A) Resources are allocated by the private parties who own the resources B) Resources are allocated by the various local,state,and federal planning committees and zoning commissions C) Shortages never exist D) Surpluses never exist E) Both c and d A) Resources are allocated by the private parties who own the resources B) Resources are allocated by the various local,state,and federal planning committees and zoning commissions C) Shortages never exist D) Surpluses never exist E) Both c and d

The Following Questions Refer to the graph below. -If the market starts in equilibrium with D1 and S1,and more consumers develop a preference for Dr. Pepper, the new equilibrium price and quantity are

A) 13 and 55 B) 10 and 40 C) 10 and 65 D) 7 and 55 E) 10 and 55 A) 13 and 55 B) 10 and 40 C) 10 and 65 D) 7 and 55 E) 10 and 55

Exam 2: Economic Systems, Resource Allocation, and Social Well-Being: Lessons From Chinas Transition

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As the baby boom generation continues to age,what will happen to the equilibrium price and quantity of homes in retirement communities?

(Multiple Choice)

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Question 21

You receive a big raise at work.As a result of your now higher income,you stop bringing your lunch from home and start eating lunch at a nearby restaurant.Your homemade lunches must be

(Multiple Choice)

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Question 22

In a market economy,

(Multiple Choice)

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Question 23

As consumer incomes rise,the demand curve for Good X shifts to the right.Given this,Good X must be

(Multiple Choice)

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Question 24

An increase in the supply of a good will increase the price of the good,other things being equal

(True/False)

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Question 25

Which of the following is not a characteristic of a purely competitive market?

(Multiple Choice)

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Question 26

In the long run,an increase in the demand for a good will result in an increase in supply of the good in a command economy

(True/False)

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Question 27

The Following Questions Refer to the graph below. -If the market starts in equilibrium with D₁ and S₁,and more consumers develop a preference for Dr. Pepper, the new equilibrium price and quantity are

(Multiple Choice)

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Question 28

Entry is blocked in monopoly markets

(True/False)

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Question 29

When an economist says that the demand for a product has increased,this means that consumers are now willing to purchase more of the product at each alternative price

(True/False)

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Question 30

If a consumer always eats cheese with macaroni,then for that consumer macaroni and cheese are examples of:

(Multiple Choice)

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Question 31

During the 1992 presidential campaign,Ross Perot recommended a 50-cents-per-gallon increase in the tax on gasolinE.Such an increase would have little or no effect on the quantity of gas sold since we have few options to driving

(True/False)

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Question 32

Appliances and electricity are an example of complementary goods

(True/False)

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Question 33

Suppose that all workers receive a wage reduction.What would the impact on the market for autos be?

(Multiple Choice)

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Question 34

In 1978,the Chinese economy

(Multiple Choice)

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Question 35

A technological advance in the production of computers will have what effect on the equilibrium price and quantity in the computer market?

(Multiple Choice)

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Question 36

The Law of Demand states that price and

(Multiple Choice)

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Question 37

The State Planning Commission in China has the task of

(Multiple Choice)

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Question 38

The Law of Supply states that sellers will sell more at high prices than at low prices

(True/False)

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Question 39

During December each year,the number of Christmas trees sold increases,as does the price of the trees.This clearly violates the Law of Demand

(True/False)

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Question 40

Showing 21 - 40 of 122

As the baby boom generation continues to age,what will happen to the equilibrium price and quantity of homes in retirement communities?

You receive a big raise at work.As a result of your now higher income,you stop bringing your lunch from home and start eating lunch at a nearby restaurant.Your homemade lunches must be

In a market economy,

As consumer incomes rise,the demand curve for Good X shifts to the right.Given this,Good X must be

An increase in the supply of a good will increase the price of the good,other things being equal

Which of the following is not a characteristic of a purely competitive market?

In the long run,an increase in the demand for a good will result in an increase in supply of the good in a command economy

The Following Questions Refer to the graph below. -If the market starts in equilibrium with D₁ and S₁,and more consumers develop a preference for Dr. Pepper, the new equilibrium price and quantity are

Entry is blocked in monopoly markets

When an economist says that the demand for a product has increased,this means that consumers are now willing to purchase more of the product at each alternative price

If a consumer always eats cheese with macaroni,then for that consumer macaroni and cheese are examples of:

During the 1992 presidential campaign,Ross Perot recommended a 50-cents-per-gallon increase in the tax on gasolinE.Such an increase would have little or no effect on the quantity of gas sold since we have few options to driving

Appliances and electricity are an example of complementary goods

Suppose that all workers receive a wage reduction.What would the impact on the market for autos be?

In 1978,the Chinese economy

A technological advance in the production of computers will have what effect on the equilibrium price and quantity in the computer market?

The Law of Demand states that price and

The State Planning Commission in China has the task of

The Law of Supply states that sellers will sell more at high prices than at low prices

During December each year,the number of Christmas trees sold increases,as does the price of the trees.This clearly violates the Law of Demand

Alleviating Human Misery: The Role of Economic Reasoning

Government Control of Prices in Mixed Systems: Who Are the Winners and Losers

Pollution Problems: Must We Foul Our Own Nests

Economics of Crime and Its Prevention: How Much Is Too Much

The Economics of Education: Crisis and Reform

Poverty Problems and Discrimination: Why Are so Many Still so Poor

The Economics of Monopoly Power: Can Markets Be Controlled

The Economics of Professional Sports: What Is the Real Score

Competition in the Global Market-Place: Should We Protect Ourselves From International Trade

Economic Growth: Why Is the Economic Road so Bumpy

Money,Banking and the Financial System: Old Problems With New Twists

Unemployment and Inflation: Can We Find a Balance

Government Spending,Taxation,and the National Debt: Who Wins and Who Loses

Social Security and Medicare: How Secure Is Our Safety Net for the Elderly

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