Question 1

In 2009, China's export surplus with the U.S. reached _______ million.

Accepted Answer

A) $227 
B) $50 
C) $100 
D) $500 
A) $227 
B) $50 
C) $100 
D) $500

Question 2

Statement I: SUVs are not subject to fuel standard requirements. Statement II: A federal tax on gasoline is an example of a command and control regulation.

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

Which statement is true about China?

Accepted Answer

A) It is a world-class industrial power. 
B) It has not as yet achieved world-class industrial power, but it is heading in that direction. 
C) It has just begun its industrial development. 
D) It has virtually no industry, and has not yet embarked on a course of industrialization. 
A) It is a world-class industrial power. 
B) It has not as yet achieved world-class industrial power, but it is heading in that direction. 
C) It has just begun its industrial development. 
D) It has virtually no industry, and has not yet embarked on a course of industrialization.

Question 4

Statement I: China's southern provinces have become "export platforms", sending out streams of consumer goods to Japan, Europe, and North America. Statement II: China has become a wealthy nation as a result of getting rid of its communist economic system.

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 5

Karl Marx and Friedrich Engels believed that after the capitalists were overthrown, eventually

Accepted Answer

A) the state would get stronger. 
B) the state would wither away. 
C) the capitalists would regain power. 
D) a fascist state would emerge. 
A) the state would get stronger. 
B) the state would wither away. 
C) the capitalists would regain power. 
D) a fascist state would emerge.

Question 6

Which of the following statements is false?

Accepted Answer

A) Critics feel that wage and price controls interfere with the price mechanism. 
B) Sweden has one of the world's most equal distributions of income, but also has a relatively low standard of living. 
C) In the former Soviet Union, most of the crops were produced on collective farms. 
D) The price system is based on supply and demand. 
A) Critics feel that wage and price controls interfere with the price mechanism. 
B) Sweden has one of the world's most equal distributions of income, but also has a relatively low standard of living. 
C) In the former Soviet Union, most of the crops were produced on collective farms. 
D) The price system is based on supply and demand.

Question 7

Statement I: One major reason the Soviet Union collapsed was because it supported a huge military establishment that diverted most of its talent and capital to its military establishment. Statement II: Despite his great efforts to shake up the bureaucracy and get the economy moving, Soviet president Mikhail Gorbachev failed.

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 8

___________ 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 9

Ours is a mixed economy because there is a ______________________ sector and a _______________ sector.

Accepted Answer

private; p

Question 10

Which statement was true about China and the former Soviet Union in the 1970s and 1980s?

Accepted Answer

A) Both were good examples of pure communism. 
B) Neither was a good example of pure communism. 
C) The Soviet Union, but not China, was a good example of pure communism. 
D) China, but not the Soviet Union, was a good example of pure communism. 
A) Both were good examples of pure communism. 
B) Neither was a good example of pure communism. 
C) The Soviet Union, but not China, was a good example of pure communism. 
D) China, but not the Soviet Union, was a good example of pure communism.

Question 11

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 12

Our government helps the free enterprise system work by doing all of the following, except

Accepted Answer

A) enforcing business contracts. 
B) using a central planning agency to direct the production process. 
C) defining property rights. 
D) lowering some of the barriers to competition. 
A) enforcing business contracts. 
B) using a central planning agency to direct the production process. 
C) defining property rights. 
D) lowering some of the barriers to competition.

Question 13

Under private enterprise, production is guided by ____________________________.

Accepted Answer

The answer of Under private enterprise, production is guided by...

Question 14

Producers have an incentive to produce those goods most desired by consumers at the lowest price in

Accepted Answer

A) a centrally planned economy. 
B) a communist economy. 
C) a market economy. 
D) All of the choices are true. 
A) a centrally planned economy. 
B) a communist economy. 
C) a market economy. 
D) All of the choices are true.

Question 15

Which economic system is usually associated with government ownership of the means of production and central planning?

Accepted Answer

A) Communism 
B) A market system 
C) Mercantilism 
D) Fascism 
E) Capitalism 
A) Communism 
B) A market system 
C) Mercantilism 
D) Fascism 
E) Capitalism

Question 16

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 17

When the production or consumption of some good or service inflicts costs on a third party without compensation it is called a(n) __________ _________.

Accepted Answer

The answer of When the production or consumption of some...

