The last tutor got most of these wrong compared to my work and work submitted.. I am just wanting to see if this subscription is worth the monthly price. Thank you in advance for your help. Module 1: Basic Economic Models Question 1 In a command economy, the __________ either makes most economic decisions itself or at least strongly influences how the decisions are made. Group of answer choices government market firm business sector Question 2 In the ____________, households work and receive payment from firms. Group of answer choices financial investment market financial capital market labor market savings market Question 3 The two main tools of macroeconomic policy include monetary policy, and fiscal policy, which involves __________ spending. Group of answer choices business government household capital market Question 4 Specialization: Group of answer choices leads to greater self-sufficiency. can lead to an increase in overall production. allows workers to develop skills by working on a large number of tasks is always the result of an inefficient use of resources Question 5 Regardless of whether you are looking through the microeconomics microscope or the macroeconomics telescope, the fundamental subject material of the interconnected __________ doesn't change. Group of answer choices market economy production firm Question 6 As depicted in _________________________________, it is necessary to give up some of one good to gain more of the other good. Group of answer choices the production possibilities frontier allocative efficiency scarcity utility Question 7 Scarcity exists because of: Group of answer choices the market mechanism. specialization and division of labor. the allocation of goods by prices unlimited wants and limited resources. Question 8 The opportunity cost of attending university is likely to include all except which of the following? Group of answer choices the cost of haircuts received during the school term the income you forgo in order to attend classes tuition fees the cost of required textbooks Question 9 The marginal benefit of a slice of pizza is the: Group of answer choices total amount that a consumer is willing to pay for a whole pizza, divided by the number of slices difference between the value of the slice to the consumer and the price of the slice. maximum amount that a consumer is willing to pay for the slice. price of the slice of pizza

Question 10 The law of ____________________________ explains why people and societies rarely make all-or-nothing choices. Group of answer choices consumption marginal analysis diminishing marginal utility utility Question 11 The nature of demand indicates that as the price of a good increases: Group of answer choices suppliers wish to sell less of it. more of it is produced. more of it is desired. buyers desire to purchase less of it. Question 12 In economics, the demand for a good refers to the amount of the good that people: Group of answer choices would like to have if the good were free. will buy at various prices. need to achieve a minimum standard of living. will buy at alternative income levels. Question 13 After widespread press reports about the dangers of contracting "mad cow disease" by consuming beef from Canada, the likely economic effect on the U.S. demand curve for beef from Canada is: Group of answer choices no change; only the supply curve for beef is likely to be affected. a shift of the demand curve for beef to the left. a movement down along the demand curve for beef to the right. a shift of the demand curve for beef to the right.

Question 14 A severe freeze has once again damaged the Florida orange crop. The impact on the market for orange juice will be a leftward shift of: Group of answer choices the supply curve. the demand curve, as consumers try to economize because of the shortage. both the supply and demand curves. the supply curve and a rightward shift of the demand curve, resulting in a higher equilibrium price. Question 15 A leftward shift of the Supply Curve represents a(n): Group of answer choices decrease in quantity supplied. increase in quantity supplied. decrease in supply. increase in supply.