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1. If a price ceiling below the equilibrium price is imposed on corn, the likely result will be: (Points : 2) a lower equilibrium price for corn as the supply curve shifts out. a higher equilibrium price for corn as the demand curve shifts out. a shortage of corn as the price ceiling keeps the market from reaching equilibrium. a surplus of corn as the price ceiling keeps the market from reaching equilibrium. 2. At a price for which quantity demanded exceeds quantity supplied, a __________ is experienced, which pushes the price __________ toward its equilibrium value. (Points : 2) surplus; downward surplus; upward shortage; downward shortage; upward 3. A rightward shift in the demand curve for tennis balls could be caused by: (Points : 2) a fall in the price of tennis balls. a fall in the price of tennis rackets. a rise in the price of tennis lessons. a fall in income, assuming tennis balls are a normal good. 4. According to the law of demand, a decrease in the price of baseball trading cards causes: (Points : 2) an increase in the quantity of trading cards demanded. a decrease in the quantity of trading cards demanded. an increase in the scarcity of baseball trading cards. a greater abundance of baseball trading cards. 5. Which of the following questions cannot be answered using a production possibility table? (Points : 2) What combination of outputs can be produced? How much less of one output can be produced if more of another output is produced? What combination of outputs is best? How much output can be produced from a given level of inputs? 6. An economic system: (Points : 2) can eliminate scarcity. must solve the questions of what to produce, how to produce, and for whom to produce. requires government planning of production and distribution. must meet the needs of all individuals. 7. Refer to the graph below. Laura's production possibility curve for math and economics problems in one night is shown in the graph. Her opportunity cost of finishing 6 economics problems instead of 4 economics problems is: (Points : 2) 1 math problem. 2 math problems. 3 math problems. 4 math problems. 8. The point at which quantity supplied is exactly equal to quantity demanded is called: (Points : 2) equilibrium, because quantity demanded equals quantity supplied so there is no tendency for price to change. equilibrium, because quantity demanded exceeds quantity supplied so there is a shortage. equilibrium, because quantity supplied exceeds quantity demanded so there is a surplus. irrelevant, because real-world prices never reach this point. 9. The invisible hand is: (Points : 2) not affected by social and political forces. affected by social but not political forces. affected by political but not social forces. affected by both political and social forces. 10. Refer to the graph below. At a price of 60 cents per dozen: (Points : 2) there is a surplus of 2000 dozen eggs per week. the market is in equilibrium. there is a shortage of 3000 dozen eggs per week. there is a shortage of 2000 dozen eggs per week. 11. Some of our farm fields are being left unused. Does this have any implications for the economy's PPC diagram? (Points : 2) No implications, because the PPC deals only with resources in use. The PPC cannot be drawn if some resources are idle. With unemployed resources, we are at a point inside the PPC. The PPC would be upward sloping. 12. If production is efficient, then: (Points : 2) it is not possible to produce a given quantity of output at a lower cost. quantity demanded equals quantity supplied. firms are earning profits. income is fairly distributed. 13. In a partnership: (Points : 2) there are two or more owners, with each owner liable for the actions of the other owners. there is only one owner, but two or more employees. the business is legally treated as a person, and owned by stockholders who are not liable for the actions of the corporate "person." each owner is liable only to the extent of his or her own investment. 14. Most of the decreases in the debt-to-GDP ratio in U.S. history occurred through: (Points : 2) growth in GDP. a rise in nominal GDP since inflation wipes out the value of existing debt. real growth since the ability of government to incur debt is increased. All of the above. 15. An upward sloping supply curve implies that: (Points : 2) consumers will buy less of an item when its price rises. producers will offer more of an item for sale when its price rises. producers are not responsive to the true needs of consumers. consumers will buy more of an item when its price rises. 16. If Max's demand for hot dogs falls as his income rises, then hot dogs are (Points : 2) a bad good. an inferior good. a preferential good. a normal good. 17. What is the reason for the law of increasing opportunity costs? (Points : 2) There is no reason: it just is. People have varying abilities, and those with lower opportunity costs of producing a good, produce it before people with higher opportunity costs produce it. The price of a good rises as more of it is demanded. As more of a good is produced, the taxes applied to the production of the good rise. 18. In a pure market economy, the government: (Points : 2) relies on the market to allocate goods and services. allocates goods and services according to need. allocates goods and services according to ability. allocates goods and services according to effort. 19. Productive efficiency implies that: (Points : 2) it is impossible to obtain gains in one area without losses in another, because you are on your PPC. it is possible to obtain gains in one area without losses in another, because your are inside your PPC. there are too many resources. there are too few resources. 20. According to the text, the introduction of e-commerce is likely to do all of the following except: (Points : 2) decrease competition. reduce overhead by creating virtual office-space. reduce the importance of conventional retailing. increase the amount of information available to buyers and sellers. 21. Licenses: (Points : 2) lower the price of the good or service to consumers. lower the wage received by those who have licenses. increase the wage received by those who have licenses. increase the demand for goods. 22. Entrepreneurship is an ability that is most closely related to: (Points : 2) household spending. business formation. consumer sovereignty. e-commerce. 