If there are two goods with positive prices and the price of one good is reduced, while income and other prices remain constant, then the size of the budget set is reduced.
liemae

Quiz
•
Biology, Physics, Business
•
1st - 12th Grade
•
Medium
Liemae Racelis
Used 2+ times
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22 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
True
False
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which point on the curve is an efficient use of resources?
F
D
E
A
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which point on the curve is an efficient use of resources?
F
D
E
A
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
According to the chart, what do household exchange in the Product market for finished products?
Consumption Expenditures
Cost
Goods and services
Productive Resources
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
According to the chart above, what do businesses receive from the factor market?
Goods and Services
Finished Goods
Income
Factors of Production
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
According to the chart, what do businesses do with the productive resources they purchase?
make finished goods and services and sell them in the product market
make finished goods and services and sell them in the factor market
make productive resources and sell them in the product market
use them to gain a tax credit with the government
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
According to the chart, what do businesses do with the productive resources they purchase?
make finished goods and services and sell them in the product market
make finished goods and services and sell them in the factor market
make productive resources and sell them in the product market
use them to gain a tax credit with the government
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