluctant to free the prices of necessities. B) transition economies have experienced smooth and easy transitions toward market economies. C) economies that have reformed slowly have had the most economic growth since 1989. D) transition economies have successfully provided incentives to state owned enterprises.

Exam 2: An Introduction to Economic Systems and the Workings of the Price System

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Use the following diagram to answer the following questions. -Refer to Unit. If the price of housing is currently $90,000, the quantity of housing demanded will be:

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Question 1

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Suppose the price of CDs increases from $12 to $15 per CD. The law of supply states that if other things are constant:

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Question 2

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Which situation is indicative of barter?

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Question 3

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Use the following diagram to answer the following questions. -Refer to Unit. If the price of housing is currently $90,000 per unit, there will be:

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Question 4

Use the following diagram to answer the following questions. -Refer to Unit. If the price of housing is currently $80,000, the quantity of housing supplied will be:

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Question 5

Suppose the current price of hamburger is $3.00 per pound. However, supply and demand analysis indicates that the equilibrium price is actually $2.50 per pound. Using a diagram to aid you, show and explain how the market will adjust toward equilibrium.

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Question 6

The relative price of a good is:

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Question 7

Demand and supply framework explains how prices are formed in a competitive markets.

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Question 8

Suppose that the price of Pepsi decreases from $4.50 to $4.20 per twelve-pack. The law of demand states that if other things are held constant:

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Question 9

Many of the transition economies have experienced problems with inflation because:

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Question 10

If there is an excess demand for N'Sync CDs, the price of N'Sync CDs would rise.

(True/False)

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Question 11

Which of the following economic systems is characterized by central government planning?

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Question 12

The demand price is:

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Question 13

The demand curve shows the quantity demanded of a good for each possible price, holding other factors that affect demand constant.

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Question 14

Which is NOT a characteristic of a centrally planned economy?

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Question 15

An increase in the supply of rollerblades will result in a higher equilibrium price for rollerblades.

(True/False)

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Question 16

Use the following diagram to answer the following questions. -Refer to Coffee. Suppose the demand for coffee increases from D₁ to D₂. The immediate effect would be to increase the demand price for Q₁ from:

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Question 17

In general:

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Question 18

Explain how relative price helps in making purchasing decisions.

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Question 19

Prices in a command economy do not change very often, and thus do not inform consumers about the relative scarcity of goods.

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Question 20

Showing 1 - 20 of 94

Use the following diagram to answer the following questions. -Refer to Unit. If the price of housing is currently $90,000, the quantity of housing demanded will be:

Suppose the price of CDs increases from $12 to $15 per CD. The law of supply states that if other things are constant:

Which situation is indicative of barter?

Use the following diagram to answer the following questions. -Refer to Unit. If the price of housing is currently $90,000 per unit, there will be:

Use the following diagram to answer the following questions. -Refer to Unit. If the price of housing is currently $80,000, the quantity of housing supplied will be:

Suppose the current price of hamburger is $3.00 per pound. However, supply and demand analysis indicates that the equilibrium price is actually $2.50 per pound. Using a diagram to aid you, show and explain how the market will adjust toward equilibrium.

The relative price of a good is:

Demand and supply framework explains how prices are formed in a competitive markets.

Suppose that the price of Pepsi decreases from $4.50 to $4.20 per twelve-pack. The law of demand states that if other things are held constant:

Many of the transition economies have experienced problems with inflation because:

If there is an excess demand for N'Sync CDs, the price of N'Sync CDs would rise.

Which of the following economic systems is characterized by central government planning?

The demand price is:

The demand curve shows the quantity demanded of a good for each possible price, holding other factors that affect demand constant.

Which is NOT a characteristic of a centrally planned economy?

An increase in the supply of rollerblades will result in a higher equilibrium price for rollerblades.

Use the following diagram to answer the following questions. -Refer to Coffee. Suppose the demand for coffee increases from D₁ to D₂. The immediate effect would be to increase the demand price for Q₁ from:

In general:

Explain how relative price helps in making purchasing decisions.

Prices in a command economy do not change very often, and thus do not inform consumers about the relative scarcity of goods.

Economic Growth: an Introduction to Scarcity and Choice

Competitive Markets and Government Policy: Agriculture

Efficiency in Resource Allocation: How Much Do We Have How Much Do We Want

Market Power: Does It Help or Hurt the Economy

Air Pollution: Balancing Benefits and Costs

Health Care: How Much for Whom

Crime and Drugs: a Modern Dilemma

College Education: Is It Worth the Cost

Educational Reform: the Role of Incentives and Choice

Poverty: Old and New Approaches to a Persistent Problem

Tracking and Explaining the Macroeconomy

Unemployment: the Legacy of Recession, Technological Change, and Free Choice

Inflation: a Monetary Phenomenon

Sustained Budget Deficits: Is This Any Way to Run a Government

Social Security: Leading Issues and Approaches to Reform

International Trade: Beneficial, but Controversial

Financing Trade and the Trade Deficit

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