D Question 34 2.5 pts When the actual price of a good is above its equilibrium market price, competition among:? 0 buyers will force the actual price downward 0 buyers will force the actual price upward 0 sellers will force the actual price downward. 0 sellers will force the actual price upward Question 35 2.5 pts A microeconomist would most likely study: O the relationship between the size of the money supply and the rate of inflation. O the effects of aggregate consumer debt on overall consumption spending. O how consumers respond to a change in gasoline prices. O the effects of an income tax reduction on the size of the national budget deficit.D Question 38 2.5 pts Which of the following factors could expand a society's production possibilities frontier? O Technological innovations. 0 Increased butter production. 0 Producing air pollution. O Shifting from one product to another. Question 40 2.5 pts Which of the following is true about the relationship between price and quantity supplied? O There is always an inverse relationship. O There is always a direct relationship. O There is usually an inverse relationship. O There is usually a direct relationship.D Question 33 2.5 pts Scarcity can best be defined as O A Shortage of a product O Limited wants vs unlimited resources O Where demand is greater than supply O Unlimited wants vs Limited resourcesD Question 31 2.5 pts A price oor is a governmentmandated 0 maximum price above which legal trades cannot be made 0 minimum price below which legal trades cannot be made 0 minimum price at which all units of the good must be legally sold. 0 minimum price below which legal trades can be made D Question 36 2.5 pts The study of the economic behavior and decision making of small units. 0 Microeconomics O Macroeconomics 0 Public Sector 0 Private Sector Question 37 2.5 pts The fundamental problem of economics implies that: O growing populations will deplete natural resources. governments must be relied upon to supply essential goods and services. O individuals and communities must make choices among competing alternatives. O inflation and unemployment are unavoidable.Question 39 2.5 pts One purpose of advertising is to: O shift the demand curve for the good to the left. O make the demand curve for substitute goods shift to the right, thus increasing the demand for the advertised good. O shift the demand curve for the good to the right. O shift the supply curve for the good to the left.D Question 32 2.5 pts Why do societies need rationing devices? 0 Because price exists. 0 Because people have opportunity costs. 0 Because scarcity exists. 0 Because people have too many needs and not enough wants