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Economics Chapter 1 1 The one word in the definition of economics that focuses on the fact that it is impossible to provide all of the goods and services that everyone wants is
Chapter 01 – Economics: The Study of Opportunity Cost Chapter 01 Economics: The Study of Opportunity Cost Multiple Choice 1) Economics is the study of A) how much people should buy and the prices they should be willing to pay. […]
Economics Chapter 1 2 The fact that snow cones sales fall when snow accumulated from the sky suggests that snow cones sales and snow on the ground are
Chapter 01 – Economics: The Study of Opportunity Cost Figure 1.6 53) Using Figure 1.6 above you can tell that A) there is increasing opportunity cost. B) there is unemployment. C) there is constant opportunity cost. D) the technology does […]
Economics Chapter 10 1 The fact that you can use money to buy things well after the money is earned is a result of which characteristic
Chapter 10 – Monetary Policy Chapter 10 Monetary Policy Multiple Choice 1. The Federal Reserve came into existence in response to A) the inflation of the Civil War. B) the depression of the 1930’s. C) the boom and bust nature […]
Economics Chapter 12 1 D38 Which of the following events occurred during the 2000 to 2003 time-frame and had an important impact on the deficit/surplus projections
Chapter 12 – Federal Deficits, Surpluses, and the National Debt Chapter 12 Federal Deficits, Surpluses, and the National Debt Multiple Choice 1. The pattern of the 1930’s through the middle 1990’s was A) deficits interspersed with a few years of […]
Economics Chapter 13 1 A cities like Indianapolis and Dallas are unbounded by mountains or oceans while cities like Los Angeles and San Diego are bounded by both Los Angeles and San Diego are bounded by both
Chapter 13 – The Housing Bubble Chapter 13 The Housing Bubble Multiple Choice 1. In 2006 and 2007, for the first time in decades, in many major urban areas across the U.S., A) property tax rates decreased. B) housing prices […]
Economics Chapter 14 1 The elements of the stimulus package adopted in 2009 that allowed states to continue to make their unemployment compensation payments
Chapter 14 – The Recession of 2007-2009: Causes and Policy Responses Chapter 14 The Recession of 2007-2009: Causes and Policy Responses Multiple Choice 1. One of the most, if not the most severe recession since World War II began in […]
Economics Chapter 16 1 If you overheard a worker say that her pension would only give her what she put in and the interest she garnered on those savings regardless
Chapter 16 – Is the (Fiscal) Sky Falling: An Examination of Unfunded Social Security, Medicare, and State and Local Pension Liabilities Chapter 16 Is the (Fiscal) Sky Falling: An Examination of Unfunded Social Security, Medicare, and State and Local Pension […]
Economics Chapter 17 1 If a country can, with a single unit of labor, produce more of both clothing and computers than another country, then the first country has
Chapter 17 – International Trade: Does It Jeopardize American Jobs? Chapter 17 International Trade: Does It Jeopardize American Jobs? Multiple Choice 1. In 2009, trade made up ____ percent of the U.S. economy. A) 1.3 B) 5.0 C) 11.1 D) […]
Economics Chapter 18 1 Changes in U.S. citizens’ holdings of long-term financial and physical assets in another country are reported in
Chapter 18 – International Finance and Exchange Rates Chapter 18 International Finance and Exchange Rates Multiple Choice: 1. Since 1970, U.S. investment in other countries has A) increased by more than foreign investment in the U.S. B) increased by less […]
Economics Chapter 19 1 If the United States forbids the importation of more than a fixed amount of cane sugar, it is engaging in which of the following policies
Chapter 19 – NAFTA, CAFTA, GATT, WTO: Are Trade Agreements Good for Us? Chapter 19 NAFTA, CAFTA, GATT, WTO: Are Trade Agreements Good for Us? Multiple Choice 1. Which of the following purports to be a “free-trade” agreement? A) NAFTA […]
Economics Chapter 1a 1 Rene Descartes realized that he could define the location of any point on the ceiling, relative to a corner of the room
Chapter 01A – Graphing: Yes, You Can Chapter 01A Graphing: Yes, You Can Multiple Choice 1. In the Cartesian coordinate system, the point on a two-dimensional graph were both variables have a value of zero, i.e., (0,0), is called the […]
Economics Chapter 2 1 Economists know that consumers and producers are both made better off than they would be without free exchange because the exchanges are
