is a schedule that shows various amounts of a good or service a seller is willing and able to sell at each possible price during a particular period. A. Production possibilities curve B. Capacity utilization C. Demand D. Supply
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17. is a schedule that shows various amounts of a good or service a seller is willing and able to sell at each possible
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- Choose the Letter of the Correct Answer 1. It refers to a basic economic question that asks what needs and wants to be produced?. A. How much to produce? B. What to produce? C. How to produce? D. For whom to produce? 2. It refers to the skills and talents to produce a product. A. How much to produce? B. What to produce? C. How to produce? D. For whom to produce? 3. It refers to the target market of a certain product. A. How much to produce? B. What to produce? C. How to produce? D. For whom to produce? 4. A basic economic question that relates about quality and quantity of the product. A. How much to produce? B. What to produce? C. How to produce? D. For whom to produce? 5. It is a kind of economic system that is paternal, kinship in nature. A. Traditional economic system B. Market economic system C. Command economic system D. Mixed economic system10. What is the willingness and ability of producers to offer a good for sale referred to as? A) Private enterprise B) Supply C) Free market economy D) Law of supply 11. A key to business success is to decide in advance how to respond to the issues that underlie all questions of ethics and A) personnel complaints B) compensatory damages. C) governmental support D) social responsibility9, what is primarily concerned with markets for goods, services and resources
- 5. What marks the key difference between economic systems 9 A) The way they manage the factors of production B) The way they transport goods within their borders 10 .11 C) The way rules and regulations are legislated D) The way workers are relocated to different regions 6. A new feature on the latest iPhone has made it wildly popular. Which action should .12 iPhone take to maximize profits 13 A) Increase the supply of the smart phone. B) Decrease the supply of the smart phone. 14 C) Reduce the price of the smart phone. D) Maintain the current supply until demand falls.1. Show the market for potatoes on a graph and show what will happen if there is a drought in Idaho (where a lot of potatoes are grown) b. On another graph, show what will happen in the market for potatoes if there is a drought in China (where, I presume, a lot of rice is grown).4. Identify the point or points for which the following is true: More can be produced of both pizza and beer, without an increase in resources or improvement in technology.
- 1. It is primarily the basis of economic activity a. economics b. scarcity c. social science d. abundance 2. What happen to the demand for tilapia if the price of bangus will go down? a. prices of tilapia remains b. price of bangus remains c. shift to the right d. shift to the left If cruz family lessens their demand expenditures for rice because they want pandesal for their breakfast, this is a. time efficient b. taste and preference c. decrease in income d. saving for cooking gasWhat is a good or service that has become expensive/cheap due to (a) natural scarcity/abundance of supply or naturally high/low demand, and (b) artificial mean (e.g., government policy, competition restricting practices)?4. Explain each key ingredients. (ii) There should be willingness to buy the product.
- 12. A certain production possibilities frontier shows production possibilities for two goods: pants and shirts. Which of the following concepts cannot be illustrated in this model? a. the flow of dollars between (i) sellers of pants and shirts and (ii) buyers of pants and shirts. b. the tradeoff between production of pants and production of shirts. c. the opportunity cost of shirts in terms of pants. d. the effect of economic growth on production possibilities involving pants and shirts.1. These are factors affecting the supply to increase and decrease, except one. A. Technology C. Producers Tastes B. Producer Preferences D. Consumer preferences 2. These are factors affecting the demand to increase and decrease, EXCEPT one. A. Raw materials C. Consumer Tastes B. Producer Preferences D. Price of related goodsHow does a market reach equilibrium without any outside intervention? Explain using the supply and demand concept. Please use proper graph.Thank you sir.