Question 1

According to the law of increasing costs,as a textile company spends more money to eliminate dust particles from the workplace to increase worker safety

Accepted Answer

A) the cost of reducing 70 percent of the dust in the factory will be the same as the cost of reducing the first 50 percent of the dust in the factory. 
B) the cost of reducing 70 percent of the dust in the factory will be less than the cost of reducing the first 50 percent of the dust in the factory. 
C) the cost of reducing 70 percent of the dust in the factory will be greater than the cost of reducing the first 50 percent of the dust in the factory. 
A) the cost of reducing 70 percent of the dust in the factory will be the same as the cost of reducing the first 50 percent of the dust in the factory. 
B) the cost of reducing 70 percent of the dust in the factory will be less than the cost of reducing the first 50 percent of the dust in the factory. 
C) the cost of reducing 70 percent of the dust in the factory will be greater than the cost of reducing the first 50 percent of the dust in the factory.

Question 2

Which point best represents our economy in a depression?

Accepted Answer

A) Point H 
B) Point F 
C) Point I 
D) Point G 
A) Point H 
B) Point F 
C) Point I 
D) Point G

Question 3

Which statement is true?

Accepted Answer

A) Productive efficiency has never been achieved. 
B) The U.S.economy achieved productive efficiency from mid-1997 through mid-2001. 
C) The U.S.economy achieved productive efficiency from 1980 to 1997. 
D) Our economy generally attains productive efficiency. 
A) Productive efficiency has never been achieved. 
B) The U.S.economy achieved productive efficiency from mid-1997 through mid-2001. 
C) The U.S.economy achieved productive efficiency from 1980 to 1997. 
D) Our economy generally attains productive efficiency.

Question 4

A small Caribbean island-country produces only pineapples and rum.If resources are used efficiently in the economy,

Accepted Answer

A) it will not be possible to produce more rum without decreasing the production of pineapples. 
B) it will be possible to produce more pineapples without decreasing the production of rum. 
C) it will be producing on its production possibilities curve. 
D) it will not be possible to produce more rum without decreasing the production of pineapples AND it will be producing on its production possibilities curve. 
E) it will be possible to produce more pineapples without decreasing the production of rum AND it will be producing on its production possibilities curve. 
A) it will not be possible to produce more rum without decreasing the production of pineapples. 
B) it will be possible to produce more pineapples without decreasing the production of rum. 
C) it will be producing on its production possibilities curve. 
D) it will not be possible to produce more rum without decreasing the production of pineapples AND it will be producing on its production possibilities curve. 
E) it will be possible to produce more pineapples without decreasing the production of rum AND it will be producing on its production possibilities curve.

Question 5

The study of economics

Accepted Answer

A) is a very narrow endeavor. 
B) is a way of analyzing decision-making processes caused by scarcity. 
C) focuses on how a business should function. 
D) is concerned with proving that capitalism is better than socialism. 
A) is a very narrow endeavor. 
B) is a way of analyzing decision-making processes caused by scarcity. 
C) focuses on how a business should function. 
D) is concerned with proving that capitalism is better than socialism.

According to the law of increasing costs,as a textile company spends more money to eliminate dust particles from the workplace to increase worker safety

Which point best represents our economy in a depression?

Which statement is true?

A small Caribbean island-country produces only pineapples and rum.If resources are used efficiently in the economy,

The study of economics

A Brief Economic History of the United States

The Mixed Economy

Supply and Demand

The Household Consumption Sector

The Business Investment Sector

The Government Sector

The Export-Import Sector

Gross Domestic Product

Economic Fluctuations, unemployment, and Inflation

Classical and Keynesian Economics

Fiscal Policy and the National Debt

Money and Banking

The Federal Reserve and Monetary Policy

A Century of Economic Theory

Economic Growth and Productivity

Demand,supply,and Equilibrium

The Price Elasticities of Demand and Supply

Theory of Consumer Behavior

Cost

Profit, loss, and Perfect Competition

Monopoly

Monopolistic Competition

Oligopoly

Corporate Mergers and Antitrust

Demand in the Factor Market

Labor Unions

Labor Markets and Wage Rates

Rent, interest, and Profit

Income Distribution and Poverty

International Trade

International Finance

Filters

Exam 2: Resource Utilization

According to the law of increasing costs,as a textile company spends more money to eliminate dust particles from the workplace to increase worker safety

Which point best represents our economy in a depression?

Which statement is true?

A small Caribbean island-country produces only pineapples and rum.If resources are used efficiently in the economy,

The study of economics

A Brief Economic History of the United States

The Mixed Economy

Supply and Demand

The Household Consumption Sector

The Business Investment Sector

The Government Sector

The Export-Import Sector

Gross Domestic Product

Economic Fluctuations, unemployment, and Inflation

Classical and Keynesian Economics

Fiscal Policy and the National Debt

Money and Banking

The Federal Reserve and Monetary Policy

A Century of Economic Theory

Economic Growth and Productivity

Demand,supply,and Equilibrium

The Price Elasticities of Demand and Supply

Theory of Consumer Behavior

Cost

Profit, loss, and Perfect Competition

Monopoly

Monopolistic Competition

Oligopoly

Corporate Mergers and Antitrust

Demand in the Factor Market

Labor Unions

Labor Markets and Wage Rates

Rent, interest, and Profit

Income Distribution and Poverty

International Trade

International Finance

Filters