Supply and Demand and Points Received

Topics: Supply and demand, Economics, Price elasticity of demand Pages: 12 (1829 words) Published: August 2, 2013
1.| Question :| (TCO 1) The general concern of economics is with the study of the|
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| Student Answer:| | degree of competition in stock and bond markets in the economy. | | | | efficient use of limited productive resources to satisfy economic wants. | | | | issue of equality in the distribution of income and wealth among households. | | | | budget deficits in the domestic economy and trade deficits in the international economy. | | Instructor Explanation:| Chapter 1.|

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| Points Received:| 1 of 1 |
| Comments:| |
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2.| Question :| (TCO 1) The basic economic problem is essentially one of deciding how to make the best use of|
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| Student Answer:| | limited resources to satisfy limited economic wants. | | | | limited resources to satisfy unlimited economic wants. | | | | unlimited resources to satisfy unlimited economic wants. | | | | unlimited resources to satisfy limited economic wants. | | Instructor Explanation:| Chapter 1.|

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| Points Received:| 1 of 1 |
| Comments:| |
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3.| Question :| (TCO 1) James wants to buy a book. The economic perspective suggests that James will buy the book if|
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| Student Answer:| | the book will give him utility. | | | | his income is high. |
| | | the marginal cost of the book is greater than its marginal benefit. | | | | the marginal benefit of the book is greater than its marginal cost. | | Instructor Explanation:| Chapter 1.|

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| Points Received:| 1 of 1 |
| Comments:| |
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4.| Question :| (TCO 1) Which is not considered to be an economic resource?|
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| Student Answer:| | Land (or natural resources) |
| | | Money |
| | | Labor |
| | | Tools and machinery |
| Instructor Explanation:| Chapter 1.|
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| Points Received:| 1 of 1 |
| Comments:| |
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5.| Question :| (TCO 1) Along a production possibilities curve, an increase in the production of one type of good can be accomplished only by|
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| Student Answer:| | decreasing the production of the other type of good. | | | | increasing the production of the other type of good. | | | | holding constant the production of the other type of good. | | | | decreasing the price of the other type of good. | | Instructor Explanation:| Chapter 1.|

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| Points Received:| 1 of 1 |
| Comments:| |
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6.| Question :| (TCO 1) Which statement best describes a command economy?|
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| Student Answer:| | The production of goods and services is determined primarily by markets, but the allocation of goods and services is determined primarily by government. | | | | The production of goods and services is determined primarily by government, but the allocation of goods and services is determined primarily by markets. | | | | The production and allocation of goods and services is determined primarily through markets. | | | | The production and allocation of goods and services is determined primarily through government. | | Instructor Explanation:| Chapter 2.|

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| Points Received:| 0 of 1 |
| Comments:| |
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7.| Question :| (TCO 1) The term dollar votes means|
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| Student Answer:| | inflation will occur if consumers don't spend wisely. | | | | voters may be offered dollars to help elect certain political candidates. | | | | government is responsible for determining what will be considered legal tender. | | | | consumers "vote" for certain products to be produced by how they spend their incomes. | | Instructor Explanation:| Chapter 2.|

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| Points Received:| 1 of 1 |
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8.| Question :| (TCO 1) The circular flow model|
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| Student Answer:| | assumes that central planning is taking place. | | | | illustrates how natural resources are created. |...
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