Question 1

If our unemployment rate is 10 percent and our capacity utilization rate is 70 percent,our economy is in the midst of a ___________.

Accepted Answer

recession

Question 2

The statement "By the time our grandchildren are born,scarcity will not be a problem" is

Accepted Answer

A) possible only if technology advances at a great pace. 
B) true,because we will learn to limit our wants in the future. 
C) true,because by that time everyone's basic needs will be met. 
D) false,because people always want more than there is available. 
A) possible only if technology advances at a great pace. 
B) true,because we will learn to limit our wants in the future. 
C) true,because by that time everyone's basic needs will be met. 
D) false,because people always want more than there is available. D

Question 3

During the Great Depression,our economy operated ______________ the production possibilities frontier.

Accepted Answer

inside

Question 4

The term "the affluent society" was coined by

Accepted Answer

A) Michael Harrington. 
B) John Kenneth Galbraith. 
C) Karl Marx. 
D) Adam Smith. 
A) Michael Harrington. 
B) John Kenneth Galbraith. 
C) Karl Marx. 
D) Adam Smith.

Question 5

The Other America,which challenged the notion that we had conquered poverty,was written by __________.

Accepted Answer

The answer of The Other America,which challenged the notion that...

Question 6

Which of the following statements does not reflect the concept of factor suitability?

Accepted Answer

A) It is one of the three concepts that explain the Law of Increasing Cost. 
B) If the economy is shifting from butter to gun production,the butter makers will give the gun makers their worst workers. 
C) Too many farmers work one field,eventually it will lead to less production. 
D) All farmland is not equally well-suited for producing corn. 
A) It is one of the three concepts that explain the Law of Increasing Cost. 
B) If the economy is shifting from butter to gun production,the butter makers will give the gun makers their worst workers. 
C) Too many farmers work one field,eventually it will lead to less production. 
D) All farmland is not equally well-suited for producing corn.

Question 7

The economic problem refers to

Accepted Answer

A) not having enough money. 
B) the attempt "to secure the greatest amount of pleasure with the least possible outlay". 
C) the notion that the wealth of nations depends on that country's ability to produce goods and services. 
D) the money illusion. 
E) none of the choices are truE. 
A) not having enough money. 
B) the attempt "to secure the greatest amount of pleasure with the least possible outlay". 
C) the notion that the wealth of nations depends on that country's ability to produce goods and services. 
D) the money illusion. 
E) none of the choices are truE.

Question 8

Which statement is true?

Accepted Answer

A) The economic problem is limited to poverty. 
B) Scarcity is no longer an economic problem in the United States. 
C) If we all had more money there would be less scarcity. 
D) None of these statements are true. 
A) The economic problem is limited to poverty. 
B) Scarcity is no longer an economic problem in the United States. 
C) If we all had more money there would be less scarcity. 
D) None of these statements are true.

Question 9

-Which set of points would show a movement from depression to full employment?

Accepted Answer

A) A movement from Point C to B 
B) A movement from Point B to A 
C) A movement from Point C to E 
D) A movement from Point D to C 
A) A movement from Point C to B 
B) A movement from Point B to A 
C) A movement from Point C to E 
D) A movement from Point D to C

Question 10

-In 1939 the U.S.economy was operating at point _______.

Accepted Answer

A) A 
B) B 
C) C 
D) D 
E) E 
A) A 
B) B 
C) C 
D) D 
E) E

Question 11

Unemployment means

Accepted Answer

A) the same as underemployment. 
B) a recession. 
C) slow economic growth. 
D) that not all resources are being useD. 
A) the same as underemployment. 
B) a recession. 
C) slow economic growth. 
D) that not all resources are being useD.

Question 12

If we are currently at point T,we can get to point S in the long run

Accepted Answer

A) through economic growth over a period of years. 
B) immediately by using our resources more efficiently. 
C) immediately by reducing the unemployment rate. 
D) immediately through technological development. 
E) only if there is a depression. 
A) through economic growth over a period of years. 
B) immediately by using our resources more efficiently. 
C) immediately by reducing the unemployment rate. 
D) immediately through technological development. 
E) only if there is a depression.

Question 13

When business firms get to be too big,they are suffering from ___________________.

Accepted Answer

diseconomi

Question 14

-If the economy were producing at point E and moved to point D,

Accepted Answer

A) the unemployment rate would increase. 
B) the unemployment rate would decrease. 
C) the production possibilities would shift outward. 
D) the economy would shift resources from producing butter to producing guns. 
E) the economy would shift resources from producing guns to producing butter. 
A) the unemployment rate would increase. 
B) the unemployment rate would decrease. 
C) the production possibilities would shift outward. 
D) the economy would shift resources from producing butter to producing guns. 
E) the economy would shift resources from producing guns to producing butter.

