question

What is the opportunity cost of moving from A to B ? A) 3 units of clothing B) 9 units of clothing C) 3 computers D) 4 computers

answer

3 computers

question

In the Circular Flow example, the Consumption Goods will be divided up among the Households _______________ in a Market based economy. A) according to their wants and needs B) equally C) according to their income D) none of the above

answer

According to their income

question

A shift in a PPC/PPF to the right (or outward) illustrates ________ which may be generated by better utilizing existing resources (improved Technology) or by acquiring more resources over time. A) Inflation B) Recession C) Depression D) Growth

answer

Growth

question

__________ efficiency is gaining the most output to maximize consumer utility with a given amount of input. A) Productive B) Industrial C) Economic D) Human

answer

Economic

question

______________ is when a resource is not fully utilized, such as your when your Economics professor has to sweep the streets as a primary job. A) Under-employment B) Unemployment C) Inflation D) Economic Efficiency

answer

Under-employment

question

What is the opportunity cost of moving from B back to A ? A) 2 units of clothing B) 4 units of clothing (correct) C) 9 computers D) 6 computers

answer

4 Units of clothing

question

Entrepreneurs are well compensated in a market economy if they provide high utility to consumers at a relatively low ___________ . A) cost B) utility C) profit D) rent

answer

Cost

question

__________________ theory did not take into account the advancement of technology and systems changes. A) Thomas Malthus' B) Robert Owen's C) Karl Marx's D) David Ricardo's

answer

Thomas Malthus

question

Adam Smith explained that the purpose of Government was to facilitate the market and, therefore, it should have a very ________ role in an efficient market system. A) strong B) limited C) high D) all of the above

answer

lIMITED

question

Under-employment is when a resource is not fully utilized, such as when _____________________________________________. A) your Economics professor cannot find even a street sweeping job B) c. or d. below (correct) C) an office building stands 80% empty D) a computer network runs at only 50% of capacity

answer

c or d

question

Workers formed ___________ and eventually these were recognized as a legal entity having the right of collective bargaining A) guilds B) chain gangs C) unions D) websites

answer

unions

question

In the Circular Flow example, _____________ units of Services and Goods are being produced by the Business sector. A) 2500 B) 5000 C) 125 D) no

answer

2500

question

In the Circular Flow example, the Consumption Goods will be divided up among the Households _______________ in a Market based economy. A) according to their wants and needs B) equally C) according to their income D) none of the above

answer

According to their income

question

The ability of people to conceive an idea (innovate), bring together resources, and take _________ when starting a business are all part of Entrepreneurship. A) obscene profit B) big losses C) the risk D) none of the above

answer

The Risk

question

_________ production involves the human resource called Labor. A) Most B) Some C) All D) None of the above

answer

All

question

What is the benefit of moving from A to B ? A) 4 units of clothing (correct) B) 6 units of clothing C) 6 computers D) 4 computers

answer

4 units of clothing

question

In the Circular Flow example, there are ________ un-employed people at the present time. A) 120 B) 125 C) no D) 5

answer

5

question

In the Circular Flow example, the Consumption Goods will be divided up among the Households according to their income in a __________ based economy. A) Tradition B) Autocratic (or Authoritarian) C) Market D) Command

answer

Market

question

What is the benefit of moving from B back to A ? A) 2 units of clothing B) 4 units of clothing C) 9 computers D) 3 computers

answer

3 computers

question

The ability of people to ____________ is determined by their skill, knowledge, and training. A) sleep B) produce C) reproduce D) get along

answer

Produce

question

The transition away from ___________________ systems began as the manor life yielded to the city life in the 17th and 18th centuries in Europe. A) Fantasy and Utopian B) Market and Autocratic C) Command and Market D) Traditional and Autocratic

answer

Traditional and Autocratic

question

In the Wealth of Nations, the distribution of income and wealth was explained by the concept of ______________________. A) war and imperialism B) accumulating gold and silver C) productivity (output per worker) D) the money multiplier

answer

Productivity (output per worker)

question

The Standard of Living of a nation is determined by the __________ available and how they are used. A) quarks or quirks B) only quirks, not quarks C) resources or factors (correct) D) only quarks, not quirks

answer

Quarks or quirks

question

What is the benefit of moving from B to C ? A) 3 units of clothing B) 9 units of clothing C) 2 computers D) 4 computers

