1041. The resources in the economy do not include ______.

A. Demand *
B. Land
C. Labour
D. Capital

1042. The resources is an economy are ______.

A. Constantly increasing
B. Fixed at any moment *
C. Constantly decreasing
D. Able to move quickly between different industries

1043. Any combination of products inside the production possibility frontier is ______.

A. Allocatively inefficient
B. X Inefficient
C. Consumer Inefficient
D. Productively Inefficient *

1044. Every society must answer three fundamental questions. Which of the following questions is/are one of these?

A. What kinds of products and services will be produced?
B. How will the products and services be made?
C. Who will acquire the produced goods and services?
D. All of the above *

1045. Which best describes a demand curve?

A. The quantity of goods that consumers would like to purchase in an ideal situation
B. The quantity of goods that consumers are willing to sell
C. The quantity of goods that consumers are willing and able to buy at every income level, with all other factors remaining unchanged
D. The quantity of goods that consumers are willing and able to buy at every price level, with all other factors remaining unchanged *

1046. If you were working full -time now .You could earn 20,000 $ per year. Instead, you are working part time while going to school .In your current part time job, your earn 5,000 $ per year. At your school, the annual cost of tuition ,books and other fees is 2,000 $ .The opportunity cost of completing your education is ______.

A. 2,000 $
B. 5,000 $
C. 17,000 $ *
D. 20,000 $

1047. Demand for a normal product may shift outwards if _______.

A. Price decreases
B. A substitute’s price drops *
C. The price of a complement rises
D. Income falls

1048. According to the law of diminishing utility________.

A. Utility is greatest with the first unit;
B. Marginal utility rises as more units are consumed;
C. Marginal product decreases as more units are consumed;
D. Total utility rises but falls as more units are consumed *

1049. If marginal utility is zero_____.

A. Total utility is zero
B. The total utility will decrease with each additional unit of consumption.
C. The total utility will rise with each additional unit of consumption.
D. Total utility is maximized . *

1050. A decrease in income should______.

A. Push demand for a lower-quality product upward;
B. Push demand for a lower-quality product downward;
C. Push supply for a lower-quality product upward.
D. Shift supply for an inferiors product inwards.