Chapter 1 Through 3

85 Questions  I  By Elissawery
Chapter 1 Through 3
I only got partway through chapter three on the this quiz, so be sure to study chap 4 and the second half of chapter 3 handout in addition to taking this quiz. I apologize for all the typos. . . I was getting impatient with the input of questions taking so long. I hope this helps you all!

  
Changes are done, please start the quiz.


Question Excerpt

Removing question excerpt is a premium feature

Upgrade and get a lot more done!
1. 
The cost of producing at point G rather than point D is:
A.
B.
C.
D.
2.  The market mechanism is consistent with:
A.
B.
C.
D.
3.  Production-possibilities curves demonstrate that:
A.
B.
C.
D.
4.  In a market economy, the people who receive the goods and services that are produced are those who:
A.
B.
C.
D.
5.  It there are only two airlines that fly between Dallas and New Orleans, what will happen in the market for one airline if the other one goes out of business'?
A.
B.
C.
D.
6.  An expansion of production possibilities is known as:
A.
B.
C.
D.
7.  Ceteris paribus, if the subsidies given to corn syrup producers decrease, then we can expect:
A.
B.
C.
D.
8.  The term opportunity costs refers to the:
A.
B.
C.
D.
9.  Macroeconomics focuses on the performance of:
A.
B.
C.
D.
10.  Production processes that use a high ration of capital to labor inputs are referred to as:
A.
B.
C.
D.
11. 
At which point might society be able to produce if new resources were discovered but cannot produce at with current resources?
A.
B.
C.
D.
12.  In a mixed economy like that in United States, the question of WHAT to produce is determined by:
A.
B.
C.
D.
13.  Productivity:
A.
B.
C.
D.
14.  Suppose during the course of a year an economy produces $11 trillion of consumer goods, $3 trillion of investment goods, $6 trillion in government services, and has $3 trillion of exports and $1 trillion of imports.  For this economy, GDP would be:
A.
B.
C.
D.
15.  Which ofthe following is a market transaction?
A.
B.
C.
D.
16.  The market mechanism may best be defined as:
A.
B.
C.
D.
17.  When workers move from one industry to another in response to demand changes, this is an example of:
A.
B.
C.
D.
18.  Which ofthe following is not held constant along a given demand curve for a good?
A.
B.
C.
D.
19.  The law of supply implies that:
A.
B.
C.
D.
20.  Both a demand schedule and a supply schedule for a good indicate for a given period of time at different prices, ceteris paribus:
A.
B.
C.
D.
21.  Opportunity cost may be defined as the:
A.
B.
C.
D.
22.  Lntemational participants:
A.
B.
C.
D.
23.  Efficiency can be defined as the:
A.
B.
C.
24.  Ceteris paribus, which ofthe following would generally cause a decrease in the demand fornew automobiles?
A.
B.
C.
D.
25.  Goods that have spillover costs are overproduced because:
A.
B.
C.
D.
26.  The term factor of production refers to:
A.
B.
C.
D.
27.  Cereris paribus, which of the following is most likely to cause an increase in the quantity supplied of perfume?
A.
B.
C.
D.
28.  Net exports are:
A.
B.
C.
D.
29.  In order to attain higher living standard in the long run:
A.
B.
C.
D.
30.  Ceteris paribus, if the price of Belgian chocolate falls, then we will see:
A.
B.
C.
D.
31.  Changes in business inventories are:
A.
B.
C.
D.
32.  Ceteris paribus, the market supply curve of a particular product indicates for a given periodthe:
A.
B.
C.
D.
33. 
At which point is society producin some of each type of structure but still producing inefficiently?
A.
B.
C.
D.
34.  Which of the following expenditures is most important in expanding a country's production possibilities?
A.
B.
C.
D.
35.  The term market mechanism refers to:
A.
B.
C.
D.
36.  Which of the following will cause the production-possibilities curve to shift inward?
A.
B.
C.
D.
37.  The basic factors of production include:
A.
B.
C.
D.
38.  Ceteris paribus, if the opportunity cost of purchasing a good rises, then the maximum price a particular consumer is willing to pay for that good:
A.
B.
C.
D.
39.  A technological advance would best be represented by:
