EXAM 1

Frage 1 von 105

1

A theory that has won virtually universal acceptance is a:

Wähle eine der folgenden:

model.
hypothesis
law.
variable.

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Frage 2 von 105

1

When we are forced to make choices we are facing the concept of:

Wähle eine der folgenden:

ceteris paribus.
free goods
scarcity
the margin.

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Frage 3 von 105

1

Statements that are a hypothesis or statement of fact are:

Wähle eine der folgenden:

pecuniary.
positive.
nominal.
normative

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Frage 4 von 105

1

The economic way of thinking includes:

Wähle eine der folgenden:

more attention paid to benefits rather than the costs involved in any choice.
the assumption that individuals choose to average out some objective.
emphasis on how choices are made at the margin.
the notion that the industrialized nations have solved the problem of scarcity

Erklärung

Frage 5 von 105

1

A feature that distinguishes economists' approach to making choices is (are):

Wähle eine der folgenden:

assigning opportunity costs a major role in their analyses of choices.
assuming individuals make choices to maximize objectives
emphasizing that choices are made at the margin
all of the above.

Erklärung

Frage 6 von 105

1

The statement that the minimum wage needs to be increased is a:

Wähle eine der folgenden:

positive statement.
normative statement
condition contained in the fallacy of false cause.
scientific conclusion based on marginal analysis.

Erklärung

Frage 7 von 105

1

Economics, generally speaking, is primarily concerned with:

Wähle eine der folgenden:

the operation of the bond and stock markets.
how people choose among the alternatives available to them.
the issues of income inequality or income equality.
ceteris paribus, the scientific method, and the margin

Erklärung

Frage 8 von 105

1

The use of controlled experiments using particular substances to test hypotheses is most likely to be found in:

Wähle eine der folgenden:

chemistry.
economics.
history.
the humanities

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Frage 9 von 105

1

Scarcity is determined by the existence of bad alternatives

Wähle eins der folgenden:

WAHR
FALSCH

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Frage 10 von 105

1

The value of the next-best choice not chosen is called opportunity cost.

Wähle eins der folgenden:

WAHR
FALSCH

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Frage 11 von 105

1

Economists are:

Wähle eine der folgenden:

concerned with developing theories but not interested in solving problems.
interested in solving problems but not concerned with developing theories.
reluctant to predict changes in variables such as prices, employment, and spending.
not always in agreement on the best way to implement policy decisions.

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Frage 12 von 105

1

Unemployment and inflation are major topics in macroeconomics.

Wähle eins der folgenden:

WAHR
FALSCH

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Frage 13 von 105

1

The best example of an increase in capital is:

Wähle eine der folgenden:

The discovery of new oil reserves.
new computer software.
legal immigration of computer programmers.
conversion of military facilities to civilian use

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Frage 14 von 105

1

The slope of a production possibilities curve is based on opportunity cost.

Wähle eins der folgenden:

WAHR
FALSCH

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Frage 15 von 105

1

The slope of a typical production possibilities curve is:

Wähle eine oder mehr der folgenden:

0.
vertical.
positive.
negative.

Erklärung

Frage 16 von 105

1

Suppose the economy is operating at point C. The opportunity cost of producing the fourth freight train would be:

Ziehe die Antwort zum richtigen orangen Punkt.

19 tons of sugar.

45 tons of sugar.

80 tons of sugar

3 freight trains.

Erklärung

Frage 17 von 105

1

An economy that has the lowest cost for producing a particular good is said to have a(n):

Wähle eine der folgenden:

technological advantage
comparative advantage.
convex news production possibilities curve.
all of the above are correct

Erklärung

Frage 18 von 105

1

A factor of production that has been produced for use in the production of other goods and services is:

Wähle eine der folgenden:

labor.
money.
capital.
natural resources.

Erklärung

Frage 19 von 105

1

Which of the following explains why the U.S. economy produces more than the Chinese economy?

Wähle eine der folgenden:

The United States buys more goods from China than China buys from the United States.
In comparison to China, the United States has stronger environmental protection rules.
The population of the United States is less than 1/4 the population of China.
The United States has more capital per worker available than China.

