The law of supply states that there is a direct relationship between price and quantity demanded?Justify.

the law of demand states that there is a direct relationship between supply and demand.
True
False
Equilibrium is a state of balance between supply and demand.
True
False
Goods are scarce for both rich and poor.
True
False

“The big corporations in this country, like ExxonMobil and GM, have deep pockets and need to be hiring more people.” This is a positive statement about economic policy.
True
False
The law of supply states that there is a direct relationship between price and quantity demanded.
True
False
In the circular flow model, firms own economic resources, and householdsbuy the manufactured products and services.
True
False
Households play a dual role of providing the factors of production whilepurchasing the goods and services of firms.
True
False
Opportunity cost is the lowest valued benefit that must be sacrificed as the result of choosing an alternative.
True
False
Scarcity denotes that our desire for a good exceeds the amount that is freely available from nature.
True
False
Economics is a social science concerned with satisfying man’s unlimitedwants with limited resources.
True
False
Joint output of individuals or nations will be maximized when goods are exchanged between parties in accordance with the law of” comparative advantage”.
True
False
The production possibilities frontier assumes that the level of technologyvaries when applying the model.
True
False

Excess demand in the market will cause the price of a product to decline.
True
False

Demand is measured on the vertical axis and supply on the horizontal axis.
True
False

A change in quantity demanded is a movement along the same demand curve.
True
False
As globalization and world trade proliferates, individual markets within countries’ economies become more competitive.
True
False

Which growth theory compares a subsistence real wage rate to the actual real wage rate?
Classical growth theory
Inflation growth theory
Neoclassical growth theory

New growth theory

Suppose the working age population in Tiny Town is 100 people. If 25 of these people are NOT in the labor force, the ________ equals ________.
unemployment rate; 25/100 × 100
employment rate; 25/75 × 100
labor force; 75
Suppose there is a rise in the real wage rate. As a result, the quantity of labor demanded:
increases.
decreases.
does not change because there is no change in the money wage rate.
increases only if the price level also decreases.
GDP can be computed as the sum of:
all sales that have taken place in an economy over a period of time.
the total expenditures of consumers and business over a period of time.
the total expenditures of consumption, investment, and government expenditure on goods and services over a period of time.
the total expenditures of consumption, investment, government expenditure on goods and services, and net exports over a period of time.

The real wage rate equals:
(100 x (money wage rate/price level)
(100 x (price level/money wage rate)
(money wage rate x (price level)
(money wage + (number of hours worked/(price level)

If the CPI was 121.5 at the end of 2007 and 138.3 at the end of 2008, the inflation rate over these two years was:
10.2 percent.
13.8 percent.
12.2 percent.
16.8 percent.

A movement along the production function is the result of a change in:
the quantity of labor.
technology.
capital.
interest rates.

All of the following are part of fiscal policy EXCEPT:
setting tax rates.
setting government spending.
choosing the size of the government deficit.
controlling the money supply.
Along a production possibilities frontier for real GDP and the quantity of leisure time, as leisure time increases, real GDP:
decreases.
increases.
stays the same.
could increase, decrease or stay the same.

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