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Question 1 Which is true?

Question 1

Which is true?

only the poor face scarcity

scarcity is a fundamental condition

in the future, economic growth will eliminate scarcity

our wants are but an illusion

 

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Question 2

which is a microeconomic topic?

 the dress market

inflation

national unemployment

the labor market

 

Question 3

which is a normative economic statement?


textbook prices have actually fallen

if tectbook prices rise, more students will share textbooks

the average price of textbooks has risen 50% over the past 4 years

prices for textbooks are too high

 

Question 4


which is the best example of the marginal concept in economics?


the highest exam grade

the total points, I make during the semester

the most difficult assignment of the semester

the next exam I take

 

Question 5

if a store has fewer customers, it earns less revenue, this shows a(n)


positive relationship

negative relationship

independent relationship

inverse relationship

 

Question 6


which is NOT a resource?  


labor

savings

human capital

equipment

 

Question 7


in economics human capital


is not a resource

refers specifically to labor

is our buildings and equipment

is our knowledge, skills, abilities

 

Question 8


the law of trade states that


both sides to a trade expect to benefit

if prices rise, there will be fewer trades made

our unlimited wants will lead to profitable trades

overtime, traders can find more substitutes to trade

 

Question 9


if peanut butter and jam are complements, if the price of jam falls


demand for peanut butter shifts right

supply of peanut butter shifts right

price of peanut butter falls

demand for peanut butter shifts left

 

Question 10

in the apple market, if bad weather ruins some of the apple crop


price of apples rise, quantity of apples rises

price of apples fall, quantity of apples fall

price of apples rises, quantity of apples fall

price of apples rises, quantity of apples rises

 

Question 11


if Nike and Adidas shoes are substitutes, if the price of Nike shoes falls


demand for Addidas shoes shifts left

demand for Nike shoes shifts left

demand for Addidas shoes shift right

demand for nike shoes shifts right

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