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

Which statement best describes a capitalist economy

14/10/2021 Client: muhammad11 Deadline: 2 Day

ECON 101 Midterm Exam Week 4

Midterm

Part 1 of 1 -

100.0 Points

Question 1 of 19

5.0 Points

Economics is the study of:

Answer Key: C

Question 2 of 19

5.0 Points

Which of the following is not a central focus of the "economic perspective"?

Answer Key: B

Question 3 of 19

5.0 Points

The satisfaction or pleasure one gets from consuming a good or service is:

Answer Key: B

Question 4 of 19

5.0 Points

The private ownership of property resources and use of prices to direct and coordinate economic activity is characteristic of:

Answer Key: B

Question 5 of 19

5.0 Points

Which statement best describes a capitalist economy?

Answer Key: C

Question 6 of 19

5.0 Points

Capitalism is an economic system that:

Answer Key: D

Question 7 of 19

5.0 Points

In a market system, well-defined property rights are important because they:

Answer Key: D

Question 8 of 19

5.0 Points

If two goods are complements:

Answer Key: C

Question 9 of 19

5.0 Points

When the price of a product is increased 10 percent, the quantity demanded decreases 15 percent. In this range of prices, demand for this product is:

Answer Key: A

Question 10 of 19

5.0 Points

Demand can be said to be inelastic when:

Answer Key: C

Question 11 of 19

5.0 Points

Economic growth is shown by a shift of the production possibilities curve outward and to the right.

Answer Key: True

Question 12 of 19

5.0 Points

The four factors of production are land, labor, capital, and government services.

Answer Key: False

Question 13 of 19

5.0 Points

If demand increases and supply simultaneously decreases, equilibrium price will rise.

Answer Key: True

Question 14 of 19

5.0 Points

Property rights have a positive effect in a market economy because they encourage owners to maintain their property.

Answer Key: True

Question 15 of 19

5.0 Points

In the price range where demand is inelastic, a decrease in price will result in a decrease in total revenue.

Answer Key: True

Question 16 of 19

5.0 Points

Price elasticity of supply decreases the longer the time period.

Answer Key: False

Question 17 of 19

5.0 Points

Toothpaste and toothbrushes are substitute goods.

Answer Key: False

Question 18 of 19

5.0 Points

A government-set price ceiling will lower equilibrium price and quantity in a market.

Question 19 of 19

10.0 Points

Under what elasticity conditions would the following be true:
"Increasing the minimum wage will result in a decrease in employment for workers who now earn less than the new minimum wage"?

ANSWER:
This statement is an example of "Elasticity of Labor Demand". Companies gain profit by paying more workers less than minimum wage. If the minimum wage increases, it now becomes too expensive to keep additional hands on the payroll, therefore resulting in a loss of employment. On the other hand, if there is only a slight increase in the rise of minimum wage (3% - 5%), the loss of employment rate should be much less (1% - 2%) making the labor demand inelastic. I think it all depends on the total amount of revenue the company is taking in.

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:

Engineering Solutions
Write My Coursework
Engineering Mentor
Professor Smith
Smart Accountants
Assignment Solver
Writer Writer Name Offer Chat
Engineering Solutions

ONLINE

Engineering Solutions

I am an academic and research writer with having an MBA degree in business and finance. I have written many business reports on several topics and am well aware of all academic referencing styles.

$35 Chat With Writer
Write My Coursework

ONLINE

Write My Coursework

As an experienced writer, I have extensive experience in business writing, report writing, business profile writing, writing business reports and business plans for my clients.

$22 Chat With Writer
Engineering Mentor

ONLINE

Engineering Mentor

I have read your project description carefully and you will get plagiarism free writing according to your requirements. Thank You

$18 Chat With Writer
Professor Smith

ONLINE

Professor Smith

I have read your project details and I can provide you QUALITY WORK within your given timeline and budget.

