Financial Statement Analysis and Decision Making Activity
February 15, 2021
Fill in charts/ Anwer questions
February 15, 2021

Answer Microeconomics T/F Questions

REALLY NEED AN A+ ON THIS ASSIGNMENT….MICROECONOMICS EXPERT ONLY!

Question 1


  1. Opportunity cost is the lowest valued benefit that must be sacrificed asthe result of choosing an alternative.





4 points

Question 2


  1. A supply curve is negatively sloped, while a demand curve is positively sloped. If given a graph of them both, that will be evidenced by computingeach curve’s X axis divided by its Y axis when devising a 90-degree angle.





4 points

Question 3


  1. The production possibilities frontier assumes that the level of technologyvaries when applying the model.





4 points

Question 4


  1. The law of supply states that there is a negative relationship between priceand quantity demanded.





4 points

Question 5


  1. Households play a dual role of providing the factors of production while purchasing the goods and services of firms.





4 points

Question 6


  1. If the spot oil price in petroleum markets is rising, then we can expect the supply curves of products using petroleum as an input to shift rightward.





4 points

Question 7


  1. Joint output of individuals or nations will be maximized when goods are exchanged between parties in accordance with the law of “comparative advantage”.





4 points

Question 8


  1. As globalization and world trade proliferates, individual markets withincountries’ economies become more competitive.





4 points

Question 9


  1. “As the price of gasoline rises, consumer demand decreases. In addition, the quantity demanded of compact cars increased, causing their price to rise.” This statement contains two errors: demand and quantity demanded are confused twice.





4 points

Question 10


  1. “The big corporations in this country, like ExxonMobil and GM, have deep pockets and need to be hiring more people.” This is a positive statement about economic policy.





4 points

Question 11


  1. Equilibrium is a state of balance between supply and demand.





4 points

Question 12


  1. The “Law of diminishing returns” states that as any activity is extended, it eventually becomes increasingly easier to pursue the activity further.





4 points

Question 13


  1. The law of demand states that there is a direct relationship between supply and demand.





4 points

Question 14


  1. Excess demand in the market will cause the price of a product to decline.





4 points

Question 15


  1. Government actions, such as price floors and ceilings, can actually reduce employment and raise market inefficiency





4 points

Question 16


  1. A change in quantity demanded is a movement along the same demand curve.





4 points

Question 17


  1. For economies that rely on decentralized decision making, the most important decisions are made by the government.





4 points

Question 18


  1. A point inside the production possibilities frontier represents an economy that is utilizing resources efficiently.





4 points

Question 19


  1. An increase in consumer income will affect the supply of any given product.





4 points

Question 20


  1. In the circular flow model, firms own economic resources, and households buy the manufactured products and services.





4 points

Question 21


  1. Demand is measured on the vertical axis and supply on the horizontal axis.





4 points

Question 22


  1. In the production possibilities frontier, a nation’s boundary will shift inward if they export more than they import, likely leading to inflationary pressures in the economy.





4 points

Question 23


  1. A substitute good is a determinant of supply.





4 points

Question 24


  1. Antiques would tend to have highly price inelastic supply curves.





4 points

Question 25


  1. The smaller percentage of one’s net budget one has to allocate moneyto a particular product, the more price inelastic will be the demandfor that product.





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