Archives: Quiz
Economics Chapter 23 Small differences in economic growth rates translate into
True / False 1. Small differences in economic growth rates translate into significant differences in living standards. a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: Easy LEARNING OBJECTIVES: DISC: Productivity and growth NATIONAL STANDARDS: United States – BPROG: Analytic […]
Economics Chapter 22 The economy in the period 1950 to 1998 behaved differently
c. lower rates of unemployment. d. higher rates of price level growth. ANSWER: b POINTS: 1 DIFFICULTY: Moderate LEARNING OBJECTIVES: DISC: Monetary and fiscal policy NATIONAL STANDARDS: United States – BPROG: Analytic ACCREDITING STANDARDS: Monetary and fiscal policy TOPICS: The […]
Economics Chapter 22 The Government Uses Stabilization Policies Reduce
ANSWER: d POINTS: 1 DIFFICULTY: Moderate LEARNING OBJECTIVES: DISC: Markets, market failure, a – DISC: Markets, market failure, and externalities NATIONAL STANDARDS: United States – BPROG: Analytic ACCREDITING STANDARDS: Markets, market failure, and ext – Markets, market failure, and externalities […]
Economics Chapter 22 One Major Effect The Great Depression
LEARNING OBJECTIVES: DISC: Aggregate demand and aggre – DISC: Aggregate demand and aggregate supply NATIONAL STANDARDS: United States – BPRPOG: Analysis ACCREDITING STANDARDS: Aggregate demand and aggregate s – Aggregate demand and aggregate supply TOPICS: Supply and Demand in Macroeconomics […]
Economics Chapter 22 The key characteristic of macroeconomics is the process of aggregation
True / False 1. The key characteristic of macroeconomics is the process of aggregation. a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: Easy LEARNING OBJECTIVES: DISC: Aggregate demand and aggre – DISC: Aggregate demand and aggregate supply NATIONAL STANDARDS: […]
Economics Chapter 21 If countries where wages are far lower than those in the U.S
c. an inexpensive patent system d. All of the above are correct. ANSWER: d POINTS: 1 DIFFICULTY: Easy LEARNING OBJECTIVES: DISC: Productivity and growth NATIONAL STANDARDS: United States – BPROG: Analytic ACCREDITING STANDARDS: Productivity and growth TOPICS: Entrepreneurship KEYWORDS: BLOOM’S: […]
Economics Chapter 21 The U.S. remains the world’s economic leader in all respects
1. The U.S. remains the world’s economic leader in all respects. a. True b. False ANSWER: False POINTS: 1 DIFFICULTY: Easy LEARNING OBJECTIVES: DISC: The study of economics, an – DISC: The study of economics, and definitions in economics NATIONAL […]
Economics Chapter 20 The Line has Since Been Modified Account For
LEARNING OBJECTIVES: DISC: The role of government NATIONAL STANDARDS: United States – BPROG: Analytic ACCREDITING STANDARDS: The role of government TOPICS: Policies to Combat Poverty KEYWORDS: BLOOM’S: Comprehension 127. Who would receive payments from the government under a negative income […]
Economics Chapter 20 The poorest fifth of the population receives
d. has already been won. ANSWER: b POINTS: 1 DIFFICULTY: Moderate LEARNING OBJECTIVES: DISC: The role of government NATIONAL STANDARDS: United States – BPROG: Analytic ACCREDITING STANDARDS: The role of government TOPICS: The Facts: Poverty KEYWORDS: BLOOM’S: Comprehension 74. Under […]
Economics Chapter 19 Which of the following might be a goal of a union
c. both the income and substitution effect. d. neither the income effect nor the substitution effect. ANSWER: c POINTS: 1 DIFFICULTY: Moderate LEARNING OBJECTIVES: DISC: Labor markets NATIONAL STANDARDS: United States – BPROG: Analytic ACCREDITING STANDARDS: Labor markets TOPICS: The […]
Economics Chapter 19 A bilateral monopoly is a market situation in which there is only
KEYWORDS: BLOOM’S: Comprehension 76. A bilateral monopoly is a market situation in which there is only one buyer and only one seller. a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: Moderate LEARNING OBJECTIVES: DISC: Monopoly NATIONAL STANDARDS: United States […]
Economics Chapter 19 Average real wages have not risen significantly since approximately
True / False 1. Average real wages have not risen significantly since approximately 1973. a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: Easy LEARNING OBJECTIVES: DISC: Labor markets NATIONAL STANDARDS: United States – BPROG: Analytic ACCREDITING STANDARDS: Labor markets […]
Economics Chapter 18 Between 1988 and 1989, the price of retail space in Ginza
