HELLOOO Ijust need answers letter please 47. Which of the following examples best illustrates the economic concept of diminishing marginal utility?
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HELLOOO Ijust need answers letter please

47. Which of the following examples best illustrates the economic concept of diminishing marginal utility? A. A person who eats dinner at a particular restaurant three days in a row chooses to eat at a different restaurant on the fourth day. B. A new car costs $500 to maintain for the first year after its purchase, $1,000 for the second year, and $2,500 for the third year. C. The cost per unit of producing brooms at a factory decreases as the number of brooms produced per month increases. D. The price of a particular model of digital camera declines after the camera has been on the market for several years.


48. Which of the following best describes one difference between a free-market system and a monopoly? A. The supply of goods in a monopoly is likely to more closely reflect demand. B. Goods sold in a free-market system are likely to be of higher quality than equivalent goods sold in a monopoly. C. Consumers are likely to have more choices of styles available for goods sold in a monopoly. D. Goods sold in a free-market economy are likely to be higher in price than equivalent goods sold in a monopoly.


49. Prices are most closely determined by the interaction of supply and demand in which of the following types of market structures? A. oligopoly B. perfect competition C. monopoly D. monopolistic competition


50. Which of the following best explains why the U.S. automobile industry is considered an oligopoly? A. The cost of owning an automobile is greater than ten percent of an average family's income. B. The automobile industry is one of the top three industries in the United States in terms of its contribution to the gross domestic product. C. Seventy-five percent of automobile sales are accounted for by the four largest firms in the industry. D. Automobiles are sold to consumers through independent dealerships rather than directly from the manufacturer. 


51. A rise in production costs that is passed along to the consumer in the form of a significant price increase would likely lead to the greatest reduction in demand for which of the following products? A. new houses B. wheat C. detergent D. pencils


52. A jewelry store has operated in a small town for over 30 years and has always turned a reasonable profit without resorting to sales or other types of marketing promotions. Which of the following events would most likely cause store managers to rethink this strategy and significantly increase the amount of resources allocated to promoting the store's products? A. Store managers are planning to renovate the store and add better lighting and new display cabinets. B. Price increases for several types of precious stones make it unfeasible for the store to carry certain items. C. Store managers expect that shortterm demand for the store's products will increase. D. An outlet for a discount chain of jewelry stores has opened up in a neighboring town.


53. A company produces catalytic converters for the automobile industry. Each converter contains a small amount of platinum as a catalyst. If the supply curve for platinum shifts to the left, the company that makes the converters would most likely respond by: A. raising the price of each converter. B. reducing the amount of platinum in each converter. C. increasing production of converters. D. offering new customers discounts on purchases of its converters.


54. Which of the following will occur if consumption, as a percent of gross domestic product (GDP), decreases and there are no other offsetting changes? A. Employment levels will decrease. B. Inflation will increase. C. Inventories will decrease. D. Production will increase. 


55. One function of money is that it allows value to be stored easily. Which of the following best explains one advantage of using money to store value rather than other assets such as real estate or fine art? A. Money can be exchanged at any time for an equivalent value of gold or silver. B. The purchasing power of money does not change over time. C. Money is more liquid than most other assets. D. Interest paid on invested money is generally greater than the gains in value of other assets.


56. Compared with a country that has a largely capitalist economy, one that has a largely socialist economy is more likely to have: A. reduced barriers to free trade. B. lower taxes on businesses and workers. C. greater personal freedom. D. greater government control of major industries.


57. Compared with mixed economic systems, systems characterized by free-market capitalism tend to have: A. greater social and economic inequality. B. lower rates of productivity and economic growth. C. more frequent incidences of scarcity or oversupply. D. fewer consumer choices of products and services.


58. Which of the following is the most important factor in bringing about the end of the expansion phase of a business cycle and the beginning of a recession? A. a decline in spending by businesses and consumers B. an increase in prices for consumer products and services C. a fall in short-term interest rates D. a rise in business productivity 

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