a) shifts out shifts in c) shifts down d) no effect 21. What is the term for the

Question

a) shifts out shifts in c) shifts down d) no effect 21. What is the term for the institution of mutual gift-giving in traditional societiés? a) elasticity 6) reciprocity c) mutual fund d) excess demand 22. Own price elasticity of demand is the sensitivity or responsiveness of demand for a good to a change in: a) the price of a substitute b) the price of a complement income d) none of the above 23. Which national income statistic calculates the total money value of final goods and services by residence rather than citizenship? a gross domestic product b) gross national product c) net national product d) gross national income 24. What gives market societies a kind of orderliness? a) competition b) supply and demand c) price system d) all of the above 25. Which of the following would be a command economy? a) capitalism b) hunter-gathering peoples c) former Soviet Union d) none of the above

Explanation / Answer

Ans17) the correct option is b) diminishing returns. The PPF is bowed out when there are increasing opportunity costs.

Ans22) the correct option is d) none of the above. Own price elasticity of demand is the responsiveness of a demand for a good change in price of its own good.

Ans24) the correct option is d) all of the above.

Ans25) the correct option is c) former Soviet union. Former Soviet union is a good example of command economy.

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