Question 18

Adam Smith believed that people are guided by

Accepted Answer

A) the principle "let your conscience be your guide." 
B) greed. 
C) the public good. 
D) an innate sense of fairness. 
A) the principle "let your conscience be your guide." 
B) greed. 
C) the public good. 
D) an innate sense of fairness.

Question 19

___________________ 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 20

When the Times Mirror Company purchased the right to discharge 150 tons of hydrocarbons annually from other polluters, this was an example of

Accepted Answer

A) following an incentive-based regulation. 
B) following a command-and-control regulation. 
C) conducting a transaction between polluters typical of those that have been carried out since the early 20th century. 
D) an illegal transaction. 
A) following an incentive-based regulation. 
B) following a command-and-control regulation. 
C) conducting a transaction between polluters typical of those that have been carried out since the early 20th century. 
D) an illegal transaction.

In 2009, China's export surplus with the U.S. reached _______ million.

Statement I: SUVs are not subject to fuel standard requirements. Statement II: A federal tax on gasoline is an example of a command and control regulation.

Which statement is true about China?

Statement I: China's southern provinces have become "export platforms", sending out streams of consumer goods to Japan, Europe, and North America. Statement II: China has become a wealthy nation as a result of getting rid of its communist economic system.

Karl Marx and Friedrich Engels believed that after the capitalists were overthrown, eventually

Which of the following statements is false?

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

Ours is a mixed economy because there is a ________ sector and a _ sector.

Which statement was true about China and the former Soviet Union in the 1970s and 1980s?

Capital

Our government helps the free enterprise system work by doing all of the following, except

Under private enterprise, production is guided by ____________________________.

Producers have an incentive to produce those goods most desired by consumers at the lowest price in

Which economic system is usually associated with government ownership of the means of production and central planning?

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

When the production or consumption of some good or service inflicts costs on a third party without compensation it is called a(n) __ _.

Adam Smith believed that people are guided by

___________________ a mixed economy.

When the Times Mirror Company purchased the right to discharge 150 tons of hydrocarbons annually from other polluters, this was an example of

A Brief Economic History of the United States

Resource Utilization

Supply and Demand

Demand, Supply, and Equilibrium

The Price Elasticities of Demand and Supply

Theory of Consumer Behavior

Cost

Profit, Loss, and Perfect Competition

Monopoly

Monopolistic Competition

Oligopoly

Corporate Mergers and Antitrust

Demand in the Factor Market

Labor Unions

Labor Markets and Wage Rates

Rent, Interest, and Profit

Income Distribution and Poverty

International Trade

International Finance

Filters

Exam 3: The Mixed Economy

In 2009, China's export surplus with the U.S. reached _______ million.

Statement I: SUVs are not subject to fuel standard requirements. Statement II: A federal tax on gasoline is an example of a command and control regulation.

Which statement is true about China?

Statement I: China's southern provinces have become "export platforms", sending out streams of consumer goods to Japan, Europe, and North America. Statement II: China has become a wealthy nation as a result of getting rid of its communist economic system.

Karl Marx and Friedrich Engels believed that after the capitalists were overthrown, eventually

Which of the following statements is false?

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

Ours is a mixed economy because there is a ______________________ sector and a _______________ sector.

Which statement was true about China and the former Soviet Union in the 1970s and 1980s?

Capital

Our government helps the free enterprise system work by doing all of the following, except

Under private enterprise, production is guided by ____________________________.

Producers have an incentive to produce those goods most desired by consumers at the lowest price in

Which economic system is usually associated with government ownership of the means of production and central planning?

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

When the production or consumption of some good or service inflicts costs on a third party without compensation it is called a(n) __________ _________.

Adam Smith believed that people are guided by

___________________ a mixed economy.

When the Times Mirror Company purchased the right to discharge 150 tons of hydrocarbons annually from other polluters, this was an example of

A Brief Economic History of the United States

Resource Utilization

Supply and Demand

Demand, Supply, and Equilibrium

The Price Elasticities of Demand and Supply

Theory of Consumer Behavior

Cost

Profit, Loss, and Perfect Competition

Monopoly

Monopolistic Competition

Oligopoly

Corporate Mergers and Antitrust

Demand in the Factor Market

Labor Unions

Labor Markets and Wage Rates

Rent, Interest, and Profit

Income Distribution and Poverty

International Trade

International Finance

Filters

Ours is a mixed economy because there is a ________ sector and a _ sector.

When the production or consumption of some good or service inflicts costs on a third party without compensation it is called a(n) __ _.