Which of the following describes the law of demand

When the price of a good or service falls, consumers purchase more of it

Which of the following do all economic systems face? How to

Make the best use of scarce resources

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4 - Final Exam

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Answers

1
Which of the following describes the law of demand
When the price of a good or service rises, consumer purchase more of it
The price of a good or service falls, producers want to produce more of it
When the price of a good or service falls, consumers purchase more of it
When income levels rise, consumers demand less
2
Common stock, limited liability, and unlimited life are characteristics of
Partnerships
Cartels
Corporations
Sole proprietorships
3
The executive branch of state government is headed by
The Governor
The Cabinet
The Assembly
The Supreme Court
4
Which of the following is NOT a characteristic of a monopoly?
It is extremely difficult for other firms to enter the market
There are many suppliers
There is a single supplier
There are no close substitutes
5
State governments have the power
To declare war
To set up schools
To make treaties with other countries
To coin money
6
Most labor contracts are arrived at as a result of
Picketing
Arbitration
Decisions by the NLRB
Collective Bargaining
7
In a market economy which group has the most influence on what is produced
The government
Consumers
Tradition
Central planners
8
Which of the following usually would reduce consumer spending?
A decline in consumer incomes
A reduction in the personal income tax rates
Increased government payments to individuals
An expectation that prices will soon rise
9
Which of the following do all economic systems face? How to
Balance the national budget
Balance imports and exports
Reduce the national debt
Make the best use of scarce resources
10
When the price of a good falls, the quantity supplied of the good also falls. This is referred to as
The law of the land
The law of demand
The law of marginal returns
The law of supply

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