Which Of These Describes The Fundamental Conflict Of Economics

Question: Based on the supply graph and the demand graph shown above, what is the price at the point of equilibrium?

Answer: b.

Question: Which of the following is not a question college students find themselves asking when considering the costs of school during the recession?

Answer: d.

How often should I go to class?

Question: Which of these describes the fundamental conflict of economics?

Answer: b.

the management of limited resources to satisfy unlimited wants

Question: The simplest circular model of the United States economy depicts the economy as a cycle in which resources flow between which two entities?

Answer: b.

businesses and households

Question: What is D at the point of equilibrium, to the nearest whole number?

Answer: d.

Question: What is the difference between microeconomics and macroeconomics?

Answer: c.

Microeconomics deals with economics on the level of individuals or businesses, while macroeconomics deals with economics on the level of states or countries.

Question: Using the above supply/demand graph, what is the price at the point of equilibrium?

Answer: c.

Question: The figure above shows a store’s supply-demand graph for coffee makers. If the store sells $375 worth of coffee makers, which of the following is a valid possible price for them?

Answer: b.

$25

Question: The supply/demand graph for bicycle helmets in a certain market is shown above. Find the price when supply and demand are in equilibrium.

Answer: c.

$70

Question: Say that the economy is in an expansion, causing wages to increase by six percent. If you previously received a monthly salary of $1,375.00, what will your new monthly salary be? Round all dollar values to the nearest cent.

Answer: d.

$1,457.50