Chapter 1 Through 3

85 Questions  I  By Elissawery
Please take the quiz to rate it.

 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.


Questions and Answers

Removing question excerpt is a premium feature

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