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13. Which of the following is not a characteristic of a free-market
economy?
14. The demand for a commodity would increase when the price of
a
15. When a demand schedule is plotted on a graph, the resulting
demand curve will be
16. In the statement "quantity demanded is a function of price,"
are the variables quantity and price dependent or independent
variables?
17. The demand curve for a product reflects which of the
following?
18. If there is an increase in the income of market participants,
which of the following is most likely to happen to the demand for
normal goods?
19. Which one of the following would not cause an increase in
demand for a commodity?
20. Concurrent with a significant downturn in the economy, the
sale of Scope's high-end electronics decreased dramatically. Which
of the following is the most likely direct cause of the decline in
demand for Scope's products?
21. Which one of the following factors would not cause an increase
in the supply curve of a commodity?
22. A supply schedule (or supply curve) shows the relationship
between the quantity of a commodity that will be supplied during a
period of time and
23. If a change in market variables causes a supply curve to shift
inward, which one of the following will occur?
24. When the cost of input factors to the production process
increases, which one of the following will occur?