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Question
Which of the following is the best example of an economic precept?A. Predictable irrationality
B. The supply/demand model
C. The production possibility model
D. Laissez-faire
Answer
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Related questions
Q:
A business is likely a sole proprietorship if: A. it has two or more owners, with each owner liable for every other owner's actions.
B. it has only one owner who has unlimited liability.
C. it is legally treated as a person and owned by stockholders who are liable for the actions of the corporate "person."
D. multiple owners are liable only to the extent of their own investment.
Q:
A defining difference in what makes a firm a sole proprietorship, partnerships, or a corporation is the: A. size of each type of business.
B. number of each type of business.
C. nature of ownership and accountability for each type of business.
D. profitability of each type of business.
Q:
A company such as Microsoft or Pepsi Co. is a legal hassle to organize, difficult to monitor, and possibly could double tax income. It is an example of a: A. consumer.
B. sole proprietorship.
C. partnership.
D. corporation.
Q:
Services make up about what percentage of the U.S. economy? A. 15 percent
B. 25 percent
C. 55 percent
D. 85 percent
Q:
If a firm's total revenue is $10,000 and its total costs are $9,000, then its profits are: A. -$1,000.
B. $1,000.
C. $10,000.
D. $19,000.
Q:
The market where businesses sell goods and services to households and the government is called the: A. goods market.
B. factor market.
C. capital market.
D. money market.
Q:
Capitalism and socialism have not existed forever. Capitalism came into existence in the: A. mid-1800s and socialism came into existence in the early 1900s.
B. early 1900s and socialism came into existence in the mid-1800s.
C. mid-1700s and socialism came into existence in the early 1900s.
D. early 1900s and socialism came into existence in the mid-1700s.
Q:
During the Industrial Revolution: A. feudal lords lost their power to artisans.
B. mercantilists lost their power to capitalists.
C. artisans lost their power to mercantilists.
D. capitalists lost their power to mercantilists.
Q:
Most economies today are: A. pure market economies.
B. differentiated primarily by the degree to which they depend on markets.
C. differentiated primarily by who owns the means of production.
D. socialist.
Q:
In principle, socialism is: A. less concerned about fairness than capitalism.
B. just as concerned about fairness as capitalism.
C. more concerned about fairness than capitalism.
D. not concerned about fairness at all.
Q:
Socialism in theory is based on the principle that individuals should: A. look out for their own interests and let the government look out for the public interest.
B. rely on the government to meet their needs.
C. cooperate with one another to meet their needs.
D. compete with one another to meet their needs.
Q:
A market economy: A. requires government to set prices.
B. allocates according to need.
C. distributes property rights.
D. expects people to be self-interested.
Q:
Consider the following information, which provides percentage change in GDP per year: Given this information, which of the following statements is true? A. GDP in 2010 is less than in 2009.
B. GDP in 2010 is greater than in 2009.
C. GDP in 2013 is less than in 2012.
D. GDP in 2012 is greater than in 2011.
Q:
The slope of a line is zero when it is: A. horizontal.
B. vertical.
C. an upward-sloping line that makes a 45 degree angle with the horizontal and vertical axes.
D. a downward-sloping line that makes a 45 degree angle with the horizontal and vertical axes.
Q:
If there is an inverse relationship between two variables, the graph relating the two variables will be: A. upward-sloping.
B. downward-sloping.
C. vertical.
D. horizontal.
Q:
The morel is a prized mushroom that is often abundant in the Western United States in years after forest fires. Suppose two companies are buying morels from workers willing to find them. One company offers to pay workers $5.00 per pound, and the other company will pay workers only $4.00 per pound. Economists would say that: A. the company willing to pay only $4.00 has a comparative advantage in selling morels.
B. the higher-paying company will attract the more creative and innovative pickers and the lower-paying company will attract the others.
C. the lower-paying company will attract the more creative and innovative pickers and the higher-paying company will attract the others.
