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.Management Sciences
Category: Introduction To Economics
If a price increase of good A increases the quantity demanded of good B, then good B is a________________?
A. substitute good
B. complementary good
C. bargain
D. inferior good
Trade-offs are required because wants are unlimited, and resources are ?
A. economical
B. unlimited
C. Efficient
D. Scarce
Which of the following products would be least capable of producing an externality ?
A. inoculations against disease
B. cigarettes
C. food
D. education
E. stereo equipment
In the mixed economy________________?
A. economics problems are solved by the government and market
B. economic decisions are made by the private sector and free market
C. economic allocation is achieved by the invisible hand
D. economics s is solved by government departments
Human wants are_______________?
A. Always fixed
B. Limited
C. Unlimited
D. Likely to decrease over time
An increase in consumer income will increase demand for a _________ but decrease demand for a?
A. substitute good, inferior good
B. normal good inferior good
C. inferior good normal good
D. normal good, complementary good
A demand curve can shift because changing ?
A. incomes
B. prices of related goods
C. tastes
D. all of the above
Workers in Western Europe enjoy a high standard of living because ?
A. the countries of Western Europe have set high minimum wage rates.
B. Unions in Western Europe keep the wage high
C. none of these answers.
D. The countries of Western Europe have protected their industries from foreign corporation
E. Workers in the united states are highly productive
Productivity can be increased by ?
A. improving the education of workers
B. raising union wages.
C. raising minimum wages.
D. restricting trade with foreign countries.
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