Answer to Question #258543 in English for Jay

Question

Economics Final Exam

Key 1

1.A coffee shop would experience a shortage if it supplied 30 muffins

A. but consumers demanded 35

B. but consumers demanded 25

C. but consumers demanded 30

D. and later suppled 30 more

2.A person who makes goods or provides services is called a

A. provider

B. consumer

C. producer

D. customer

3.Two goods that are used together

A. normal goods

B. complements

C. substitute goods

D. inferior goods

4.Money left after production costs are subtracted from revenue is called

A. profit

B. output

C. fixed income

D. total cost

5.The shape of a demand curve slopes

A. Up from right to left

B. Down from right to left

C. Down from top left to lower right

D. Up from left to right

6.Which of these is NOT human capital

A. scientist

B. engineer

C. hotel maid

D. teacher

7.Equilibrium price is the price at which the quantity of a product demanded by consumers and the quantity supplied by producers

A. is higher for the product demanded

B. are equal

C. are different

D. is higher for the product supplied

Answer 1

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