Question 1

An example of a public good is

Accepted Answer

A) national defense. 
B) a lighthouse. 
C) flood control protection from the Tennessee Valley Authority (TV
A) . 
D) police protection. 
E) All of the choices are examples of a public good. 
A) national defense. 
B) a lighthouse. 
C) flood control protection from the Tennessee Valley Authority (TV
A) . 
D) police protection. 
E) All of the choices are examples of a public good.

Question 2

In a centrally planned economic system,who decides what and how much will be produced?

Accepted Answer

A) Consumers 
B) Privately owned businesses 
C) The government 
D) The people,by referendum every five years 
E) Consumers and producers together,guided by the market 
A) Consumers 
B) Privately owned businesses 
C) The government 
D) The people,by referendum every five years 
E) Consumers and producers together,guided by the market

Question 3

Statement I: Bringing home as much federal money as possible to get reelected is the equivalent of the quest for profits that motivates business owners.
Statement II: One example of a government failure has been the deterioration of the American elementary,middle and high school system the last few decades.

Accepted Answer

A) Statement I is true and statement II is false. 
B) Statement II is true and statement I is false. 
C) Both statements are true. 
D) Both statements are false. 
A) Statement I is true and statement II is false. 
B) Statement II is true and statement I is false. 
C) Both statements are true. 
D) Both statements are false.

Question 4

Each of the following is a characteristic of socialism,except

Accepted Answer

A) prohibition of any private ownership of the means of production. 
B) a substantial degree of government planning. 
C) a large-scale redistribution of income. 
D) government ownership of some of the means of production. 
A) prohibition of any private ownership of the means of production. 
B) a substantial degree of government planning. 
C) a large-scale redistribution of income. 
D) government ownership of some of the means of production.

Question 5

Which of the following economic functions does the U.S.government perform?

Accepted Answer

A) Collects taxes 
B) Provides services 
C) Issues regulations 
D) The U.S.government performs all of these tasks 
A) Collects taxes 
B) Provides services 
C) Issues regulations 
D) The U.S.government performs all of these tasks

Question 6

Externalities consist of ___________________.

Accepted Answer

A) only external costs 
B) only external benefits 
C) both external costs and external benefits 
A) only external costs 
B) only external benefits 
C) both external costs and external benefits

Question 7

Which statement was coined by Adam Smith?

Accepted Answer

A) By pursuing his own interest,he frequently promotes that of the society more effectually than when he really intends to promote it. 
B) The factory owner,by paying his workers meager wages,is able to use this surplus to buy more capital goods. 
C) The foundation of our economic system is socialist ownership of the means of production in the form of state property and collective farm and cooperative property. 
D) None of these statements were coined by Adam Smith. 
A) By pursuing his own interest,he frequently promotes that of the society more effectually than when he really intends to promote it. 
B) The factory owner,by paying his workers meager wages,is able to use this surplus to buy more capital goods. 
C) The foundation of our economic system is socialist ownership of the means of production in the form of state property and collective farm and cooperative property. 
D) None of these statements were coined by Adam Smith.

Question 8

Karl Marx said that whoever controlled a society's __________ controlled that society.

Accepted Answer

plant and equipment

Question 9

Which is the most accurate statement?

Accepted Answer

A) Most taxes aimed at curbing pollution are completely ineffective. 
B) Pollution is a moral problem,and cannot be curbed by public policy. 
C) Air pollution is a much more serious problem than it was ten years ago. 
D) Public policy is much more accustomed to environmental concerns than it was 40 years ago. 
A) Most taxes aimed at curbing pollution are completely ineffective. 
B) Pollution is a moral problem,and cannot be curbed by public policy. 
C) Air pollution is a much more serious problem than it was ten years ago. 
D) Public policy is much more accustomed to environmental concerns than it was 40 years ago.

Question 10

Which of the following is NOT an example of a command-and-control regulation to limit pollution?

Accepted Answer

A) Fuel economy standards for all new cars 
B) A 50-cent tax on gasoline 
C) Mandating the use of catalytic converters on all new vehicles 
D) A ban on leaded gasoline 
A) Fuel economy standards for all new cars 
B) A 50-cent tax on gasoline 
C) Mandating the use of catalytic converters on all new vehicles 
D) A ban on leaded gasoline

Question 11

The prediction of the overthrow of capitalism was made by

Accepted Answer

A) John Maynard Keynes. 
B) Adam Smith. 
C) Mikhail Gorbachev. 
D) Holden CaufielD. 
E) Karl Marx. 
A) John Maynard Keynes. 
B) Adam Smith. 
C) Mikhail Gorbachev. 
D) Holden CaufielD. 
E) Karl Marx.

Question 12

The government is able to alter the outcome of the three basic economic questions (what? how? and for whom?)by _____________,________________,and __________.

Accepted Answer

taxing;spe

Question 13

All of the following countries have been described as socialist economies,except

Accepted Answer

A) Norway 
B) France 
C) Sweden 
D) The United States 
A) Norway 
B) France 
C) Sweden 
D) The United States

Question 14

If we were to examine the economic record of the former Soviet Union and China during the 1980s,we could reasonably conclude that

Accepted Answer

A) China was successful and the Soviet Union was not. 
B) The Soviet Union was successful and China was not. 
C) Both the Soviet Union and China were successful. 
D) Neither China nor the Soviet Union were successful. 
A) China was successful and the Soviet Union was not. 
B) The Soviet Union was successful and China was not. 
C) Both the Soviet Union and China were successful. 
D) Neither China nor the Soviet Union were successful.

