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.Management Sciences
Category: Introduction To Economics
Resources in an economy ?
A. Are always found
B. Can never decease
C. Always increase over time
D. Are limited at any moment in time
Which of the following activities is most likely to produce an externality?
A. A student eats a hamburger in the student union.
B. A student reads a novel for pleasure
C. A student sits at home and watches T.V
D. A student has a party in her room in the student hall of residence.
Inflation is___________________?
A. a decrease in the overall price level.
B. an increase in the overall price level.
C. an increase in the overall level of economic activity.
D. a decrease in the overall level of economics activity
On a graph, a positive linear relationship___________________?
A. moves down to the right
B. moves up to the left
C. moves up to the right
D. moves down to the left
When we know the quantity of a product that buyers wish to purchase at each possible price we know_____________?
A. Demand
B. Supply
C. Excess demand
D. Excess supply
In a free market system, the amount of goods and services that any one household gets depends upon its ?
A. income
B. income and wealth
C. wealth
D. wage and interest income
The circular flow of goods and incomes shows the relationship between?
A. Wages and salaries.
B. income and money
C. goods and services.
firms and households
Foreign trade ?
A. increase the scarcity of resources.
B. makes a country more equitable.
C. allows a country to have a greater variety of products at a lower cost than if it tried to produce everything to home.
D. None of these
The total demand for goods and services in an economy is known as_____________?
A. gross national product.
B. national demand.
C. economy-wide demand
D. aggregate demand
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