Question 1

-How much is the unemployment rate at point Q?

Accepted Answer

The answer of  
-How much is the unemployment rate...

Question 2

Which statement is true?

Accepted Answer

A) Scarcity is simply a lack of money. 
B) Our society has been so affluent in the last 50 years that scarcity is only a minor problem. 
C) The economic problem refers to the problem of poverty. 
D) If scarcity did not exist there would be no need to economize. 
A) Scarcity is simply a lack of money. 
B) Our society has been so affluent in the last 50 years that scarcity is only a minor problem. 
C) The economic problem refers to the problem of poverty. 
D) If scarcity did not exist there would be no need to economize.

Question 3

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

Accepted Answer

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

Question 4

One way to attain a faster rate of economic growth would be to shift some resources from the production of _________ goods to the production of __________ goods.

Accepted Answer

The answer of One way to attain a faster rate...

Question 5

Which of the following is(are)the main factor(s)spurring economic growth?

Accepted Answer

A) Improving technology. 
B) More and better capital. 
C) More and better labor. 
D) All of these cause economic growth. 
A) Improving technology. 
B) More and better capital. 
C) More and better labor. 
D) All of these cause economic growth.

Question 6

Hypothetical Production Schedule for a Two-Product Economy  
-If the economy produces 36 consumer goods and 12 capital goods the economy would be producing __________________ (outside/on/inside)the production possibilities curve.

Accepted Answer

The answer of Hypothetical Production Schedule for a Two-Product Economy...

Question 7

Which of the following is an example of opportunity cost?

Accepted Answer

A) The income that could have been earned by working full-time instead of going to college. 
B) The decline in the grades of a student athlete that occurs because she decides to spend more time practicing sports than on her academic work. 
C) The value of other things you could have done with the same time and money it cost you to go to the movies. 
D) The value of the next-best bundle of goods and services that could have been produced instead of using those resources to put astronauts on the moon. 
E) All of the choices are examples of opportunity cost. 
A) The income that could have been earned by working full-time instead of going to college. 
B) The decline in the grades of a student athlete that occurs because she decides to spend more time practicing sports than on her academic work. 
C) The value of other things you could have done with the same time and money it cost you to go to the movies. 
D) The value of the next-best bundle of goods and services that could have been produced instead of using those resources to put astronauts on the moon. 
E) All of the choices are examples of opportunity cost.

Question 8

If we are operating inside our production possibilities frontier,

Accepted Answer

A) it is possible the economy is in a recession. 
B) it is possible the economy is in a depression. 
C) it is possible that the economy is in neither a recession or a depression. 
D) All of the choices are correct. 
A) it is possible the economy is in a recession. 
B) it is possible the economy is in a depression. 
C) it is possible that the economy is in neither a recession or a depression. 
D) All of the choices are correct.

Question 9

All of the following statements are true about entrepreneurship except:

Accepted Answer

A) The entrepreneur assembles the other needed resources. 
B) The entrepreneur risks her or his own money. 
C) The entrepreneur reaps the profits or suffers the losses of the enterprise he or she creates. 
D) The term entrepreneur is synonymous with the term inventor. 
A) The entrepreneur assembles the other needed resources. 
B) The entrepreneur risks her or his own money. 
C) The entrepreneur reaps the profits or suffers the losses of the enterprise he or she creates. 
D) The term entrepreneur is synonymous with the term inventor.

Question 10

Which of the following demonstrates opportunity cost?

Accepted Answer

A) With a new strain of wheat,the wheat crop of Canada grows by 20% with no change in the productive resources devoted to wheat farming. 
B) A tax cut increases people's purchases of consumer goods and decreases state expenditures on education. 
C) The ravages of World War II reduced Japan's ability to produce goods. 
D) Flora gets a 10% raise and increases her expenditures on movies. 
A) With a new strain of wheat,the wheat crop of Canada grows by 20% with no change in the productive resources devoted to wheat farming. 
B) A tax cut increases people's purchases of consumer goods and decreases state expenditures on education. 
C) The ravages of World War II reduced Japan's ability to produce goods. 
D) Flora gets a 10% raise and increases her expenditures on movies.

Question 11

Point F

Accepted Answer

A) is where our economy operates most of the time. 
B) is unattainable. 
C) represents a severe recession. 
D) can be temporarily attained under unusual circumstances. 
A) is where our economy operates most of the time. 
B) is unattainable. 
C) represents a severe recession. 
D) can be temporarily attained under unusual circumstances.

Question 12

If we moved from point T to point R we would be

Accepted Answer

A) giving up trips for more transplants. 
B) giving up transplants for more trips. 
C) gaining both trips and transplants. 
D) losing both trips and transplants. 
A) giving up trips for more transplants. 
B) giving up transplants for more trips. 
C) gaining both trips and transplants. 
D) losing both trips and transplants.

Question 13

Referring to a production possibilities curve and the goods being compared,depict the economic event.The increase in government spending due to World War II pulls the U.S.economy out of a depression to full employment of resources (guns vs.butter).

