ooo Verizon LTE 1:05 PM 71% Done Take Home Test Ch. 1 to 4 student.pdf 9) Macroe
ID: 1206346 • Letter: O
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ooo Verizon LTE 1:05 PM 71% Done Take Home Test Ch. 1 to 4 student.pdf 9) Macroeconcadcs is the stucy of A) how households and irms make choices C) the econoumy as a whole B) how households make choices D) how irms make chaiens 30) Which o the Sollowing staberments is true about profit? A) Profit is calculated byultiplying price and quantity sold. B) Profit is the difference between revenue and cost ) The berms accounting prolit and "economie peotif can be used interchangeably. D Profit refers bothe revenue received from the sale of a quantity of goods. 31) In economics, the accumulated skil's and training that workers have is known as C) human apital D) physical capital 32) Which of the following is an example of an activity undertaken by an entrepceneur? A) starting your own pet sitting basiness B) running for the president of the United States C) holding position as the president cfa liberal arts college D) designing your landscaping for your new home 33) The machines workers have to work with are considered B) physical capital A) inahciaf capital C)haman capital 34) Technology is defined as A) the process of recyeling products. B) new innovations and creations C) the processes used to produce goods and services D) the process of developing and revising models Table 3-I Leose Leaf Tea Price per Ib.D Quantity Quantity Quantity | Quantity Demanded Demanded DemandedDemanded lbs) lbs 51 35) Refer to Table 3-1- The table above shows the demand schedules for loose-leaf t of two individuals (Sunil and Mia) and the rest of the market. If the price af loose-leaf tea rises froem $3 to 4, the market quantity demanded would A) increase by 32 Ibs ) increase by 64 tbs B) decrease by 32 s D) decrease by 64Explanation / Answer
29(c)
30(B)
31(C)
32(A) - the others are based on personal activities or political ones or fixed income generating ones.
33(B)
34(C) - here (B) denotes innovation
35(B) At price 3, market demand is (15+8+90) = 113
at price 4, market demand is (12+5+64) = 81
thus, market demand falls by (113-81) = 32 units
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