Posted: August 9th, 2016

Economics is the study of?

11 The supply curve represents a relationship between
a the producer and the market
b the suppliers and the firm
c price of a product and its production quantity
d produced goods and the economy as a whole
12 When oranges are plentiful as a result of a good growing season, what happens to the market price of oranges?

a It goes up.
b It goes down.
c It widely fluctuates
d None of the above
13 The most important reason for branding is to make a product
a more appealing to the consumer
b relatively more demand elastic
c distinguishable from competing products only
d relatively demand inelastic
14 Keynesian economics favors government spending and is
a a classical economics concept in nature
b essentially not an economic concept
c a part of fiscal policy
d a part of monetary policy
15 In fiscal policy
a the Fed chairman usually recommends policy choices to the government
b the President and the Congress play key roles
c interest rates are not affected by the policy
d deficits are unimportant
16 Economics is mainly about

a efficiency only
b resource allocation
c how to best use money
d deciding who is affected by taxation
17 Economics is
a the science of who gets what and how
b allocation of scarce resources among alternative uses
c authoritative allocation of scarce resources and values
d how totality of a system functions with respect to land, labor and capital