Question 1

Examples of employment discrimination would include

Accepted Answer

A) the legendary Negro league pitcher Satchel Paige who was not allowed to pitch in the major leagues until he was in his late 40s. 
B) the large majority of women in the 1950s and 1960s who were typists or secretaries. 
C) the attitude that typing,filing and other clerical positions were "women's work". 
D) all of the examples are true. 
A) the legendary Negro league pitcher Satchel Paige who was not allowed to pitch in the major leagues until he was in his late 40s. 
B) the large majority of women in the 1950s and 1960s who were typists or secretaries. 
C) the attitude that typing,filing and other clerical positions were "women's work". 
D) all of the examples are true.

Question 2

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

Accepted Answer

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

Question 3

Tommy spends most of his monthly budget on $3 video game rentals or $6 packets of Pokemon cards.The opportunity cost to Tommy of an extra packet of Pokemon cards is

Accepted Answer

A) one video game rental. 
B) two video game rentals. 
C) the cost of the Pokemon cards. 
D) he does not incur an opportunity cost. 
A) one video game rental. 
B) two video game rentals. 
C) the cost of the Pokemon cards. 
D) he does not incur an opportunity cost.

Question 4

An outward shift in the entire production possibilities frontier

Accepted Answer

A) represents economic decline. 
B) means that previous levels of production are now unobtainable. 
C) means that the only way the economy can increase the production of one good is by producing less of an alternative good. 
D) represents economic growth. 
A) represents economic decline. 
B) means that previous levels of production are now unobtainable. 
C) means that the only way the economy can increase the production of one good is by producing less of an alternative good. 
D) represents economic growth.

Question 5

-Place point A on the graph to indicate where our economy operated in 1938.

Accepted Answer

The answer of  
-Place point A on the graph...

Question 6

Japan could shift its production possibilities curve outward (to the right)if

Accepted Answer

A) it could buy some islands in the Pacific Ocean,thus increasing its available amount of land. 
B) it could devote more of its output to military goods. 
C) it could devote more of its output to producing consumer goods. 
D) all of the choices are true. 
A) it could buy some islands in the Pacific Ocean,thus increasing its available amount of land. 
B) it could devote more of its output to military goods. 
C) it could devote more of its output to producing consumer goods. 
D) all of the choices are true.

Question 7

Entrepreneurship is

Accepted Answer

A) the financial capital necessary to launch a new business. 
B) the talent to develop new products and processes and to organize production to make goods and services available. 
C) unskilled labor. 
D) the physical capital resources used to produce goods and services. 
A) the financial capital necessary to launch a new business. 
B) the talent to develop new products and processes and to organize production to make goods and services available. 
C) unskilled labor. 
D) the physical capital resources used to produce goods and services.

Question 8

As we move along a production possibilities curve and acquire larger and larger amounts of one good (e.g. ,guns),the sacrifices of the alternative good (e.g. ,butter)become larger and larger.This is an illustration of

Accepted Answer

A) the law of demand. 
B) the law of large numbers. 
C) the law of supply. 
D) decreasing opportunity costs. 
E) increasing opportunity costs. 
A) the law of demand. 
B) the law of large numbers. 
C) the law of supply. 
D) decreasing opportunity costs. 
E) increasing opportunity costs.

Question 9

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 10

-What is the opportunity cost of going from point A to point B?

Accepted Answer

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

Question 11

__________________ is attained when the maximum possible output of any one good is produced,given the output of other goods.

Accepted Answer

A) Productive efficiency 
B) Economic growth 
C) Opportunity cost 
D) Employment discrimination 
A) Productive efficiency 
B) Economic growth 
C) Opportunity cost 
D) Employment discrimination

Question 12

Our economy is generally operating _________ the production possibilities curve.

Accepted Answer

A) inside 
B) outside 
C) on 
A) inside 
B) outside 
C) on

Question 13

The law of increasing costs is based on each of the following,except

Accepted Answer

A) the law of scarcity. 
B) the law of diminishing returns. 
C) diseconomies of scale. 
D) factor suitability. 
A) the law of scarcity. 
B) the law of diminishing returns. 
C) diseconomies of scale. 
D) factor suitability.

Question 14

Economic growth occurs when

Accepted Answer

A) a large part of a country's population is poor. 
B) a society sacrifices an amount of one good for more of another along its production possibility frontier. 
C) a society acquires additional resources or when its technology advances. 
D) there is unemployment of labor but other resources are used efficiently. 
E) the combinations of goods and services that can be produced decreases. 
A) a large part of a country's population is poor. 
B) a society sacrifices an amount of one good for more of another along its production possibility frontier. 
C) a society acquires additional resources or when its technology advances. 
D) there is unemployment of labor but other resources are used efficiently. 
E) the combinations of goods and services that can be produced decreases.

