can you help me with numbers 1 to 21
2:46 PM Sun Jun 13 q) 21% E} B theorem.nebraska.edu 14. A mixed economy is one with some free market elements as well as some government involvement. A. true B. false 15. Total Income Expenses is the formula for guring prot. A. true B. false 16. What is an example of a product market, in which households buy goods from rms? A. a business hiring labor B. someone buying a computer for personal use C. a business buying land on which to build a store 17. If demand for a product is lose revenue. increasing the price is more likely to A. elastic B. inelastic 18. What is an example of a variable cost? A. a monthly rent payment B. bills for heating and electricity C. a monthly payment on a company car 19. To learn how a business's production of goods reacts to changes in price, you should gure A. elasticity of demand. B. ccstiloss ratio. C. elasticity of supply. 20. Demand is the desire to own a good, even if you do not have enough money to pay for it. A. true B. false 21. Who is an entrepreneur? A. someone who buys goods B. anyone who opens a business C. someone who buys services 2:45 PM Sun Jun 13 21% theorem.nebraska.edu test. It is important that you do your own work. Select the response that best completes ent or answers the question. 1 of 7 1. A country's gross domestic product is the total value of goods and services produced in the country in a given year. A. true B. false 2. results when demand for a product equals supply. A. Equilibrium B. A shortage C. A surplus 3. The business cycle is A. the alternating pattern of expansion and contraction in the economy. B. the study of a country's national economy as a whole. C. the process of encouraging entrepreneurs to invest in a business. 4. The part of the economy involving government transactions is the A. public sector. B. private sector. C. free rider. 5. Which two goods are complements? A. lawn mowers and computers B. shoes and car tires C. flashlights and batteries 6. Supply may be relatively inelastic in the short term because businesses may have difficulty adjusting their production to changes in price. A. true B. false2:45 PM Sun Jun 13 q) 21% E} i theorem.nebraska.edu 7. When there is an increase in demand, the demand curve A. shifts to the right. B. shifts to the left. C. does not move. 8. For both supply and demand, unitary elastic means A. elasticity is greater than 1. B. elasticity is less than 1. C. elasticity is equal to 1. 9. Suppose that you go out to eat. You decide to order a cheeseburger and a drink, but you don't order a malt because you don't have enough money. The malt is an opportunity cost. A. true B. false 10. In a centrally planned economy. how are the three basic economic questions answered? A. with laissez-faire capitalism B. by voluntary exchange C. by the govemment 11. Demand for a good is if it is sensitive to small changes in price. A. inelastic B. elastic 12. Availability of substitutes affects elasticity of demand for a product. A. true B. false 13. In The Wealth of Nations, Adam Smith emphasized A. the need for charity. B. prot incentive. C. the need for government regulation