A.
B.
C.
D.
40.  Which of the following has contributed to a decline in the farming sector in the United States?
A.
B.
C.
D.
41.  When monopolies exist:
A.
B.
C.
D.
42.  Which of the following is an indicator of how much output the average person would get if all output were divided up evenly among the population?
A.
B.
C.
D.
43.  Which of the following sectors contributes the largest absolute amount to GDP in the United States?
A.
B.
C.
D.
44.  Which ofthe following statements about markets is true?
A.
B.
C.
D.
45.  Peanut butter and jelly are complements. A decrease in the price of one will result in:
A.
B.
C.
D.
46. 
At which point is society employing some of its available technology but not all of it?
A.
B.
C.
D.
47.  Productivity is a measure of:
A.
B.
C.
D.
48.  GDP is:
A.
B.
C.
D.
49.  Assume Pepsi and Dr. Pepper are substitutes. An increase in the price of one will result in:
A.
B.
C.
D.
50.  Given a downward-sloping market demand curve for productai if the price of X is reducedV from $10 to $8, then,ceteris paribus:
A.
B.
C.
D.
51.  The per capita GDP will always rise when:
A.
B.
C.
D.
52.  "The Economy" refers to the sum of all our:
A.
B.
C.
D.
53.  A shift in supply is defined as a change in:
A.
B.
C.
D.
54.  Capital, as economists use the term, refers to:
A.
B.
C.
D.
55.  Nearly half of the people on earth have incomes of less than:
A.
B.
C.
D.
56.  Per capita GDP is:
A.
B.
C.
D.
57.  If an economy is producing inside the production-possibilities curve, then:
A.
B.
C.
D.
58.  In a market economy, the question of HOW to produce is determined by:
A.
B.
C.
D.
59.  The four major uses of total output are consumption, investment, government purchases, and:
A.
B.
C.
D.
60. 
An increase in the capacity to produce can be represented by a movement from:
A.
B.
C.
D.
61.  Outsourcing leads to:
A.
B.
C.
D.
62. 
Assume that Point X is associated with production of 500 cars and 1,000 trucks while Point Y is associated with production of 600 cars and 950 trucks.  If Point Z is associated with the production of 700 cars, then it is most reasonable to assume that Point Z is also associated with production of:
A.
B.
C.
D.
63.  The result of government intervention in the market is that:
A.
B.
C.
D.
64.  A production-possibilities curve indicates the:
A.
B.
C.
D.
65.  A factor market is any place where:
A.
B.
C.
D.
66. 
This economy will acheive efficiency in production at:
A.
B.
C.
D.
67.  Which of the following are classified as microeconomic goals?
A.
B.
C.
D.
68.  Which of the following will contribute to accelerated growth for the U.S. economy in the future?
A.
B.
C.
D.
69.  Economics is the study of how:
A.
B.
C.
D.
70.  Which of the following is one of the four major uses of total output?
A.
B.
C.
D.
71.  Comparative advantage refers to the ability to produce a good at a:
A.
B.
C.
D.
72.  Gross demestic product includes all of the following except:
A.
B.
C.
D.
73.  The fundamental problem of economics is:
A.
B.
C.
D.
74.  When a surplus exists for a product:
A.
B.
C.
D.
75.  The four factors of production are:
A.
B.
C.
D.
76.  The term income transfer refers to:
A.
B.
C.
D.
77.  If an economy is producing on its production-possibilities curve, then producing:
A.
B.
C.
D.
78.  How will an increase in the level of human capital, ceteris paribus, affect an economy's production-possibilities curve?
A.
B.
C.
D.
79.  Which of the following canbe used to correct market failure?
A.
B.
C.
D.
80.  A market in which final goods and services are exchanged is a:
A.
B.
C.
D.
81.  The term externalities refers to:
A.
B.
C.
D.
82.  When government directives do not produce better economic outcomes, which of the following has occurred?
A.
B.
C.
D.
83.  The quantity of a good a consumer is willing to buy depends on:
A.
B.
C.
D.
84.  The invisible hand refers to:
A.
B.
C.
D.
85. 
Which of the following is true about the combination of mops and brooms represented?
A.
B.
C.
D.
Back to top

Removing ad is a premium feature

Upgrade and get a lot more done!
Take Another Quiz
We have sent an email with your new password.