Quiz Facts 8. Economics - Principles Of Economics

1

If French consumers spend 720 billion euros on consumption goods but French producers only produced 700 billion euros of consumption goods, then

2

The passage of new legislation requiring more extensive government regulation of business will most likely:

3

If Bill thinks tacos and turkey sandwiches are perfect substitutes, then his indifference curves for these two goods

4

When companies sell slightly different forms of a product to different groups of customers, this is known as

5

All of the following concepts are related EXCEPT

6

The number of years required for real GDP to double can be found by

7

The price of a hotdog is $1, the price of a movie ticket is $5, and the consumer has $13. A consumer has purchased 3 hotdogs and two movie tickets, receiving 10 units of utility for the last hotdog and 10 units of utility for the last movie. The set of

8

When U.S. computer companies hire workers in India to staff their customer service call centers, they are engaging in

9

According to your textbook, changes in supply and demand reflect changes in

10

The dictator game:

11

How much is the APC at a disposable income of 2000?

12

Given the production function and total cost function shown in Chapter 4, as production increases, total costs

13

We can derive the market demand curve for gold earrings

14

A shortage will occur if a ________ is set ________ the equilibrium price.

15

The price elasticity of supply is a measure of the extent to which the quantity supplied of a good changes when the

16

Refer to the graph below. Which of the following factors does not explain a movement along the AD curve?

17

If marginal benefit is greater than marginal cost for the production of cars, to reach the allocative efficient quantity of cars, the production of cars must be increased

18

The Joneses have a taxable income of $18,000, all in the form of wages. They have three children, and they take the standard deduction. Which statement is true?

19

<img src="https://sciemce.com/files/4/ppg__s0426202329__f1q202g1.jpg" alt="" style="vertical-align: 0.0px;" height="190" width="348" />Refer to the above figure. The firm that produces an output between Q1 to Q2 is experiencing

20

Proponents of zero inflation argue that a successful program to reduce inflation

21

Explain what a potential money multiplier of 3 means. How can the Fed increase the potential money multiplier?

22

What are the three categories of transactions in the balance of payments? Give an example of each

23

If median income is unchanged from one year to the next, then per capita income:

24

All of the following are justifications for government intervention except:

25

Alexis de Tocqueville observed in his Democracy in America: "There is no country in which everything can be provided for by the laws, or in which political institutions can prove a substitute for

26

Which of the following CANNOT be a source of comparative advantage?

27

Refer to the figure above. What is the producer surplus before Barylia opens up to free trade?

28

Suppose that a quota is imposed on imports of minivans. Show graphically what the effect is in terms of price and quantity of imports. Be sure that your graph is completely and correctly labeled. What determines how much of the quota is paid by the buyers of the minivans?

29

If the number of unemployed workers is 200 million, the number of employed workers is 300 million, and the working-age population is 800 million, what is the labor force participation rate?

30

The first Industrial Revolution

31

Which of the following demonstrates the necessary requirement for the gains from comparative advantage and specialization to be realized?

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Quiz Facts 8. Economics - Principles Of Economics

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