Choose the best answer
1. Which of the following is not a characteristic of capitalism?
a. Minimum legal constraints b. centrally planned economy c. citizens employ their time as they choose d. resources value determined by the market(s)
2. Agriculture is started to have five (5) distinct sub groups, which of the following was not a sub group listed in class?
a. wholesale / retal sector b. farm sector c. disposal sector d. consumer sector
3. The index value for bottled water for 2006 is 1.6, the base year for this index is 2000. The index value for 2006 reveals.
a. bottled water prices have decreased 0.16% since 2000 b. bottled water prices have decreased 16% since 2000 c. bottled water prices have increased 0.16% since 2000 d. bottled water prices have increased 16% since 2000.
4. An example of cardinal measure would be
a. more often than not b. ocasionally c. earning 6.9% more d. happier than before
5. A supply curve is upward sloping b. downward sloping c, shifted by population d. shift by advertising
6. A utility function is defined as
a. an algebraic expression allowing ranking of bundle of goods by total utility
b. an algebraic expression allowing acc of bundle of goods total utility
c. an algebraic expression allowing ranking of bundle of goods by a marginal utility
d. an algebraic expression allowing acounting of bundle of goods by marginal utility
6. If the price of the good on the vertical axis on a budget constrain increases, the slope of the budget constraint will
a. become steeper
b. become flatter
c. stay the same . Only income changes the slope of the budget constraint
d. reverse itself from negative to positive