Which is the best answer? The U.S. is a mixed economy that leans more towards a

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Which is the best answer? The U.S. is a mixed economy that leans more towards a free market economy. The U.S. is a pure capitalist free market economy. The U.S. is a pure socialist economy. The U.S. is a traditional economy based on long historical cultural processes. The U.S. is a mixed economy that leans more towards the socialist spectrum. complement is a good of lower quality than another good. of higher quality than another good. used instead of another good. used in conjunction with another good. Economic growth can be pictured in a production possibilities frontier diagram by making the production possibilities frontier more bowed out. moving from a point inside the production possibilities frontier to the frontier. making the production possibilities frontier less bowed out. shifting the production possibilities frontier inward. shifting the production possibilities frontier outward. As a person consumes more and more of a good, the marginal benefit increases or decreases depending whether or not the economy is on the PPF. marginal benefit decreases. marginal benefit increases. price of the good falls. welfare loss (or deadweight loss) is made up of a loss of only producer surplus. not a social loss. made up of a loss of only consumer surplus. made up of a loss of both consumer surplus and producer surplus. teach point on a supply curve represents the lowest price for which a seller will accept. the highest price sellers can get for each unit over time. the lowest price buyers will accept per unit of the good. the highest price buyers will pay for the good. Opportunity cost is defined as the top two alternatives given up. the highest-valued alternative given up. all the possible alternatives given up. the amount of money spent to take part in the activity chosen.

Explanation / Answer

(1) Option (A)

The US is a fixed economy which tends toward fre market economy with government intervention restricted at the minimum required level.

(2) (D)

A complement is a good which is consumed together with (in conjunction with ) a good.

(3) (E)

Economic growth results in increase in the quantities produced in an economy, therefore shifting the PPF outward.

(4) (B)

Increased consumption of a good keeps lowering the marginal benefit derived from last unit consumed. This is the law of diminishing marginal utility.

(5) (D)

Deadweight loss arises from decrease in both consumer and producer surplus.

(6) (B)

(7) (B)

Opportunity cost is the value of the second-best alternative being given up.

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