Exam 5: Using Economics to Understand the World Around You

Figure 5.1. The figure shows a linear production possibility curve representing a tradeoff faced by a country, between necessities and luxuries. -When people make choices that (at the time and with the information they have at their disposal) give them the greatest amount of satisfaction, they are said to be:

(Multiple Choice)

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Question 41

Figure 5.2. The figure shows the supply and demand curves of a firm. -Which of the following is a possible difference between health care and other products?

(Multiple Choice)

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Question 42

Figure 5.3. The figure shows the wage rate and the quantity of labor supplied in an unskilled labor market. -Programs like Medicaid in the United States provide low-income households with medical care, because of the attitude of unfairness associated with the allocation of health care.

(True/False)

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Question 43

Figure 5.2. The figure shows the supply and demand curves of a firm. -Which of the following statements is true?

(Multiple Choice)

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Question 44

Figure 5.1. The figure shows a linear production possibility curve representing a tradeoff faced by a country, between necessities and luxuries. -Refer to figure 5.1. Assume that the economy is initially at point G on the production possibility curve. To consume an amount of luxury good, shown by the distance O to L, the country will have to give up a quantity of necessity good, indicated by the distance _____.

(Multiple Choice)

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Question 45

Figure 5.1. The figure shows a linear production possibility curve representing a tradeoff faced by a country, between necessities and luxuries. $Figure 5.1. The figure shows a linear production possibility curve representing a tradeoff faced by a country, between necessities and luxuries. -Which of the following is a possible drawback of horizontal fracking?$ -Which of the following is a possible drawback of horizontal fracking?

(Multiple Choice)

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Question 46

Figure 5.3. The figure shows the wage rate and the quantity of labor supplied in an unskilled labor market. -Refer to figure 5.3. Which of the following is true?

(Multiple Choice)

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Question 47

Scenario 4-1 In a given year, country A exported $12 million worth of goods to country B and $6 million worth of goods to country C; country B exported $4 million worth of goods to country A and $7 million worth of goods to country C; and country C exported $5 million worth of goods to country A and $2 million worth of goods to country B. -Which of the following is a basic assumption of an economic analysis?

(Multiple Choice)

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Question 48

Figure 5.2. The figure shows the supply and demand curves of a firm. -What do you mean by the term 'equilibrium wage'?

(Multiple Choice)

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Question 49

Figure 5.3. The figure shows the wage rate and the quantity of labor supplied in an unskilled labor market. -Economic growth is represented by an inward shift of the production possibility curve.

(True/False)

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Question 50

Figure 5.3. The figure shows the wage rate and the quantity of labor supplied in an unskilled labor market. -In the United States, there is a federal minimum wage that is followed by each state.

(True/False)

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Question 51

Figure 5.3. The figure shows the wage rate and the quantity of labor supplied in an unskilled labor market. -The production possibilities curve of a low income country lies outside the production possibilities curve of a high income country.

(True/False)

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Question 52

Figure 5.3. The figure shows the wage rate and the quantity of labor supplied in an unskilled labor market. -Minimum wage adversely affects unskilled workers who do not have work, aged 16 to 19.

(True/False)

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Question 53

Figure 5.2. The figure shows the supply and demand curves of a firm. -Refer to figure 5.2. Which of the following will cause a shift in the supply curve from S to S₁?

(Multiple Choice)

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Question 54

Figure 5.3. The figure shows the wage rate and the quantity of labor supplied in an unskilled labor market. -Scarcity impels an individual to make choices.

(True/False)

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Question 55

Figure 5.1. The figure shows a linear production possibility curve representing a tradeoff faced by a country, between necessities and luxuries. -Refer to figure 5.1. An increase in the country's gross domestic product will cause:

(Multiple Choice)

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Question 56

Figure 5.3. The figure shows the wage rate and the quantity of labor supplied in an unskilled labor market. -The demand for health care is perfectly elastic.

(True/False)

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Question 57

Figure 5.1. The figure shows a linear production possibility curve representing a tradeoff faced by a country, between necessities and luxuries. -Individuals acting with self-interest:

(Multiple Choice)

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Question 58

Figure 5.2. The figure shows the supply and demand curves of a firm. -Which of the following statements is true?

(Multiple Choice)

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Question 59

Figure 5.3. The figure shows the wage rate and the quantity of labor supplied in an unskilled labor market. -People are compelled to make a choice because of the lack of time and money to buy everything they want.

