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Linda_us
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Any experts good in Economics Have a quiz.

Customer Question

Any experts good in Economics? Have a quiz.
Submitted: 3 years ago.
Category: Homework
Expert:  Linda_us replied 3 years ago.
Hi Customer

I can help you with your economics quiz.

I can also help you with accounts and Finance.

Regards

Linda
Customer: replied 3 years ago.
Well I am heading to bed now, what are the times you are online?
Expert:  Linda_us replied 3 years ago.
I am mostly available between 8 AM EST to 1 AM EST but we can fix time so that I am there whenever you want to undertake the quiz.

I have helped lot of other students with there Accounting, Finance and Economic quiz and fixing the time before hand is the best approach.

Regards

Linda
Customer: replied 3 years ago.
Okay I have alot of exams for Economics like 40 exams remaining, and Accounting like 20 remaining. The Accounting Exams are around 25 questions each. And the Economic exams are around 40 questions each. Obviosuly we won't do all of that in one day but we can surely start tommorow, and from so on. I will be on tommorow around 3 pm, I will send you a message and we can start! Is that okay?
Expert:  Linda_us replied 3 years ago.
Yes that should be okay. I will wait for you. Please confirm if the time you specified is 3 PM EST?

Regards

Linda
Customer: replied 3 years ago.
Yes 3 pm EST!
Expert:  Linda_us replied 3 years ago.
Great. See you tomorrow at 3 PM EST.

Regards

Linda
Customer: replied 3 years ago.
Hi Linda. I'm here early, although it doesn't matter what time we start. Just let me know when your free.
Customer: replied 3 years ago.
Nevermind I'll be back around three!
Expert:  Linda_us replied 3 years ago.
I am also here. Let me know if you want to start now.
Customer: replied 3 years ago.
Yes, I have to run an errand real quick. I will be back soon ! =]
Expert:  Linda_us replied 3 years ago.
Okay, I will be waiting.

Regards

Linda
Expert:  Linda_us replied 3 years ago.
So when do you want to start?

Regards

Linda
Customer: replied 3 years ago.
Linda yes I aplogize! , I will let you know. I thought I would be free at the moment, currently busy. When are you online today? So I know.
Expert:  Linda_us replied 3 years ago.
I should be online till 1 AM EST. So we have lots of time.

Regards

Linda
Customer: replied 3 years ago.
Online now?
Expert:  Linda_us replied 3 years ago.
Yes. Please post your questions.
Customer: replied 3 years ago.
1.
The market system's answer to the fundamental question "Who will get the goods and services?" is essentially:
Answer
"Those willing and able to pay for them."
"Those who physically produced them."
"Those who most need them."
"Those who get utility from them."

2.
Economic profits in an industry suggest the industry:
Answer
can earn more profits by increasing product price.
should be larger to better satisfy consumers' desire for the product.
has excess production capacity.
is the size that consumers want it to be.




3. http://imageshack.us/photo/my-images/846/unledwvg.jpg/

4.
Which of the following is not an economic cost?
Answer
wages.
rents.
economic profits.
normal profits.
Customer: replied 3 years ago.
5. Innovation lagged in the centrally planned economies because:
Answer
there was too much domestic business competition.
there was too much competition from foreign firms.
enterprises resisted innovation in fear that their production targets would be raised.
exports had to equal imports for the plan to work.
Expert:  Linda_us replied 3 years ago.
1.
The market system's answer to the fundamental question "Who will get the goods and services?" is essentially: Answer
"Those willing and able to pay for them."
Linda_us, Finance, Accounts & Homework Tutor
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Customer: replied 3 years ago.
6.
Of the following countries, the one that best exhibits the characteristics of a market economy is:
Answer
Canada.
Cuba.
North Korea.
China.



7.
The most efficient combination of resources in producing any output is the combination that:
Answer
comes closest to using the same quantities of land, labor, capital, and entrepreneurial ability.
can be obtained for the smallest money outlay.
uses the smallest total quantity of all resources.
conserves most on the use of labor.

8.
The division of labor means that:
Answer
labor markets are geographically segmented.
unskilled workers outnumber skilled workers.
workers specialize in various production tasks.
each worker performs a large number of tasks.


