Question 1 0.5 pts The main function of economics is to study the exchange of ideas about motivation and behavior in the workplace the exchange of goods and services between individuals, business, and nations the exchange of diplomatic relations between nations the stock exchange Question 2 0.5 pts Joseph took a class in macroeconomics, which means that he was studying the behavior of people with limited resources the overall economy individual businesses corporate executives YouTube Maps Question 3 0.5 pts A mixed economy is one in which there is no government intervention whatsoever in industry both individuals and government control resources and determine production methods both resources and means of production are extremely limited and generally confined to agricultural produce the government or other centralized group determines and controls all resources and means of production D Question 4 0.5 pts John is an employee at a car manufacturer. Today he has come into work to find that production has stopped because the government has determined that the steel used in the cars will be better used in the manufacture of a new railway line. John doesn't mind, because although his wages are low, he gets paid whether there is any work for him to do or not. John MOST likely lives in a economy planned blended market mixed Mae's Country Kitchen sells out of her cinnamon rolls every morning before 8:30 a.m, and her later customers ask her to make more. The next day, Mae makes an additional two dozen cinnamon rolls and raises the price of an individual cinnamon roll by 50c. She sells all but one of them. Mae has found the price of her cinnamon rolls demand market supply surplus Question 6 0.5 pts According to the law of supply, the amount of a good or service supplied will increase as the price increases, and decrease as the price decreases. This direct relationship exists because supply is derived from a producer's desire to maximize profit not dependent on the resources required to produce the product affected by changes in technology affected by the number of suppliers earch O BI *** D Question 7 0.5 pts refers to how mich of a product or service people want to buy at any given time. Supply Commodity Demand Surplus D Question 8 0.5 pts When the supply curve and the demand curve for a single product or service are shown on the same graph, the point at which the curves intersect identifies the O market price of the good total profit earned by the producers quality of the wood or service being purchased amount of the surplus to be anticipated Question 9 0.5 pts What is an economic indicator? a formula used by accountants to determine their company's net profit a business expert who understands the economy and can advise managers how best to handle their companies an aspect of the economy that can be measured in order to determine a country's overall economic health an action taken by the government to influence swings in the business cycle Question 10 0.5 pts refers to how much of a product or service people want to buy at any given time. Commodity Supply Demand Surplus