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EXAM 1

Beschreibung

Chapters 1 - 6
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Zusammenfassung der Ressource

Frage 1

Frage
A theory that has won virtually universal acceptance is a:
Antworten
  • model.
  • hypothesis
  • law.
  • variable.

Frage 2

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When we are forced to make choices we are facing the concept of:
Antworten
  • ceteris paribus.
  • free goods
  • scarcity
  • the margin.

Frage 3

Frage
Statements that are a hypothesis or statement of fact are:
Antworten
  • pecuniary.
  • positive.
  • nominal.
  • normative

Frage 4

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The economic way of thinking includes:
Antworten
  • 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

Frage 5

Frage
A feature that distinguishes economists' approach to making choices is (are):
Antworten
  • 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.

Frage 6

Frage
The statement that the minimum wage needs to be increased is a:
Antworten
  • positive statement.
  • normative statement
  • condition contained in the fallacy of false cause.
  • scientific conclusion based on marginal analysis.

Frage 7

Frage
Economics, generally speaking, is primarily concerned with:
Antworten
  • 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

Frage 8

Frage
The use of controlled experiments using particular substances to test hypotheses is most likely to be found in:
Antworten
  • chemistry.
  • economics.
  • history.
  • the humanities

Frage 9

Frage
Scarcity is determined by the existence of bad alternatives
Antworten
  • True
  • False

Frage 10

Frage
The value of the next-best choice not chosen is called opportunity cost.
Antworten
  • True
  • False

Frage 11

Frage
Economists are:
Antworten
  • 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.

Frage 12

Frage
Unemployment and inflation are major topics in macroeconomics.
Antworten
  • True
  • False

Frage 13

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The best example of an increase in capital is:
Antworten
  • The discovery of new oil reserves.
  • new computer software.
  • legal immigration of computer programmers.
  • conversion of military facilities to civilian use

Frage 14

Frage
The slope of a production possibilities curve is based on opportunity cost.
Antworten
  • True
  • False

Frage 15

Frage
The slope of a typical production possibilities curve is:
Antworten
  • 0.
  • vertical.
  • positive.
  • negative.

Frage 16

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Suppose the economy is operating at point C. The opportunity cost of producing the fourth freight train would be:
Image:
fd06fbdc-09ef-461a-896b-cf5abb30d3ba (image/jpeg)
Antworten
  • 19 tons of sugar.
  • 45 tons of sugar.
  • 80 tons of sugar
  • 3 freight trains.

Frage 17

Frage
An economy that has the lowest cost for producing a particular good is said to have a(n):
Antworten
  • technological advantage
  • comparative advantage.
  • convex news production possibilities curve.
  • all of the above are correct

Frage 18

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A factor of production that has been produced for use in the production of other goods and services is:
Antworten
  • labor.
  • money.
  • capital.
  • natural resources.

Frage 19

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

Frage 20

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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:
Antworten
  • 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.

Frage 21

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Which of the following statements is false?
Antworten
  • 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.

Frage 22

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Suppose the economy is operating at point B. The opportunity cost of producing the third freight train would be:
Image:
5b507211-0320-439a-8814-f7a7a86e6e45 (image/jpeg)
Antworten
  • 6 tons of sugar.
  • 19 tons of sugar.
  • 45 tons of sugar.
  • 80 tons of sugar.

Frage 23

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

Frage 24

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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:
Antworten
  • labor and a natural resource.
  • labor and capital.
  • a natural resource and capital.
  • a natural resource and entrepreneurship.

Frage 25

Frage
Britain imports some goods and exports other goods primarily because of:
Antworten
  • free goods.
  • specialization.
  • unemployment.
  • self-sufficiency.

Frage 26

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The North Korean economy is currently classified as a mixed economy.
Antworten
  • True
  • False

Frage 27

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The concept of comparative advantage is based upon:
Antworten
  • absolute labor productivity
  • relative labor costs.
  • dollar prices of labor.
  • relative opportunity costs

Frage 28

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

Frage 29

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The textbook classifies technology as knowledge and entrepreneurs as persons who seek profit.
Antworten
  • True
  • False

Frage 30

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In a market capitalist economy:
Antworten
  • 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.

Frage 31

Frage
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:
Antworten
  • demand shifters.
  • supply prices.
  • market realities
  • supply shifters.

Frage 32

Frage
If the price of chocolate-covered peanuts is 40 cents, the price will:
Image:
28cc9be0-35c0-4e09-8cb0-b1a121309a3a (image/jpeg)
Antworten
  • remain unchanged.
  • fall to 30 cents.
  • rise to 50 cents.
  • rise to 60 cents.

Frage 33

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In a competitive market, when price is below the equilibrium price, there will be pressure for the price to:
Antworten
  • fall.
  • stay the same
  • rise
  • change only if demand and/or supply change

Frage 34

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A decrease in the fee charged for videotape rentals would result in a change illustrated by:
Image:
b375cec8-8e62-4a66-b9b4-1901adf6cbe4 (image/jpeg)
Antworten
  • the move from f to g in Figure (a).
  • the move from h to i in Figure (b).
  • the move from j to k in Figure (c).
  • the move from l to m in Figure (d).

