EXAM 1

Pregunta 1 de 105

1

A theory that has won virtually universal acceptance is a:

Selecciona una de las siguientes respuestas posibles:

model.
hypothesis
law.
variable.

Explicación

Pregunta 2 de 105

1

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

Selecciona una de las siguientes respuestas posibles:

ceteris paribus.
free goods
scarcity
the margin.

Explicación

Pregunta 3 de 105

1

Statements that are a hypothesis or statement of fact are:

Selecciona una de las siguientes respuestas posibles:

pecuniary.
positive.
nominal.
normative

Explicación

Pregunta 4 de 105

1

The economic way of thinking includes:

Selecciona una de las siguientes respuestas posibles:

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

Explicación

Pregunta 5 de 105

1

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

Selecciona una de las siguientes respuestas posibles:

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.

Explicación

Pregunta 6 de 105

1

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

Selecciona una de las siguientes respuestas posibles:

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

Explicación

Pregunta 7 de 105

1

Economics, generally speaking, is primarily concerned with:

Selecciona una de las siguientes respuestas posibles:

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

Explicación

Pregunta 8 de 105

1

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

Selecciona una de las siguientes respuestas posibles:

chemistry.
economics.
history.
the humanities

Explicación

Pregunta 9 de 105

1

Scarcity is determined by the existence of bad alternatives

Selecciona uno de los siguientes:

VERDADERO
FALSO

Explicación

Pregunta 10 de 105

1

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

Selecciona uno de los siguientes:

VERDADERO
FALSO

Explicación

Pregunta 11 de 105

1

Economists are:

Selecciona una de las siguientes respuestas posibles:

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.

Explicación

Pregunta 12 de 105

1

Unemployment and inflation are major topics in macroeconomics.

Selecciona uno de los siguientes:

VERDADERO
FALSO

Explicación

Pregunta 13 de 105

1

The best example of an increase in capital is:

Selecciona una de las siguientes respuestas posibles:

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

Explicación

Pregunta 14 de 105

1

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

Selecciona uno de los siguientes:

VERDADERO
FALSO

Explicación

Pregunta 15 de 105

1

The slope of a typical production possibilities curve is:

Selecciona una o más de las siguientes respuestas posibles:

0.
vertical.
positive.
negative.

Explicación

Pregunta 16 de 105

1

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

Arrastra la opción correcta hasta el punto naranja

19 tons of sugar.

45 tons of sugar.

80 tons of sugar

3 freight trains.

Explicación

Pregunta 17 de 105

1

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

Selecciona una de las siguientes respuestas posibles:

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

Explicación

Pregunta 18 de 105

1

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

Selecciona una de las siguientes respuestas posibles:

labor.
money.
capital.
natural resources.

Explicación

Pregunta 19 de 105

1

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

Selecciona una de las siguientes respuestas posibles:

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.

Explicación

Pregunta 20 de 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:

Selecciona una de las siguientes respuestas posibles:

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.

Explicación

Pregunta 21 de 105

1

Which of the following statements is false?

Selecciona una de las siguientes respuestas posibles:

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.

Explicación

Pregunta 22 de 105

1

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

Arrastra la opción correcta hasta el punto naranja

6 tons of sugar.

19 tons of sugar.

45 tons of sugar.

80 tons of sugar.

Explicación

Pregunta 23 de 105

1

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

Selecciona una de las siguientes respuestas posibles:

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.

Explicación

Pregunta 24 de 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:

Selecciona una de las siguientes respuestas posibles:

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

Explicación

Pregunta 25 de 105

1

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

Selecciona una de las siguientes respuestas posibles:

free goods.
specialization.
unemployment.
self-sufficiency.

Explicación

Pregunta 26 de 105

1

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

Selecciona uno de los siguientes:

VERDADERO
FALSO

Explicación

Pregunta 27 de 105

1

The concept of comparative advantage is based upon:

Selecciona una de las siguientes respuestas posibles:

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

Explicación

Pregunta 28 de 105

1

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

Selecciona una de las siguientes respuestas posibles:

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.

