Help with this economics study 2?

[chason62]

Question 11
When price rises, quantity supplied increases, and vice versa. This statement is
known in economics as:

the Law of Increasing Opportunity Costs
the Law of Supply
the Law of Demand
the Law of Increasing Numbers
Murphy's Law

Question 12
Refer to the graph for this question. Given the situation illustrated in this model, which of the following would be an appropriate policy action?

decrease personal income taxes
decrease corporate profit taxes
cut government spending
decrease taxes
lower interest rates

Question 13
Refer to the graph for this question. This model illustrates that this economy is currently experiencing:

an inflationary gap
a recessionary gap
equilibrium at full employment
rapid economic growth
severe inflation

Question 14
If the value of the U.S. Dollar falls relative to the value of the Japanese Yen:

both U.S. exports to and imports from Japan will increase.
both U.S. exports to and imports from Japan will decrease.
U.S. exports to Japan will increase and imports from Japan will decrease.
U.S. exports to Japan will decrease and imports from Japan will increase.

Question 15
The statistic that measures the TOTAL value of all goods and services produced AND is adjusted for inflation is known as:

nominal GDP
real GDP
national income
personal income
disposable income

Question 16
The ATC curve is U-shaped. This statement is:

True for the Short Run ONLY
True for the Long Run ONLY
True for BOTH the Short and the Long Run
True for NEITHER the Short nor the Long Run

Question 17
If an increase in demand occurs with no change in market supply, in a competitive market:

equilibrium price and quantity will rise
equilibrium price and quantity will fall
equilibrium price will rise, equilibrium quantity will fall
equilibrium price will fall, equilibrium quantity will rise
neither price nor quantity will change

Question 18
If a price FLOOR is implemented ABOVE the market equilibrium price, the result will be:

a surplus
a shortage
an increase in quantity demanded
a change in demand
a change in supply

Question 19
The economist considered to be the "Father" of economics and proponent of free markets is:

Adam Smith
Karl Marx
John Maynard Keynes
Ben Bernanke
Joseph Schumpeter

Which of the following is NOT a reason for Market Failure?

Externalities
Public Goods
Lack of Information in the market
Too much competition
all the above are reasons for market failure

[arber47]

yea