Economics - Principles Of Economics, Pace 3 Quiz

The decreasing slope of a production function reflects

The market for smart water is becoming more competitive. The increase in competition in this market is an example of how the market responds to

3

If the price of a bottle of orange juice in the downtown orange juice market is $0.50 per bottle, vendors will happily sell orange juice in the market only if their cost per bottle is

4

The fastest growing nations today are those with

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Which of the following will not shift the aggregate demand curve to the left?

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In the United States during the 1950s and 1960s:

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<img src="https://sciemce.com/files/4/ppg__10426202036__f1q137g1.jpg" alt="" style="vertical-align: 0.0px;" height="112" width="177" />Refer to the above figure. Moving from point A to point B indicates

8

When a non-discriminating monopolist is maximizing profit, then

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A reduction in a monopolist's fixed costs would

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Which of the following is not a problem in the People's Republic of China following the economy's rapid growth?

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Which of the following factors is likely to lead to an increase in the quantity demanded of pens?

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A ________ curve shows the marginal cost of producing one more unit of a good or service

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The table above shows techniques that can be used to produce 100 shirts. If the price of an hour of labor is $10 and the price of a unit of capital is $12, then the economically efficient technique is

14

The food processing industry in Richland accounts for 20% of its GDP

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One reason stagflation is difficult to recover from is because:

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You are hired by the Bureau of Economic Analogies (BEA) as an economic consultant. The chairperson of the BEA tells you that he believes the current unemployment rate is too high. The unemployment rate can be reduced if aggregate output increases. He wants to know what policy to pursue to increase aggregate output by $500 billion. The best estimate he has for the MPC is 0.75. Which of the following policies should you recommend?

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What term do we use to refer to the understanding of the best ways to produce goods and services?

18

What does the phrase "post hoc, ergo propter hoc" mean?

19

In 2008, the Treasury and Federal Reserve took action to save large financial firms such as Bear Stearns and AIG from failing. Which of the following is one reason why these measures were taken?

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Refer to the figure above. The equilibrium exchange rate in this case is:

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Fast Stop, a gasoline and grocery quick mart, charges $2 for a 20 ounce fountain drink and $3 for a 40 ounce fountain drink. This is an example of ________.

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If GDP per capita rises by 2% between 2015 and 2016, which of the following is necessarily true?

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Bill is an accountant for a small machine shop. His boss has asked him to calculate the shop's total fixed cost. Which method will get Bill the correct answer?

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If the price of good X increases by 1 percent, then the quantity supplied increases by more than 1 percent. This means

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Recessions typically cause the unemployment rate to ________ and the inflation rate to ________

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If you are estimating your total expenses for school next semester, you are using money primarily as:

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The following is budget information for a hypothetical economy. All data are in billions of dollars.YearGovernment SpendingTax RevenuesGDP1$1,100$1,000$10,00021,2501,40010,20031,4501,45010,50041,6001,50010,90051,8001,55011,200Refer to the above data. What year is the budget deficit $250 billion?

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Explain the law of supply. What does the law of supply imply about the shape of the supply curve?

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Suppose your accountant told you that the $50,000 you made last year was the total revenue you earned minus both explicit and implicit costs. You would be pleased because that $50,000 represents your

30

If real disposable income increases from $110,000 to $120,000 and consumption increases from $108,000 to $114,000, the marginal propensity to consume is:

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Opportunity costs exist for

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Cautious banks may choose to hold excess reserves instead of lending them

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Thomas Malthus was an economist who contributed to the ________ theory of growth

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In Figure 22.1, which area represents producer surplus to the drug dealer? <img src="https://sciemce.com/files/4/ppg__1240817191211__f1q14g1.jpg" alt="" style="vertical-align: 0.0px;" height="297" width="332" />

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Economics - Principles Of Economics, Pace 3 Quiz

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