In general, the purpose of markets is to
a.facilitate the exchange of goods and services between buyers and sellers.
b.provide a means for illegal transactions.
c.provide a forum for the exchange of political benefits.
d.provide a means for unrecorded payments.
e.facilitate the exchange of illegal commodities.
32.The market process tends to ensure that
a.consumers get the products firms want to sell them.
b.consumers get the products they want.
c.producers get the products they want.
d.consumers are not left out.
33.What does the market process refer to?
a.The trading, buying, and selling of goods, services, and resources
b.Barter exchange only
c.Money exchange only
d.The process of allocating goods fairly
e.The process of ensuring that supermarkets exist
34.Which of the following is not a likely result in a market system?
a.Consumers increase their marginal profit.
b.Prices tend to be low.
c.Resources tend to be used where they are most valued.
d.Inefficient firms do not last.
e.Inefficiency does not last.
35.According to the law of demand, if the price of compact disks decreased, everything else held constant, the
a.demand for compact disks would increase.
b.quantity demanded of compact disks would decrease.
c.quantity demanded of compact disks would increase.
d.demand for compact disks would decrease.
e.quantity demanded of compact disks would not change.
36.The law of demand illustrates that
a.as price decreases, demand increases.
b.price changes are always in the same direction as demand changes.
c.as price increases, quantity demanded increases.
d.as price decreases, quantity supplied increases.
e.as price decreases, quantity demanded increases.
37.According to the law of demand,
a.the lower the price of a commodity, the lower the quantity demanded of that commodity.
b.as the price of a commodity increases, the quantity demanded of that commodity also increases.
c.the lower the price of a commodity, the greater the quantity demanded of that commodity.
d.the lower the price of a commodity, the greater the quantity supplied of that commodity.
e.as the price of a commodity increases, the quantity supplied of that commodity decreases.
38.Which of the following is not held constant when constructing a demand curve for good X?
c.Price of good X
d.Prices of other goods
39.An individual demand schedule or curve shows the various quantities of a good that a person
a.wants and is able to purchase at alternative prices, everything else held the same.
b.has purchased at alternative prices, everything else held the same.
c.is able to purchase at alternative prices, everything else held the same.
d.is able to purchase at alternative income levels, everything else held the same.
e.has purchased at alternative income levels, everything else held the same.
40.A table or list of the prices and the corresponding quantities demanded of a particular good is called a
e.production possibilities schedule.
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