Tag: Economics – Others

5. PPF represents an economy’s maximum productive capacity determined by its economic fundamentals. So Foreign’s PPF can be formulated by the equation of A L* = X* + 2Y *B

Fill in the Blank Question One person has a(n) ◻ advantage over another if their opportunity cost of performing a task is lower than the other person’s opportunity cost. (Enter one word in the blank.)

Who proposed that access to large markets via water caused nations to specialize and innovate which led to economic wealth?
Question 6 options:
Adam Smith
Karl Marx
Milton Friedman
John Maynard Keynes

When the supply for a good decreases, consumers respond by:
increasing their preferences for the good.
decreasing their quantity demanded.
decreasing their demand.
purchasing more complementary goods.

Who was the only president who had a perfect relationship with the press?
Group of answer choices
Answer choices
No president has had a perfect relationship with the press
Bill Clinton
George Washington
Richard Nixon

A price-taking consumer with income Y = 100 has utility over numeraire consumption c and a commodity a given by:
u(c, q) = c + 12q – q
3
How much of the commodity will the consumer consume if the price is 4?

Multiple Choice QuestionWhen workers assemble formally to bargain with employers for better wages and working conditions, it is called a(n)
workers’ comp.
efficiency wage.
labor union.
producer union.

The World Bank has developed a four-category classification system for stages of marketing development which uses per capita gross national income (GNI) as a base.
Group of answer choices
True
False

True or False: Because resources are scarce and human wants are essentially unlimited, people and organizations are always faced with trade-offs with regard to the use of their resources.
True
False

The governmental body charged with enforcing and carrying out the laws promulgated by Congress is:
Multiple Choice
The judicial branch
Administrative agencies
Local townships
the American Law Institute