Pretest

Pretest - Course Home Help Time Remaining: 1. Economics...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Course Home Help Time Remaining: 1. Economics studies _____. (Points: 5) How society manages its scarce resources Social Welfare Ethical use of resources Protection of workers' rights 2. 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 demand 3. 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 words 4. 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 supplied 5. Public goods are _____. (Points: 5) excludable but not rival in consumption rival in consumption but not excludable excludable and rival in consumption
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 4

Pretest - Course Home Help Time Remaining: 1. Economics...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online