Question 1

___________ said that a person pursuing his own interest,"frequently promotes that of society more effectively than when he really intends to promote it."

Accepted Answer

The answer of ___________ said that a person pursuing his...

Question 2

Capital

Accepted Answer

A) is the key to every society's standard of living. 
B) comes from savings. 
C) can be built up by holding down consumption. 
D) is one of four economic resources. 
E) All of the choices are true about capital. 
A) is the key to every society's standard of living. 
B) comes from savings. 
C) can be built up by holding down consumption. 
D) is one of four economic resources. 
E) All of the choices are true about capital.

Question 3

Each of the following is an example of the price mechanism at work,except when

Accepted Answer

A) wage and price controls were used during World War II to control inflation. 
B) consumers curtailed driving their cars when the price of gasoline increased dramatically in 2005. 
C) American farmers during World War I expanded production on previously unused land in response to higher crop prices. 
D) factories of gas-guzzling automobiles shut down when the price of gasoline triples in less than three months. 
A) wage and price controls were used during World War II to control inflation. 
B) consumers curtailed driving their cars when the price of gasoline increased dramatically in 2005. 
C) American farmers during World War I expanded production on previously unused land in response to higher crop prices. 
D) factories of gas-guzzling automobiles shut down when the price of gasoline triples in less than three months.

Question 4

The __________________ traces the flow of money,resources,and goods and services through the economy.

Accepted Answer

The answer of The __________________ traces the flow of money,resources,and...

Question 5

A $3 increase in the federal gasoline tax would do all of the following except

Accepted Answer

A) lower gasoline consumption. 
B) reduce air pollution. 
C) convince some American's to get rid of their gas-guzzling vehicles. 
D) reduce shipping costs. 
A) lower gasoline consumption. 
B) reduce air pollution. 
C) convince some American's to get rid of their gas-guzzling vehicles. 
D) reduce shipping costs.

Question 6

Statement I.Market failure rarely happens under capitalism.
Statement II.One remedy for market failure is public goods and services.

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 7

In the former Soviet Union,nearly all resources were owned by

Accepted Answer

A) the government. 
B) business firms. 
C) individuals. 
D) foreigners. 
A) the government. 
B) business firms. 
C) individuals. 
D) foreigners.

Question 8

___________________ a mixed economy.

Accepted Answer

A) Every nation has 
B) Most nations have 
C) A few nations have 
D) No nation has 
A) Every nation has 
B) Most nations have 
C) A few nations have 
D) No nation has

Question 9

In order for the price mechanism to work,we need

Accepted Answer

A) To have the government regulate each industry. 
B) Many competing firms in each industry. 
C) To have only a few firms in each industry. 
D) None of the choices are true. 
A) To have the government regulate each industry. 
B) Many competing firms in each industry. 
C) To have only a few firms in each industry. 
D) None of the choices are true.

Question 10

According to Karl Marx,one's social consciousness was determined by one's relationship to the ___________.

Accepted Answer

The answer of According to Karl Marx,one's social consciousness was...

Question 11

The central institution through which a laissez-faire system answers the basic economic questions is the

Accepted Answer

A) tribal council. 
B) market. 
C) government. 
D) central planning body. 
A) tribal council. 
B) market. 
C) government. 
D) central planning body.

Question 12

Because of the scarcity of resources,every country must answer the three basic economic questions: _________________;____________________;and ________________.

Accepted Answer

what to produce;how

Question 13

Which statement is true?

Accepted Answer

A) Our economic system leads to an equitable distribution of income. 
B) One of the basic functions of our government is to transfer some income from the rich and the middle class to the poor. 
C) The price mechanism and the definition of economics are incompatible. 
D) None of the statements are true. 
A) Our economic system leads to an equitable distribution of income. 
B) One of the basic functions of our government is to transfer some income from the rich and the middle class to the poor. 
C) The price mechanism and the definition of economics are incompatible. 
D) None of the statements are true.

Question 14

By the late 1970s,

Accepted Answer

A) Russia began reforms which eventually transformed it to a more market-oriented economy. 
B) China began reforms which eventually transformed it to a more market-oriented economy. 
C) Russia and China were both quickly becoming market-oriented economies. 
D) None of the choices are true. 
A) Russia began reforms which eventually transformed it to a more market-oriented economy. 
B) China began reforms which eventually transformed it to a more market-oriented economy. 
C) Russia and China were both quickly becoming market-oriented economies. 
D) None of the choices are true.

