Economic multiple choice questions. 1.Other factors held constant, as the price

Question

Economic multiple choice questions.

1.Other factors held constant, as the price of an iPad rises, the: A demand for iPads falls. B. quantity demanded for iPads falls. C. demand for iPads rises. D. quantity demanded for iPads rises.

2.Which of the following is NOT part of a market economy? A. Most economic decisions are made by central governments. B. Product prices are the principal mechanism for communicating information in the system. C. Consumers are free to decide what goods and services to purchase. D. The government plays a primary role in protecting private property rights.

3.Microeconomics deals with: A. the choice between inflation and unemployment. B. international policies that impact economic growth. C. decision making by individuals, firms, and governments. D. the impact of government spending and taxation on the exchange rate.

4.The resource known as “labor” includes: A. physical labor only. B. physical and mental skills and talents. C. people willing to do physical and difficult work. D. the work of legal workers

Explanation / Answer

1 B quantity demanded for iPads falls

2 A. Most economic decisions are made by central governments

3 C. decision making by individuals, firms, and governments.

4. B. physical and mental skills and talents.

If you don't understand anything then comment, I'ill revert back on the same. :)

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