Question 15

Under communism,_____________ owns and operates most of the means of production and distribution.

Accepted Answer

The answer of Under communism,_____________ owns and operates most of...

Question 16

Statement I.One of the economic roles of our government is to maintain our competitive system and ensure the relatively unfettered operation of the law of supply and demand.
Statement II.The Chinese economy has a very small private sector.

Accepted Answer

A) Statement I is true and statement II is false. 
B) Statement II is true and statement I is false. 
C) Both statements are true. 
D) Both statements are false. 
A) Statement I is true and statement II is false. 
B) Statement II is true and statement I is false. 
C) Both statements are true. 
D) Both statements are false.

Question 17

Adam Smith

Accepted Answer

A) was a Scottish professor of philosophy. 
B) wrote The Wealth of Nations. 
C) said that the entrepreneur is motivated by self-interest. 
D) coined the term "the invisible hand," which means that the profit motive guides economic resources which effectively promotes the public interest. 
E) All of the statements about Adam Smith are truE. 
A) was a Scottish professor of philosophy. 
B) wrote The Wealth of Nations. 
C) said that the entrepreneur is motivated by self-interest. 
D) coined the term "the invisible hand," which means that the profit motive guides economic resources which effectively promotes the public interest. 
E) All of the statements about Adam Smith are truE.

Question 18

Which of the following statements is false?

Accepted Answer

A) Critics feel that wage and price controls interfere with the price mechanism. 
B) Sweden has one of the world's most equal distributions of income,but also has a relatively low standard of living. 
C) In the former Soviet Union,most of the crops were produced on collective farms. 
D) The price system is based on supply and demanD. 
A) Critics feel that wage and price controls interfere with the price mechanism. 
B) Sweden has one of the world's most equal distributions of income,but also has a relatively low standard of living. 
C) In the former Soviet Union,most of the crops were produced on collective farms. 
D) The price system is based on supply and demanD.

Question 19

Lack of the provision of public goods is considered a ______________ _____________.

Accepted Answer

The answer of Lack of the provision of public goods...

Question 20

In reality,all economic systems are

Accepted Answer

A) mixed. 
B) command. 
C) capitalistiC. 
D) democratic. 
E) socialistic. 
A) mixed. 
B) command. 
C) capitalistiC. 
D) democratic. 
E) socialistic.

An example of a public good is

In a centrally planned economic system,who decides what and how much will be produced?

Each of the following is a characteristic of socialism,except

Which of the following economic functions does the U.S.government perform?

Externalities consist of ___________________.

Which statement was coined by Adam Smith?

Karl Marx said that whoever controlled a society's __________ controlled that society.

Which is the most accurate statement?

Which of the following is NOT an example of a command-and-control regulation to limit pollution?

The prediction of the overthrow of capitalism was made by

The government is able to alter the outcome of the three basic economic questions (what? how? and for whom?)by ___,,and .

All of the following countries have been described as socialist economies,except

If we were to examine the economic record of the former Soviet Union and China during the 1980s,we could reasonably conclude that

Under communism,_____________ owns and operates most of the means of production and distribution.

Statement I.One of the economic roles of our government is to maintain our competitive system and ensure the relatively unfettered operation of the law of supply and demand. Statement II.The Chinese economy has a very small private sector.

Adam Smith

Which of the following statements is false?

Lack of the provision of public goods is considered a __ _.

In reality,all economic systems are

A Brief Economic History of the United States

Resource Utilization

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

Income Distribution and Poverty

International Trade

International Finance

Filters

Exam 3: The Mixed Economy

An example of a public good is

In a centrally planned economic system,who decides what and how much will be produced?

Each of the following is a characteristic of socialism,except

Which of the following economic functions does the U.S.government perform?

Externalities consist of ___________________.

Which statement was coined by Adam Smith?

Karl Marx said that whoever controlled a society's __________ controlled that society.

Which is the most accurate statement?

Which of the following is NOT an example of a command-and-control regulation to limit pollution?

The prediction of the overthrow of capitalism was made by

The government is able to alter the outcome of the three basic economic questions (what? how? and for whom?)by _____________,________________,and __________.

All of the following countries have been described as socialist economies,except

If we were to examine the economic record of the former Soviet Union and China during the 1980s,we could reasonably conclude that

Under communism,_____________ owns and operates most of the means of production and distribution.

Statement I.One of the economic roles of our government is to maintain our competitive system and ensure the relatively unfettered operation of the law of supply and demand. Statement II.The Chinese economy has a very small private sector.

Adam Smith

Which of the following statements is false?

Lack of the provision of public goods is considered a ______________ _____________.

In reality,all economic systems are

A Brief Economic History of the United States

Resource Utilization

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

Income Distribution and Poverty

International Trade

International Finance

Filters

The government is able to alter the outcome of the three basic economic questions (what? how? and for whom?)by ___,,and .

Lack of the provision of public goods is considered a __ _.