(True/False)

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Question 60

Showing 41 - 60 of 68

Figure 5.2. The figure shows the supply and demand curves of a firm. -Which of the following is a possible difference between health care and other products?

Figure 5.3. The figure shows the wage rate and the quantity of labor supplied in an unskilled labor market. -Programs like Medicaid in the United States provide low-income households with medical care, because of the attitude of unfairness associated with the allocation of health care.

Figure 5.2. The figure shows the supply and demand curves of a firm. -Which of the following statements is true?

Figure 5.3. The figure shows the wage rate and the quantity of labor supplied in an unskilled labor market. -Refer to figure 5.3. Which of the following is true?

Figure 5.2. The figure shows the supply and demand curves of a firm. -What do you mean by the term 'equilibrium wage'?

Figure 5.3. The figure shows the wage rate and the quantity of labor supplied in an unskilled labor market. -Economic growth is represented by an inward shift of the production possibility curve.

Figure 5.3. The figure shows the wage rate and the quantity of labor supplied in an unskilled labor market. -In the United States, there is a federal minimum wage that is followed by each state.

Figure 5.3. The figure shows the wage rate and the quantity of labor supplied in an unskilled labor market. -The production possibilities curve of a low income country lies outside the production possibilities curve of a high income country.

Figure 5.3. The figure shows the wage rate and the quantity of labor supplied in an unskilled labor market. -Minimum wage adversely affects unskilled workers who do not have work, aged 16 to 19.

Figure 5.2. The figure shows the supply and demand curves of a firm. -Refer to figure 5.2. Which of the following will cause a shift in the supply curve from S to S₁?

Figure 5.3. The figure shows the wage rate and the quantity of labor supplied in an unskilled labor market. -Scarcity impels an individual to make choices.

Figure 5.1. The figure shows a linear production possibility curve representing a tradeoff faced by a country, between necessities and luxuries. -Refer to figure 5.1. An increase in the country's gross domestic product will cause:

Figure 5.3. The figure shows the wage rate and the quantity of labor supplied in an unskilled labor market. -The demand for health care is perfectly elastic.

Figure 5.1. The figure shows a linear production possibility curve representing a tradeoff faced by a country, between necessities and luxuries. -Individuals acting with self-interest:

Figure 5.2. The figure shows the supply and demand curves of a firm. -Which of the following statements is true?

Figure 5.3. The figure shows the wage rate and the quantity of labor supplied in an unskilled labor market. -People are compelled to make a choice because of the lack of time and money to buy everything they want.

The Wealth of Nations: Ownership and Economic Freedom

Scarcity and Opportunity Costs

Markets and the Price System

The Aggregate Economy

Elasticity: Demand and Supply

Demand: Consumer Choice

Supply: the Costs of Doing Business

Profit Maximization

Perfect Competition

Monopoly

Monopolistic Competition and Oligopoly

Markets and Government

Antitrust and Regulation

Resource Markets

The Labor Market

The Capital Market

The Land Market and Natural Resources

Current Issues: Income, Income Distribution, Poverty, and Government Policy

World Trade Equilibrium

International Trade Restrictions

Exchange Rates and Financial Links Between Countries

Filters

Exam 5: Using Economics to Understand the World Around You

​Figure 5.2. The figure shows the supply and demand curves of a firm. -Which of the following is a possible difference between health care and other products?​

​Figure 5.3. The figure shows the wage rate and the quantity of labor supplied in an unskilled labor market. -​Programs like Medicaid in the United States provide low-income households with medical care, because of the attitude of unfairness associated with the allocation of health care.

​Figure 5.2. The figure shows the supply and demand curves of a firm. -Which of the following statements is true?​

Figure 5.1. The figure shows a linear production possibility curve representing a tradeoff faced by a country, between necessities and luxuries​. -Which of the following is a possible drawback of horizontal fracking?​

​Figure 5.3. The figure shows the wage rate and the quantity of labor supplied in an unskilled labor market. -Refer to figure 5.3. Which of the following is true?​

​Figure 5.2. The figure shows the supply and demand curves of a firm. -What do you mean by the term 'equilibrium wage'?​

​Figure 5.3. The figure shows the wage rate and the quantity of labor supplied in an unskilled labor market. -Economic growth is represented by an inward shift of the production possibility curve.​

​Figure 5.3. The figure shows the wage rate and the quantity of labor supplied in an unskilled labor market. -In the United States, there is a federal minimum wage that is followed by each state.​

​Figure 5.3. The figure shows the wage rate and the quantity of labor supplied in an unskilled labor market. -The production possibilities curve of a low income country lies outside the production possibilities curve of a high income country.​

​Figure 5.3. The figure shows the wage rate and the quantity of labor supplied in an unskilled labor market. -Minimum wage adversely affects unskilled workers who do not have work, aged 16 to 19.

