26 Jul WHICH OF THE FOLLOWING ECONOMIC TERMS DESCRIBES THE TOTAL VALUE OF A NATION’S GOODS OR SERVICES THAT HAVE BEEN ADJUSTED FOR INFLATION?
For a firm that has passed the point where the law of diminishing returns has taken effect, adding another input to production means thatvariable costs are decreasingmarginal product is decreasingmarket price is decreasingprofit is decreasing1 pointsQuestion 2 Which of the following economic terms describes the total value of a nation’s goods or services that have been adjusted for inflation?Altered gross domestic productAltered gross national productReal gross domestic productGross domestic product1 pointsQuestion 3Nancy Murray has $6,000 in demand deposits with the Teachers Credit Union. This means that she has $6,000 insavings accountscertificates of depositIRA accountschecking accounts1 pointsQuestion 4If the demand for peaches increases when the price of pears increases, holding other factors constant, then these goods must beelasticinferiorsubstitutescomplements1 pointsQuestion 5When economists study the national economy or global economy, they are using a ____ approach.microeconomicsmonetarymacroeconomicsfiscal1 pointsQuestion 6If 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 ofopportunity costdiminishing returnseconomic profitcomparative advantage1 pointsQuestion 7The primary function of the Fed is toappoint its board memberscharter national banksregulate the supply of money in the United States so as to maintain a healthy economyregulate the supply of money in the world to support capitalism1 pointsQuestion 8An 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.producer’smarketcommandplanned1 pointsQuestion 9If all leading corporations in the soft-drink industry merged, this wouldcreate a monopolylead to an oligopolyencourage monopolistic competitionencourage pure competition1 pointsQuestion 10In a perfectly competitive market environment, long-run economic profit equals zero becausebarriers to entry keep competing firms out of the markethigh, long-run fixed costs drive economic profit to zeroa lack of barriers to entry leads to more firms entering the market, driving profit to zerolong-run economic profits greater than zero are illegal1 points
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