Chapter 02 – Supply and Demand Chapter 02 Supply and Demand Multiple Choice 1) The mechanism by which buyers and sellers negotiate an exchange is called a/an A) equilibrium. B) model. C) market. D) meeting. Answer: C 2) The supply […]
Economics Chapter 2 2 The quintessential example for the price of another potential output and the impact of the price of one good on the market for another is
Chapter 02 – Supply and Demand 94) If there is a good that is consumed almost entirely by children, a significant reduction in the birth rate would A) move its demand curve to the right. B) move its demand curve […]
Economics Chapter 2 3 Of the collection of supply and demand diagrams in Figure 2.2 above which one shows the result of an increase in the taste for a good
Chapter 02 – Supply and Demand 157) Which of the following is true? A) the supply curve is downward sloping and demand curve is upward sloping. B) demand is downward sloping and supply is upward sloping. C) both the supply […]
Economics Chapter 20 1 From 1990 to 2004 among developed countries, a 1 percentage point increase in productivity growth was associated with increased per capita GDP growth of
Chapter 20 – Economic Growth and Development Chapter 20 Economic Growth and Development Multiple Choice 1. A country’s real GDP can increase for brief periods of time A) only if its aggregate demand increases. B) only if its aggregate supply […]
Economics Chapter 22 1 Suppose an ardent environmentalist sought to preserve limited natural resources for future generations, she would, more than likely be arguing
Chapter 22 – Natural Resources, the Environment, and Climate Change Chapter 22 Natural Resources, the Environment, and Climate Change Multiple Choice 1. The wood in a forest would be considered a A) limited natural resource. B) renewable natural resource. C) […]
Economics Chapter 23 1 An insurance plan that carries a low annual premium but also a low annual maximum amount that insurance will cover is called a
Chapter 23 – Health Care Chapter 23 Health Care Multiple Choice 1. The U.S. spends approximately ____ of GDP on health care. A) 1% (1/100th) B) 16% (1/6th) C) 25% (1/4th) D) 33% (1/3rd) Answer: B 2. The government spends […]
Economics Chapter 24 1 When creating demand curves for a good where one group gets the good for free and another group must pay the market price, we must
Chapter 24 – Government-Provided Health Insurance: Medicaid, Medicare, and the Child Health Insurance Program Chapter 24 Government-Provided Health Insurance: Medicaid, Medicare, and the Child Health Insurance Program Multiple Choice 1. Medicaid is A) a private health insurance program for government […]
Economics Chapter 26 1 Prior to the passage of the Patient Protection and Affordable Care Act which of the following was illegal
Chapter 26 – Health Care Reform: The Patient Protection and Affordable Care Act Chapter 26 Health Care Reform: The Patient Protection and Affordable Care Act Multiple Choice 1. Prior to the passage of the Patient Protection and Affordable Care Act […]
Economics Chapter 27 1 Written and recorded works, ideas, formulas and other creative intangible property that are owned by an individual or a group of individuals
Chapter 27 – So You Want to Be a Lawyer: Economics and the Law Chapter 27 So You Want to Be a Lawyer: Economics and the Law Multiple Choice 1. Land owned by an individual or a group of individuals […]
Economics Chapter 28 1 Under the rational criminal model, an increase in the legal income producing opportunities available to a population will
Chapter 28 – The Economics of Crime Chapter 28 The Economics of Crime Multiple Choice 1. Crime victims in the U.S. are disproportionately A) whites. B) minorities. C) Asian-Americans. D) legal immigrants. Answer: B 2. Crime in the U.S. is […]
Economics Chapter 29 1 Doing something that is not necessarily discriminatory on its face, but impacts some groups more negatively than others is called
Chapter 29 – The Economics of Race and Sex Discrimination Chapter 29 The Economics of Race and Sex Discrimination Multiple Choice 1. The labor force participation rate for women 16 and over has A) increased from 38% in the 1960s […]
Economics Chapter 3 1 Suppose a firm can not figure out whether the demand for the good it sells is elastic or inelastic but discovers that every time it raises its price
Chapter 03 – The Concept of Elasticity and Consumer and Producer Surplus Chapter 03 The Concept of Elasticity and Consumer and Producer Surplus Multiple Choice Use the following Figure 3.1 to answer questions 1-4: P Q/t P Q/t P Q/t […]
Economics Chapter 3 2 When looking at the impact of a change in trade policy economists use consumer and producer surplus to look at the winners and losers.