Explicación

Pregunta 29 de 105

1

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

Selecciona uno de los siguientes:

VERDADERO
FALSO

Explicación

Pregunta 30 de 105

1

In a market capitalist economy:

Selecciona una de las siguientes respuestas posibles:

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.

Explicación

Pregunta 31 de 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:

Selecciona una de las siguientes respuestas posibles:

demand shifters.
supply prices.
market realities
supply shifters.

Explicación

Pregunta 32 de 105

1

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

Arrastra la opción correcta hasta el punto naranja

remain unchanged.

fall to 30 cents.

rise to 50 cents.

rise to 60 cents.

Explicación

Pregunta 33 de 105

1

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

Selecciona una de las siguientes respuestas posibles:

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

Explicación

Pregunta 34 de 105

1

Haz click en el punto naranja y selecciona la respuesta correcta

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

Explicación

Pregunta 35 de 105

1

Selecciona la opción correcta de los menús desplegables para completar el texto.

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 . )

Explicación

Pregunta 36 de 105

1

An increase in supply is caused by:

Selecciona una de las siguientes respuestas posibles:

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.

Explicación

Pregunta 37 de 105

1

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

Selecciona una de las siguientes respuestas posibles:

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)

Explicación

Pregunta 38 de 105

1

If a demand curve shifts to the left, then:

Selecciona una de las siguientes respuestas posibles:

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.

Explicación

Pregunta 39 de 105

1

A decrease in supply is caused by:

Selecciona una de las siguientes respuestas posibles:

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.

Explicación

Pregunta 40 de 105

1

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

Selecciona una de las siguientes respuestas posibles:

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.

Explicación

Pregunta 41 de 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.

Selecciona una de las siguientes respuestas posibles:

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

Explicación

Pregunta 42 de 105

1

A shortage will exert pressures for the price to decrease.

Selecciona uno de los siguientes:

VERDADERO
FALSO

Explicación

Pregunta 43 de 105

1

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

Selecciona una de las siguientes respuestas posibles:

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

Explicación

Pregunta 44 de 105

1

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

Selecciona uno de los siguientes:

VERDADERO
FALSO

Explicación

Pregunta 45 de 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 .

Selecciona una de las siguientes respuestas posibles:

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

Explicación

Pregunta 46 de 105

1

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

Selecciona una de las siguientes respuestas posibles:

demand
diminishing marginal returns
market clearing
supply

Explicación

Pregunta 47 de 105

1

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

Arrastra la opción correcta hasta el punto naranja

$2

$4

$6

$8

Explicación

Pregunta 48 de 105

1

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

Arrastra la opción correcta hasta el punto naranja

$2.00; fall

$2.50; rise

$3.00; rise

none of the above are true

Explicación

Pregunta 49 de 105

1

A price above the equilibrium price will:

Selecciona una de las siguientes respuestas posibles:

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

Explicación

Pregunta 50 de 105

1

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

Arrastra la opción correcta hasta el punto naranja

140; 40

175; 60

175; 80

210; 50

Explicación

Pregunta 51 de 105

1

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

Selecciona una de las siguientes respuestas posibles:

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

Explicación

Pregunta 52 de 105

1

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

Selecciona una de las siguientes respuestas posibles:

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.

Explicación

Pregunta 53 de 105

1

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

Selecciona una de las siguientes respuestas posibles:

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

Explicación

Pregunta 54 de 105

1

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

Selecciona uno de los siguientes:

VERDADERO
FALSO

Explicación

Pregunta 55 de 105

1

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

Selecciona una de las siguientes respuestas posibles:

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

Explicación

Pregunta 56 de 105

1

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

Selecciona una de las siguientes respuestas posibles:

doctors.
patients.
hospitals.
insurance companies.

Explicación

Pregunta 57 de 105

1

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

Selecciona una de las siguientes respuestas posibles:

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.

Explicación

Pregunta 58 de 105

1

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

Selecciona una de las siguientes respuestas posibles:

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.

Explicación

Pregunta 59 de 105

1

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

Selecciona una de las siguientes respuestas posibles:

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

Explicación

Pregunta 60 de 105

1

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

Selecciona una de las siguientes respuestas posibles:

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.

