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MT445 Unit 2 Review

MT445 Unit 2 Review
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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 2: Opportunity Cost, Economic Systems, and Supply and Demand

Unit 2 Review / Quiz Answers

1. Attending college can be viewed as a form of (Points: 1)

2. A medium of exchange must be called: (Points: 1)

3. Society's production possibilities frontier (Points: 1)

4. On a production possibilities frontier, the opportunity cost of one more unit of a commodity per time period is measured by the (Points: 1)

5. Pure capitalism and a pure command system represent (Points: 1)

6. In what way is consumer demand different from consumer wants? (Points: 1)

7. In the case of a normal good, an increase in consumers' incomes would shift the (Points: 1)

8. Larger quantities of any good will be supplied at higher prices because (Points: 1)

9. If there is a shortage in the market for athletic shoes, (Points: 1)

10. Which of the following is correct when a price is set below a market's equilibrium price? (Points: 1)



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