d. rent seeking. ANSWER: d POINTS: 1 DIFFICULTY: Moderate LEARNING OBJECTIVES: DISC: The study of economics, an – DISC: The study of economics, and definitions in economics NATIONAL STANDARDS: United States – BPROG: Analytic LOCAL STANDARDS: United States – OH […]
Economics Chapter 18 Which of the following is not a loan of funds
KEYWORDS: BLOOM’S: Comprehension 121. If the rate of interest increases, firms will most likely respond by a. increasing investment. b. decreasing investment. c. not changing investment. d. increasing capital stock. ANSWER: b POINTS: 1 DIFFICULTY: Easy LEARNING OBJECTIVES: DISC: Supply […]
Economics Chapter 18 Marginal productivity analysis shows that a drop in the price
NATIONAL STANDARDS: United States – BPROG: Analytic LOCAL STANDARDS: United States – OH – Default City – Measuring the Economy ACCREDITING STANDARDS: Measuring the Economy TOPICS: The Principle of Marginal Productivity KEYWORDS: BLOOM’S: Comprehension 67. In 2013 ____ of national […]
Economics Chapter 18 The Study Ofeconomics And Definitions Economics accrediting Standards
True / False 1. MRP represents what the marginal physical product is worth. a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: Easy LEARNING OBJECTIVES: DISC: The study of economics, an – DISC: The study of economics, and definitions in […]
Economics Chapter 17 The South Carolina State Supreme Court ruled that a 20 percent
ANSWER: b POINTS: 1 DIFFICULTY: Moderate LEARNING OBJECTIVES: DISC: Monetary and fiscal policy NATIONAL STANDARDS: United States – BPROG: Analytic ACCREDITING STANDARDS: Monetary and fiscal policy TOPICS: Shifting the Tax Burden: Tax Incidence KEYWORDS: BLOOM’S: Comprehension 182. Suppose that the […]
Economics Chapter 17 Compared to other countries, the U.S. federal government relies
DIFFICULTY: Easy LEARNING OBJECTIVES: DISC: The study of economics, an – DISC: The study of economics, and definitions in economics NATIONAL STANDARDS: United States – BPROG: Analytic ACCREDITING STANDARDS: The study of economics, and defi – The study of economics, […]
Economics Chapter 17 Federal taxes have remained relatively constant as a percentage
True / False 1. For about the last 45 years, federal taxes have remained relatively constant as a percentage of GDP. a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: Easy LEARNING OBJECTIVES: DISC: Monetary and fiscal policy NATIONAL STANDARDS: […]
Economics Chapter 16 They Are Appropriate Where Surveillance and Consequently Enforcement
182. Which of the following is most likely to reduce the consumption of an exhaustible natural resource? a. a decrease in monopoly control of the market for the resource b. government tax policies that give tax breaks to entrepreneurs who […]
Economics Chapter 16 In contrast to the need for legal enforcement under a system
DIFFICULTY: Difficult LEARNING OBJECTIVES: DISC: The role of incentives NATIONAL STANDARDS: United States – BPROG: Analytic ACCREDITING STANDARDS: The role of government TOPICS: Basic Approaches to Environmental Policy KEYWORDS: BLOOM’S: Comprehension 138. Economists generally prefer to deal with emissions of […]
Economics Chapter 16 There has been a downward trend in the United States since 1980
a. air pollution has worsened in most U.S. cities. b. many new pollutants have been introduced or identified. c. the federal government has reduced its reliance on economic incentives as a means of reducing pollution. d. All of the above […]
Economics Chapter 16 Increasing GDP generally causes increases in problems of waste
True / False 1. Increasing GDP generally causes increases in problems of waste disposal. a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: Moderate LEARNING OBJECTIVES: DISC: Markets, market failure, a – DISC: Markets, market failure, and externalities NATIONAL STANDARDS: […]
Economics Chapter 15 National defense and coastal lighthouses are examples of
a. valuable socially. b. not depletable and not excludable. c. subject to the “free rider” problem. d. All of the above are correct. ANSWER: d POINTS: 1 DIFFICULTY: Easy LEARNING OBJECTIVES: DISC: Markets, market failure, a – DISC: Markets, market […]
Economics Chapter 15 If the production of a good generates a detrimental externality
TOPICS: Efficient Resource Allocation: A Review KEYWORDS: BLOOM’S: Comprehension 76. In a properly functioning free market a. the price of any good reflects its marginal utility to consumers. b. price will equal marginal cost. c. the invisible hand will assure […]