$42 Chat With Writer
Smart Accountants

ONLINE

Smart Accountants

I have read your project description carefully and you will get plagiarism free writing according to your requirements. Thank You

$17 Chat With Writer
Assignment Solver

ONLINE

Assignment Solver

I will be delighted to work on your project. As an experienced writer, I can provide you top quality, well researched, concise and error-free work within your provided deadline at very reasonable prices.

$48 Chat With Writer

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

Similar Homework Questions

Vs sup2t 10g eol - How many isomeric forms can chloroethylene c2h3cl have - Types of non-experimental research designs - Oz design furniture warehouse - Https www jobtestprep co uk - Vold's Theoretical Criminology - Behavior change theories and models - Mha/520 dq - I need long term academic writers - What landforms are created by divergent boundaries - The monkey's paw pdf middle school - Belkasoft acquisition tool download - Define the term policy impacts - Glass equipment risk assessment - Public, Family, and Community Health Discussion - IG Micrososft Issue - Me talk pretty one day questions and answers - Green computing research project charter - Daedalus and icarus questions and answers - Introduction to human communication book pdf - My brother sam is dead questions - Econ week 3 disscusion - Skinpen by bellus medical for sale - Rm cobol compiler free download - How to create a class diagram in microsoft word - Nurse as knowledge worker infographic - Figurative language in the great gatsby - 870 centaur road lavington - The garden place case study solution - The chair of the operations management department at quality university - What is the rational actor model - Playstation 4 error ws 37269 7 - Jennifer eichinger cpa parsons ks - Cornwall college student portal - Create a Lesson Plan - Check the Attached work and let me know if you can be able to do the work - In terms of globally integrated marketing communications adaptation is - John bowlby four stages of attachment - Meaa rates 2021 australia - A well insulated heat exchanger is to heat water - Work done by spring - Predictive monitoring of business processes - Multiplexers and decoders - Responded 2 discussion boards - Ultimate esperance 4 burner bbq - Calculate the payback period for the proposed investment - Lab 1 introduction to science exercise 7 - Keith rn case studies - Danny rivera shadow health questions - Wk5 DQ - Data Analysis and Business Intelligence - Myaccountinglab homework answers - Need help to write an article about wearable technology topics - Ainsworth and bowlby 1991 - Formula sheet for methods - Ibm deutschland gmbh 71137 ehningen - Work breakdown structure for a birthday party - Ernie dances to the didgeridoo lesson plan - The case for short words richard lederer - Dependent source and independent source - Cics transaction gateway information center - Bucks teaching assistant pay scale - Answer to essay-200 words minimum(MelGC) - MGT312T Week. 2 Apply Self-Assessment Reflection - Https myteam tupperware eu fr - Week-14 assignment cpm - Which law states that energy cannot be created nor destroyed - 2013 general maths hsc - Caterpillar swot analysis - Mark twain's the lowest animal - Denver airport automated baggage system - Negative and positive feedback diabetes - Sociology paper - Contingent assessment methods - Waeco rvs 550 reversing camera - United church of god sabbath - Suffer the little children pennhurst documentary - Unique building services geelong - Jeannette walls real family pictures - Case study - How to read barometric pressure on a station model - Mass measured by what instrument - Perceptual map presentation mkt 421 powerpoint - Writers such as shakespeare and marlowe focused on - 2.13 formation of the united states unit test - Organizational Theory - In marketing communications, lying causes predicaments for companies because it destroys - Nsa voluntary register of nutritionists - Title servant in a 1946 goddard film crossword - Menopouse - Armstrong and miller bins out - Amp flexible super phone number - Advanced push pull legs - Digital notice board project - Essays Guru only - You hear: alejandro llevó un suéter marrón. you choose: preterite - Zn + hcl net ionic equation - List of 2015 massively multiplayer online video games - Hatchet summary chapter 15 - Denton company manufactures and sells a single product - Examine a Potential Culture of Innovation to Promote an Entrepreneurial Spirit