(Test Bank)Economics Today The Macro View, 19th Edition by Roger LeRoy Miller chapter 4

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1、EconomicsToday:TheMacroView,19e(Miller)Chapter4ExtensionsofDemandandSupplyAnalysis4.1ThePriceSystemandMarkets1)AneconomicsysteminwhichrelativepriceschangetoreflectchangesinsupplyanddemandfordifferentgoodsandservicesisknownasaA)socialistsystem.B)communistsystem.C)ration.D)mark

2、et.Answer:DDiff:1Topic:4.1ThePriceSystemandMarketsLearningOutcome:Micro-3:DiscussdifferenttypesofmarketsystemsandthegainsthatcanbemadefromtradeAACSB:Analyticalthinking2)Inamarketsystem,whichcomponentconveysinformationaboutwhatisrelativelyscarceandwhatisrelativelyabundant?A)th

3、enumberofproducersB)thenumberofconsumersC)marketpriceD)theamountofresourcesusedinproducingthegoodsandservicesAnswer:CDiff:1Topic:4.1ThePriceSystemandMarketsLearningOutcome:Micro-3:DiscussdifferenttypesofmarketsystemsandthegainsthatcanbemadefromtradeAACSB:Analyticalthinking3)I

4、namarketsystem,whatmusttakeplaceforquantitydemandedtocontinuallybeequatedwithquantitysupplied?A)Pricecontrolsmustbeappliedbygovernments.B)Relativepricesmustbeabletoadjusttomarketclearinglevels.C)Tastesandpreferencesofconsumersmustadjusttoeliminatesurplusesorshortages.D)Busine

5、ssesmustengageininvoluntary,unprofitableexchangestoeliminatesurplusesorshortages.Answer:BDiff:1Topic:4.1ThePriceSystemandMarketsLearningOutcome:Micro-3:DiscussdifferenttypesofmarketsystemsandthegainsthatcanbemadefromtradeAACSB:Analyticalthinking130Copyright©2018PearsonEducati

6、on,Inc.4)Whichofthefollowingstatementsaboutmarketsiscorrect?I.Amarkethelpsresourcesmovetotheirhighest-valuedusesbymeansofpriceschanges.II.Amarketrepresentstheexchangesofbothbuyersandsellers.A)IonlyB)IIonlyC)BothIandIID)NeitherInorIIAnswer:CDiff:1Topic:4.1ThePriceSystemandMark

7、etsLearningOutcome:Micro-3:DiscussdifferenttypesofmarketsystemsandthegainsthatcanbemadefromtradeAACSB:Analyticalthinking5)Inamarketsystem,thecostsassociatedwithexchanginggoodsareknownasA)voluntarycosts.B)signalingcosts.C)implicitcosts.D)transactioncosts.Answer:DDiff:1Topic:4.

8、1ThePriceSystemandMarketsLearningOutcome:Micro-3:Discussdifferenttyp