Erklärung

Frage 20 von 105

1

If the opportunity cost of manufacturing machinery is lower in the United States than in Britain and the opportunity cost of manufacturing sweaters is higher in the United States than in Britain, then the United States will:

Wähle eine der folgenden:

export both sweaters and machinery to Britain
import both sweaters and machinery from Britain.
export sweaters to Britain and import machinery from Britain.
import sweaters from Britain and export machinery to Britain.

Erklärung

Frage 21 von 105

1

Which of the following statements is false?

Wähle eine der folgenden:

Improvements in technology make most workers worse off because they lose their jobs to capital.
Technological improvements affect most industries, including oil exploration, fast-food restaurants, and pet stores.
When technology improves or changes, some jobs are lost
Technological improvements that make capital more productive often leads to higher wages for labor.

Erklärung

Frage 22 von 105

1

Suppose the economy is operating at point B. The opportunity cost of producing the third freight train would be:

Ziehe die Antwort zum richtigen orangen Punkt.

6 tons of sugar.

19 tons of sugar.

45 tons of sugar.

80 tons of sugar.

Erklärung

Frage 23 von 105

1

An economy is said to have a comparative advantage in the production of a good if it can:

Wähle eine der folgenden:

produce that good with more resources than another economy.
produce that good with a higher opportunity cost than another economy.
produce that good outside its production possibilities curve.
produce the good at a lower opportunity cost than another economy.

Erklärung

Frage 24 von 105

1

The difference between iron ore deposits and the steel produced from these deposits that is later used to make factory equipment illustrates the difference between:

Wähle eine der folgenden:

labor and a natural resource.
labor and capital.
a natural resource and capital.
a natural resource and entrepreneurship.

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Frage 25 von 105

1

Britain imports some goods and exports other goods primarily because of:

Wähle eine der folgenden:

free goods.
specialization.
unemployment.
self-sufficiency.

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Frage 26 von 105

1

The North Korean economy is currently classified as a mixed economy.

Wähle eins der folgenden:

WAHR
FALSCH

Erklärung

Frage 27 von 105

1

The concept of comparative advantage is based upon:

Wähle eine der folgenden:

absolute labor productivity
relative labor costs.
dollar prices of labor.
relative opportunity costs

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Frage 28 von 105

1

One of the two criteria for a resource to be considered capital is that it must:

Wähle eine der folgenden:

occur naturally.
be part of a factory or building.
be a skill or talent possessed by a person.
be possible to use it to produce other goods and services.

Erklärung

Frage 29 von 105

1

The textbook classifies technology as knowledge and entrepreneurs as persons who seek profit.

Wähle eins der folgenden:

WAHR
FALSCH

Erklärung

Frage 30 von 105

1

In a market capitalist economy:

Wähle eine der folgenden:

factors of production are owned privately and decisions about their use are basically made by individuals.
factors of production are owned by the government but decisions about their use are made privately.
private ownership exists but decisions about resource allocation are usually made centrally by the government.
there is no role for the government.

Erklärung

Frage 31 von 105

1

In the textbook, the prices of the factors of production, returns from related goods, technology, expectations regarding future prices, and the number of sellers are called:

Wähle eine der folgenden:

demand shifters.
supply prices.
market realities
supply shifters.

Erklärung

Frage 32 von 105

1

If the price of chocolate-covered peanuts is 40 cents, the price will:

Ziehe die Antwort zum richtigen orangen Punkt.

remain unchanged.

fall to 30 cents.

rise to 50 cents.

rise to 60 cents.

Erklärung

Frage 33 von 105

1

In a competitive market, when price is below the equilibrium price, there will be pressure for the price to:

Wähle eine der folgenden:

fall.
stay the same
rise
change only if demand and/or supply change

Erklärung

Frage 34 von 105

1

Klicke auf den orangenen Punkt und wähle die korrekte Antwort.

A decrease in the fee charged for videotape rentals would result in a change illustrated by:

Erklärung

Frage 35 von 105

1

Wähle von der Dropdown-Liste, um den Text zu vervollständigen.

