Pre School Quiz 5.Economics - Principles Of Economics

1

Suppose you like to make, from scratch, pies filled with banana cream and vanilla pudding. You notice that the price of bananas has increased. As a result, your demand for vanilla pudding would

2

Economic growth is shown on the production possibilities frontier as

3

Suppose a McDonald's Big Mac costs 30 pesos in Argentina. At the same time, suppose the exchange rate between the peso and the euro is roughly 15 pesos per euro. According to purchasing power parity, a Big Mac in Europe should cost:

4

Which of the following transactions would be included in GDP?

5

If the price of action figures was $10 each, his total utility would be ____ and your marginal utility would be ____.

6

The role of prices in a market economy is to

7

Explain how exchange rate changes affect aggregate demand

8

Keynes advocated the use of taxation and government spending to influence the level of GDP in the short run

9

In a certain economy, when income is $1000 . consumer spending is $800 . The value of the multiplier for this economy is 2.5 . It follows that, when income is $1020, consumer spending is

10

Refer to the information provided in Figure 13.6 below to answer the question that follows.<img src="https://sciemce.com/files/4/ppg__10502202334__f1q130g1.jpg" alt="" style="vertical-align: 0.0px;" height="314" width="388" /> Figure 13.6 Refer to Figure 13.6. The Memory Company's ________ is $800.

11

The ratio of the percentage change in quantity demanded to the percentage change in income is known as the cross elasticity of demand

12

Refer to Figure 4-5. What area represents the deadweight loss after the imposition of the ceiling?

13

One topic of study for a microeconomist would be the

14

The total amount of money the government owes to its creditors is the

15

An economic system is

16

Deflation will

17

Frictional unemployment will typically be a short-term problem for someone between jobs.

18

________ is (are) paid regardless of a person's income from other sources and regardless of assets.

19

If output is falling, a procyclical fiscal policy will result in:

20

In 2005, Hurricane Katrina destroyed oil and natural gas refining capacity in the Gulf of Mexico which subsequently drove up natural gas, gasoline, and heating oil prices. Three years later, once the refining capacity was restored, these prices came back

21

The ratio of nominal GDP to real GDP multiplied by 100 is the

22

Country A has a GDP of $300 billion and a population of 10 million, while Country B has a GDP of $3 trillion and a population of 200 million. The per capita GDP in Country A and Country B are _____ and _____, respectively

23

If the price of wireless earbuds increases, then there will be ________ of wireless earbuds.

24

In golf and tennis, there is little concern over player strikes because

25

Using the demand curve in the figure above, if the price is $25, then the quantity demanded is Question 14 options: LOOK AT WORD DOC

26

In an increasing-cost industry, more supplies can be obtained by paying a higher price for them or by using ______.

27

Which of the following Nobel laureates became known for the study of asymmetric information?

28

If an economy with constant returns to scale were to double its physical capital stock, its available natural resources, and its human capital, but leave the size of the labor force the same,

29

Refer to the data. What level of total utility will the utility-maximizing consumer realize?

30

Is there any difference between fining people who put contaminants into the atmosphere and charging fees for putting contaminants into the air?

31

If there is an expectation that the price of a good will increase in the next month, this would immediately

32

In a labor market free from discrimination, wages for workers that are employed by the same company will still differ

33

Champlain College in Vermont runs a satellite campus in Dublin, Ireland. This is an example of:

34

Trade war occurs when, after a tariff is imposed, other countries retaliate with their own tariff

35

A leftward shift of a demand curve is called a(n)

36

Most individual's income peaks when they are about

37

To decrease the money supply, the Federal Reserve could

38

Which explains why supply curves slope upward to the right?

39

More farmers have recently entered the corn industry. In addition there has been a technological advancement in the fertilizer industry providing corn farmers with a cheaper and a more effective fertilizer. In the market for corn, the effects these

40

Which of the following statements is true about monopolistically competitive firms?

41

If I voluntarily end my employment, the Bureau of Labor Statistics would consider me to be

42

A defendant believes there is a 50 percent chance that the plaintiff will win $1,000,000 and a 50 percent chance that the plaintiff will lose and be awarded nothing (zero). The plaintiff believes that there is a 40 percent chance that they will win $1,000,000 and a 60 percent chance that they will be awarded nothing (zero). The plaintiff's litigation cost is $200,000 and the defendant's

43

Imagine Tom's annual salary as an assistant store manager is $30,000, he owns a building that rents for $10,000 yearly, and his financial assets generate $1,000 per year in interest. One day, after deciding to be his own boss, he quits his job, evicts his tenants, and uses his financial assets to establish a bicycle repair shop. To run the business, he outlays $15,000 in cash to cover all the costs involved with running the business, and earns revenues of $50,000. What are Tom's economic profits?

44

Macroland produces dishes and glassware. Before trade, a set of dishes sells for $100 and a set of glasses sells for $50. When Macroland opens to trade, foreign demand for domestically produced china is strong, raising the price of a set of dishes to $125. But foreign competition reduces the demand for domestically produced glasses, so they now sell for $25 a set. Assuming workers cannot move between industries, the wages of workers producing dishes will ________ and the wages of workers producing glasses will ________.

45

A single seller dominates the market for robotic mowers and charges a price above the competitive price. Some potential consumers do not buy mowers they would have bought at a lower price. What economic condition is represented by this scenario?

46

Profits can be maximized by equating MR = MC = Price

47

Externalities can be corrected by each of the following except

48

In the circular-flow diagram, firms produce goods and services using the factors of production

49

Andrea would be considered unemployed if she is

50

A value of the absolute price elasticity of demand equal to 0.5 indicates that

51

Consider the case of a teacher who tells students that those who miss more than three classes for any reason will automatically receive a lower grade.

Find your answers, solutions and more...

We made it much easier for you to find exactly what you're looking for on Sciemce. Enjoy our search engine "Clutch."

Save a GPA. Donate your notes with us.

Pre School Quiz 5.Economics - Principles Of Economics

Recent Packs