Explicación

Pregunta 61 de 105

1

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

Selecciona una de las siguientes respuestas posibles:

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.

Explicación

Pregunta 62 de 105

1

In the market for health care:

Selecciona una de las siguientes respuestas posibles:

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.

Explicación

Pregunta 63 de 105

1

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

Selecciona una de las siguientes respuestas posibles:

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

Explicación

Pregunta 64 de 105

1

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

Selecciona una de las siguientes respuestas posibles:

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.

Explicación

Pregunta 65 de 105

1

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

Selecciona una de las siguientes respuestas posibles:

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

Explicación

Pregunta 66 de 105

1

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

Selecciona uno de los siguientes:

VERDADERO
FALSO

Explicación

Pregunta 67 de 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.

Selecciona uno de los siguientes:

VERDADERO
FALSO

Explicación

Pregunta 68 de 105

1

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

Selecciona uno de los siguientes:

VERDADERO
FALSO

Explicación

Pregunta 69 de 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.

Selecciona una de las siguientes respuestas posibles:

provider fees
third-party
insurance premiums
catastrophic insurance

Explicación

Pregunta 70 de 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.

Selecciona uno de los siguientes:

VERDADERO
FALSO

Explicación

Pregunta 71 de 105

1

During the Great Depression:

Selecciona una de las siguientes respuestas posibles:

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.

Explicación

Pregunta 72 de 105

1

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

Selecciona uno de los siguientes:

VERDADERO
FALSO

Explicación

Pregunta 73 de 105

1

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

Selecciona una de las siguientes respuestas posibles:

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.

Explicación

Pregunta 74 de 105

1

Farm legislation has historically tried to increase farm income by:

Selecciona una de las siguientes respuestas posibles:

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

Explicación

Pregunta 75 de 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?

Selecciona una de las siguientes respuestas posibles:

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

Explicación

Pregunta 76 de 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?

Selecciona una de las siguientes respuestas posibles:

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

Explicación

Pregunta 77 de 105

1

The price elasticity of demand for the segment FG is:

Arrastra la opción correcta hasta el punto naranja

0.

0.09

-0.5

greater than 1 (absolute value).

Explicación

Pregunta 78 de 105

1

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

Selecciona una de las siguientes respuestas posibles:

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.

Explicación

Pregunta 79 de 105

1

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

Selecciona una de las siguientes respuestas posibles:

inferior good
substitute good.
normal good.
positive good

Explicación

Pregunta 80 de 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:

Selecciona una de las siguientes respuestas posibles:

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

Explicación

Pregunta 81 de 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:

Selecciona una de las siguientes respuestas posibles:

unrelated goods
inferior goods.
substitute goods
complementary goods.

Explicación

Pregunta 82 de 105

1

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

Selecciona una de las siguientes respuestas posibles:

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

Explicación

Pregunta 83 de 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:

Selecciona una de las siguientes respuestas posibles:

inferior goods.
superior goods.
substitute goods
complementary goods

Explicación

Pregunta 84 de 105

1

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

Selecciona una de las siguientes respuestas posibles:

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.

Explicación

Pregunta 85 de 105

1

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

Selecciona una de las siguientes respuestas posibles:

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

Explicación

Pregunta 86 de 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:

Selecciona una de las siguientes respuestas posibles:

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

Explicación

Pregunta 87 de 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:

Selecciona una de las siguientes respuestas posibles:

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.

Explicación

Pregunta 88 de 105

1

Demand is price inelastic between:

Arrastra la opción correcta hasta el punto naranja

$0.40 and $0.50.

$0.50 and $0.60.

$0.60 and $0.70.

$0.70 and $0.80.

Explicación

Pregunta 89 de 105

1

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

Selecciona una de las siguientes respuestas posibles:

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.

Explicación

Pregunta 90 de 105

1

The cross price elasticity of demand for substitutes goods is:

Selecciona una de las siguientes respuestas posibles:

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

Explicación

Pregunta 91 de 105

1

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

Selecciona una de las siguientes respuestas posibles:

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.