Economics Chapter 15 A market economy provides solutions to almost all social ills
True / False 1. A market economy provides solutions to almost all social ills such as poverty and environmental damage. a. True b. False ANSWER: False POINTS: 1 DIFFICULTY: Easy LEARNING OBJECTIVES: DISC: Markets, market failure, a – DISC: Markets, […]
Economics Chapter 14 When box lunches are handed out at an elementary school
TOPICS: Scarcity and the Need to Coordinate Economic Decisions KEYWORDS: BLOOM’S: Comprehension 138. When box lunches are handed out at an elementary school, Jimmy (who loves chocolate and hates raisins) gets a raisin cookie and Johnny (who hates chocolate and […]
Economics Chapter 14 Which of the following conditions should be met
c. allocate their resources equitably. d. exploit their resources. ANSWER: b POINTS: 1 DIFFICULTY: Easy LEARNING OBJECTIVES: DISC: Supply and demand NATIONAL STANDARDS: United States – BPROG: Analytic ACCREDITING STANDARDS: Supply and demand TOPICS: Efficient Resource Allocation and Pricing KEYWORDS: […]
Economics Chapter 13 If a firm’s average cost is declining, setting price equal
c. sometimes leave the regulated firm with economic losses. d. leave the regulated firm with profits that are about 10 percent higher than those of other firms. ANSWER: c POINTS: 1 DIFFICULTY: Moderate LEARNING OBJECTIVES: DISC: The role of government […]
Economics Chapter 13 The prices that are in the public’s best interest will
DIFFICULTY: Easy LEARNING OBJECTIVES: DISC: The role of government NATIONAL STANDARDS: United States – BPROG: Analytic ACCREDITING STANDARDS: The role of government TOPICS: Measuring Market Power: Concentration KEYWORDS: BLOOM’S: Comprehension 75. The share of industry output sold by the top […]
Economics Chapter 13 The goal of all regulation is the creation of perfectly competitive
True / False 1. The goal of all regulation is the creation of perfectly competitive markets. a. True b. False ANSWER: False POINTS: 1 DIFFICULTY: Easy LEARNING OBJECTIVES: DISC: The role of government NATIONAL STANDARDS: United States – BPROG: Analytic […]
Economics Chapter 12 Cartels usually succumb to divisive forces caused by
NATIONAL STANDARDS: United States – BPROG: Analytic ACCREDITING STANDARDS: Oligopoly TOPICS: Oligopoly KEYWORDS: BLOOM’S: Comprehension 140. Cartels usually succumb to divisive forces caused by a. limited information. b. members cheating by giving secret discounts. c. entry by new rivals seeking […]
Economics Chapter 12 To understand most of today’s economic activity in the U.S
b. full information about the market among buyers and sellers c. product homogeneity d. freedom of entry into the market ANSWER: c POINTS: 1 DIFFICULTY: Easy LEARNING OBJECTIVES: DISC: Monopolistic competition NATIONAL STANDARDS: United States – BPROG: Analytic ACCREDITING STANDARDS: […]
Economics Chapter 12 Monopolistically competitive markets feature high barriers to entry
True / False 1. Most economic activity in the United States is carried out by monopolies. a. True b. False ANSWER: False POINTS: 1 DIFFICULTY: Easy LEARNING OBJECTIVES: DISC: Monopoly NATIONAL STANDARDS: United States – BPROG: Analytic ACCREDITING STANDARDS: Monopoly […]
Economics Chapter 11 Discrepancies in profitability tempt rivals to charge the more
ACCREDITING STANDARDS: Monopoly TOPICS: Price Discrimination Under Monopoly KEYWORDS: BLOOM’S: Analysis 174. Discrepancies in profitability tempt rivals to charge the more profitable consumers somewhat lower prices in order to lure them away from the firm that is “overcharging” them. This […]
Economics Chapter 11 In which of the following ways is a monopolist different
133. In Figure 11-5 are the cost and revenue curves of a monopolist in the theater market, Crown Theater, which is the only movie theater in the city. At its profit-maximizing quantity of tickets sold, movie goers will buy ____ […]
Economics Chapter 11 Which of these contributes to the existence of monopoly power
POINTS: 1 DIFFICULTY: Easy LEARNING OBJECTIVES: DISC: Monopoly NATIONAL STANDARDS: United States – BPROG: Analytic ACCREDITING STANDARDS: Monopoly TOPICS: Monopoly Defined KEYWORDS: BLOOM’S: Comprehension 76. Which of these contributes to the existence of monopoly power? a. a continuously decreasing long-run […]
Economics Chapter 11 A pure monopoly is defined as having only one seller
