You observe that the price of houses and thenumber of houses purchased both rise

Question

You observe that the price of houses and thenumber of houses purchased both rise over the course of the year.You conclude that:
Select correct option:
The demand for houses has increased
The demand curve for houses must be upward-sloping
The supply of houses has increased
Housing construction costs must be decreasing


In pure capitalism, freedom of enterprise means that:
Select correct option:
Businesses are free to produce products that consumers want
Consumers are free to buy goods and services that they want
Resources are distributed freely to businesses that want them
Government is free to direct the actions of businesses


The production possibilities curve:
Select correct option:
Shows all combinations of goods that society most desires
Indicates that any combination of goods lying outside the curve isattainable
Separates all combinations of two goods that can be produced fromthose that cannot
ShOws only those combinations of two goods that reflect "fullproduction"


If marginal product is below average product:
Select correct option:
The total product will fall
The average product will fall
Average variable costs will fall
Total revenue will fall

Explanation / Answer

1 - a

2- c

3-d

4-b

5-b

6-b

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