In the 1990s, the Monks of St. Benedict's the Monks determined that their ( opportunity costs, profits, operating costs ) were ( too low, too high ) in the egg and cookie business, so they ( went out of business, opened a new business, switched to providing private retreats . )

Erklärung

Frage 36 von 105

1

An increase in supply is caused by:

Wähle eine der folgenden:

an increase in resource prices.
a decrease in the number of sellers in the market.
suppliers' expectations of higher prices in the future.
an advancement in the technology for producing the good.

Erklärung

Frage 37 von 105

1

Which of the following will not cause the demand for milk (a normal good) to increase in the current time period?

Wähle eine der folgenden:

a fall in the price of milk
an increase in income
an expected increase in milk prices
a decrease in the price of cookies (a complement)

Erklärung

Frage 38 von 105

1

If a demand curve shifts to the left, then:

Wähle eine der folgenden:

the equilibrium price would go up and the equilibrium quantity would go down.
the equilibrium price would go down and the equilibrium quantity would go up.
a lower equilibrium price and quantity would result.
a higher equilibrium price and quantity would result.

Erklärung

Frage 39 von 105

1

A decrease in supply is caused by:

Wähle eine der folgenden:

a decrease in resource prices.
a decrease in the number of sellers in the market.
suppliers' expectations of lower prices in the future.
an advancement in the technology for producing the good.

Erklärung

Frage 40 von 105

1

The price of cotton rises. What happens in the market for cotton shirts?

Wähle eine der folgenden:

The equilibrium price falls and the equilibrium quantity rises.
The equilibrium price rises and the equilibrium quantity falls
The equilibrium price and quantity rise.
The equilibrium price and quantity fall.

Erklärung

Frage 41 von 105

1

An increase in demand and a decrease in supply, will lead to a(n) in equilibrium quantity and a(n) in equilibrium price.

Wähle eine der folgenden:

decrease; decrease
indeterminate change; increase
indeterminate change; decrease
increase; indeterminate change

Erklärung

Frage 42 von 105

1

A shortage will exert pressures for the price to decrease.

Wähle eins der folgenden:

WAHR
FALSCH

Erklärung

Frage 43 von 105

1

Which of the following would result in a movement along the demand curve?

Wähle eine der folgenden:

a change in preferences
an increase in the number of buyers
an increase in the number of suppliers
a decrease in income

Erklärung

Frage 44 von 105

1

According to the textbook, demand and supply determine prices, and prices allocate scarce resources in the economy.

Wähle eins der folgenden:

WAHR
FALSCH

Erklärung

Frage 45 von 105

1

If both the demand for a product and the supply of it increase, then the equilibrium quantity will and the equilibrium price will .

Wähle eine der folgenden:

decrease; increase
decrease; decrease
decrease; remain constant
increase; either increase, decrease, or remain constant

Erklärung

Frage 46 von 105

1

A negative relationship between the quantity demanded and price is called the law of ______.

Wähle eine der folgenden:

demand
diminishing marginal returns
market clearing
supply

Erklärung

Frage 47 von 105

1

Given the demand curve, what is the price some buyers are willing and able to pay for 3 units?

Ziehe die Antwort zum richtigen orangen Punkt.

$2

$4

$6

$8

Erklärung

Frage 48 von 105

1

Given the initial equilibrium of S1 and D, any price lower than will create pressure for the price to .

Ziehe die Antwort zum richtigen orangen Punkt.

$2.00; fall

$2.50; rise

$3.00; rise

none of the above are true

Erklärung

Frage 49 von 105

1

A price above the equilibrium price will:

Wähle eine der folgenden:

result in quantity supplied being less than quantity demanded.
result in a shortage
create pressure for price to fall.
tend to rise over time..

Erklärung

Frage 50 von 105

1

The equilibrium quantity and the equilibrium price are bags and cents.

Ziehe die Antwort zum richtigen orangen Punkt.

140; 40

175; 60

175; 80

210; 50

Erklärung

Frage 51 von 105

1

Which of the following is a demand factor in the health-care market?

Wähle eine der folgenden:

productivity in health care
treatment decisions of doctors
changes in health care technology
All of the above are demand factors.

Erklärung

Frage 52 von 105

1

The equilibrium price established by supply and demand could be called a "just right" price because:

Wähle eine der folgenden:

any price above it would be "too high" and cause a shortage.
any price below it would be "too low" and cause a surplus.
it is the only price where the quantity demanded and the quantity supplied are equal.
of all of the above.