True / False 1. A pure monopoly is defined as having only one seller. a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: Easy LEARNING OBJECTIVES: DISC: Monopoly NATIONAL STANDARDS: United States – BPROG: Analytic ACCREDITING STANDARDS: Monopoly TOPICS: Monopoly […]
Economics Chapter 10 Give a complete but concise definition of the following terms
ACCREDITING STANDARDS: Perfect competition TOPICS: The Perfectly Competitive Firm KEYWORDS: BLOOM’S: Comprehension Essay 174. Give a complete but concise definition of the following terms. a. perfect competition b. perfectly competitive firm’s demand curve c. shutdown point d. long-run equilibrium in […]
Economics Chapter 10 The difference between zero accounting profit
DIFFICULTY: Easy LEARNING OBJECTIVES: DISC: Perfect competition NATIONAL STANDARDS: United States – BPROG: Analytic ACCREDITING STANDARDS: Perfect competition TOPICS: The Perfectly Competitive Industry KEYWORDS: BLOOM’S: Comprehension 134. Perfectly competitive firms ____ earn zero economic profit in long-run equilibrium because ____. […]
Economics Chapter 10 Which of the following is closest to the economist’s definition
b. an industry in which numerous firms produce identical products. c. an industry untouched by government regulation. d. the kind of industry any American would support. ANSWER: b POINTS: 1 DIFFICULTY: Easy LEARNING OBJECTIVES: DISC: Perfect competition NATIONAL STANDARDS: United […]
Economics Chapter 10 Perfect competition is an ideal market structure
True / False 1. Perfect competition is an ideal market structure. a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: Moderate LEARNING OBJECTIVES: DISC: Perfect competition NATIONAL STANDARDS: United States – BPROG: Analytic ACCREDITING STANDARDS: Perfect competition TOPICS: Perfect Competition […]
Economics Chapter 8 Distinguish between the economist’s definition of profit
d. both a and c ANSWER: c POINTS: 1 DIFFICULTY: Difficult LEARNING OBJECTIVES: DISC: Marginal costs & benefits NATIONAL STANDARDS: United States – BPROG: Reflective Thinking – BPROG: Analysis ACCREDITING STANDARDS: Marginal costs & benefits TOPICS: Generalization: The Logic of […]
Economics Chapter 8 Once a firm has selected a price for its product
True / False 1. Once a firm has selected a price for its product, quantity is decided by consumers and their demand curves. a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: Easy LEARNING OBJECTIVES: DISC: Supply and demand NATIONAL […]
Economics Chapter 7 For Roadside Seller Apples The Long run May
b. decreasing returns to scale. c. constant returns to scale. d. increasing costs per unit of output. ANSWER: a POINTS: 1 DIFFICULTY: Easy LEARNING OBJECTIVES: DISC: Costs of production NATIONAL STANDARDS: United States – BPROG: Analytic ACCREDITING STANDARDS: Costs of […]
Economics Chapter 7 Which of the lines in Figure 7-6 represents a typical average
a. (a) b. (b) c. (c) d. (d) ANSWER: a POINTS: 1 DIFFICULTY: Easy LEARNING OBJECTIVES: DISC: Costs of production NATIONAL STANDARDS: United States – BPROG: Analytic ACCREDITING STANDARDS: Costs of production TOPICS: Cost and Its Dependence on Output KEYWORDS: […]
Economics Chapter 7 When the marginal revenue product of an input is less than
Table 7-1 Workers Toys 1 5 2 12 3 22 4 30 5 35 75. In Table 7-1, the marginal physical product of labor after the addition of the fourth worker is a. 8. b. 7. c. 10. d. 5. […]
Economics Chapter 7 The short run is that period during which there are no fixed
True / False 1. The short run is that period during which there are no fixed commitments. a. True b. False ANSWER: False POINTS: 1 DIFFICULTY: Moderate LEARNING OBJECTIVES: DISC: Costs of production NATIONAL STANDARDS: United States – BPROG: Analytic […]
Economics Chapter 6 A recent study on enrollment at a liberal arts college
TOPICS: Price Elasticity of Demand: Its Effect on Total Revenue and Total Expenditure KEYWORDS: BLOOM’S: Analysis 133. A recent study on enrollment at a liberal arts college concluded that demand elasticity is 0.91. The administration is considering a tuition increase […]
Economics Chapter 6 Demand is said to be price elastic at a point on a demand
a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: Moderate LEARNING OBJECTIVES: DISC: Supply and demand NATIONAL STANDARDS: United States – BPROG: Analytic ACCREDITING STANDARDS: Supply and demand TOPICS: Price Elasticity of Demand: Its Effect on Total Revenue and Total […]