ECONOMICS Form A
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36)  Which one of the following is most likely to maximize a firm’s growth?
1 point
14)  How is self-interest interpreted in economics?
1 point
19)  Which one of the following would be considered essential to the functioning of a market system?
1 point
31)  Does greater productivity in the agricultural sector of an economy benefit consumers?
1 point
24)  What measures the return to risk when making an investment in a market economy?
1 point
27)  What are the skills, training, experience, and education that workers possess?
1 point
26)  What is a produced good that firms use to produce other goods?
1 point
6)  The discovery of oil and new extractions methods in North Dakota has led to:
1 point
25)  Which one of the following could determine the type of economic system a country has?
1 point
30)  How can productivity be enhanced?
1 point
42)  The unemployment rates during the recessions that began in 1981, 1990, 2001, and 2008 peaked at 10.8 percent, 7.8 percent, 6.3 percent, and 10.0 percent, respectively. By that measure, which recession was most severe?
1 point
15)  Why does scarcity require individuals to make choices?
1 point
48)  A technological advance in a market will cause the price of the good to
1 point
4)  Which statement is true regarding a nation’s wealth and their trade potential?
1 point
34)  From specializations comes ____.
1 point
39)  If the CPI is 180 at the end of 2008 and increases to 191 by the end of 2009, what is the approximate inflation rate for 2009?
1 point
1)  Compared to socialist economies, empirical evidence has demonstrated that market economies:
1 point
10)  Which one of the following causes economic growth?
1 point
37)  Joe is studying the market for cars and the cost structure of car manufacturers. Sally is studying the consumption portion of the Gross Domestic Product. In this example,
1 point
38)  The difference between GNP and NNP is primarily due to:
1 point
41)  Total income for an entire group of people is referred to as:
1 point
2)  Which one of the following assets would best fit the definition of money in the United States?
1 point
45)  Which one of the following is most likely to have a positive impact on the macro economy?
1 point
12)  The additional cost to produce one more unit of output is called:
1 point
17)  In some nations large amounts of goods and services are produced in the household for family consumption. In these nations, statistical measures of income will show that the population is:
1 point
29)  The Big Boy Burger Shack finds that if it hires a fifth worker, twenty more hamburgers can be produced in an hour. However, when a sixth worker is hired only fourteen more hamburgers can be produced in an hour. This is the result of:
1 point
8)  In a market economy important roles for government include:
1 point
22)  Economic systems that rely primarily on markets to allocate goods and services, as opposed to the government sector, tend to have:
1 point
7)  What is the cost of a trade off?
0 points
43)  If the economy’s real GDP is rising, what trends in employment and unemployment are most likely?
1 point
3)  Which one of the following is true about money supply in the economy?
1 point
21)  Which one of the following is a basic economic question that every economy must answer?
1 point
18)  Personal computers used to cost several thousand dollars. Now most have a price under $1,000 due to:
1 point
49)  If the price of beans increases by 20 percent and the quantity demanded falls by 30 percent we can conclude that, in this price range, the demand for beans is:
1 point
35)  Government regulations that increase costs in an industry generally lead to:
1 point
44)  If real GDP increases 4 percent during the year while nominal GDP increases 3 percent during the same time period we can conclude that:
1 point
13)  All nations can gain from trade if they produce and trade the goods:
1 point
51)  If the dollar price of chicken rises 5 percent and the dollar price of beef rises 10 percent, what happens to the relative prices of chicken and beef?
1 point
23)  In a market economy, goods are rationed through the use of:
1 point
32)  Wage and income differentials are generally due to:
1 point
46)  What is an equilibrium price?
1 point
11)  How can anyone tell if a good is scarce?
1 point
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28)  According to the Bureau of Labor Statistics, output of the non-farm business sector rose 3.7 percent during the third quarter of 2013 and hours worked rose by 1.7 percent. What do these economic indicators reflect?
1 point
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47)  The shape and nature of a market supply curve is determined by:
1 point
33)  How do specialization and trade affect the economy?
1 point
5)  A nation that produces goods and services inefficiently can increase the output of both if it:
1 point
20)  In a competitive market economy firms will seek to:
1 point
16)  A competitive firm produces two goods, baseballs and softballs, and is operating at maximum efficiency. If the firm decides to produce more softballs, it will have to:
1 point
50)  What is the ability to produce a good using the fewest resources possible?
0 points
9)  What do economists who belong to the supply-side school of thought believe the response to a cut in income tax rates will be?
1 point
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