D. this situation violates the law of one price and is not likely to persist.
Q:
According to the law of one price, A. it is illegal to pay different people different amounts for the same work.
B. it is illegal to charge different people different amounts for the same product.
C. competition, combined with transferable goods and resources, drives the prices of similar goods toward equality.
D. there is a tendency for wages to equalize wages across institutionally similar countries.
Q:
The Apple iPod has been a trendy product. It was designed by Apple in the United States, manufactured in factories in Asia, and sold throughout the world. Many other firms, both American and foreign, began to try to develop alternatives to the iPod. The iPod is an example of American comparative advantage in: A. innovation.
B. mass production.
C. hand production.
D. consumerism.
Q:
Refer to the graph shown. Suppose Country X exports agricultural goods to Country Y in exchange for industrial goods. This pattern of trade increases consumption in both countries only if: A. X and Y share production possibility curve A.
B. X's production possibility curve is B and Y's is A.
C. X's production possibility curve is A and Y's is B.
D. X and Y share production possibility curve B.
Q:
Suppose that in Slovakia one unit of labor can produce either 20 tons of wheat or 40 tons of soy and in Poland one unit of labor can produce either 40 tons of wheat or 20 tons of soy. If each country has two units of labor, which of the following consumption combinations can be attained only with trade? A. Slovakia consumes 80 tons of soy.
B. Slovakia consumes 30 tons of both soy and wheat.
C. Poland consumes 80 tons of wheat.
D. Poland consumes 40 tons of wheat and 20 tons of soy.
Q:
Suppose New Zealand uses one unit of labor to produce a kiwi and two units of labor to produce an apple. Suppose Australia uses two units of labor to produce a kiwi and one unit of labor to produce an apple. In this case, New Zealand: A. has a comparative advantage in producing apples.
B. has a comparative advantage in producing kiwis.
C. has a comparative advantage in producing both goods.
D. does not have a comparative advantage in producing either good.
Q:
Refer to the graphs shown. The discovery of a new supply of resources used only in the production of guns can be shown by which movement? A. From A to B to C to D in diagram a
B. From C to D to A to B in diagram a
C. From X to Y to X to Z in diagram b
D. From X to Z to X to Y in diagram b
Q:
Refer to the graph below. If the production possibility curve shifts along the Good Y axis, which point will remain as a point of efficiency? A. A
B. B
C. C
D. D
Q:
In election campaigns, presidents often promise more of everything (that is, more guns and more butter). What would help those elected president fulfill that promise?A. The economy becomes more efficient.B. The United States limits imports into the country.C. Illegal immigration into the United States is severely limited.D. A minimum wage bill is passed.
Q:
If you move from a point inside the production possibility curve to a point on the production possibility curve, it follows that efficiency is: A. increased because the economy is now on the production possibility curve.
B. increased only if production of both goods increases.
C. increased as long as the combined output of both goods increases.
D. reduced if less of one good is produced.
Q:
To graphically demonstrate the principle of increasing marginal opportunity cost, the production possibility curve must be: A. flat.
B. straight.
C. bowed out.
D. bowed in.
Q:
The principle of increasing marginal opportunity costs states that the initial opportunity costs are: A. high but decrease the more you concentrate on the activity.
B. low but increase the more you concentrate on the activity.
C. high but increase the more you concentrate on the activity.
D. low but decrease the more you concentrate on the activity.
Q:
This production possibility table illustrates: A. increasing marginal opportunity cost.
B. decreasing marginal opportunity cost.
C. constant marginal opportunity cost.
D. zero opportunity cost.
Q:
Given the production possibility curve shown, the opportunity cost of listening to each additional CD when moving from point B to point A is on average: A. ½ article.
B. 1 article.
C. 2 articles.
D. 3 articles.
Q:
Because you can get more of one good only by giving up some of another good, the shape of a production possibility curve is: A. upward-sloping.
B. perfectly vertical.
C. perfectly horizontal.
D. downward-sloping.