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MT445 Unit 10 Review Part 1

MT445 Unit 10 Review Part 1
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MT445 / MT 445
Managerial Economics
Kaplan University (KU Campus)

William A. McEachern
Economics: A Contemporary Introduction, 8e
Hoboken, NJ: John Wiley & Sons.

Unit 10: Monetary Policy and International Trade

Unit 10 Review / Quiz Answers / Final Exam Part 1

1. Because resources are scarce, (Points: 1)

2. Consumers need information to make good choices. Which of the following is correct regarding this information? (Points: 1)

3. When economic choice involves an adjustment to an existing situation, marginal analysis (Points: 1)

4. Which of the following is a normative statement? (Points: 1)

5. The difference between a positive economic statement and a normative statement is that (Points: 1)

6. A country has an absolute advantage in the production of a good if that country (Points: 1)

7. Division of labor increases productivity because (Points: 1)

8. On a given production possibilities frontier, which of the following is not assumed to be fixed? (Points: 1)

9. Any movement along the production possibilities frontier involves the production of (Points: 1)

10. The mixed economy is the dominant economic system in the world because (Points: 1)

11. Households act as demanders when they demand (Points: 1)

12. Economists generally assume that (Points: 1)

13. Which of the following is an advantage of a sole proprietorship? (Points: 1)

14. Market activity differs from government activity because (Points: 1)

15. In the United States, the individual income tax is best described as a (Points: 1)

16. A decrease in demand for a good could mean that (Points: 1)

17. If good B is a complement to good A, then a rise in the price of B (Points: 1)

18. Which of the following would shift the supply curve for a good to the left? (Points: 1)

19. Markets reduce transactions costs (Points: 1)

20. If the demand for bicycles increases, (Points: 1)

21. Which of the following is correct when a price floor is set above the equilibrium price? (Points: 1)

22. The price elasticity of demand helps determine the effect of price changes on a firm's (Points: 1)

23. Elasticity measures (Points: 1)

24. Demand is elastic whenever (Points: 1)

25. Which of the following will cause demand to be relatively elastic? (Points: 1)



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