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Section A-TRUE/FALSE Directions: Place a T for True or F for False in the Answers column to show whether each of the following statements is true or false. 1. Marginal cost measures the advantages of producing one additional unit of a good or service. FALSE 2. If the marginal cost of a change in company policy is less than the opportunity cost of the change, the owner should not make the change. FALSE 3. Opportunity cost is the cost of choosing one opportunity or investment over another. TRUE 4. The government affects the U.S. economy by taxing certain goods and services. TRUE 5. Producers of certain kinds of goods, such as agricultural products, receive a subsidy from the government. TRUE 6. The demand curve shows that individuals are willing to consume more of a product or service at a lower price. TRUE 7. The equilibrium price and quantity for a good or service are at the point where the supply and demand curves intersect. TRUE 8. If a monopoly charges a price that is too high, consumers will switch to a lower-priced good or service. FALSE 9. A business must pay its fixed costs regardless of the quantity of goods or services it produces. TRUE 10. The variable costs of a business increase when sales increase, but fixed costs stay the same. TRUE 11. The USDA inspects some businesses to be sure the owners have passed examinations and paid licensing fees. FALSE 12. OSHA inspects factories to be sure that conditions are safe for workers. TRUE 13. A public good is a good from which everyone receives benefits, not just the individual consuming the good. TRUE 14. Social security and aid for dependent children and the aged are social programs that are paid for by private charities. FALSE 15. Redistributing income by the government is widely agreed to be unnecessary and causes an undue burden on entrepreneurs. FALSE 16. The economic system of a country affects how an item is produced, how it is distributed, and the demand for the item. TRUE 17. In some economies, the resources to produce goods and services are unlimited, so scarcity does not occur. FALSE 18. The distribution and production of goods and services is determined by the government in a command economy. TRUE 19. A good that sells in a market economy will remain on the market; a good that does not sell will not continue to be produced. TRUE 20. In a market economy, consumers determine the prices and quantities of goods and services produced. FALSE Section A-TRUE/FALSE Directions: Place a T for True or F for False in the Answers column to show whether each of the following statements is true or false. 1. The USDA inspects some businesses to be sure that appropriate hygienic measures are being observed. TRUE 2. A public good is a good that benefits the government rather than the individual who consumes the good. FALSE 3. If a monopoly charges a price that is too high, consumers must pay the price because there is no competition. TRUE 4. If the marginal cost of a change in company policy is less than the marginal benefit of the change, the owner should make the change. TRUE 5. Opportunity cost measures the disadvantage of choosing one opportunity over another. FALSE 6. The fixed costs of a business decrease if the business produces fewer goods or services. FALSE 7. Producers of certain kinds of goods, such as cigarettes and gasoline, pay a subsidy to the government. FALSE 8. The fixed costs and variable costs of a business increase when sales increase. FALSE 9. The government requires some businesses to obtain licenses and charges a fee to inspect the premises to be sure licensing requirements are met. FALSE 10. Although the U.S. government taxes certain goods and services, this does not affect production of these goods and services. FALSE 11. The distribution and production of goods and services is determined by individual choice in a command economy. FALSE 12. In a market economy, consumers and producers together determine the prices and quantities of goods and services produced. TRUE 13. When supply does not equal demand, the equilibrium price for the product or service is too low. FALSE 14. The economic system of a country affects how an item is produced and distributed, but it does not affect the demand for the item. FALSE 15. In a market economy, whether or not a good sells determines whether it will continue to be produced. TRUE 16. In every economy, there are limited resources to produce goods and services. TRUE 17. The supply curve shows that individuals are willing to consume more of a product or service at a lower price. FALSE 18. Marginal benefit measures the advantages of producing one additional unit of a good or service. TRUE 19. Redistributing income by the government is widely agreed to be a positive action that reduces the chance of social problems due to low income. TRUE 20. Social security and aid for dependent children and the aged are social programs provided by the government and paid for by taxpayers. TRUE