Frage 35

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

Frage 36

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An increase in supply is caused by:
Antworten
  • 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.

Frage 37

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

Frage 38

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If a demand curve shifts to the left, then:
Antworten
  • 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.

Frage 39

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A decrease in supply is caused by:
Antworten
  • 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.

Frage 40

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

Frage 41

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An increase in demand and a decrease in supply, will lead to a(n) ________ in equilibrium quantity and a(n) ________ in equilibrium price.
Antworten
  • decrease; decrease
  • indeterminate change; increase
  • indeterminate change; decrease
  • increase; indeterminate change

Frage 42

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A shortage will exert pressures for the price to decrease.
Antworten
  • True
  • False

Frage 43

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Which of the following would result in a movement along the demand curve?
Antworten
  • a change in preferences
  • an increase in the number of buyers
  • an increase in the number of suppliers
  • a decrease in income

Frage 44

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

Frage 45

Frage
If both the demand for a product and the supply of it increase, then the equilibrium quantity will ________ and the equilibrium price will ________.
Antworten
  • decrease; increase
  • decrease; decrease
  • decrease; remain constant
  • increase; either increase, decrease, or remain constant

Frage 46

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A negative relationship between the quantity demanded and price is called the law of ______.
Antworten
  • demand
  • diminishing marginal returns
  • market clearing
  • supply

Frage 47

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Given the demand curve, what is the price some buyers are willing and able to pay for 3 units?
Image:
3b5aa679-03e9-4140-963d-ffc47d9bb368 (image/jpeg)
Antworten
  • $2
  • $4
  • $6
  • $8

Frage 48

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Given the initial equilibrium of S1 and D, any price lower than ________ will create pressure for the price to ________ .
Image:
8ca1c671-2744-4894-aa88-9cc519487fd0 (image/jpeg)
Antworten
  • $2.00; fall
  • $2.50; rise
  • $3.00; rise
  • none of the above are true

Frage 49

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A price above the equilibrium price will:
Antworten
  • result in quantity supplied being less than quantity demanded.
  • result in a shortage
  • create pressure for price to fall.
  • tend to rise over time..

Frage 50

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The equilibrium quantity and the equilibrium price are ________ bags and ________ cents.
Image:
aba70f2a-ece8-4833-b259-fb867b61f749 (image/jpeg)
Antworten
  • 140; 40
  • 175; 60
  • 175; 80
  • 210; 50

Frage 51

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Which of the following is a demand factor in the health-care market?
Antworten
  • productivity in health care
  • treatment decisions of doctors
  • changes in health care technology
  • All of the above are demand factors.

Frage 52

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

Frage 53

Frage
According to the textbook, which of the following are suggestions to limit health-care spending?
Antworten
  • requiring patients to pay a larger share
  • government regulation
  • the use of insurance companies that limit spending
  • all of the above

Frage 54

Frage
Technological improvements in the health-care industry have been a primary factor in the increase in health-care costs.
Antworten
  • True
  • False

Frage 55

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

Frage 56

Frage
Third-party payer systems for health-care services include payments made by:
Antworten
  • doctors.
  • patients.
  • hospitals.
  • insurance companies.

Frage 57

Frage
A market price support policy attempts to assist the farm industry by:
Antworten
  • 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.

Frage 58

Frage
When the price of P2 becomes available to the consumer because of insurance:
Image:
534a8281-fbed-43b0-8d37-66751333b163 (image/jpeg)
Antworten
  • 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.

Frage 59

Frage
In terms of equity, existing farm policies tend to help:
Antworten
  • all farmers equally
  • none of the farmers.
  • poor farmers more than wealthy farmers.
  • wealthy farmers more than poor farmers

Frage 60

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

Frage 61

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

Frage 62

Frage
In the market for health care:
Antworten
  • 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.

Frage 63

Frage
During the 1930s, the role of the federal government in the U.S. agricultural industry:
Antworten
  • remained unchanged from the earlier decades.
  • decreased substantially.
  • increased substantially.
  • decreased marginally.

Frage 64

Frage
A market price support policy attempts to assist the farm industry by:
Antworten
  • 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.

Frage 65

Frage
Third-party payer systems are most likely to ________ the quantity of health care ________.
Antworten
  • increase; demanded
  • decrease; demanded
  • not change; supplied
  • decrease; supplied

Frage 66

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

Frage 67

Frage
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.
Antworten
  • True
  • False

Frage 68

Frage
20 percent of total health-care spending is paid by private and government insurance
Antworten
  • True
  • False

Frage 69

Frage
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.
Antworten
  • provider fees
  • third-party
  • insurance premiums
  • catastrophic insurance

Frage 70

Frage
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.
Antworten
  • True
  • False

Frage 71

Frage
During the Great Depression:
Antworten
  • 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.

