\nFor a firm that has passed the point where the law of diminishing returns has taken effect, adding another input to production means that
\nvariable costs are decreasing<\/p>\n
marginal product is decreasing<\/p>\n
market price is decreasing<\/p>\n
profit is decreasing<\/p>\n
1 points<\/p>\n
Question 2<\/p>\n
Which of the following economic terms describes the total value of a nation’s goods or services that have been adjusted for inflation?
\nAltered gross domestic product<\/p>\n
Altered gross national product<\/p>\n
Real gross domestic product<\/p>\n
Gross domestic product<\/p>\n
1 points<\/p>\n
Question 3<\/p>\n
Nancy Murray has $6,000 in demand deposits with the Teachers Credit Union. This means that she has $6,000 in
\nsavings accounts<\/p>\n
certificates of deposit<\/p>\n
IRA accounts<\/p>\n
checking accounts<\/p>\n
1 points<\/p>\n
Question 4<\/p>\n
If the demand for peaches increases when the price of pears increases, holding other factors constant, then these goods must be
\nelastic<\/p>\n
inferior<\/p>\n
substitutes<\/p>\n
complements<\/p>\n
1 points<\/p>\n
Question 5<\/p>\n
When economists study the national economy or global economy, they are using a ____ approach.
\nmicroeconomics<\/p>\n
monetary<\/p>\n
macroeconomics<\/p>\n
fiscal<\/p>\n
1 points<\/p>\n
Question 6<\/p>\n
If a senior citizen living on a fixed income has to give up buying some food in order to be able to afford to purchase her medication, this is an example of
\nopportunity cost<\/p>\n
diminishing returns<\/p>\n
economic profit<\/p>\n
comparative advantage<\/p>\n
1 points<\/p>\n
Question 7<\/p>\n
The primary function of the Fed is to
\nappoint its board members<\/p>\n
charter national banks<\/p>\n
regulate the supply of money in the United States so as to maintain a healthy economy<\/p>\n
regulate the supply of money in the world to support capitalism<\/p>\n
1 points<\/p>\n
Question 8<\/p>\n
An economic system in which individuals and businesses make the decisions about what to produce and what to buy, and the forces of supply and demand determine how much is sold and at what prices, is called a ____ economy.
\nproducer’s<\/p>\n
market<\/p>\n
command<\/p>\n
planned<\/p>\n
1 points<\/p>\n
Question 9<\/p>\n
If all leading corporations in the soft-drink industry merged, this would
\ncreate a monopoly<\/p>\n
lead to an oligopoly<\/p>\n
encourage monopolistic competition<\/p>\n
encourage pure competition<\/p>\n
1 points<\/p>\n
Question 10<\/p>\n
In a perfectly competitive market environment, long-run economic profit equals zero because
\nbarriers to entry keep competing firms out of the market<\/p>\n
high, long-run fixed costs drive economic profit to zero<\/p>\n
a lack of barriers to entry leads to more firms entering the market, driving profit to zero<\/p>\n
long-run economic profits greater than zero are illegal<\/p>\n
1 points<\/p>\n","protected":false},"excerpt":{"rendered":"
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