epf unit 1 test

Question 1

what happned to the qaunity demanded relative to Q1

Answer 1

it decreased

Question 2

a compnay decids to install more machines and lay off workers which ecnmoic question is being directly addresed

Answer 2

how to produce

Question 3

office supplies
cel phone
esstinal oils
jelly beans

Answer 3

good

Question 4

teaching in a classroom
oil change for your car

Answer 4

service

Question 5

miss miller is a nurse

Answer 5

labor

Question 6

relationship btwn producers and cosumers in a market ecnmoy

Answer 6

producers decide what to produce based on consumer demand for those products

Question 7

why is monthly rent a fixed cost for a business owner who makes a product to sell

Answer 7

the monthly can be expcted to stay the same term of the lease

Question 8

according to the law of demand decrease in price

Answer 8

does not shift the demand curve results I an movrmnet along the demand curve to the left

Question 9

a person opened a esty shop

Answer 9

entership

Question 10

graph for ceral market

Answer 10

a push to eat more whole grains has consumers extcied to eat more ceral

Question 11

graph of sunglasses market

Answer 11

it decreased

Question 12

the basic ecnmoic probelm all indviauls, buinees, gov must solve

Answer 12

satifying unlimted wants with limited resources

Question 13

an increase in the price of yellow paint

Answer 13

cause the suppky curve for penicls to shift to left

Question 14

which of these if encourged by the gov in a command ecmony

Answer 14

national production goals

Question 15

toilt paper

Answer 15

shortage, less

Question 16

type of graph helps buiness see efficnay

Answer 16

production pssibiltes curve

Question 17

combining two firms such as coke

Answer 17

horizantal

Question 18

no gov has assets to supply

Answer 18

make choices amoung goods and servcies cutrlty on the market

Question 19

socilsit handle water shortage

Answer 19

distrubte water evely to all people

Question 20

thinking on a margin

Answer 20

cost befit anylsis

Question 21

market and giv play roles in prodction

Answer 21

mixed ecnmoy

Question 22

befit to employers for provding edcuation and training

Answer 22

production capticty of workers will imporvemarket

Question 23

ecnmoic system price of a good supply increases

Answer 23

the price typically decreases

Question 24

minium pirce of soda is $3

Answer 24

there is a surplus of soda

Question 25

cause a decrease in the market

Answer 25

title 4

Question 26

law of supply sellers will be more likely to inc there qauinty when

Answer 26

the sellin price inc

Question 27

charcteristc of theroical caplist system

Answer 27

indv have pri ownership of prpty

Question 28

larg inc on luxry car

Answer 28

us cousmers would buy domestic or eupron cars

Question 29

not a factor of elstic goods

Answer 29

adversting

Question 30

sports cars
personal computers
cell phone

Answer 30

want

Question 31

shelter
water

Answer 31

need

Question 32

true in nations with a market ecomy

Answer 32

buiness that are ineeficent risk going out of buiness

Question 33

market for cheese and milk

Answer 33

price of cheese decreases and the qaunty of cheese at eqailbrm increases since milk is an ingrent in cheese

Question 34

human captial

Answer 34

a auto mechnic ateends a workshop

Question 35

phycial captial

Answer 35

automechnic buys a new wrench

Question 36

why woudl a nation aopt command ecnmoy during war

Answer 36

focous on esttional indistyies

Question 37

a makret producers create identaical products such as strawberrys

Answer 37

perfect competion