9.
Economic profits and losses:
Answer
are both considered by economists to be a part of production costs.
are essential to the reallocation of resources from less desired goods to more desired goods.
have no influence on the composition of the domestic output.
equalize the distribution of income in the long run.

10.
If competitive industry Y is incurring substantial losses, output will:
Answer
expand as resources move toward industry Y.
contract as resources move toward industry Y.
contract as resources move away from industry Y.
expand as resources move away from industry Y.

11.
Examples of command economies are:
Answer
The United States and Japan.
Sweden and Norway.
Mexico and Brazil.
Cuba and North Korea.

12.
The market system's answer to the fundamental question "How will the goods and services be produced?" is essentially:
Answer
"With as much machinery as possible."
"Using the latest technology."
"By exploiting labor."
"At least-cost production."

13.
Which of the following is not a characteristic of the market system?
Answer
private property.
freedom of enterprise.
government ownership of the major industries.
competition in product and resource markets.

14. http://imageshack.us/photo/my-images/30/unledlap.jpg/

15.
(Last Word) According to economist Donald Boudreaux, the world's tens of billions of individual resources get arranged productively:
Answer
because government has become highly effective at central planning.
because private property encourages people to consider the alternative uses of their resources and select those that provide the most rewards.
because people tend to be creative and orderly.
through random trial and error.
Expert:  Linda_us replied 3 years ago.
2. should be larger to better satisfy consumers' desire for the product.
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Expert:  Linda_us replied 3 years ago.
4. economic profits.
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Expert:  Linda_us replied 3 years ago.
5. enterprises resisted innovation in fear that their production targets would be raised.
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Expert:  Linda_us replied 3 years ago.
6. Canada
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Expert:  Linda_us replied 3 years ago.
7. an be obtained for the smallest money outlay.
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Expert:  Linda_us replied 3 years ago.
8 workers specialize in various production tasks.
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Customer: replied 3 years ago.
16.
The incentive problem under communist central planning refers to the idea that:
Answer
planners had to direct required inputs to each enterprise.
workers, managers, and entrepreneurs could not personally gain by responding to shortages or surpluses or by introducing new and improved products.
the immediate effect of more investment was less consumption.
exports had to be equal to imports for a central plan to work.

17.
An economic system:
Answer
requires a grouping of private markets linked to one another.
is a particular set of institutional arrangements and a coordinating mechanism used to respond to the economizing problem.
requires some sort of centralized authority (such as government) to coordinate economic activity.
is a plan or scheme that allows a firm to make money at some other firm's expense.

18.
The invisible hand refers to the:
Answer
fact that the U.S. tax system redistributes income from rich to poor.
notion that, under competition, decisions motivated by self-interest promote the social interest.
tendency of monopolistic sellers to raise prices above competitive levels.
fact that government controls the functioning of the market system.


19.
(Consider This) In 1975 McDonald's introduced its Egg McMuffin breakfast sandwich, which remains popular and profitable today. This longevity illustrates the idea of:
Answer
opportunity cost.
upsloping supply.
consumer sovereignty.
specialization.

20.
Suppose industry A is realizing substantial economic profit. Which of the following best describes what will happen in this competitive market?
Answer
Firms will leave the industry and output will fall.
Firms will enter the industry and output will fall.
Firms will leave the industry and output will rise.
Firms will enter the industry and output will rise.



21.
(Last Word) According to economist Donald Boudreaux:
Answer
private property eliminates the possibility that resource arrangements will be random.
the market system threatens to do irreparable harm to the world's ecosystem.
arranging resources under the market system is much like shuffling a deck of cards.
the market system works wondrously for advanced industrial nations but not for developing nations.


22. http://imageshack.us/photo/my-images/840/unledsuu.jpg/

23.
If products were in short or surplus supply in the Soviet Union:
Answer
price and profit signals eliminated those shortages and surpluses.
price and profit signals intensified those shortages and surpluses.
producers would not react because no price or profit signals occurred.
the planners would immediately adjust production to achieve equilibrium.

