Foundations of Economics (8th Edition)
8th Edition
ISBN: 9780134486819
Author: Robin Bade, Michael Parkin
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Question
Chapter 2, Problem 1MCQ
To determine
To select:
The correct classification in the given options.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
What is a ‘final good’?
Select one:
a. A good not used as an input in the production process
b. A natural resource used to produce a good
c. A good purchased as an input in the production process
d. A good used in the production of another good
A transfer payment is
Select one:
a.a form of government spending that is not made in exchange for a currently produced good or service.
b.the benefit that a person receives from an expenditure by government minus the taxes that were collected by government to fund that expenditure.
c.a payment for moving expenses a worker receives when he or she is transferred by an employer to a new location.
d.a payment that is automatically transferred from your bank account to pay a bill or some other obligation.
Select the number of the question and the letter to indicate the answer you consider correctfor each question. Answers to all questions are to be recorded on the answer sheet. (Pleasenote - Do not submit the full question with a circle answer. ONLY the number and theletter).1. The Law of demanda. applies to final consumer goods but not to the productive resources purchased bybusiness firms.b. tells us how much of a good people want, but not necessarily how much of that good theyare willing to pay for.c. tells us that when the price of a good falls, quantity demanded will increase.d. applies only to goods that are not absolute necessities.
2. The law of supply states that all other things remaining the same:a. as the price of a good increases, supply of the good will increase.b. as the price of a good increases, the quantity of the good supplied willincrease.c. as the price of a good increases, demand for the good will increase.d. as the price of a good increases, the quantity of the…
Chapter 2 Solutions
Foundations of Economics (8th Edition)
Ch. 2 - Prob. 1SPPACh. 2 - Prob. 2SPPACh. 2 - Prob. 3SPPACh. 2 - Prob. 4SPPACh. 2 - Prob. 5SPPACh. 2 - Prob. 6SPPACh. 2 - Prob. 7SPPACh. 2 - Prob. 8SPPACh. 2 - Prob. 9SPPACh. 2 - Prob. 10SPPA
Ch. 2 - Prob. 1IAPACh. 2 - Prob. 2IAPACh. 2 - Prob. 3IAPACh. 2 - Prob. 4IAPACh. 2 - Prob. 5IAPACh. 2 - Prob. 6IAPACh. 2 - Prob. 7IAPACh. 2 - Prob. 8IAPACh. 2 - Prob. 9IAPACh. 2 - Prob. 10IAPACh. 2 - Prob. 11IAPACh. 2 - Prob. 1MCQCh. 2 - Prob. 2MCQCh. 2 - Prob. 3MCQCh. 2 - Prob. 4MCQCh. 2 - Prob. 5MCQCh. 2 - Prob. 6MCQCh. 2 - Prob. 7MCQ
Knowledge Booster
Similar questions
- 1. Write a sentence or two defining the following terms in your own words. Give examples of each. a. Planned System b. Public Goods c. Recessionarrow_forwardGive an example of a final good and an intermediate good. A _______ is a final good and _______ is an intermediate good. A. tank of gasoline bought by you; jet fuel bought by Southwest Airlines B. new car bought by a student; a used SUV bought by a dealer C. new textbook; a used textbook D. new iPhone bought by a student; a new computer bought by Walmart to manage its inventoriesarrow_forwardWhich would likely increase the average level of interest rates for auto loans? Select one: a. An increase in inflation. b. An increase in the unemployment rate. c. A decrease in the level of business investment. d. A decrease in the amount of consumer spending.arrow_forward
- What determines whether a good is “capital” or a “consumer good”? How it is purchased: with business funds or with personal funds How it is used: to produce further wealth, or to be consumed Where it is located: in a home or in a business Where it is purchased: from a wholesaler or from a retailer Who uses it: the person buying it or an employee of theirsarrow_forwardCreate a speech about the relationship of income, saving and consumption to price changes in shopping.arrow_forwarda. You buy a pair of new cowboy hat on a trip to Texas . b.You buy a pair of vintage cowboy boots from your cousin in El Paso c. A cat burglar sells $10,000 of stolen jewelry to a fence d.apple issues $1 billion worth of new shares e.GM purchases $100 million worth of tires from Firestone f. A private company builds a new road in Memphis g.Stay-at-home parents provide an estimated $500 million of child care services . h.The government pays out unemployment benefitsarrow_forward
- In the graph above, if the economy is at point C, it follows that A. C is an unattainable point. B. more robots and corn can be produced with available resources. C. only more corn can be produced with available resources. D. only more robots can be produced with available resources.arrow_forwardEconomics is a social science which deals with human behavior as a relationship between ________. a. unlimited buyers and limited sellers b. consumption and production c. unlimited wants and scarce resources d. unending wants and limited peoplearrow_forwardThe end use of the goods categorizes the good as intermediate good and final good. True/Falsearrow_forward
- 1. It is primarily the basis of economic activity a. economics b. scarcity c. social science d. abundance 2. What happen to the demand for tilapia if the price of bangus will go down? a. prices of tilapia remains b. price of bangus remains c. shift to the right d. shift to the left If cruz family lessens their demand expenditures for rice because they want pandesal for their breakfast, this is a. time efficient b. taste and preference c. decrease in income d. saving for cooking gasarrow_forwardAccording to a simple circular-flow diagram, how many markets do households and firms interact in? A. four types of markets B. one type of market C. two types of markets D. three types of marketsarrow_forwardExplain why the goal of a society, production or consumption, has important implications for analysis and policy.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Economics (MindTap Course List)EconomicsISBN:9781337617383Author:Roger A. ArnoldPublisher:Cengage Learning
Economics (MindTap Course List)
Economics
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Cengage Learning