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#1093 Up↑ /60 Down↓ [Report] 2010-03-22 18:24 EDT
// Some questions from Mr. Boericke's econ tests.
Which of the following best describes the relationship between price and demand for a product?
A) Demand varies directly with changes in price.
B) Demand varies inversely with changes in price.
C) Demand is not affected by changes in price.
D) All of the above - demand is a slippery and amorphous thing.
What is a disadvantage of the barter system?
A) Matching needs is an issue (a plumber with a toothache needs to find a dentist with a leaky pipe).
B) There is no store of value.
C) Both of the above answers are correct.
D) There are no disadvantages - barter is still the way God intended us to do business.
What reason do we have for studying perfect competition when competition is never perfect?
A) It is useful to understand the concepts of supply and demand as they relate to price so that the results can be used to model real-world competition, though it may be far from perfect.
B) Americans love competition, perfect or imperfect.
C) There is no reason - this is not the first or last piece of useless information you'll learn in high school.
D) All of the above.
