Question 1

-In 1944 the U.S.economy was temporarily operating at point ________.

Accepted Answer

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

Question 2

Statement I: An outward shift in the production possibilities frontier shows economic growth for a country.
Statement II: Our economy generally operates inside the production possibilities frontier.

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 3

-If the economy were producing at 12 units of outboard motors and 8 units of robots

Accepted Answer

A) the economy would be at a point inside its production possibilities curve. 
B) the economy would be at a point outside its production possibilities curve. 
C) the economy would have unemployed resources. 
D) the economy would be at a point inside its production possibilities curve AND would have unemployed resources. 
A) the economy would be at a point inside its production possibilities curve. 
B) the economy would be at a point outside its production possibilities curve. 
C) the economy would have unemployed resources. 
D) the economy would be at a point inside its production possibilities curve AND would have unemployed resources.

Question 4

A movement from point N to point L would represent

Accepted Answer

A) an increase in both consumer goods and capital goods. 
B) a decrease in both consumer goods and capital goods. 
C) an increase in consumer goods,but a decrease in capital goods. 
D) an increase in capital goods,but a decrease in consumer goods. 
A) an increase in both consumer goods and capital goods. 
B) a decrease in both consumer goods and capital goods. 
C) an increase in consumer goods,but a decrease in capital goods. 
D) an increase in capital goods,but a decrease in consumer goods.

Question 5

The closer we are to the production possibilities frontier and the farther away we are from the origin,

Accepted Answer

A) the more unemployment there is. 
B) the less unemployment there is. 
C) the only way to produce more guns will be to give up some butter production. 
D) the only way to produce more butter will be to give up some gun production. 
A) the more unemployment there is. 
B) the less unemployment there is. 
C) the only way to produce more guns will be to give up some butter production. 
D) the only way to produce more butter will be to give up some gun production.

-In 1944 the U.S.economy was temporarily operating at point ________.

Statement I: An outward shift in the production possibilities frontier shows economic growth for a country. Statement II: Our economy generally operates inside the production possibilities frontier.

-If the economy were producing at 12 units of outboard motors and 8 units of robots

A movement from point N to point L would represent

The closer we are to the production possibilities frontier and the farther away we are from the origin,

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

-In 1944 the U.S.economy was temporarily operating at point ________.

Statement I: An outward shift in the production possibilities frontier shows economic growth for a country. Statement II: Our economy generally operates inside the production possibilities frontier.

-If the economy were producing at 12 units of outboard motors and 8 units of robots

A movement from point N to point L would represent

The closer we are to the production possibilities frontier and the farther away we are from the origin,

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