Chapter 1 Through 3

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