​Figure 5.2. The figure shows the supply and demand curves of a firm. -Refer to figure 5.2. Which of the following will cause a shift in the supply curve from S to S1​?

​Figure 5.3. The figure shows the wage rate and the quantity of labor supplied in an unskilled labor market. -Scarcity impels an individual to make choices.

Figure 5.1. The figure shows a linear production possibility curve representing a tradeoff faced by a country, between necessities and luxuries​. -Refer to figure 5.1. An increase in the country's gross domestic product will cause:​

​Figure 5.3. The figure shows the wage rate and the quantity of labor supplied in an unskilled labor market. -The demand for health care is perfectly elastic.​

Figure 5.1. The figure shows a linear production possibility curve representing a tradeoff faced by a country, between necessities and luxuries​. -Individuals acting with self-interest:

​Figure 5.2. The figure shows the supply and demand curves of a firm. -Which of the following statements is true?​

​Figure 5.3. The figure shows the wage rate and the quantity of labor supplied in an unskilled labor market. -People are compelled to make a choice because of the lack of time and money to buy everything they want.

The Wealth of Nations: Ownership and Economic Freedom

Scarcity and Opportunity Costs

Markets and the Price System

The Aggregate Economy

Elasticity: Demand and Supply

Demand: Consumer Choice

Supply: the Costs of Doing Business

Profit Maximization

Perfect Competition

Monopoly

Monopolistic Competition and Oligopoly

Markets and Government

Antitrust and Regulation

Resource Markets

The Labor Market

The Capital Market

The Land Market and Natural Resources

Current Issues: Income, Income Distribution, Poverty, and Government Policy

World Trade Equilibrium

International Trade Restrictions

Exchange Rates and Financial Links Between Countries

Filters

Figure 5.2. The figure shows the supply and demand curves of a firm. -Which of the following is a possible difference between health care and other products?

Figure 5.3. The figure shows the wage rate and the quantity of labor supplied in an unskilled labor market. -Programs like Medicaid in the United States provide low-income households with medical care, because of the attitude of unfairness associated with the allocation of health care.

Figure 5.2. The figure shows the supply and demand curves of a firm. -Which of the following statements is true?

Figure 5.3. The figure shows the wage rate and the quantity of labor supplied in an unskilled labor market. -Refer to figure 5.3. Which of the following is true?

Figure 5.2. The figure shows the supply and demand curves of a firm. -What do you mean by the term 'equilibrium wage'?

Figure 5.3. The figure shows the wage rate and the quantity of labor supplied in an unskilled labor market. -Economic growth is represented by an inward shift of the production possibility curve.

Figure 5.3. The figure shows the wage rate and the quantity of labor supplied in an unskilled labor market. -In the United States, there is a federal minimum wage that is followed by each state.

Figure 5.3. The figure shows the wage rate and the quantity of labor supplied in an unskilled labor market. -The production possibilities curve of a low income country lies outside the production possibilities curve of a high income country.

Figure 5.3. The figure shows the wage rate and the quantity of labor supplied in an unskilled labor market. -Minimum wage adversely affects unskilled workers who do not have work, aged 16 to 19.

Figure 5.2. The figure shows the supply and demand curves of a firm. -Refer to figure 5.2. Which of the following will cause a shift in the supply curve from S to S₁?

Figure 5.3. The figure shows the wage rate and the quantity of labor supplied in an unskilled labor market. -Scarcity impels an individual to make choices.

Figure 5.1. The figure shows a linear production possibility curve representing a tradeoff faced by a country, between necessities and luxuries. -Refer to figure 5.1. An increase in the country's gross domestic product will cause:

Figure 5.3. The figure shows the wage rate and the quantity of labor supplied in an unskilled labor market. -The demand for health care is perfectly elastic.

Figure 5.1. The figure shows a linear production possibility curve representing a tradeoff faced by a country, between necessities and luxuries. -Individuals acting with self-interest:

Figure 5.2. The figure shows the supply and demand curves of a firm. -Which of the following statements is true?

Figure 5.3. The figure shows the wage rate and the quantity of labor supplied in an unskilled labor market. -People are compelled to make a choice because of the lack of time and money to buy everything they want.