Chapter 03 – The Concept of Elasticity and Consumer and Producer Surplus 78) An increase in demand will always A) increase producer surplus. B) increase producer surplus and increase consumer surplus. C) decrease consumer surplus and increase consumer surplus. D) […]
Economics Chapter 31 1 If you view a dollar’s worth of consumer surplus (received by employers) equal to a dollar’s worth of producer surplus
Chapter 31 – Minimum Wage Chapter 31 Minimum Wage Multiple Choice 1. The lowest wage that may be legally paid for an hour’s work is called the A) just wage. B) minimum wage. C) maximum wage. D) living wage. Answer: […]
Economics Chapter 32 1 A flat marginal cost curve prior to capacity being reached suggests that the marginal cost of providing entrance to the 100th person is
Chapter 32 – Ticket Brokers and Ticket Scalping Chapter 32 Ticket Brokers and Ticket Scalping Multiple Choice 1. The substantive economic difference between ticket scalping and ticket brokering is that A) scalping is more efficient. B) brokering is more efficient. […]
Economics Chapter 33 1 As students moved from general education classes to advanced undergraduate classes, the market for their books is likely to move from
Chapter 33 – Why College Textbooks Cost So Much Chapter 33 Why College Textbooks Cost So Much Multiple Choice 1. College textbooks prices have been rising ______ than overall inflation. A) faster B) slower C) the same as Answer: A […]
Economics Chapter 34 1 In determining whether a further investment in education for a individual is worth the costs, an economist would look at whether the sum of the
Chapter 34 – Education Chapter 34 Education Multiple Choice 1. The form of capital through which education increases productivity is A) physical capital. B) human capital. C) human principal. D) brain capital. Answer: B 2. In determining whether a further […]
Economics Chapter 35 1 The percentage of people in households with income under that which is sufficient to provide a family with a minimally adequate standard of living is the
Chapter 35 – Poverty and Welfare Chapter 35 Poverty and Welfare Multiple Choice 1. The poverty line is A) that level of income just sufficient to provide a family with a minimally adequate standard of living. B) the percentage of […]
Economics Chapter 37 1 The filing status of a person who is legally married yet separated as a result of a messy impending divorce is likely to be
Chapter 37 – Personal Income Taxes Chapter 37 Personal Income Taxes Multiple Choice 1. In 2011, personal income taxes made up _____ of federal government revenues. A) much more than half B) much less than half C) just more than […]
Economics Chapter 38 1 At the current pace of oil consumption and given what oil is known to exist and what oil is expected to be discovered, oil reserves are likely to
Chapter 38 – Energy Prices Chapter 38 Energy Prices Multiple Choice 1. Proven oil reserves in the world amount to A) between 1100 and 1400 barrels. B) between 1100 and 1400 million barrels. C) between 1100 and 1400 billion barrels. […]
Economics Chapter 39 1 The largest metropolitan area in the United States that has no major league baseball, basketball, football, or hockey franchise is
Chapter 39 – If We Build It, Will They Come? And Other Sports Questions Chapter 39 If We Build It, Will They Come? And Other Sports Questions Multiple Choice 1. Tampa-St. Petersburg built new facilities to attract a sports franchise, […]
Economics Chapter 4 1 Given the production function and total cost function shown in Chapter 4, as production increases, average total costs
Chapter 04 – Firm Production, Cost, and Revenue Chapter 04 Firm Production, Cost, and Revenue Multiple Choice 1) A key assumption about the way firms behave is that they A) minimize costs. B) maximize profit. C) maximize market share. D) […]
Economics Chapter 4 2 When a firm shuts down because the market price of its product is less than the average variable cost of producing that product, the shut-down decision is