23. Faculty pay $15 per year for a parking permit, but many complain that they are not able to find a parking place in designated university lots. This suggests that: (Points : 2) the price paid is above equilibrium. the price paid is below equilibrium. the price paid is at equilibrium. the university should make parking free. 24. Many industries routinely contribute large amounts of money to the election campaigns of politicians. This is likely an example of an attempt to influence: (Points : 2) economic forces. political forces. social forces. the price mechanism. 25. Governments establish the laws that regulate the interaction between businesses and households and also serve as actors in the economy themselves. (Points : 2) True False 26. Monopoly power is the ability of individuals or firms currently in business to prevent other individuals or firms from entering the same kind of business. (Points : 2) True False 27. Certificates of ownership of a company are called: (Points : 2) financial liabilities. limited liabilities. profits. stocks. 28. When tax revenues exceed government expenditures, the government budget is: (Points : 2) in deficit. balanced. in surplus. not in equilibrium. 29. An increase in the expected price of corn would likely: (Points : 2) increase both the demand and supply of corn. decrease both the demand and supply of corn. increase the demand but decrease the supply of corn. increase the supply but decrease the demand for corn. 30. Price floors: (Points : 2) cause surpluses when they are effective. are effective when they are above the equilibrium price. cause fewer exchanges to be made. All of the above 31. Refer to the graph below. The relevant market is corn. The impact of a poor corn harvest on the market for corn would most likely be demonstrated by which graph? (Points : 2) Graph A Graph B Graph C Graph D 32. A government runs a budget surplus when: (Points : 2) tax revenues exceed government expenditures. government expenditures exceed tax revenues. accumulated deficits exceed accumulated surpluses. there are no accumulated deficits or surpluses. 33. The greatest impact that the development of markets has had on the acceleration of growth since 1800s is mostly due to: (Points : 2) the elimination of a barter system. the bowing out of the production possibility curve due to trade. the specialization that markets encourage. the increase in the labor force participation rate. 34. The reason we distinguish between a structural and passive deficit is because: (Points : 2) we want to know what part of the budget can be eliminated through growth (in income) and which will remain we want to know the effect of policy actions (to grow or restrict growth) on the deficit we want to know the effect of a recession on the deficit All of the above 35. Two countries that specialize their production along the lines of comparative advantage and then trade with one another will be able to: (Points : 2) both produce and consume more. produce more and consume less. produce less and consume more. both produce and consume less. 36. The principle of increasing marginal opportunity costs states that initial opportunity costs are __________ and they __________ the more you concentrate on the activity (Points : 2) high; decrease low; increase high; increase low; decrease 37. When the wage rate paid to labor is below equilibrium: (Points : 2) the supply of labor increases. the demand for labor decreases. the number of workers seeking jobs exceeds the number of jobs available. the number of jobs available exceeds the number of workers seeking jobs. 38. A budget deficit that would not exist if the economy were at potential income is called: (Points : 2) a passive deficit. a real deficit. a structural deficit. a nominal deficit. 39. Which framework directs government to avoid deficits? (Points : 2) long run short run both neither 40. Refer to the graph below. Assume the graph reflects demand in the egg market. Which arrow best captures the impact of increased consumer concern about cholesterol on the egg market? (Points : 2) A B C D 41. Which of the following is an illustration of the law of increasing opportunity costs? (Points : 2) As more cars are produced, the opportunity cost of each additional car is greater than for the preceding unit. As more cars are produced, the opportunity cost of each additional car is less than for the preceding unit. As more cars are produced, the opportunity cost of each additional car is the same as for the preceding unit. People pay lower prices for cars the higher the costs of producing cars. 42. Suppose that the table below shows the demand and supply schedules for pork bellies. There is a shortage of 15,000 pounds at a price of: (Points : 2) $0.25. $0.50. $0.75. $0.95. 43. An entrepreneur might choose to form a partnership rather than a sole proprietorship because a partnership: (Points : 2) provides greater accountability. provides limited liability. is easier to establish. allows the owners to share the risks of business. 44. Refer to the graphs below. A recent report indicates that the device known as the right heart catheter used to diagnose heart conditions poses more risks than previously thought. The effect of the report on the market for right heart catheters is best shown by which of the graphs? (Points : 2) I II III IV 45. Refer to the graph below. Given the resources and technology available to this economy, which points are unattainable? (Points : 2) D and C A and B B A 46. The relationship between price and quantity supplied is given by the: (Points : 2) law of opportunity cost. law of profit maximization. law of supply. law of demand. 47. The law of demand states that: (Points : 2) sellers supply less of a good when its price increases. consumers buy less of a good when its price increases only if their income increases at the same time. consumers buy less of a good when its price increases even if other demand determinants change at the same time. consumers buy less of a good when its price increases, provided all shift factors of demand are fixed. 48. Tariffs allow: (Points : 2) foreign producers to receive a higher price. domestic producers to receive a higher price. foreign producers to charge a lower price. domestic producers to charge a lower price. 49. The law of supply states that (Points : 2) quantity supplied increases as price increases, other things constant. quantity supplied decreases as price increases, other things constant. more of a good will be supplied the higher its price, other things changing proportionately. less of a good will be supplied the higher its price, other things changing proportionately. 50. If the economy were not operating below its level of potential output, then there would be no: (Points : 2) passive deficit. structural deficit. deficit at all. debt. Time Remaining:
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