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!

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


to post comments.

Removing ad is a premium feature

Upgrade and get a lot more done!
Take Another Quiz