1: It is reasonable to expect that the supply of any good will _____? A. decrease because of interest rates B. increase...
1: It is reasonable to expect that the supply of any good will _____?
A. decrease because of interest rates
B. increase when governments decrease tariffs
C. increase when the factors of production become less expensive
D. decrease with specialization
2:The law of market forces stipulate that two forces work to adjust the price as an automatic market regulator, what are they?
A. Completion and monopoly
B. Free and planned economic system
C. Money and banking
D. shortages and surpluses.
3:The quantity of a product that a household is willing and able to buy in a specific period with a certain price is referred to as what?
A. the quantity demanded
B. its want
C. its plan
D. its need
4:What is a key component of a market system s operation?
A. money
B. competition
C. cooperation between buyers and sellers
D. Government
Homework Answers
1. Option C
Explanation: This reduces production costs and more units are supplied at each given price.
2. D. shortages and surpluses.
Explanation: These two forces help in price discovery so that the market reaches an equilibrium.
3. A. the quantity demanded
Explanation: The quantity demanded is what one wants to buy and able to pay for it.
4. B. competition
Explanation: Competition leads to market efficiency.
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