Erklärung

Frage 53 von 105

1

According to the textbook, which of the following are suggestions to limit health-care spending?

Wähle eine der folgenden:

requiring patients to pay a larger share
government regulation
the use of insurance companies that limit spending
all of the above

Erklärung

Frage 54 von 105

1

Technological improvements in the health-care industry have been a primary factor in the increase in health-care costs.

Wähle eins der folgenden:

WAHR
FALSCH

Erklärung

Frage 55 von 105

1

The United States is confronted with two significant problems in health care. They are:

Wähle eine der folgenden:

increasing the demand for health care and decreasing the supply of health care.
the need to build more hospitals and the slow rate of technological change in health care.
health-care cost and how to limit spending on health care.
all of the above

Erklärung

Frage 56 von 105

1

Third-party payer systems for health-care services include payments made by:

Wähle eine der folgenden:

doctors.
patients.
hospitals.
insurance companies.

Erklärung

Frage 57 von 105

1

A market price support policy attempts to assist the farm industry by:

Wähle eine der folgenden:

taxing the incomes of farmers.
directly subsidizing the incomes of farmers
establishing price floors in farm output markets.
reducing the amount of resources used in farm production.

Erklärung

Frage 58 von 105

1

When the price of P2 becomes available to the consumer because of insurance:

Wähle eine der folgenden:

health-care costs are now OP3BQ2, of which OP3CQ2 is paid by consumers and P2P3BQ2 is paid by insurance.
health-care costs are now OP3BQ2, of which P2P3BQ2 is paid by consumers and OP2CQ2 is paid by insurance.
the new quantity of health care is Q2.
the new quantity of health care is Q1.

Erklärung

Frage 59 von 105

1

In terms of equity, existing farm policies tend to help:

Wähle eine der folgenden:

all farmers equally
none of the farmers.
poor farmers more than wealthy farmers.
wealthy farmers more than poor farmers

Erklärung

Frage 60 von 105

1

If the government sets out to help low-income people by establishing a maximum amount for rent:

Wähle eine der folgenden:

a price floor has been set and a shortage of rental units may occur.
a price ceiling has been set and a shortage of rental units may occur.
in the long run more rental units will appear.
poor people will definitely be helped.

Erklärung

Frage 61 von 105

1

The increase in the cost of health care was caused in part:

Wähle eine der folgenden:

by technology, which has created new and costly treatments.
by doctors' receiving incomes above the market level.
by the government's fixing prices in health care.
because insurance companies have been left out of health care.

Erklärung

Frage 62 von 105

1

In the market for health care:

Wähle eine der folgenden:

equilibrium occurs at the intersection of supply and demand, just as it does with most goods.
the effect of third-party payers decreases the price that consumers pay.
providers are encouraged to supply a greater quantity than they would without third-party payers.
B and C are true.

Erklärung

Frage 63 von 105

1

During the 1930s, the role of the federal government in the U.S. agricultural industry:

Wähle eine der folgenden:

remained unchanged from the earlier decades.
decreased substantially.
increased substantially.
decreased marginally.

Erklärung

Frage 64 von 105

1

A market price support policy attempts to assist the farm industry by:

Wähle eine der folgenden:

taxing the incomes of farmers.
directly subsidizing the incomes of farmers.
establishing price floors in farm output markets.
reducing the amount of resources used in farm production.

Erklärung

Frage 65 von 105

1

Third-party payer systems are most likely to the quantity of health care .

Wähle eine der folgenden:

increase; demanded
decrease; demanded
not change; supplied
decrease; supplied

Erklärung

Frage 66 von 105

1

In the stock market the demand for stocks in recent years has been greatly affected by demographic change and rising incomes.

Wähle eins der folgenden:

WAHR
FALSCH

Erklärung

Frage 67 von 105

1

In the personal computer industry, the reason for the fall in prices and the increase in quantity after 1980 was primarily due to technological change and an increase in the number of sellers.

Wähle eins der folgenden:

WAHR
FALSCH

Erklärung

Frage 68 von 105

1

20 percent of total health-care spending is paid by private and government insurance

Wähle eins der folgenden:

WAHR
FALSCH

Erklärung

Frage 69 von 105

1

An arrangement in which consumers choose their health-care services while other institutions pay a share of the cost of those services is called a(n) ________ payer system.

