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