Question 12 4 points Save Answer The demand for soap is less elastic than the demand for Dove soap. a True O False A Moving to the next question prevents changes to this answer function 19 of 26 A Moving to the next question prevents changes to this answer. Question 13 of 25 > Question 13 4 points Save Answer With careful planning, we can usually get something that we like when we give up something else that we like. a True O False > Moving to the next question prevents changes to this answer. Question 13 of 25 > Moving to the next question prevents changes to this answer. Question 14 of 25 > Question 14 4 points Save Answer Elasticity measures how responsive price is to changes in quantity True O False Question 15 4 points Saved In the circular-flow diagram, households own the factors of production and use them to produce goods and services. O True O FalseQuestion 16 4 points Saved On the circular-flow diagram, one loop represents the flow of goods and services, and the other loop represents the flow of factors of production. O True O False Ly Moving to the next question prevents changes to this answer. Question 17 of 25 > Question 17 4 points Save Answer A decrease in the price of a complement will shift the demand curve for a good to the right. O True FalseQuestion 18 4 points Saved Economists often find it worthwhile to make assumptions that necessarily describe the real world. O True O False A Moving to the next question prevents changes to this answer. Question 18 of 25 > Question 19 4 points Save Answer In the long run the primary effect of increasing the quantity of money is lower prices. O True False Li> A Moving to the next question prevents changes to this answer. Question 19 of 25 > Question 20 4 points Save Answer Market failure refers to a situation in which the market does allocate resources efficiently. O True O FalseQuestion 21 4 points Save Answer Donna can bake a cake in 4 hours and she can make the icing in 1 hour. The opportunity cost to Donna of baking the cake is 1/4 of icing. O True O False Question 22 4 points Save Answer In the markets for the factors of production in the circular-flow diagram, firms are buyers and households are sellers. True O False -> Moving to the next question prevents changes to this answer. Anaction ??. of 25.__ Question 23 4 points Saved Productivity is defined as the quantity of goods and services produced and each unit of labor input. O True O FalseQuestion 24 4 points Save Answer Bahrain produces two goods: oil and gold, the opportunity cost of oil will be the inverse of the opportunity cost of the gold. a True O False A Moving to the next question prevents changes to this answer. Question 24 of 25 > YUesLUII 29 UI 29 Question 25 4 points Save Answer Goods with close substitutes tend to have less elastic demands than do goods without close substitutes. O True O FalseDonna wants to sell her laptop. She already spent Php1000 when it was fixed before. Currently, the laptop is malfunctioning. This can be fix at a cost of Php 600 or sell the laptop as is. Given the situations below - no Cost of laptop will be Php 6,500 if it will be fixed, otherwise the cost will be Php 5,700 Should she have it fix? yes or no? no Cost of laptop is Php 6,000 if it will be fixed, if not, Php5,500 Should she have it fix? yes or no
