Question 11. Suppose CNN announces that bad weather in Central America has greatly reduced the number...
Question 11.
Suppose CNN announces that bad weather in Central America has greatly reduced the number of cocoa bean plants and for this reason the price of chocolate is expected to rise soon, What is the impact of following on the market demand for chocolate?
Select one: a. the current market demand for chocolate will decrease.
b. the current quantity demanded for chocolate will decrease.
c. the current market demand for chocolate will increase.
d. no change will occur in the current market for chocolate.
Question 12.
The input most likely to be a variable for a firm is?
Select one:
a. Enrepreneurship
b. Land
c. Capital.
d. Labor.
Question 13.
What an upward-sloping supply curve shows regarding buyers and sellers on one of the following?
Select one:
a. Buyers are willing to buy more as the product price falls.
b. Suppliers expand production as the product price falls.
c. Buyers are willing to pay more for particularly scarce products.
d. Suppliers are willing to increase production of their goods if they receive higher prices for them.
Question 14.
What If a good is scarce for one of the following?
Select one:
a. our limited wants exceed our unlimited resources.
b. it only needs to be limited.
c. it is not possible to produce any more of the good.
d. our unlimited wants exceed our limited resources.
Question15.
When we look at a particular segment of the economy, such as a given industry, what are we studying?
Select one:
a. positive economics.
b. macroeconomics.
c. microeconomics.
d. normative economics.
Homework Answers
11.
The answer is C - the current market demand for chocolate will increase.
As the supply is decreased, naturally the demand in the market for chocolate increases.
12.
The answer is D- Labor
Variables are the factors that can vary during production.There are variable inputs that can be in a production such as labor, material inputs, and energy.
13.
The answer is D-. Suppliers are willing to increase the production of their goods if they receive higher prices for them.
The higher the price, the greater the quantity supplied.
14.
The answer is D- our unlimited wants exceed our limited resources.
When the resources become scarce, there is no other option to limit our need or to pay higher due to obvious hike in demand.
15.
The answer is B -Microeconomics
It is a branch of economics that studies the behaviour of individuals and firms in making decisions of allocating scarce resources.
Add Answer to:
Question 11.
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plz just answer the quastions, there is no need for explaning, i will give you like...
plz just answer the quastions, there is no need for explaning,
i will give you like for just replying fastly.
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plz just answer the quastions, there is no need for explaning,
i will give you like for just replying fastly.
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