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Introduction to Macroeconomics Answers

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21
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The point where supply and demand meet and prices are set is called

A
coordination.
B
correspondence.
C
equality.
D
equilibrium.
22
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According to the law of supply, price and quantity move

A
along a track in the same direction.
B
along a track in opposite directions.
C
from different points toward one another.
D
from the same point away from one another.
23

Which most likely results from producers engaging in specialization?

A
Producers reduce their costs.
B
Producers increase their market share.
C
Producers decrease the materials needed for production.
D
Producers always offer more competitive pricing.
24

Which calculation helps determine which producer has the absolute advantage?

A
Resources used multiplied by amount produced
B
Amount produced divided by resources used
C
Amount produced minus resources used
D
Resources used divided by amount produced
25

Brenda’s Boards manufactures skateboards. Each skateboard sells for $45 and includes the following expenses: $3 for the wheels and mounts, $1 for the plastic board, $1 for the paint, and $10 for the labor. What is the total profit the company earns after selling 100 boards?

A
$300
B
$350
C
$3,000
D
$3,500

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