Explicación

Pregunta 92 de 105

1

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

Selecciona uno de los siguientes:

VERDADERO
FALSO

Explicación

Pregunta 93 de 105

1

The price elasticity of demand for the segment BC is:

Arrastra la opción correcta hasta el punto naranja

greater than 3.33 (absolute value).

-3.33.

-3.

-0.33.

Explicación

Pregunta 94 de 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:

Selecciona una de las siguientes respuestas posibles:

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.

Explicación

Pregunta 95 de 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?

Selecciona una de las siguientes respuestas posibles:

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

Explicación

Pregunta 96 de 105

1

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

Selecciona una de las siguientes respuestas posibles:

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

Explicación

Pregunta 97 de 105

1

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

Selecciona una de las siguientes respuestas posibles:

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

Explicación

Pregunta 98 de 105

1

Maximizing choices must be made within parameters imposed by:

Selecciona una de las siguientes respuestas posibles:

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

Explicación

Pregunta 99 de 105

1

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

Selecciona una de las siguientes respuestas posibles:

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

Explicación

Pregunta 100 de 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.

Selecciona una de las siguientes respuestas posibles:

0
1
2
3

Explicación

Pregunta 101 de 105

1

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

Selecciona uno de los siguientes:

VERDADERO
FALSO

Explicación

Pregunta 102 de 105

1

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

Selecciona uno de los siguientes:

VERDADERO
FALSO

Explicación

Pregunta 103 de 105

1

Which of the following statements is (are) true?

Selecciona una de las siguientes respuestas posibles:

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.

Explicación

Pregunta 104 de 105

1

A normal market supply curve reflects:

Selecciona una de las siguientes respuestas posibles:

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

Explicación

Pregunta 105 de 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.

Selecciona una de las siguientes respuestas posibles:

5
10
20
40

	Creado por Mau Family hace casi 8 años

Chapters 1 - 6

EXAM 1

Pregunta 1 de 105

A theory that has won virtually universal acceptance is a:

Selecciona una de las siguientes respuestas posibles:

Explicación

Pregunta 2 de 105

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

Selecciona una de las siguientes respuestas posibles:

Explicación

Pregunta 3 de 105

Statements that are a hypothesis or statement of fact are:

Selecciona una de las siguientes respuestas posibles:

Explicación

Pregunta 4 de 105

The economic way of thinking includes:

Selecciona una de las siguientes respuestas posibles:

Explicación

Pregunta 5 de 105

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

Selecciona una de las siguientes respuestas posibles:

Explicación

Pregunta 6 de 105

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

Selecciona una de las siguientes respuestas posibles:

Explicación

Pregunta 7 de 105

Economics, generally speaking, is primarily concerned with:

Selecciona una de las siguientes respuestas posibles:

Explicación

Pregunta 8 de 105

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

Selecciona una de las siguientes respuestas posibles:

Explicación

Pregunta 9 de 105

Scarcity is determined by the existence of bad alternatives

Selecciona uno de los siguientes:

Explicación

Pregunta 10 de 105

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

Selecciona uno de los siguientes:

Explicación

Pregunta 11 de 105

Economists are:

Selecciona una de las siguientes respuestas posibles:

Explicación

Pregunta 12 de 105

Unemployment and inflation are major topics in macroeconomics.

Selecciona uno de los siguientes:

Explicación

Pregunta 13 de 105

The best example of an increase in capital is:

Selecciona una de las siguientes respuestas posibles:

Explicación

Pregunta 14 de 105

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

Selecciona uno de los siguientes:

Explicación

Pregunta 15 de 105

The slope of a typical production possibilities curve is:

Selecciona una o más de las siguientes respuestas posibles:

Explicación

Pregunta 16 de 105

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

Arrastra la opción correcta hasta el punto naranja

Explicación

Pregunta 17 de 105

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

Selecciona una de las siguientes respuestas posibles:

Explicación

Pregunta 18 de 105

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

Selecciona una de las siguientes respuestas posibles:

Explicación

Pregunta 19 de 105

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

Selecciona una de las siguientes respuestas posibles:

Explicación

Pregunta 20 de 105