ECON 201APUS_ECON201_WEEK_4_MIDTERM GRADED 98% (Latest )

ECON 201APUS_ECON201_WEEK_4_MIDTERM GRADED 98% (Latest 2021/2022) Economics is the study of: increasing the level of productive resources so there is maximum output in society. increasing the level of productive resou ...

ECON 201APUS_ECON201_WEEK_4_MIDTERM GRADED 98% (Latest 2021/2022) Economics is the study of: increasing the level of productive resources so there is maximum output in society. increasing the level of productive resources so there is a minimum level of income. how people, institutions, and society make choices under conditions of scarcity. the efficient use of scarce resources paid for at the minimum level of cost to consumers and businesses. Question 2 5/5 points Which of the following is not a central focus of the "economic perspective"? Scarcity and choice. The scientific method. Purposeful behavior. Marginal analysis. Question 3 5/5 points The satisfaction or pleasure one gets from consuming a good or service is: price. utility. consumption. preferences. Question 4 5/5 points The private ownership of property resources and use of prices to direct and coordinate economic activity is characteristic of: a command system. a market system. communism. socialism. Question 5 5/5 points Which statement best describes a capitalist economy? The production of goods and services is determined primarily by markets, but the allocation of goods and services is determin The production of goods and services is determined primarily by government, but the allocation of goods and services is deter The production and allocation of goods and services is determined primarily through markets. The production and allocation of goods and services is determined primarily through government. Question 6 5/5 points Capitalism is an economic system that: produces more capital goods than consumer goods. produces more consumer goods than capital goods. gives the government the right to tax individuals and corporations. private individuals and corporations the right to own productive resources. Question 7 5/5 points In a market system, well-defined property rights are important because they: reduce unnecessary investment. limit destructive economic growth. create economic problems. encourage economic activity. Question 8 5/5 points If two goods are complements: they are consumed independently. an increase in the price of one will increase the demand for the other. a decrease in the price of one will increase the demand for the other. they are necessarily inferior goods. Question 9 5/5 points When the price of a product is increased 10 percent, the quantity demanded decreases 15 percent. In this range of prices, demand for this product is: elastic. inelastic. cross-elastic. unitary elastic. Question 10 5/5 points Demand can be said to be inelastic when: an increase in price results in a reduction in total revenue. a reduction in price results in an increase in total revenue. a reduction in price results in a decrease in total revenue. the elasticity coefficient exceeds one. Question 11 5/5 points Economic growth is shown by a shift of the production possibilities curve outward and to the right. True False Question 12 5/5 points The four factors of production are land, labor, capital, and government services. True False Question 13 5/5 points If demand increases and supply simultaneously decreases, equilibrium price will rise. True False Question 14 5/5 points Property rights have a positive effect in a market economy because they encourage owners to maintain their property. True False Question 15 5/5 points In the price range where demand is inelastic, a decrease in price will result in a decrease in total revenue. True False Question 16 5/5 points Price elasticity of supply decreases the longer the time period. True False Question 17 5/5 points Toothpaste and toothbrushes are substitute goods. True False Question 18 5/5 points A government-set price ceiling will lower equilibrium price and quantity in a market. True False Demand for Shirts Question 19 5/5 points (Exhibit: Demand for Shirts) The price elasticity of demand for the segment AB is: -13 -11 -0.91 -0.1 Question 20 5/5 points (Exhibit: Demand for Shirts) The price elasticity of demand for the segment BC is: greater than 3.33 (absolute value). -3.33. -3. -0.33. Question 21 5/5 points (Exhibit: Demand for Shirts) The price elasticity of demand for the segment CD is: greater than 1 (absolute value)