e) tnore of the above the nesource and prouct market b) the tinal good and acn-t

Question

e) tnore of the above the nesource and prouct market b) the tinal good and acn-tirsd good market e) the demaad anad supply maket d) none of the above s. ls the cisealar now model households and businesses intersct is two markets 9. The term ceveris parbur mearedhat: a) the associaned ststement is a fallacy b) many variables affeor the varialle under coneiderion c) a nember of relevant nciables are asaumad to be consteil d) when variiNe X increases so does related variable Y 10. The law of increasing oppoetunity oost exists because: various goods in producing a) resources are b) the vals of the dolar has diminished historically because of inflation rates im ariably rise as the esonomy approsches full employment d corsumers lerd to value any good move highly when dhey have little of it a) which oupuc mix will esalt in the most rapid rate of economie growth c) the point on the production possiblities curve which will meximize society's satisfaction 11. Allocative efficiescy involves determining: d) the least costly wy to peoduce any mis of poods and services 12 Which of the followirg is a microscomomic statement n) The real domestic ostput increased by 2.5 percent last year b) Unemployment was 6.8 perceni of the labor force last year e) The price of persomal computers dectined last yer d) The general price level incressed by 4 peroent last year 13. Which of the following is as econcemic esplienstion for why most colkge-age movie stars do not attend college? a) they are too damh to get into oollege b) they would find college life boring e) the opportunity cost in terms of reduced inccme is too great d) they cancot afford the room, board, and tuition fees most colleges chirge 14. The ecocomic systeme characterized by central govemment planning of econoenic activities is pure capitalism b) the traditional economy c) the market system d) the command economy 15. Which of the following stidements is corret? n) If demand increases and supply decreases, equilibrivum price will fall b) If sugply ixreases and demand decreases, equilbriumn price wil ilil e) II demsand decreases and supply increnses, equilibrium price will rise d) If supply declines und demard remains coestie, equilibrium price will fill Page

Explanation / Answer

8) The circulation of income is called circular flow model in this the house holds will provide factors of production where the firms will provide goods and services.

In this household proivide resources where the busniess firms provide products.

So option A is the correct statement

9) The term ceterius paribus means " other things being the same" here one variable effects the other where all other variable remain constant.

So option C is the correct statement

10) The low of increasing oppurtunity cost exist beacuse there is deminishing in value of currency and resources are not efficient to produce various goods due to inflation

So option A is correct answer

12) A centarlly government planning of economic activities are called planned economy which is callled as market system

So option C

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