Other Economics Answers

If a decrease in income increases the demand for a good, then the good is

A.a substitute good.

B.a normal good.

C.an inferior good.

D. a complement good.

Is there any significant difference between learning Economics and teacher experience?

You love peanut butter. You hear on the news that 50 percent of the peanut crop in the Northern Cape has been wiped out by drought, and that this will cause the price of peanuts to double by the end of the year. As a result,

1.your demand for peanut butter will increase, but not until the end of the year.

2.your demand for peanut butter decreases as you look for a substitute good.

3.your demand for peanut butter increases today.

4.you will wait for the price of apricot jam to change before altering your demand for peanut butter.

If Gouda cheese and cheddar cheese are substitutes, then which of the following would increase the demand for cheddar cheese?

1.an increase in the price of Gouda cheese

2.an increase in the price of cheddar cheese.

3.a decrease in the price of Gouda cheese

4.a decrease in the price of cheddar cheese

A market demand curve reflects:

1.how much buyers are willing and able to buy at each possible price.

2.how quantity demanded changes when the number of buyers changes.

3.when the buyers are willing to buy the most.

4.the fact that the level of income is inversely related to quantity demanded.

Do teachers have knowledge of basic principles of using methods of teaching Economics?

List and discuss the top three expenditures in state budgets overall and substantiate your selection. (30)

The circular flow model for goods and services is where ________

1. the households sell their factors of production to the factor market where they are purchased by firms

2. firms consume goods and services offered on the goods market

3. firms combine factors of production and produce goods and services 

4. goods and services are offered for sale on the factor market

a. Only 1.

b. Only 1 and 3.

c. Only 1, 3 and 4.

d. Only 4.

Which one of the following equations is true?

a.   M3 = M1 + M2 + M3

b.   M2 = M3 – M1

c. M = C + D

d.   M1 = M3 – M2

Some of the instruments that can be used by government to intervene in the market are ________

a.   government spending, public financing and population growth.

b.   transfer payments, taxation and regulation.

c.   public financing, political shocks and redistribution of income.

d.   redistribution of income, transfer payments and taxation.