Question

Economics is the study of how people

make money.

run a business.

invest.

make choices using limited resources.

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Question 21 pts

The opportunity cost of an activity is

zero if you choose the activity voluntarily.

the amount of money spent on the activity.

the value of the best alternative not chosen.

the sum of benefits from all of the alternatives not chosen.

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Question 31 pts

At equilibrium price, the quantity demanded is _____ the quantity supplied.

greater than

equal to

less than

not related to

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Question 41 pts

Which of the following individuals would most likely be considered unemployed?

A 70 year old retired nurse.

A 17 year old full-time high school student.

A 35 year old auto worker who was laid off and is looking for another job.

A 25 year old stay-at-home mom.

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Question 51 pts

When an economy is expanding rapidly (booming), you would expect to see the price level _____ and the unemployment rate ______.

increasing; decreasing

increasing; increasing

decreasing; increasing

decreasing; increasing

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Question 61 pts

When the total spending and economic activity in an economy decreases, it is expected for the economy to experience

a recession (contraction).

an expansion.

a recovery

a peak

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Question 71 pts

If the government wants to increase economic growth through expansionary fiscal policy, it can __________ taxes and/or ___________ government spending.

decrease; increase

decrease; decrease

increase; decrease

increase; increase

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Question 81 pts

If the price of an important drug rises significantly and the number of people taking the drug barely decreases at all , the demand for the drug is probably

inelastic.

elastic.

perfectly elastic.

No answer text provided.

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Question 91 pts

To maximize profits, a firm should produce the quantity (output) where its

marginal revenue = marginal cost.

marginal revenue = 0.

marginal revenue is less than marginal cost.

marginal revenue * marginal cost.

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Question 101 pts

A market structure with many producers selling differentiated products is

monopoly.

perfect competition.

monopolistic competition.

oligopoly.

Answer 1

1) economics is nothing but the study of choices that people make with the limited resources available in Play on the whole and therefore

(c) make choices using limited resources is the answer

2) opportunity cost is the cost of the alternative that is sacrificed what's the best alternative that is not chosen on the whole and it is used in the calculation of economic profit and therefore

(b) the value of the best alternative not chosen is the answer

3) At equilibrium, the quantity demanded is equal to quantity supplied.

Therefore (b) equal to is the answer

4) a person who is considered unemployed is the one who is not working and actively looking for a job on the whole and among the given options the auto worker who is laid off and is looking for a job is the perfect one one to be considered unemployed.

Therefore (c) a 35 year old auto worker who was laid off and is actively looking for a job is the answer.