1  of 10   In a _______________________, most economic decisions…

1  of 10

 

In a _______________________, most economic decisions about what to produce, how to produce it, and for whom to produce it are made by buyers and sellers.

 market-oriented economy
 macroeconomy
 microeconomy
 command economy

Question

2  of 10

 

As depicted in _________________________________, it is necessary to give up some of one good to gain more of the other good.

 the production possibilities frontier
 allocative efficiency
 scarcity
 utility

Question

3  of 10

 

The nature of demand indicates that as the price of a good increases:

 suppliers wish to sell less of it.
 more of it is produced.
 more of it is desired.
 buyers desire to purchase less of it.

Question

4  of 10

 

The is the only price where quantity demanded is equal to quantity supplied.

 equilibrium price
 horizontal axis intercept
 vertical axis intercept
 market price

Question

5  of 10

 

Improvements in the productivity of labor will tend to:

 decrease wages.
 decrease the supply of labor.
 increase wages.
 increase the supply of labor.

Question

6  of 10

 

Price elasticity of demand is defined as:

 the slope of the demand curve.
 the slope of the demand curve divided by the price.
 the percentage change in price divided by the percentage change in quantity demanded.
 the percentage change in quantity demanded divided by the percentage change in price.

Question

7  of 10

 

The term ___________________ is used to describe the common pattern whereby each marginal unit of a consumed good provides less of an addition to utility than the previous unit.

 diminishing marginal utility
 marginal utility pattern
 marginal income utility
 decreasing marginal utility

Question

8  of 10

 

In economics, a firm that faces no competitors is referred to as _________________.

 an oligopoly
 a monopoly
 a perfect competitor
 an oligopolizor

Question

9  of 10

 

Economic profit can be derived from calculating total revenues minus all of the firm’s costs,

 excluding its opportunity costs.
 including its opportunity costs.
 including its marginal revenue.
 excluding its marginal revenue.

Question

10  of 10

 

Government regulations specify that inventors will maintain exclusive legal rights to their respective inventions for .

 patent; a limited time
 trademark; an unlimited time
 copyright; a limited time
 trade secret; an unlimited time

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