Loading...

Messages

Proposals

Stuck in your homework and missing deadline? Get urgent help in $10/Page with 24 hours deadline

Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades.

Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support

The economic function of profits and losses is to

28/12/2020 Client: saad24vbs Deadline: 10 Days

3. From society's point of view the economic function of profits and losses is to:

A) promote the equal distribution of real assets and wealth.

B) achieve full employment and price level stability.

C) contribute to a more equal distribution of income.

D) reallocate resources from less desired to more desired uses.


Answer the next question(s) using the following data which show all available techniques for producing 20 units of a particular commodity:


4. Refer to the above data. In view of the indicated resource prices, the economically most efficient production technique(s) is (are) technique(s):

A) #1. B) #2 and #4. C) #3. D) #1 and #3.


5. Refer to the above data. Assuming that the firm is motivated by self-interest and that the 20 units which can be produced with each technique can be sold for $3 per unit, the firm will:

A) realize an economic profit of $10.

B) realize an economic profit of $30.

C) not earn any economic profit.

D) close down rather than incur a loss by producing.


6. The market system's answer to the fundamental question "Who will get the goods and services?" is essentially:

A) "Those willing and able to pay for them." C) "Those who most need them."

B) "Those who physically produced them." D) "Those who get utility from them."


7. An increase in the price of a product will reduce the amount of it purchased because:

A) supply curves are upsloping.

B) the higher price means that real incomes have risen.

C) consumers will substitute other products for the one whose price has risen.

D) consumers substitute relatively high-priced for relatively low-priced products.


8. If two goods are complements:

A) they are consumed independently.

B) an increase in the price of one will increase the demand for the other.

C) a decrease in the price of one will increase the demand for the other.

D) they are necessarily inferior goods.


Use the following to answer questions 9-10:


9. A decrease in demand is depicted by a:

A) move from point x to point y. C) shift from D2 to D1.

B) shift from D1 to D2. D) move from point y to point x.


10. A decrease in quantity demanded (as distinct from a decrease in demand) is depicted by a:

A) move from point x to point y. C) shift from D2 to D1.

B) shift from D1 to D2. D) move from point y to point x.


11. The term quantity demanded:

A) refers to the entire series of prices and quantities that comprise the demand schedule.

B) refers to a situation in which the income and substitution effects do not apply.

C) refers to the amount of a product that will be purchased at some specific price.

D) means the same thing as demand.


12. If consumers are willing to pay a higher price than previously for each level of output, we can say that that following has occurred:

A) a decrease in demand. C) a decrease in supply.

B) an increase in demand. D) an increase in supply.


13. Refer to the above diagram. A decrease in supply is depicted by a:

A) move from point x to point y. C) shift from S2 to S1.

B) shift from S1 to S2. D) move from point y to point x.


14. Refer to the above diagram. An increase in quantity supplied (as distinct from an increase in supply) is depicted by a:

A) move from point y to point x. C) shift from S2 to S1.

B) shift from S1 to S2. D) move from point x to point y.


Use the following to answer questions 15-18:


15. Refer to the above table. If demand is represented by columns (3) and (2) and supply is represented by columns (3) and (5), equilibrium price and quantity will be:

A) $10 and 60 units. B) $9 and 50 units. C) $8 and 60 units. D) $7 and 50 units.


16. Refer to the above table. If demand is represented by columns (3) and (1) and supply is represented by columns (3) and (4), equilibrium price and quantity will be:

A) $10 and 60 units. B) $9 and 60 units. C) $8 and 80 units. D) $7 and 30 units.


17. Refer to the above table. In relation to column (3), a change from column (5) to column (4) would indicate a(n):

A) increase in demand. B) decrease in demand. C) increase in supply. D) decrease in supply.


18. Refer to the above table. Suppose that demand is represented by columns (3) and (2) and supply is represented by columns (3) and (5). If the price were artificially set at $9, a:

A) the market would clear.

B) a surplus of 20 units would occur.

C) a shortage of 20 units would occur.

