[{"id":214745,"question":"If demand is _______ then price cuts will ________ spending.","choices":[{"text":"Inelastic, increase","value":"A"},{"text":"Elastic, increase","value":"B"},{"text":"Elastic, decreases","value":"C"},{"text":"None of the above","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":214744,"question":"The price elasticity of demand measures","choices":[{"text":"The responsiveness of quantity demanded to a change in prie.","value":"A"},{"text":"How far a demand curve shifts","value":"B"},{"text":"A change in price","value":"C"},{"text":"A change in quantity demanded","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":214743,"question":"An increase in consumer income will increase demand for a __________ for decrease demand for a.","choices":[{"text":"Substitute good interior good","value":"A"},{"text":"Normal good, interior good","value":"B"},{"text":"Interior good, normal good.","value":"C"},{"text":"Normal good, complementary good.","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":214742,"question":"If a price increase of good A increases the quantity demanded of good B, then good B is a.","choices":[{"text":"substitute good","value":"A"},{"text":"Complementary good","value":"B"},{"text":"Bargain","value":"C"},{"text":"Interior good","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":214741,"question":"A supply curve is directly affected by","choices":[{"text":"Technology","value":"A"},{"text":"Input costs","value":"B"},{"text":"<div>Government regulation</div>","value":"C"},{"text":"All of the above","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":214740,"question":"a demand curve can shift because of changing.","choices":[{"text":"Incomes","value":"A"},{"text":"Prices of related goods","value":"B"},{"text":"Testes","value":"C"},{"text":"All of the above","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":214739,"question":"The equilibrium price clears the market it is the price at which.","choices":[{"text":"Everything is sold","value":"A"},{"text":"Buyers spend all their money","value":"B"},{"text":"Excess demand is zero","value":"C"},{"text":"c and d","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":214738,"question":"When we know the quantity of a product that buyers wish to purchases at each possible price we know.","choices":[{"text":"Demand","value":"A"},{"text":"Supply","value":"B"},{"text":"excess demand","value":"C"},{"text":"Excess supply","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":214737,"question":"If the diagram of a line shows that lower values on the vertical scale are associated with higher values on the horizontal scale this is an example of.","choices":[{"text":"a nonlinear relationship","value":"A"},{"text":"A positive linear relationship","value":"B"},{"text":"A scatter diagram","value":"C"},{"text":"A negative linear relationship","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":214736,"question":"On a graph a positive linear relation ship.","choices":[{"text":"Moves down to the right","value":"A"},{"text":"Moves up to the left","value":"B"},{"text":"Moves up to the right","value":"C"},{"text":"Modes down to the left","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":214735,"question":"A straight line diagram can be drawn knowing the _______ and _____","choices":[{"text":"Vertical axis and horizontal axis","value":"A"},{"text":"Intercept and slope","value":"B"},{"text":"Scale and slope","value":"C"},{"text":"Intercept and scale.","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":214734,"question":"If your income during one year is L 10,000 ad the following year it is L,12,000 then it has grown by","choices":[{"text":"20%","value":"A"},{"text":"2%","value":"B"},{"text":"12%","value":"C"},{"text":"15%","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":214733,"question":"The real value can be derived from a nominal value by","choices":[{"text":"Adjusting changes over time","value":"A"},{"text":"Adjusting for data collection errors","value":"B"},{"text":"Adjusting for population changes","value":"C"},{"text":"Adjusting for changes in prices","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":214732,"question":"The retail price index is used to.","choices":[{"text":"Construct price lists","value":"A"},{"text":"Compare shop prices","value":"B"},{"text":"Measure changes in the cost of living","value":"C"},{"text":"None of the above","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":214731,"question":"Macro economics is the study of.","choices":[{"text":"Individual building blocks in the economy","value":"A"},{"text":"The relationship between different sectors of the economy","value":"B"},{"text":"Household purchased decisions","value":"C"},{"text":"The economy as a whole","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":214730,"question":"Micro economics is conceded with","choices":[{"text":"The economy as a whole","value":"A"},{"text":"The electronics industry","value":"B"},{"text":"The study of individual economic behavior","value":"C"},{"text":"the interactions within the entire economy","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":214729,"question":"Normative economics form ______ based on.","choices":[{"text":"Positive statements facts","value":"A"},{"text":"Opinions, personal values","value":"B"},{"text":"Positive statements values","value":"C"},{"text":"Opinions facts","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":214728,"question":"In a free market","choices":[{"text":"Government intervene","value":"A"},{"text":"Government plan production","value":"B"},{"text":"Government interfere","value":"C"},{"text":"Price adjust to reconcile scarcity and desires.","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":214727,"question":"A market can accuretaly be described as","choices":[{"text":"A place to buy things","value":"A"},{"text":"a place to sell things","value":"B"},{"text":"The process by which prices adjust to reconcile the allocation of resources","value":"C"},{"text":"a place where buyers and sellers meet.","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":214726,"question":"The opportunity cost of a good is.","choices":[{"text":"The time lost in finding it","value":"A"},{"text":"The quantity of other goods sacrificed to get another unit of that good","value":"B"},{"text":"The expenditure on the good","value":"C"},{"text":"The loss of interest in using savings","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":214725,"question":"Economics is the study of","choices":[{"text":"Production technology","value":"A"},{"text":"Consumption decisions","value":"B"},{"text":"How society decides what how and for whom to produce","value":"C"},{"text":"The best way to run society","value":"D"},{"value":"E"}],"correctAnswer":3}]