Question 15

The wealth of nations is determined by the resources available to a nation and was discussed in 1776 by the famous economist,_________________.

Accepted Answer

The answer of The wealth of nations is determined by...

Question 16

Entrepreneurs

Accepted Answer

A) receive most of their income through inheritance. 
B) receive interest payments for their services. 
C) undertake risky activities in order to earn profits. 
D) are unemployed except during economic boom periods. 
A) receive most of their income through inheritance. 
B) receive interest payments for their services. 
C) undertake risky activities in order to earn profits. 
D) are unemployed except during economic boom periods.

Question 17

If our unemployment rate is 25 percent and our capacity utilization rate is 50 percent,our economy would be in the midst of a ____________.

Accepted Answer

The answer of If our unemployment rate is 25 percent...

Question 18

-What is the opportunity cost of going from point E to point D?

Accepted Answer

The answer of  
-What is the opportunity cost of...

Question 19

An economy operating its plant and equipment at full capacity implies a capacity utilization rate of

Accepted Answer

A) 40 percent. 
B) 70 percent. 
C) 85 percent. 
D) 100 percent. 
A) 40 percent. 
B) 70 percent. 
C) 85 percent. 
D) 100 percent.

Question 20

-If the economy was producing at point D and moved to point C

Accepted Answer

A) the unemployment rate would increase. 
B) the unemployment rate would decrease. 
C) the production possibilities frontier would shift outward. 
D) the production possibilities frontier would shift inwarD. 
E) None of these choices are truE. 
A) the unemployment rate would increase. 
B) the unemployment rate would decrease. 
C) the production possibilities frontier would shift outward. 
D) the production possibilities frontier would shift inwarD. 
E) None of these choices are truE.

If our unemployment rate is 10 percent and our capacity utilization rate is 70 percent,our economy is in the midst of a ___________.

The statement "By the time our grandchildren are born,scarcity will not be a problem" is

During the Great Depression,our economy operated ______________ the production possibilities frontier.

The term "the affluent society" was coined by

The Other America,which challenged the notion that we had conquered poverty,was written by __________.

Which of the following statements does not reflect the concept of factor suitability?

The economic problem refers to

Which statement is true?

-Which set of points would show a movement from depression to full employment?

-In 1939 the U.S.economy was operating at point _______.

Unemployment means

If we are currently at point T,we can get to point S in the long run

When business firms get to be too big,they are suffering from ___________________.

-If the economy were producing at point E and moved to point D,

The wealth of nations is determined by the resources available to a nation and was discussed in 1776 by the famous economist,_________________.

Entrepreneurs

If our unemployment rate is 25 percent and our capacity utilization rate is 50 percent,our economy would be in the midst of a ____________.

-What is the opportunity cost of going from point E to point D?

An economy operating its plant and equipment at full capacity implies a capacity utilization rate of

-If the economy was producing at point D and moved to point C

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

Income Distribution and Poverty

International Trade

International Finance

Filters

Exam 2: Resource Utilization

If our unemployment rate is 10 percent and our capacity utilization rate is 70 percent,our economy is in the midst of a ___________.

The statement "By the time our grandchildren are born,scarcity will not be a problem" is

During the Great Depression,our economy operated ______________ the production possibilities frontier.

The term "the affluent society" was coined by

The Other America,which challenged the notion that we had conquered poverty,was written by __________.

Which of the following statements does not reflect the concept of factor suitability?

The economic problem refers to

Which statement is true?

-Which set of points would show a movement from depression to full employment?

-In 1939 the U.S.economy was operating at point _______.

Unemployment means

If we are currently at point T,we can get to point S in the long run

When business firms get to be too big,they are suffering from ___________________.

-If the economy were producing at point E and moved to point D,

The wealth of nations is determined by the resources available to a nation and was discussed in 1776 by the famous economist,_________________.

Entrepreneurs

If our unemployment rate is 25 percent and our capacity utilization rate is 50 percent,our economy would be in the midst of a ____________.

-What is the opportunity cost of going from point E to point D?

An economy operating its plant and equipment at full capacity implies a capacity utilization rate of

-If the economy was producing at point D and moved to point C

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

Income Distribution and Poverty

International Trade

International Finance

Filters