Frage 72

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

Frage 73

Frage
When the price of $20 per visit becomes available to the consumer because of insurance:
Image:
f81cfe1c-d3db-4aeb-95ad-ce9fe3f5bdae (image/jpeg)
Antworten
  • 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.

Frage 74

Frage
Farm legislation has historically tried to increase farm income by:
Antworten
  • guaranteeing a minimum price to farmers.
  • imposing limits on production.
  • insulating farmers from fluctuations in prices
  • doing all of the above.

Frage 75

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

Frage 76

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

Frage 77

Frage
The price elasticity of demand for the segment FG is:
Image:
ef894b83-5a47-4180-91c2-154f5b15d9fd (image/jpeg)
Antworten
  • 0.
  • 0.09
  • -0.5
  • greater than 1 (absolute value).

Frage 78

Frage
The concept of cross price elasticity of demand refers to the:
Antworten
  • 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.

Frage 79

Frage
If the income elasticity of demand for a good is positive, the good is said to be a(n):
Antworten
  • inferior good
  • substitute good.
  • normal good.
  • positive good

Frage 80

Frage
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:
Antworten
  • greater than zero but less than 1.
  • equal to 1.
  • greater than 1 but less than 3.
  • greater than 3

Frage 81

Frage
If the price of chocolate-covered peanuts increases and the demand for strawberries does not change, this indicates that these two goods are:
Antworten
  • unrelated goods
  • inferior goods.
  • substitute goods
  • complementary goods.

Frage 82

Frage
If an increase in income leads to a decrease in the demand for a good, then the good is said to be:
Antworten
  • normal.
  • a luxury.
  • inferior.
  • a staple or necessity.

Frage 83

Frage
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:
Antworten
  • inferior goods.
  • superior goods.
  • substitute goods
  • complementary goods

Frage 84

Frage
The concept of price elasticity of supply can be applied to labor:
Antworten
  • 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.

Frage 85

Frage
An important determinant of the price elasticity of demand is the:
Antworten
  • importance in household budgets.
  • level of technology
  • quantity of the good supplied.
  • extent of government regulation.

Frage 86

Frage
Suppose the demand curve has a slope equal to negative 1. The price elasticity of demand at any point on this demand curve is:
Antworten
  • infinite.
  • equal to zero.
  • greater than 1, but less than infinite.
  • not described by any of the above.

Frage 87

Frage
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:
Antworten
  • 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.

Frage 88

Frage
Demand is price inelastic between:
Image:
cb7281fa-5dd7-48bf-bfc5-9869f1ec6f76 (image/jpeg)
Antworten
  • $0.40 and $0.50.
  • $0.50 and $0.60.
  • $0.60 and $0.70.
  • $0.70 and $0.80.

Frage 89

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

Frage 90

Frage
The cross price elasticity of demand for substitutes goods is:
Antworten
  • negative.
  • positive.
  • equal to 1.
  • positive only for normal goods.

Frage 91

Frage
If the price of emergency visits to the doctor were to rise, we would expect:
Antworten
  • 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.

Frage 92

Frage
When the percentage change in quantity demanded is larger than the percentage change in price, demand is said to be price inelastic
Antworten
  • True
  • False

Frage 93

Frage
The price elasticity of demand for the segment BC is:
Image:
8f5ddd3f-bff0-4d34-a725-d0a0f4557aaa (image/jpeg)
Antworten
  • greater than 3.33 (absolute value).
  • -3.33.
  • -3.
  • -0.33.

Frage 94

Frage
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:
Antworten
  • 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.

Frage 95

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

Frage 96

Frage
Because individuals are unlikely to reveal their demand for public goods, private firms will produce a _______ quantity of public goods than is _______ .
Antworten
  • smaller; efficient
  • smaller; inefficient
  • greater; efficient
  • greater; inefficient

Frage 97

Frage
An efficient allocation of resources implies _______ allocation of goods and services.
Antworten
  • an equitable
  • an inequitable
  • neither an equitable nor an inequitable
  • a maximum

Frage 98

Frage
Maximizing choices must be made within parameters imposed by:
Antworten
  • a constraint.
  • a boundary.
  • a limit.
  • all of the above.

Frage 99

Frage
To be effective in facilitating exchange, property rights must be:
Antworten
  • exclusive.
  • nontransferable
  • nonexclusive.
  • defined to give complete freedom to the owner to use the property in any way the owner chooses.

Frage 100

Frage
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.
Antworten
  • 0
  • 1
  • 2
  • 3

Frage 101

Frage
Common property resources have never been a serious problem in the efficient allocation of resources.
Antworten
  • True
  • False

Frage 102

Frage
Utility is the difference between a firm's revenue and its total economic cost.
Antworten
  • True
  • False

Frage 103

Frage
Which of the following statements is (are) true?
Antworten
  • 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.

Frage 104

Frage
A normal market supply curve reflects:
Antworten
  • private benefits to sellers.
  • private costs to sellers.
  • social benefits to buyers.
  • external benefits to sellers.

Frage 105

Frage
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.
Antworten
  • 5
  • 10
  • 20
  • 40
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