1
Q:

The price elasticity of supply measures how 

Answer:



Q:

An example of an on premise establishment is

A) A local pub B) A restaurant that sells mixed drinks
C) Both A & B D) None of the above
 
Answer & Explanation Answer: C) Both A & B

Explanation:
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0 1
Q:

Innovation allows producers to

A) follow restrictions that the government imposes B) offer warranties for all of their products
C) create goods that draw consumer attention D) avoid competing with similar businesses
 
Answer & Explanation Answer: C) create goods that draw consumer attention

Explanation:
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Q:

A raise in the price of a product causes

A) an increase in competition B) an increase in demand
C) a decrease in competition D) a decrease in supply
 
Answer & Explanation Answer: A) an increase in competition

Explanation:

The raise in the price of a product may be due to increase in cost of production, increase in the demand of the product and increase in the margin.

 

When the price of a product increases its demand may fall as per the Law of Demand and an increase in the competition.

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Q:

Which phase of DMAIC is designed to insure that the problem does NOT reoccur and that the new processes can be further improved over time?

A) Design B) Control
C) Analyze D) Improve
 
Answer & Explanation Answer: B) Control

Explanation:

DMAIC refers to define, measure, analyze, improve, control phases.

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Q:

An increase in the price level will cause a _ the aggregate demand curve.

A) shift up B) shift left
C) shift right D) None of the above
 
Answer & Explanation Answer: A) shift up

Explanation:

An increase in the price level will cause a movement up the aggregate demand curve.

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Q:

Final goods and services refer to

A) goods and services purchased by ultimate users, rather than for resale or further processing B) goods and services whose value has been adjusted for changes in the price level
C) the excess of U.S. exports over U.S. imports D) goods and services that are unsold and therefore added to inventories
 
Answer & Explanation Answer: A) goods and services purchased by ultimate users, rather than for resale or further processing

Explanation:

Final goods and services refer to goods and services that have been purchased for final use and that cannot be resaled.

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Q:

Regulatory policies protect consumers by

A) controlling the supply of money B) providing public assistance programs
C) overseeing and limiting businesses D) deciding how to tax and spend money
 
Answer & Explanation Answer: C) overseeing and limiting businesses

Explanation:
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Q:

An improvement in production technology will

A) shift the supply curve to the left B) shift the demand curve to the left
C) shift the supply curve to the right D) increase equilibrium price
 
Answer & Explanation Answer: C) shift the supply curve to the right

Explanation:

An improvement in production technology will shift the supply curve to the right.

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