D) demand would change from columns (3) and (2) to columns (3 and (1).


19. Other things equal, an excise tax on a product will:

A) increase its supply. C) increase the quantity sold.

B) increase its price. D) increase its demand.

Homework is Completed By:

Writer Writer Name Amount Client Comments & Rating
Instant Homework Helper

ONLINE

Instant Homework Helper

$36

She helped me in last minute in a very reasonable price. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up!

Order & Get This Solution Within 3 Hours in $25/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 3 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 6 Hours in $20/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 6 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 12 Hours in $15/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 12 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

6 writers have sent their proposals to do this homework:

Writer Writer Name Offer Chat

Writers are writing their proposals. Just wait here to get the offers for your project...

Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam.

Similar Homework Questions

Purpose of appendix in report - Bluecoat default enable password - St andrews recycling center - Agile companies and no Agile companies - Hd-48650 digital technician ii - How to calculate total factor productivity in excel - Matte 2 - Iacademy oracle 3 - Sister lucy's powdered face - Unit6 assignment topic is potassium - Difference between a threat and a vulnerability - In n out burger interview questions - Week 8 com 510 discussion questions - Thermochemistry the heat of reaction lab report answers - 300-500 WORDS ABOUT A MOVIE - Enzyme amylase action on starch answers - Oprah winfrey harvard commencement speech full text - Wk 1, IOP 470: DR, 2 - Add column sparklines to cells f2 - Iwcf questions and answers - Whatever happened to crazy eddie - St louis arch math problem - Ib chemistry sl data booklet - Nick donato 9 11 - Temporary traffic control zone layouts - Sea cadet dress regulations - Training needs analysis case study - Quality of nursing care theory by june larrabee - Cloud Computing - Accounting in business chapter 1 - Time cost trade off analysis in project management - Texting and driving persuasive speech introduction - Digestion and Macronutrients - 1332 geelong road mount clear - Write notes on contemporary issues in management accounting - Midterm reflection - The mask you live in questions and answers - Patient Preferences and Decision Making - Discussion Board - MA GD2 - Dr james jabbour burwood - Siop powerpoint presentation - What are labor costs in ms project - Wr3 305 - Final Disc 5 - Contrast method of relaxation - Gardeners choice lawn mower ohv 400 parts - Cell homeostasis virtual lab answer key - Are robinson helicopters safe - Florida ultimate law sticker fish ruler - Horizontal motion of air - Moderate frame black picture style - Ormond beach soccer club - Rosemarie rizzo parse human becoming theory - Challenger institute of technology rockingham - Capsim research and development - International journal of choice theory and reality therapy - Interview Assignment: - Bending moment diagram distributed load - Top bar hive pros and cons - Nursing journal assignment - 18-20 cavendish street geelong - American idol a big hit for marketing research - The crucible act 1 study questions and answers pdf - Cite give me liberty eric foner - Essay - Assa abloy lockwood manual - How to graph y 3x 6 - How to radicalize a normie - How to use tree diagrams for probability - The slope of a velocity time graph represents - Www uxbridgecollege ac uk moodle - Norton introduction to literature 13th edition pdf - Fyf 893 from you flowers - Data collected over several time periods are - Macquarie capital notes 2 prospectus - Journal Article Summaries - Alternate form reliability in assessment - Whirlpool 6th sense freezer manual - Did information systems cause deutsche bank to stumble - Why does judge taylor appoint atticus - Implementing Change Paper - How to introduce a tv show in an essay - 0 in roman numerals - How to reference aasw practice standards - Professional Accountability, Standards of Practice, and Professional Development - Need help with attached. - 4 winkin ave gymea bay - Engineering assignment - Ort in email etiquette stands for - The casino industry case analysis - 3m marketing strategy case study - Human Services Essay - 7 zones of entrapment - Marketing chapter 7 quiz answers - How many milliliters in a liter - Westpac financial planning sale - Juvenile rheumatoid arthritis slideshare - Oil drop experiment questions - Read and answer, business article