Note just provide answers. Like Q1 =b Question 1 Question textThe income effect refers to:Select one:a. changes in income because of changes in business investment.b. changes in money or nominal income because of changes in wages.c. a change in the quantity demanded of a good because of an implicit change in the buyer's income caused by a change in the price of a good or service.d. a change in the quantity demanded of a good because of a change in the buyer's money income. Question 2 Question textAssume a market initially exhibits a shortage. Assuming that both prices and quantities are flexible, which of the following will be true after the market adjusts to equilibrium?Select one:a. Price is lower.b. Quantity demanded is greater.c. Quantity supplied is more.d. Quantity supplied will be reduced. Question 3 Question textThe fundamental economic questions that every economic system must answer are:Select one:a. what, how, and for whom.b. what, why, and for whom.c. when, why, and for whom.d. how, when, and how much. Question 4 Question textIf the price elasticity of supply is greater than 1, then:Select one:a. supply is price elastic.b. supply is price inelastic.c. supply is unit price elastic.d. quantity supplied is relatively unresponsive to price changes. Question 5 Question textAfter graduation from college you will receive a substantial increase in your income from a new job. If you decide that you will purchase more T-bone steak and less hamburger, then for you hamburger would be considered a/an:Select one:a. normal good.b. substitute good.c. complementary good.d. inferior good. Question 6 Question textHuman effort that can be applied in the production process is called:Select one:a. natural resources.b. technology.c. labor.d. specialization. Question 7 Question textDemand for a normal good _______ with _______ in income.Select one:a. rises; decreasesb. falls; increasesc. rises; increasesd. stays the same; increases Question 8 Question textIf an increase in income leads to an increase in the demand for a good, then the good is said to be:Select one:a. normal.b. a luxury.c. inferior.d. a staple or necessity. Question 9 Question textAny point inside a production possibilities curve indicates:Select one:a. unemployment and/or inefficiency.b. that the law of increasing opportunity costs is no longer valid.c. that society doesn't want more of either good.d. that economic growth is no longer possible.Clear my choiceQuestion 10 Question textWhen moving along a production possibilities curve, the opportunity cost to society of getting more of the good on the horizontal axis:Select one:a. is constant.b. is measured in dollar terms.c. is measured by the amount of the other good that must be given up.d. usually decreases.

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Note just provide answers. Like Q1 =b Question 1 Question textThe income effect refers to:Select one:a. changes in income because of changes in business investment.b. changes in money or nominal income because of changes in wages.c. a change in the quantity demanded of a good because of an implicit change in the buyer's income caused by a change in the price of a good or service.d. a change in the quantity demanded of a good because of a change in the buyer's money income. Question 2 Question textAssume a market initially exhibits a shortage. Assuming that both prices and quantities are flexible, which of the following will be true after the market adjusts to equilibrium?Select one:a. Price is lower.b. Quantity demanded is greater.c. Quantity supplied is more.d. Quantity supplied will be reduced. Question 3 Question textThe fundamental economic questions that every economic system must answer are:Select one:a. what, how, and for whom.b. what, why, and for whom.c. when, why, and for whom.d. how, when, and how much. Question 4 Question textIf the price elasticity of supply is greater than 1, then:Select one:a. supply is price elastic.b. supply is price inelastic.c. supply is unit price elastic.d. quantity supplied is relatively unresponsive to price changes. Question 5 Question textAfter graduation from college you will receive a substantial increase in your income from a new job. If you decide that you will purchase more T-bone steak and less hamburger, then for you hamburger would be considered a/an:Select one:a. normal good.b. substitute good.c. complementary good.d. inferior good. Question 6 Question textHuman effort that can be applied in the production process is called:Select one:a. natural resources.b. technology.c. labor.d. specialization. Question 7 Question textDemand for a normal good _______ with _______ in income.Select one:a. rises; decreasesb. falls; increasesc. rises; increasesd. stays the same; increases Question 8 Question textIf an increase in income leads to an increase in the demand for a good, then the good is said to be:Select one:a. normal.b. a luxury.c. inferior.d. a staple or necessity. Question 9 Question textAny point inside a production possibilities curve indicates:Select one:a. unemployment and/or inefficiency.b. that the law of increasing opportunity costs is no longer valid.c. that society doesn't want more of either good.d. that economic growth is no longer possible.Clear my choiceQuestion 10 Question textWhen moving along a production possibilities curve, the opportunity cost to society of getting more of the good on the horizontal axis:Select one:a. is constant.b. is measured in dollar terms.c. is measured by the amount of the other good that must be given up.d. usually decreases.

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