Question 15

Lowering the level of pollution to very close to zero would

Accepted Answer

A) raise our standard of living. 
B) have little effect on our standard of living. 
C) lower our standard of living. 
A) raise our standard of living. 
B) have little effect on our standard of living. 
C) lower our standard of living.

Question 16

The theory of the communists could be summed up in a single phrase: _____________________________.

Accepted Answer

the abolit

Question 17

Which of the following statements is true?

Accepted Answer

A) Taxing the wealthy will lead to a more efficient economy. 
B) Taxing the poor will lead to a more equal distribution of income. 
C) A basic trade-off exists between the goals of equity and efficiency for a society. 
D) The forces of supply and demand will automatically lead to an equitable distribution of income. 
A) Taxing the wealthy will lead to a more efficient economy. 
B) Taxing the poor will lead to a more equal distribution of income. 
C) A basic trade-off exists between the goals of equity and efficiency for a society. 
D) The forces of supply and demand will automatically lead to an equitable distribution of income.

Question 18

Hitler's Germany was an example of a _________ economic system.

Accepted Answer

A) Capitalist 
B) Fascist 
C) Communist 
D) Socialist 
A) Capitalist 
B) Fascist 
C) Communist 
D) Socialist

Question 19

Economist John Kenneth Galbraith has argued that most prices in our mixed economy are set by

Accepted Answer

A) a government planning committee. 
B) the invisible hand. 
C) the nation's largest corporations. 
D) consumers voting with their dollars. 
A) a government planning committee. 
B) the invisible hand. 
C) the nation's largest corporations. 
D) consumers voting with their dollars.

Question 20

Which of the following statements is true?

Accepted Answer

A) When the forces of supply and demand determine for whom goods are produced in a society,an equitable distribution of income will naturally result. 
B) An external cost will occur when some of the benefits derived from production of some good or service are enjoyed by a third party. 
C) One of the roles of our government is to transfer some income from the rich and the middle class to the poor. 
D) According to most economists' definition of competition,the American economy is very competitive. 
A) When the forces of supply and demand determine for whom goods are produced in a society,an equitable distribution of income will naturally result. 
B) An external cost will occur when some of the benefits derived from production of some good or service are enjoyed by a third party. 
C) One of the roles of our government is to transfer some income from the rich and the middle class to the poor. 
D) According to most economists' definition of competition,the American economy is very competitive.

___________ said that a person pursuing his own interest,"frequently promotes that of society more effectively than when he really intends to promote it."

Capital

Each of the following is an example of the price mechanism at work,except when

The __________________ traces the flow of money,resources,and goods and services through the economy.

A $3 increase in the federal gasoline tax would do all of the following except

Statement I.Market failure rarely happens under capitalism. Statement II.One remedy for market failure is public goods and services.

In the former Soviet Union,nearly all resources were owned by

___________________ a mixed economy.

In order for the price mechanism to work,we need

According to Karl Marx,one's social consciousness was determined by one's relationship to the ___________.

The central institution through which a laissez-faire system answers the basic economic questions is the

Because of the scarcity of resources,every country must answer the three basic economic questions: _;;and .

Which statement is true?

By the late 1970s,

Lowering the level of pollution to very close to zero would

The theory of the communists could be summed up in a single phrase: _____________________________.

Which of the following statements is true?

Hitler's Germany was an example of a _________ economic system.

Economist John Kenneth Galbraith has argued that most prices in our mixed economy are set by

Which of the following statements is true?

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

___________ said that a person pursuing his own interest,"frequently promotes that of society more effectively than when he really intends to promote it."

Capital

Each of the following is an example of the price mechanism at work,except when

The __________________ traces the flow of money,resources,and goods and services through the economy.

A $3 increase in the federal gasoline tax would do all of the following except

Statement I.Market failure rarely happens under capitalism. Statement II.One remedy for market failure is public goods and services.

In the former Soviet Union,nearly all resources were owned by

___________________ a mixed economy.

In order for the price mechanism to work,we need

According to Karl Marx,one's social consciousness was determined by one's relationship to the ___________.

The central institution through which a laissez-faire system answers the basic economic questions is the

Because of the scarcity of resources,every country must answer the three basic economic questions: _________________;____________________;and ________________.

Which statement is true?

By the late 1970s,

Lowering the level of pollution to very close to zero would

The theory of the communists could be summed up in a single phrase: _____________________________.

Which of the following statements is true?

Hitler's Germany was an example of a _________ economic system.

Economist John Kenneth Galbraith has argued that most prices in our mixed economy are set by

Which of the following statements is true?

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

Because of the scarcity of resources,every country must answer the three basic economic questions: _;;and .