answer

3 Units of Clothing

question

A shift in a PPC/PPF to the right (or outward) illustrates Growth which may be generated by __________________ (better utilizing existing resources) or by acquiring more resources over time. A) working overtime B) increasing imports C) improved Technology (correct) D) using first (or low) gear

answer

improved technology

question

In Adam Smith's writing, the question of "What to produce?" was answered by _________________ in which the demand choices by consumers directed the supply decisions of producers. A) the revised sequence B) consumer sovereignty (correct) C) the system of tradition D) the system of command

answer

Consumer sovereignty

question

_____________ of concepts is one important means of understanding Economics. A) Digitizing B) Nono-engineering C) Visualization D) Mastication

answer

Visualization

question

The _____________________ assumes that a nation has only two goods and they are graphed with varying combinations along the X and Y axis. A) Jessica Simpson Approach B) Six Degrees of Kevin Bacon C) Dallas Maverick's Implosion D) Production Possibilities Curve (also know as the PPF)

answer

Production Possibilities Curve (also know as the PPF)

question

___________ economics led to the creation of the communist state in Russia. A) Smithian B) Owenian C) Oprah D) Marxist

answer

Marxist

question

In the Circular Flow example, the amount of Spending that is flowing out of the Household sector is ___________ A) $120 B) $125 C) $2500 D) $5000

answer

5000

question

_____________ predicted that economic activity would evolve in cycles of misery and catastrophe. A) Adam Smith B) Karl Marx C) David Ricardo D) Thomas Malthus

answer

Thomas Malthus

question

In the graph above, the point D represents values resulting in ____________. A) inflation B) efficiency C) unemployment D) growth

answer

Unemployment

question

Workers formed unions and eventually these were recognized as a legal entity having the right of _________________ . A) habeus corpus B) collective bargaining C) a fair trial D) multiple votes

answer

Collective bargaining

question

In the Circular Flow example, Business are choosing to employ __________ people from the Factor Market. A) all B) 120 C) 125 D) none of the above

answer

120

question

A shift in a PPC/PPF to the______________ illustrates Growth which may be generated by better utilizing existing resources (improved Technology) or by acquiring more resources over time. A) left (or inward) B) right( or outward) (correct) C) first (or low) gear D) none of the above

answer

Right (or outward)

question

Adam Smith explained that the purpose of Government was to facilitate the market and, therefore, it should have a very ________ role in an efficient market system A) Ceteris Paribus B) Semper Fidelis C) Laissez Faire D) Nonus Abovus

answer

Laissez Faire

question

Any point inside the frontier (curve) describes an economy with___________ of one or more of the four basic resources. A) Under-employment B) Unemployment C) a. or b. D) None of the above

answer

A or B

question

In the Circular Flow example ... if all of the units produced are "fast food cheeseburgers", then the cheeseburger itself __________ A) is a hazard to your health (normative statement ?) B) contains a lot of utility (normative statement ?) C) is a "good" (as opposed to the "service" being "fast" ... or not) D) is a "service" (as opposed to a "good")

answer

is a "good" (as opposed to the "service" being "fast" ... or not)

question

Karl Marx argued that ___________ would lead to socialism and then to communism as armies of unemployed workers would force economic change. A) capitalism B) fascism C) democracy D) totalitarianism

answer

Capitalism

question

What is the opportunity cost of moving from B to C ? A) 3 units of clothing B) 9 units of clothing C) 2 computers D) 4 computers

answer

4 computers

question

The process of production is determined by the ____________ which are the economic resources used for creating output. A) factors of production B) consumer utilities C) national sovereignties D) labor and land

answer

Factors of production

question

Marxist economics led to the creation of a communist state in ____________ . A) California B) Maine C) North Dakota D) Russia

answer

Russia

question

The process of production is determined by the factors of production which are ____________ used for creating output. A) labor and land B) capital and entrepreneurship C) land and capital D) All of the above

answer

all the above

question

In the graph above, the point _______ represents values resulting in unemployment. A) A B) E C) C D) D

answer

ANSWER is D

question

Thomas Malthus predicted that economic activity would evolve in cycles of ___________________ . A) inflation and deflation B) misery and catastrophe (correct) C) global warming and ice ages D) natural sunspots

answer

Misery and catastrophe

question

Economic efficiency is gaining the most output to maximize consumer ______ with a given amount of input. A) sovereignty B) productivity C) output D) utility

answer

Utility

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