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Question 1
1 pts
<p>Which statement best illustrates the concept of diminishing marginal utility?</p>

Which statement best illustrates the concept of diminishing marginal utility?

 

 

 

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Question 2
1 pts
<p>The case for the law of demand can best be argued on the basis of;</p>

The case for the law of demand can best be argued on the basis of;

 

 

 

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Question 3
1 pts
<p>A point on a demand curve indicates;</p>

A point on a demand curve indicates;

 

 

 

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Question 4
1 pts
<p>The horizontal axis of a graph which shows a market demand curve indicates the;</p>

The horizontal axis of a graph which shows a market demand curve indicates the;

 

 

 

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Question 5
1 pts
<p>Which will NOT cause a change in the demand for Product A?</p>

Which will NOT cause a change in the demand for Product A?

 

 

 

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Question 6
1 pts
<p>A normal good is one</p>

A normal good is one

 

 

 

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Question 7
1 pts
<p>Which good would usually be an inferior good?</p>

Which good would usually be an inferior good?

 

 

 

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Question 8
1 pts
<p>If product Y is an inferior good, and increase in consumer incomes will;</p>

If product Y is an inferior good, and increase in consumer incomes will;

 

 

 

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Question 9
1 pts
<p>Capitalism is an economic system that;</p>

Capitalism is an economic system that;

 

 

 

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Question 10
1 pts
<p>The price elasticity of demand is a measure of the;</p>

The price elasticity of demand is a measure of the;

 

 

 

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Question 11
1 pts
<p>If the price elasticity of demand for a good is 0.75, the demand for the good can be described as;</p>

If the price elasticity of demand for a good is 0.75, the demand for the good can be described as;

 

 

 

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Question 12
1 pts
<p>When the price of a product is increased 10% and the quantity demanded decreases 15%, the product is considered;</p>

When the price of a product is increased 10% and the quantity demanded decreases 15%, the product is considered;

 

 

 

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Question 13
1 pts
<p>If the price elasticity of demand for a product is equal to 0.50, than a 10% decrease in price will;</p>

If the price elasticity of demand for a product is equal to 0.50, than a 10% decrease in price will;

 

 

 

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Question 14
1 pts
<p>The satisfaction, or pleasure, one gets from consuming a good or service is;</p>

The satisfaction, or pleasure, one gets from consuming a good or service is;

 

 

 

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Question 15
1 pts
<p>After eating four slices of pizza, you are offered a fifth slice.  Your turn down the slice.  Your refusal indicates that;</p>

After eating four slices of pizza, you are offered a fifth slice.  Your turn down the slice.  Your refusal indicates that;

 

 

 

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Question 16
1 pts
<p>According to the law of diminishing marginal utility, the marginal utility associated with consuming successive units of a good will;</p>

According to the law of diminishing marginal utility, the marginal utility associated with consuming successive units of a good will;

 

 

 

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Question 17
1 pts
<p>One feature of pure monopoly is that the monopolist is;</p>

One feature of pure monopoly is that the monopolist is;

 

 

 

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Question 18
1 pts
<p>Barriers to entry?</p>

Barriers to entry?

 

 

 

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Question 19
1 pts
<p>Which is a barrier to entry?</p>

Which is a barrier to entry?

 

 

 

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Question 20
1 pts
<p>A characteristic of a purely competitive labor market would be;</p>

A characteristic of a purely competitive labor market would be;

 

 

 

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Question 21
1 pts
<p>If some activities create external benefits as well as private benefits, the economic theory suggests that the activity ought to be</p>

If some activities create external benefits as well as private benefits, the economic theory suggests that the activity ought to be

 

 

 

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Question 22
1 pts
<p>The ratio at which nations will exchange goods and services is known as the </p>

The ratio at which nations will exchange goods and services is known as the 

 

 

 

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Question 23
1 pts
<p>Trade between nations with different skills/resources leads to;</p>

Trade between nations with different skills/resources leads to;

 

 

 

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Question 24
1 pts
<p>U.S. imports create a;</p>

U.S. imports create a;

 

 

 

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Question 25
1 pts
<p>A firm is considered to be operating most profitably where Marginal Cost and Average Total Cost curves intersect?</p>

A firm is considered to be operating most profitably where Marginal Cost and Average Total Cost curves intersect?

 

 

 

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Question 26
1 pts
<p>Excellent weather created a higher than normal peach crop in South Carolina.  Shortly there after the price of peaches fell significantly.  These events suggest that a(n);</p>

Excellent weather created a higher than normal peach crop in South Carolina.  Shortly there after the price of peaches fell significantly.  These events suggest that a(n);

 

 

 

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Question 27
1 pts
<p>A recurring theme in economics is;</p>

A recurring theme in economics is;

 

 

 

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Question 28
1 pts
<p>The opportunity cost for a consumer that smokes cigarettes is the;</p>

The opportunity cost for a consumer that smokes cigarettes is the;

 

 

 

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Question 29
1 pts
<p>Which is the primary focus of study in macroeconomics? </p>

Which is the primary focus of study in macroeconomics? 

 

 

 

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Question 30
1 pts
<p>If demand for farm crops is inelastic, a good harvest will cause farm revenues to;</p>

If demand for farm crops is inelastic, a good harvest will cause farm revenues to;

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