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38) When quantity demanded equals quantity supplied A) the market is in equilibrium. B) there must be no government intervention in the market. C) the demand curve must be the same as the supply curve. D) all of the above46) Gross national product is the total market value of A) all final goods and services produced in a country in a given year, regardless of who owns the resources. B) all final and intermediate goods and service produced by resources owned by a country in a given year. C) all final goods and services produced by resources owned by a country, regardless of where production take place. D) all final and intermediate goods and services produced in a country, regardless of who owns the resources.5) Marginalism is A) the process of analyzing the additional costs or benefits arising from a decision. B) a market situation in which profit opportunities are eliminated almost instantaneously. C) the study of how societies choose to use scarce resources. D) the best alternative that we forgo when making a decision. 6) Suppose that you sign up for a one-day cooking class at the local culinary school for $75. Once you arrive at12) Which of the following is true of a market economy? A) It relies on millions of individual economic decisions to determine economic outcomes. B) The government answers the basic economic questions of what gets produced, how it gets produced, and who gets it. C) In its pure form, it is also known as a command economy, D) Decisions are regulated by a central agency.9) When two people trade A) they both expect to be made better off by the exchange. B) both of them expect to be made worse off by the exchange. coolis hamrhovon Itshal adt C) they know one of them will get the better of the other. alugni Inw elusob ennit gesttiond w D) they are trying to help out each other. caugrid andstove bus alsubiribti