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Answer Key to Practice Prelim 1 Prof. Inflation is a problem considered in macroeconomics. It is interesting but not as important as scarcity. Unemployment is a problem in labor markets and in the economy generally.
Understanding scarcity helps to understand unemployment. Scarcity is the most important problem economists face. If resources weren't scarce, there would be no need to understand the process of how they are produced and allocated.
Poverty is a manifestation of scarcity. Lack of money is also a manifestation of scarcity. You probably computed the percentage change in P divided by the percentage change in Q, which is the inverse of the correct formula.
The law of firms doesn't exist. This is a nonsense answer. The law of households doesn't exist. The law of demand relates price to the quantity buyers want to buy not sell on the market. Demand and supply is the basic model using the laws of supply and demand.
The law of supply gives the amount supplied to the market at every price. See the table below. This answer has the correct maximum values and the slope would be correct if apples were on the x-axis; however, the slope of the budget line is negative so D is a better choice. The slope is right if bananas are on the x-axis but the two maximum values are incorrect.
The two maximum values are correct but the slope is not the ratio of the two prices. See the table above. The two maximum values are correct and the slope is correct as long as apple are on the x-axis.
Since either good can be on the x-axis, this answer is correct. The maximum for bananas is correct.
The maximum for apples is wrong and the slope has a decimal place error, assuming that bananas are on the x-axis. The other two points are correct, see answer D. The correct answer is the X-axis value at the point where each of the three budget lines is tangent to an indifference curve.
Ahmet could not afford to buy more shirts and more shoes. He is already on the budget line at point A.
Whether or not the indifference curve exhibits diminishing marginal utility is irrelevant. The indifference curve has the correct characteristics but the indifference curve and the budget line are not tangent at point A, that is why A is not the best point to choose.Supply and Demand and Correct Answer Words | 5 Pages a competitive labor market Answer Selected Answer: causes equality between the quantity of labor supplied and the quantity demanded.
May 30, · Inflation Defined. Inflation is simply a rise in the average price of goods and services in the macroeconomy. Which particular goods and services depends on the measure we are examining.
Correct Answer: buy some of the good. Response Feedback: buy some of the good. Question 14 0 out of 1 points Suppose the equilibrium wage rate for apricot pickers is $ per hour in California and at that wage rate the equilibrium quantity of apricot pickers is 14, Your answers will be graded and you will be given the percentage of correct answers as well as a list of right and wrong answers.
Good Luck! Answers to these quiz questions are also available. The Supply Curve is upward-sloping because: As the price increases, so do costs.
As the price increases, consumers demand less. The demand curve. Supply and Demand and Correct Answer Words | 5 Pages a competitive labor market Answer Selected Answer: causes equality between the quantity of labor supplied and the quantity demanded.
To the anonymous who had the kid in the NICU and the insufficient milk supply: I can relate. Nursing was the hardest thing I've ever done. Something similar happened to me, despite LC visits, nursing on demand, pumping 8 times a .