Productive resources include __________.

a land, capital, and labor

b land, labor, and services

c goodwill, entrepreneurship, and goods

d labor, goods, and services

Markets perform poorly when there is __________.

a a lack of monopolies

b too much choice

c too much competition

d a lack of competition

The Racine family raises artichokes to sell. One year the demand for artichokes increases, but due to bad weather, supply decreases. What will happen to the Racines' artichoke price and quantity sold?

a Quantity sold will fall; effect on price is indeterminate.

b Price will rise; effect on quantity sold is indeterminate.

c Price will rise; quantity sold will fall.

d Price will fall; quantity sold will fall.

Which one of the following does NOT affect demand for a good?

a the price of other goods

b expectations about future prices

c the costs of productive resources

d expectations about future income

Which of the following would be assumed to be constant along an individual demand curve for vinyl windows?

a the price of vinyl windows

b the price of wood windows

c the number of vinyl windows that people want to buy

d the quantity of vinyl windows demanded each time period