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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!

  
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Question Excerpt

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