Wähle eine der folgenden:

provider fees
third-party
insurance premiums
catastrophic insurance

Erklärung

Frage 70 von 105

1

The Case in Point on the Oregon Plan makes it clear that the state sets a limit on how much it will spend but not on what procedures it will cover.

Wähle eins der folgenden:

WAHR
FALSCH

Erklärung

Frage 71 von 105

1

During the Great Depression:

Wähle eine der folgenden:

agriculture was hit particularly hard.
prices received by farmers rose by nearly 2/3 between 1930 and 1933.
farm legislation in the 1930s sought to reduce the number of farms and farm income
all of the above are true.

Erklärung

Frage 72 von 105

1

Although health-care costs have increased recently in absolute terms, they have fallen as a percentage of total output.

Wähle eins der folgenden:

WAHR
FALSCH

Erklärung

Frage 73 von 105

1

When the price of $20 per visit becomes available to the consumer because of insurance:

Wähle eine der folgenden:

health-care costs become $180 million, of which $60 million is paid by consumers and $120 million is paid by insurance.
health-care costs become $180 million, of which $120 million is paid by consumers and $60 million is paid by insurance .
the new quantity of physician office visits is 1 million visits per week.
both A and C are true.

Erklärung

Frage 74 von 105

1

Farm legislation has historically tried to increase farm income by:

Wähle eine der folgenden:

guaranteeing a minimum price to farmers.
imposing limits on production.
insulating farmers from fluctuations in prices
doing all of the above.

Erklärung

Frage 75 von 105

1

The price elasticity of demand for lettuce has been estimated to be -2.58. If an insect infestation destroys 10 percent of the nation's lettuce crop, how will that affect total expenditures on lettuce, all other things unchanged?

Wähle eine der folgenden:

total expenditures will remain unchanged
total expenditures will fall
total expenditures will rise
not enough information is given to answer the question

Erklärung

Frage 76 von 105

1

The income elasticity of demand for peaches has been estimated to be 1.43. If income grows by 15 percent in a period, how will that affect total expenditures on peaches in that period, all other things unchanged?

Wähle eine der folgenden:

total expenditures will rise
total expenditures will fall
total expenditures will remain unchanged
not enough information is given to answer the question

Erklärung

Frage 77 von 105

1

The price elasticity of demand for the segment FG is:

Ziehe die Antwort zum richtigen orangen Punkt.

0.

0.09

-0.5

greater than 1 (absolute value).

Erklärung

Frage 78 von 105

1

The concept of cross price elasticity of demand refers to the:

Wähle eine der folgenden:

ratio of the percentage change in the quantity demanded of a good at a specific price to the percentage change in the price of a related good.
ratio of the percentage change in the price of one good to the percentage change in the quantity demanded of a related good at a specific price.
ratio of the price elasticity of a normal good to the price elasticity of a related good.
change in income due to a change in the price of a related good.

Erklärung

Frage 79 von 105

1

If the income elasticity of demand for a good is positive, the good is said to be a(n):

Wähle eine der folgenden:

inferior good
substitute good.
normal good.
positive good

Erklärung

Frage 80 von 105

1

A shirt manufacturer sold 10 dozen shirts per day when the price was $4 per shirt but sold 15 dozen shirts per day when the price was $3 per shirt. Hence, the absolute value of the price elasticity of demand is:

Wähle eine der folgenden:

greater than zero but less than 1.
equal to 1.
greater than 1 but less than 3.
greater than 3

Erklärung

Frage 81 von 105

1

If the price of chocolate-covered peanuts increases and the demand for strawberries does not change, this indicates that these two goods are:

Wähle eine der folgenden:

unrelated goods
inferior goods.
substitute goods
complementary goods.

Erklärung

Frage 82 von 105

1

If an increase in income leads to a decrease in the demand for a good, then the good is said to be:

Wähle eine der folgenden:

normal.
a luxury.
inferior.
a staple or necessity.