Question 15

The production possibilities curve tells us that if full employment exists and a nation wishes to permanently increase its production of military goods,it must

Accepted Answer

A) also increase its production of nonmilitary goods. 
B) reduce its output of nonmilitary goods. 
C) suffer inflation. 
D) suffer unemployment. 
A) also increase its production of nonmilitary goods. 
B) reduce its output of nonmilitary goods. 
C) suffer inflation. 
D) suffer unemployment.

Question 16

The main reason our standard of living is so much higher than that of India and China is that we have more

Accepted Answer

A) land. 
B) labor. 
C) capital. 
D) money. 
A) land. 
B) labor. 
C) capital. 
D) money.

Question 17

The opportunity cost of the war in Iraq would be

Accepted Answer

A) The $5 billion a month that the U.S.spends fighting the war. 
B) How the $5 billion a month to fight the war might otherwise be spent. 
C) Both of the choices are true. 
D) Neither of the choices are true. 
A) The $5 billion a month that the U.S.spends fighting the war. 
B) How the $5 billion a month to fight the war might otherwise be spent. 
C) Both of the choices are true. 
D) Neither of the choices are true.

Question 18

Statement I.Employment discrimination causes underemployment.
Statement II.The concept of opportunity cost has little validity in the global economy.

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 19

Which statement is true?

Accepted Answer

A) On the production possibilities frontier,we have five percent unemployment of labor. 
B) On the production possibilities frontier,85 percent of capital is employed. 
C) If we moved closer to the origin and further away from the production possibilities frontier,unemployment would increase. 
D) To have economic growth,we must push the production possibilities frontier outwarD. 
E) All of the statements are truE. 
A) On the production possibilities frontier,we have five percent unemployment of labor. 
B) On the production possibilities frontier,85 percent of capital is employed. 
C) If we moved closer to the origin and further away from the production possibilities frontier,unemployment would increase. 
D) To have economic growth,we must push the production possibilities frontier outwarD. 
E) All of the statements are truE.

Question 20

Statement I.Resources are often referred to as "the means of production."
Statement II.Capital is a resource.

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.

Examples of employment discrimination would include

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

Tommy spends most of his monthly budget on $3 video game rentals or $6 packets of Pokemon cards.The opportunity cost to Tommy of an extra packet of Pokemon cards is

An outward shift in the entire production possibilities frontier

-Place point A on the graph to indicate where our economy operated in 1938.

Japan could shift its production possibilities curve outward (to the right)if

Entrepreneurship is

As we move along a production possibilities curve and acquire larger and larger amounts of one good (e.g. ,guns),the sacrifices of the alternative good (e.g. ,butter)become larger and larger.This is an illustration of

Which statement is true?

-What is the opportunity cost of going from point A to point B?

__________________ is attained when the maximum possible output of any one good is produced,given the output of other goods.

Our economy is generally operating _________ the production possibilities curve.

The law of increasing costs is based on each of the following,except

Economic growth occurs when

The production possibilities curve tells us that if full employment exists and a nation wishes to permanently increase its production of military goods,it must

The main reason our standard of living is so much higher than that of India and China is that we have more

The opportunity cost of the war in Iraq would be

Statement I.Employment discrimination causes underemployment. Statement II.The concept of opportunity cost has little validity in the global economy.

Which statement is true?

Statement I.Resources are often referred to as "the means of production." Statement II.Capital is a resource.

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

Examples of employment discrimination would include

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

Tommy spends most of his monthly budget on $3 video game rentals or $6 packets of Pokemon cards.The opportunity cost to Tommy of an extra packet of Pokemon cards is

An outward shift in the entire production possibilities frontier

-Place point A on the graph to indicate where our economy operated in 1938.

Japan could shift its production possibilities curve outward (to the right)if

Entrepreneurship is

As we move along a production possibilities curve and acquire larger and larger amounts of one good (e.g. ,guns),the sacrifices of the alternative good (e.g. ,butter)become larger and larger.This is an illustration of

Which statement is true?

-What is the opportunity cost of going from point A to point B?

__________________ is attained when the maximum possible output of any one good is produced,given the output of other goods.

Our economy is generally operating _________ the production possibilities curve.

The law of increasing costs is based on each of the following,except

Economic growth occurs when

The production possibilities curve tells us that if full employment exists and a nation wishes to permanently increase its production of military goods,it must

The main reason our standard of living is so much higher than that of India and China is that we have more

The opportunity cost of the war in Iraq would be

Statement I.Employment discrimination causes underemployment. Statement II.The concept of opportunity cost has little validity in the global economy.

Which statement is true?

Statement I.Resources are often referred to as "the means of production." Statement II.Capital is a resource.

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