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.
30
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.
54
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.
70
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