Erklärung

Frage 83 von 105

1

If your purchases of shoes decrease from 11 pairs per year to 9 pairs per year when the price of shirts increases from $8 to $12, then, for you, shoes and shirts are considered:

Wähle eine der folgenden:

inferior goods.
superior goods.
substitute goods
complementary goods

Erklärung

Frage 84 von 105

1

The concept of price elasticity of supply can be applied to labor:

Wähle eine der folgenden:

to show the amount of income earned at different wage rates.
to show how the quantity of labor supplied responds to changes in wages and salaries.
to determine how responsive the demand for labor is to changes in wages and salaries.
to do all of the above.

Erklärung

Frage 85 von 105

1

An important determinant of the price elasticity of demand is the:

Wähle eine der folgenden:

importance in household budgets.
level of technology
quantity of the good supplied.
extent of government regulation.

Erklärung

Frage 86 von 105

1

Suppose the demand curve has a slope equal to negative 1. The price elasticity of demand at any point on this demand curve is:

Wähle eine der folgenden:

infinite.
equal to zero.
greater than 1, but less than infinite.
not described by any of the above.

Erklärung

Frage 87 von 105

1

Assume the supply curve shifts to the right by a given amount at each price. Price in the market will decline the most if demand is more:

Wähle eine der folgenden:

price elastic and supply is more price inelastic
price inelastic and supply is more price inelastic.
price elastic and supply is more price elastic.
price inelastic and supply is more price elastic.

Erklärung

Frage 88 von 105

1

Demand is price inelastic between:

Ziehe die Antwort zum richtigen orangen Punkt.

$0.40 and $0.50.

$0.50 and $0.60.

$0.60 and $0.70.

$0.70 and $0.80.

Erklärung

Frage 89 von 105

1

If an increase in the price of a good leads to an increase in total revenue, then:

Wähle eine der folgenden:

the supply curve must be price inelastic.
the demand curve must be price elastic.
the supply curve is price elastic
none of the above is necessarily true; there is no information given regarding the price elasticity of supply.

Erklärung

Frage 90 von 105

1

The cross price elasticity of demand for substitutes goods is:

Wähle eine der folgenden:

negative.
positive.
equal to 1.
positive only for normal goods.

Erklärung

Frage 91 von 105

1

If the price of emergency visits to the doctor were to rise, we would expect:

Wähle eine der folgenden:

a significant decline in the number of emergency visits to the doctor
only a slight decline is the number of emergency visits to the doctor.
the number of emergency visits to the doctor to stay the same.
the total income of doctors to fall dramatically.

Erklärung

Frage 92 von 105

1

When the percentage change in quantity demanded is larger than the percentage change in price, demand is said to be price inelastic

Wähle eins der folgenden:

WAHR
FALSCH

Erklärung

Frage 93 von 105

1

The price elasticity of demand for the segment BC is:

Ziehe die Antwort zum richtigen orangen Punkt.

greater than 3.33 (absolute value).

-3.33.

-3.

-0.33.

Erklärung

Frage 94 von 105

1

Suppose that the cross price elasticity of demand for Mountain Dew with respect to the price of Coke is 0.7. A 10 percent increase in the price of Coke would:

Wähle eine der folgenden:

reduce the demand for Mountain Dew by 10 percent.
reduce the demand for Mountain Dew by 7 percent.
increase the demand for Mountain Dew by 7 percent.
increase the demand for Mountain Dew by 10 percent.

Erklärung

Frage 95 von 105

1

The income elasticity of demand for ground beef has been estimated to be -0.197. If income falls by 10 percent in a period, how will that affect total expenditures on ground beef in that period, all other things unchanged?

Wähle eine der folgenden:

total expenditures will rise
total expenditures will remain unchanged
total expenditures will fall
not enough information is given to answer the question

Erklärung

Frage 96 von 105

1

Because individuals are unlikely to reveal their demand for public goods, private firms will produce a _ quantity of public goods than is _ .

Wähle eine der folgenden:

smaller; efficient
smaller; inefficient
greater; efficient
greater; inefficient

Erklärung

Frage 97 von 105

1

An efficient allocation of resources implies _______ allocation of goods and services.

