Answer all these Economics qestioons Fast and croectly.Double check to see if its the right answer.

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i. What is the difference between a shortage and scarcity? o Scarcity is the study of how people make choices to satisfy their wants. 0 Scarcity is when there are limited quantities of resources, a shortage is when producers will not or cannot offer goods or services at current prices 0 A shortage is when there are limited quantities of resources, scarcity is when producers will not or cannot offer goods or services at current prices 0 Scarcity can be temporary or long term, but shortages always exist. 2. Uppcrtunity |Dost is: any alternative we sacrice when we make a decision. the most desirable alternative given up when we make a decision. the least desirable alternative given up as a result of a decision. all of the alternatives we sacrifice when we make a decision. 0000 3. Each society answers the three economic questions on how and what is produced based on: o the amount of factor payments 0 its unique combination of social values and goals 0 its needs and wants 0 economic equity 4. Why do people need to buy and sell goods and services? 0 none of us produces all the goods and services we require to satisfy our needs and wants 0 people buy and sell to maintain a competitive society 0 people need to buy and sell goods to make a profit 0 people need to provide the market with goods and services 5. What factors create the phenomenon of the "invisible hand"? O competition and self interest O specialization and efficiency C competition between firms incentives and efficiency 6. In a free market economy, the concept that everyone takes care of themselves and so society works is called: O Specialization O Invisible Hand Free Enterprise Self-Interest 7. In a socialist (communist) country: O the government owns both land and capital. The government decides what to produce, how much to produce, and how much to charge central planning is unnecessary. O economic equality is not important O the government regulates the economy but private investors own property 8. Who wrote the Communist Manifesto? O Henry Ford O Bernie Sanders O Karl Marx Charles Darwin9. The United States is a mixed economy. In a mixed economy: O the government owns but private investors make rules/laws the government has no power in the economy private investors own, but the government regulates or makes the rules/laws the government makes all the decisions and owns all that is produced 10. Government intervention in a modern economy is useful because: the marketplace has many incentives to create public goods the needs and wants of modern society are always met by the marketplace. O governments are able to provide some goods and services that don't make money such as parks and libraries. the marketplace provides all of its own laws. 11. In a mixed economy the government purchases: whatever they want land, labor and capital as little as possible O the government owns all elements of the economy, therefore doesn't have to purchase anything Image for Questions 12 and 13 $3.50 $3.00 $2.50 $2.00 Price per slice $1.50 $1.00 $.50 0 50 100 150 200 250 300 350 Slices of pizza per day12. Using the graph above. How much would the demand for pizza slices be at the price of $.50 a slice? 13. Using the graph above. what would the supply.r of pizza slices be it the price was $2 a slice? 14. |Goods that are bought and used together are called: 0 Inferior Goods. 0 Suhstitutionar}r Goods. 0 NormalGoods. O Complementary Goods. 15. All of the following are factors that can lead to a change in demand except: 0 Change in Price 0 Change in Population (:1 Change in Consumer Taste and Advertising 0 Change in Income 16. What is the law of supply? the lower the price, the more manufacturers will produce the good O the lower the price, the larger the quantity supplied O the lower the price, the more manufacturers will produce the good O the higher the price, the smaller the quantity supplied O the higher the price, the larger the quantity supplied 17. True or False: A rise in the cost of input costs will effect supply. O True O False 18. Expectations of higher prices will now and increase supply later. not effect supply reduce supply O increase supply reduce demand 19. The point at which quantity demanded and quantity supplied are the same is called: O equity O the balance point O an efficient economy O equilibrium20. What are the causes of disequilibrium? O Covid 19 O working in a centrally planned economy O excess demand and excess supply O lack of demand and lack of supply 21. A is a maximum price that can be legally charged for a good. price floor high price O expensive price ceiling 22. True or false: Supply is a buyers' willingness and ability to pay a price for a good or service. True False 23 are goods used in place of one another. Normal goods O Substitutionary goods O Complementary goods Inferior goods 24. Governments can reduce the supply of some goods by placing a/an Federal tax O Excise tax Tariff tax Sales tax25. occurs when the government steps into a market to affect the 1 point price, quantity, or quality of a good. Price Ceiling O Regulation O Tariff O Subsidy