Homework Answers
1) B) False
Explanation : Because when the price of bicycle increases then the demand of bye cycle falls and due to this demand of bike helmets also decreases.
2) A) True
Explanation : When world oil supply increases by 10%, it reduces the price of the crude oil and ultimately it increases the demand of oil over other alternatives.
3) A) True
Explanation : When demand is inelastic then decrease in price of the goods does not increases the quantity of sales. Which reduces the total revenue .
4) A) True
Explanation : opportunity cost is the loss of other alternative to buy another alternative.
5) True
Explanation : Due to technological advancements output quantity increased and economic of sales achieved . By that fixed cost per unit gets reduced and minimization of wastage in raw materials and related articles is possible and attainable .Which reduces the cost price of the product and increase sales due to cost reduction.
6) B) False .
Explanation : If government places a tax $ 2 in the market then it increases the sales price of the product. Due to this buyers have to pay more than what currently they are paying. If now equilibrium price is $ 5 then to purchase same quantity of articles they have to pay $ 2 more i.e $ 7.
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ECON 225 Test 18 habcate whether the statement is true or false. Each question is worth...
Micro-Econ Problem 1 PROBLEM 1: TRUE OR FALSE (20 POINTS) Determine whether the following statements are...
Micro-Econ Problem 1
PROBLEM 1: TRUE OR FALSE (20 POINTS) Determine whether the following statements are True or False. Explain your answer. (1) (5 points) In a competitive labor market, the market labor supply curve is always upward sloping. (2) (5 points) In the short run (capital is fixed), if the product produced by a perfectly competitive firm becomes more valuable (i.e. its price increases), then the firm will respond by increasing its labor demand. (3) (5 points) Raising the...
True/False 25% Indicate whether the statement is true or false 1 Unemployment and inflation are important...
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FART I TRUE FALSE QUESTIONS (10 points). Please write True (1) or False (F) on the...
FART I TRUE FALSE QUESTIONS (10 points). Please write True (1) or False (F) on the blank Scarcity is the intimited nature of society's resources given society's limited wants 2. A reward is a type of positive incentive. 3. To remove difficulty of double coincidence of wants we use money. 4. An exogenous factor is a variable that can be controlled for inside the model. 5. The PPF will not have a constant slope. 6. The law of demand states...
2. (18 points) State whether each of the following statement is TRUE OR FALSE, and then briefly explain your answers (th...
2. (18 points) State whether each of the following statement is TRUE OR FALSE, and then briefly explain your answers (the explanation is what counts). 2.1. If the Fed lowers discount rate, it will shift LM curve to the right because it increases money demand. 2.2. When an economy is in the liquidity trap, neither monetary policy nor fiscal policy is effective in getting the economy out of recession. 2.3. Money demand is related to the functions performed by money....
Question 2 [10] TRUE/FALSE QUESTIONS Consider the following list of statements. Each statement is either true...
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For questions 1 to 20 indicate whether each of the statements is TRUE or FALSE. (20...
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Appeicate an economics expert answer True/False Questions 1 through 7 Name True/False Indicate whether the statement...
Appeicate an economics expert answer True/False Questions 1
through 7
Name True/False Indicate whether the statement is true or false. 1.A competitive fim's profit will be increasing as long as marginal revenue is greater than marginal cost. a True b. False 2. The "competition" in monopolistically competitive markets is most likely a result of having many sellers in the market. a. True b. False 3. A profit-maximizing firm in a competitive market will decrease production when marginal cost exceeds average...
Question 2 (10) TRUE FALSE QUESTIONS Consider the following list of statements. Each statement is either true or false....
Question 2 (10) TRUE FALSE QUESTIONS Consider the following list of statements. Each statement is either true or false. You must read each statement carefully and then select the option that you believe is correct as your answer. In your answer book, write down only the question number and next to the number either True or False 2.6. Monopolistic competition is a market structure characterised by the fact that there is often collusion between the sellers. 2.7. Half-price specials are...
statement is a(n): var I wisib est level o alue son interes Poduc States than in...
statement is a(n): var I wisib est level o alue son interes Poduc States than in in the United. United States duce sur 2 Unemployment decreased to its lowest level in 10 years last month. This stateme C) normative statement. B) cample of an opportunity cost. D) value judgment. A) positive statement Ir the opportunity cost of manufacturing machinery is lower in the United States than Britain and the opportunity cost of manufacturing sweaters is higher in the United States...
1. TRUE/FALSE( 1 mark per question, 20 marks in total) [1 An economy's income is the...
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Micro-Econ Problem 1
PROBLEM 1: TRUE OR FALSE (20 POINTS) Determine whether the following statements are True or False. Explain your answer. (1) (5 points) In a competitive labor market, the market labor supply curve is always upward sloping. (2) (5 points) In the short run (capital is fixed), if the product produced by a perfectly competitive firm becomes more valuable (i.e. its price increases), then the firm will respond by increasing its labor demand. (3) (5 points) Raising the...
True/False 25% Indicate whether the statement is true or false 1 Unemployment and inflation are important determinants of short-run material welfare, whereas productivity growth is an important determinant of long-run material well-being Economists disagree on most economic issues facing an economy. 2. 3. Individuals will have different value judgments about the appropriate rate of unemployment and the appropriate rate of inflation. The slope of a line with rise of five and run of two is positive. 4. 5. Slope will...
FART I TRUE FALSE QUESTIONS (10 points). Please write True (1) or False (F) on the blank Scarcity is the intimited nature of society's resources given society's limited wants 2. A reward is a type of positive incentive. 3. To remove difficulty of double coincidence of wants we use money. 4. An exogenous factor is a variable that can be controlled for inside the model. 5. The PPF will not have a constant slope. 6. The law of demand states...
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Appeicate an economics expert answer True/False Questions 1
through 7
Name True/False Indicate whether the statement is true or false. 1.A competitive fim's profit will be increasing as long as marginal revenue is greater than marginal cost. a True b. False 2. The "competition" in monopolistically competitive markets is most likely a result of having many sellers in the market. a. True b. False 3. A profit-maximizing firm in a competitive market will decrease production when marginal cost exceeds average...
Question 2 (10) TRUE FALSE QUESTIONS Consider the following list of statements. Each statement is either true or false. You must read each statement carefully and then select the option that you believe is correct as your answer. In your answer book, write down only the question number and next to the number either True or False 2.6. Monopolistic competition is a market structure characterised by the fact that there is often collusion between the sellers. 2.7. Half-price specials are...
statement is a(n): var I wisib est level o alue son interes Poduc States than in in the United. United States duce sur 2 Unemployment decreased to its lowest level in 10 years last month. This stateme C) normative statement. B) cample of an opportunity cost. D) value judgment. A) positive statement Ir the opportunity cost of manufacturing machinery is lower in the United States than Britain and the opportunity cost of manufacturing sweaters is higher in the United States...
1. TRUE/FALSE( 1 mark per question, 20 marks in total) [1 An economy's income is the same as its expenditure because every transaction has a buyer and a seller. 2) GDP is the market value of all final goods and services produced by a country's citizens in a given period of time. (3) If nominal GDP is $10,000 and real GDP is $8,000, then the GDP deflator is 125 14) Other things equal, in countries with higher levels of real...
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