Wähle eine der folgenden:

an equitable
an inequitable
neither an equitable nor an inequitable
a maximum

Erklärung

Frage 98 von 105

1

Maximizing choices must be made within parameters imposed by:

Wähle eine der folgenden:

a constraint.
a boundary.
a limit.
all of the above.

Erklärung

Frage 99 von 105

1

To be effective in facilitating exchange, property rights must be:

Wähle eine der folgenden:

exclusive.
nontransferable
nonexclusive.
defined to give complete freedom to the owner to use the property in any way the owner chooses.

Erklärung

Frage 100 von 105

1

Suppose that the expected exam scores from studying economics for 0, 1, 2, or 3 hours are 65, 80, 90, and 95 points, respectively, while the expected exam scores for studying 0, 1, 2, or 3 hours of accounting are 50, 65, 70, and 70 points, respectively. With 3 total hours of study time, your combined scores can be maximized by spending _______ hours studying accounting.

Wähle eine der folgenden:

0
1
2
3

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Frage 101 von 105

1

Common property resources have never been a serious problem in the efficient allocation of resources.

Wähle eins der folgenden:

WAHR
FALSCH

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Frage 102 von 105

1

Utility is the difference between a firm's revenue and its total economic cost.

Wähle eins der folgenden:

WAHR
FALSCH

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Frage 103 von 105

1

Which of the following statements is (are) true?

Wähle eine der folgenden:

An efficient allocation of resources maximizes the net benefit of each activity.
An efficient allocation of resources implies that the distribution of income is equitable.
Judgments about equity are positive judgments.
A and B are true.

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Frage 104 von 105

1

A normal market supply curve reflects:

Wähle eine der folgenden:

private benefits to sellers.
private costs to sellers.
social benefits to buyers.
external benefits to sellers.

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Frage 105 von 105

1

If the price of popcorn is $0.50 per box and the price of peanuts is $0.25 per bag, and you have $10 to spend on both goods, the maximum quantity of popcorn that you can purchase is _______ boxes.

Wähle eine der folgenden:

5
10
20
40

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Chapters 1 - 6

EXAM 1

Frage 1 von 105

A theory that has won virtually universal acceptance is a:

Wähle eine der folgenden:

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Frage 2 von 105

When we are forced to make choices we are facing the concept of:

Wähle eine der folgenden:

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Frage 3 von 105

Statements that are a hypothesis or statement of fact are:

Wähle eine der folgenden:

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Frage 4 von 105

The economic way of thinking includes:

Wähle eine der folgenden:

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Frage 5 von 105

A feature that distinguishes economists' approach to making choices is (are):

Wähle eine der folgenden:

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Frage 6 von 105

The statement that the minimum wage needs to be increased is a:

Wähle eine der folgenden:

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Frage 7 von 105

Economics, generally speaking, is primarily concerned with:

Wähle eine der folgenden:

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Frage 8 von 105

The use of controlled experiments using particular substances to test hypotheses is most likely to be found in:

Wähle eine der folgenden:

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Frage 9 von 105

Scarcity is determined by the existence of bad alternatives

Wähle eins der folgenden:

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Frage 10 von 105

The value of the next-best choice not chosen is called opportunity cost.

Wähle eins der folgenden:

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Frage 11 von 105

Economists are:

Wähle eine der folgenden:

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Frage 12 von 105

Unemployment and inflation are major topics in macroeconomics.

Wähle eins der folgenden:

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Frage 13 von 105

The best example of an increase in capital is:

Wähle eine der folgenden:

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Frage 14 von 105

The slope of a production possibilities curve is based on opportunity cost.

Wähle eins der folgenden:

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Frage 15 von 105

The slope of a typical production possibilities curve is:

Wähle eine oder mehr der folgenden:

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Frage 16 von 105

Suppose the economy is operating at point C. The opportunity cost of producing the fourth freight train would be:

Ziehe die Antwort zum richtigen orangen Punkt.

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Frage 17 von 105

An economy that has the lowest cost for producing a particular good is said to have a(n):

Wähle eine der folgenden:

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Frage 18 von 105

A factor of production that has been produced for use in the production of other goods and services is:

Wähle eine der folgenden:

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Frage 19 von 105

Which of the following explains why the U.S. economy produces more than the Chinese economy?

Wähle eine der folgenden:

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Frage 20 von 105