Chapter 04 – Firm Production, Cost, and Revenue 74) Refer to Table 4.1, Box I should be filled with A) $0. B) $115. C) $150. D) $200. Answer: C Refer to: Table 4.1 Use the following to answer questions 75-92: […]
Economics Chapter 41 1 If there are powerful unions in a labor market, the use of the supply and demand model to analyze labor markets
Chapter 41 – Unions Chapter 41 Unions Multiple Choice 1. The percentage of workers represented by unions reached its peak in the A) 1940’s. B) 1970’s. C) 1980’s. D) 1990’s. Answer: B 2. The peak of union representation in the […]
Economics Chapter 42 1 If you got a new job and were moved to Dale Indiana (population 1,500) you would expect to find two grocery stores, the market form is
Chapter 42 – Walmart: Always Low Prices (and Low Wages) – Always Chapter 42 Walmart: Always Low Prices (and Low Wages) – Always Multiple Choice 1. Walmart accounts for ____ of US GDP. A) less than 1% B) 2% C) […]
Economics Chapter 43 1 If a new casino comes to a city that already has one, which economic impact has little to no “local substitution” offsets to consider
Chapter 43 – The Economic Impact of Casino Gambling Chapter 43 The Economic Impact of Casino Gambling Multiple Choice 1. The perception that casinos have a dramatic impact on a local economy is A) without any foundation whatsoever. B) reasonable, […]
Economics Chapter 5 1 If you drive on a rural stretch of highway and come upon an intersection in which there is only one gas station and you know it to be the only one for 100 miles
Chapter 05 – Perfect Competition, Monopoly, and Economic versus Normal Profit Chapter 05 Perfect Competition, Monopoly, and Economic versus Normal Profit Multiple Choice Use Figure 5.1 to answer questions 1-2: P MR MC ATC AVC P* Q/t Q1Q2Q3Q4 Figure 5.1 […]
Economics Chapter 5 2 There are thousands of broadband internet providers in the country, while in a particular city the only way you can get it is through the phone, the cable company
Chapter 05 – Perfect Competition, Monopoly, and Economic versus Normal Profit 46. In Figure 5.7, assuming perfect competition which price(s) is associated with a loss? A) MR1 B) MR2 C) MR3 D) MR1 and MR2 Answer: D Refer to: Figure […]
Economics Chapter 6 1 Suppose people on diets buy the bulk of the ground chicken and ground turkey sold in the U.S. and they use either interchangeably as a substitute in recipes
Chapter 06 – Every Macroeconomic Word You Ever Heard: Gross Domestic Product, Inflation, Unemployment, Recession, and Depression Chapter 06 Every Macroeconomic Word You Ever Heard: Gross Domestic Product, Inflation, Unemployment, Recession, and Depression Multiple Choice 1. The reason that only […]
Economics Chapter 6 2 If the unemployment rate rises because the number of people not working but searching for work rises, economists would attribute this to the
Chapter 06 – Every Macroeconomic Word You Ever Heard: Gross Domestic Product, Inflation, Unemployment, Recession, and Depression 96. If the inflation rate turns out to be less than was is expected to be, the clear winners are A) lenders. B) […]
Economics Chapter 7 1 If you know that you can afford a $500 per month car payment for the next 48 months, the interest rate is positive and you have found a car dealer
Chapter 07 – Interest Rates and Present Value Chapter 07 Interest Rates and Present Value Multiple Choice 1. The percentage of a balance that a borrower must pay a lender is called the A) inflation rate. B) usury rate. C) […]
Economics Chapter 9 1 If you were to use an Aggregate Supply Aggregate Demand diagram to model nondiscretionary and discretionary fiscal policy
Chapter 09 – Fiscal Policy Chapter 9 Fiscal Policy Multiple Choice 1. Fiscal Policy is controlled by A) the Federal Reserve Board. B) Congress and the President. C) the Supreme Court. D) private banks. Answer: B 2. The purpose of […]