Accepted Answer

A) A movement from a point inside the curve to a point on or near the curve 
B) A movement from a point on or near the curve to a point inside the curve 
C) A shift in the entire curve to the right (outward) 
D) A shift in the entire curve to the left (inward) 
E) A movement along the curve 
A) A movement from a point inside the curve to a point on or near the curve 
B) A movement from a point on or near the curve to a point inside the curve 
C) A shift in the entire curve to the right (outward) 
D) A shift in the entire curve to the left (inward) 
E) A movement along the curve

Question 14

-If war breaks out and the economy is at full employment,we would move from

Accepted Answer

A) W to X. 
B) X to W. 
C) X to Y. 
D) Y to X. 
A) W to X. 
B) X to W. 
C) X to Y. 
D) Y to X.

Question 15

If the economy is operating at a 7 percent unemployment rate we are operating

Accepted Answer

A) inside the production possibilities curve. 
B) on the production possibilities curve. 
C) outside the production possibilities curve. 
A) inside the production possibilities curve. 
B) on the production possibilities curve. 
C) outside the production possibilities curve.

Question 16

The opportunity cost of owning a car is

Accepted Answer

A) the price of the car. 
B) filling the tank twice a week. 
C) the cost of getting your car inspected once a year. 
D) the vacation to Hawaii you had to give up in order to make your car payments. 
A) the price of the car. 
B) filling the tank twice a week. 
C) the cost of getting your car inspected once a year. 
D) the vacation to Hawaii you had to give up in order to make your car payments.

Question 17

The main effect of employment discrimination is

Accepted Answer

A) Unemployment. 
B) Underemployment. 
C) Greater efficiency. 
D) Greater production. 
A) Unemployment. 
B) Underemployment. 
C) Greater efficiency. 
D) Greater production.

Question 18

Our basic economic problem would be solved if

Accepted Answer

A) everyone were given $500,000. 
B) our population stopped growing. 
C) all sickness and disease were wiped out. 
D) our wants could be satisfied with available resources. 
A) everyone were given $500,000. 
B) our population stopped growing. 
C) all sickness and disease were wiped out. 
D) our wants could be satisfied with available resources.

Question 19

Hypothetical Production Schedule for Two-Product Economy  
-What is the opportunity cost of moving from point B to point C?

Accepted Answer

The answer of Hypothetical Production Schedule for Two-Product Economy ...

Question 20

Statement I.As long as we are on our production possibilities frontier,we can produce as many guns and as much butter as we want.
Statement II.In theory,a nation may be on its production possibilities frontier;in practice,no nation has ever attained this economic state.

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.

-How much is the unemployment rate at point Q?

Which statement is true?

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

One way to attain a faster rate of economic growth would be to shift some resources from the production of _ goods to the production of __ goods.

Which of the following is(are)the main factor(s)spurring economic growth?

Hypothetical Production Schedule for a Two-Product Economy -If the economy produces 36 consumer goods and 12 capital goods the economy would be producing __________________ (outside/on/inside)the production possibilities curve.

Which of the following is an example of opportunity cost?

If we are operating inside our production possibilities frontier,

All of the following statements are true about entrepreneurship except:

Which of the following demonstrates opportunity cost?

Point F

If we moved from point T to point R we would be

Referring to a production possibilities curve and the goods being compared,depict the economic event.The increase in government spending due to World War II pulls the U.S.economy out of a depression to full employment of resources (guns vs.butter).

-If war breaks out and the economy is at full employment,we would move from

If the economy is operating at a 7 percent unemployment rate we are operating

The opportunity cost of owning a car is

The main effect of employment discrimination is

Our basic economic problem would be solved if

Hypothetical Production Schedule for Two-Product Economy -What is the opportunity cost of moving from point B to point C?

Statement I.As long as we are on our production possibilities frontier,we can produce as many guns and as much butter as we want. Statement II.In theory,a nation may be on its production possibilities frontier;in practice,no nation has ever attained this economic state.

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

-How much is the unemployment rate at point Q?

Which statement is true?

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

One way to attain a faster rate of economic growth would be to shift some resources from the production of _________ goods to the production of __________ goods.

Which of the following is(are)the main factor(s)spurring economic growth?

Hypothetical Production Schedule for a Two-Product Economy -If the economy produces 36 consumer goods and 12 capital goods the economy would be producing __________________ (outside/on/inside)the production possibilities curve.

Which of the following is an example of opportunity cost?

If we are operating inside our production possibilities frontier,

All of the following statements are true about entrepreneurship except:

Which of the following demonstrates opportunity cost?

Point F

If we moved from point T to point R we would be

Referring to a production possibilities curve and the goods being compared,depict the economic event.The increase in government spending due to World War II pulls the U.S.economy out of a depression to full employment of resources (guns vs.butter).

-If war breaks out and the economy is at full employment,we would move from

If the economy is operating at a 7 percent unemployment rate we are operating

The opportunity cost of owning a car is

The main effect of employment discrimination is

Our basic economic problem would be solved if

Hypothetical Production Schedule for Two-Product Economy -What is the opportunity cost of moving from point B to point C?

Statement I.As long as we are on our production possibilities frontier,we can produce as many guns and as much butter as we want. Statement II.In theory,a nation may be on its production possibilities frontier;in practice,no nation has ever attained this economic state.

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

One way to attain a faster rate of economic growth would be to shift some resources from the production of _ goods to the production of __ goods.