24.
Which of the following best describes the invisible-hand concept?
Answer
The desires of resource suppliers and producers to further their own self-interest will automatically further the public interest.
The nonsubstitutability of resources creates a conflict between private and public interests and calls for government intervention.
The market system is the best system for overcoming the scarce resources-unlimited wants problem.
Central direction by the government will improve resource allocation in a capitalistic economy.



25. http://imageshack.us/photo/my-images/713/unledunk.jpg/
25.
Expert:  Linda_us replied 3 years ago.
9 are essential to the reallocation of resources from less desired goods to more desired goods.
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Customer: replied 3 years ago.
26.
The term laissez faire suggests that:
Answer
land and other natural resources should be privately owned, but capital should be publicly owned.
land and other natural resources should be publicly owned, but capital equipment should be privately owned.
government should not interfere with the operation of the economy.
government action is necessary if the economy is to achieve full employment and full production.


27.
The dollar votes of consumers ultimately determine the composition of output and the allocation of resources in a market economy. This statement best describes the concept of:
Answer
derived demand.
consumer sovereignty.
the invisible hand.
market failure.




28.
Which of the following is a distinguishing feature of a command system?
Answer
private ownership of all capital.
central planning.
heavy reliance on markets.
wide-spread dispersion of economic power.


29.
The coincidence-of-wants problem associated with barter refers to the fact that:
Answer
for exchange to occur each seller must have a product that some buyer wants.
money must be used as a medium of exchange or trade will never occur.
specialization is restricted by the size or scope of a market.
buyers in resource markets and sellers in product markets can never engage in exchange.


30.
In terms of the circular flow diagram, businesses obtain revenue through the _____ market and make expenditures in the _____ market.
Answer
product; financial
resource; product
product; resource
capital; product




31. http://imageshack.us/photo/my-images/97/unledfmc.jpg/


32.
Households and businesses are:
Answer
both buyers in the resource market.
both sellers in the product market.
sellers in the resource and product markets respectively.
sellers in the product and resource markets respectively

33.
The market system:
Answer
produces considerable inefficiency in the use of scarce resources.
effectively harnesses the incentives of workers and entrepreneurs.
is inconsistent with freedom of choice in the long run.
has slowly lost ground to emerging command systems.

34. http://imageshack.us/photo/my-images/853/unledvyb.jpg/

35.
The failure of Soviet central planning was reflected in:
Answer
a declining growth rate.
poor quality goods.
the failure to provide promised consumer goods.
all of these.

36. http://imageshack.us/photo/my-images/268/unledpjh.jpg/

37.
In a market economy the distribution of output will be determined primarily by:
Answer
consumer needs and preferences.
the quantities and prices of the resources that households supply.
government regulations that provide a minimum income for all.
a social consensus as to what distribution of income is most equitable.

38.
In the simple circular flow model:
Answer
households are buyers of resources.
businesses are sellers of final products.
households are sellers of final products.
there are real flows of goods, services, and resources, but not money flows.

39.
"Because the outputs of many industries are the inputs to other industries, the failure of any single industry to fulfill the output quantities specified in the central plan caused a chain-reaction of adverse repercussions on production." This quotation best identifies the:
Answer
incentive problem under central planning.
self-sufficiency dilemma under communism.
resource overcommitment problem under communism.
coordination problem under central planning.

40.
In the resource market:
Answer
businesses borrow financial capital from households.
businesses sell services to households.
households sell resources to businesses.
firms sell raw materials to households.
Expert:  Linda_us replied 3 years ago.
10 contract as resources move away from industry Y
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Expert:  Linda_us replied 3 years ago.
11 Cuba and North Korea.
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Expert:  Linda_us replied 3 years ago.
12

"At least-cost production."

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Expert:  Linda_us replied 3 years ago.
13. government ownership of the major industries
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Expert:  Linda_us replied 3 years ago.
15. because private property encourages people to consider the alternative uses of their resources and select those that provide the most rewards.
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Expert:  Linda_us replied 3 years ago.
16. workers, managers, and entrepreneurs could not personally gain by responding to shortages or surpluses or by introducing new and improved products.
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Expert:  Linda_us replied 3 years ago.
17

is a particular set of institutional arrangements and a coordinating mechanism used to respond to the economizing problem.

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Expert:  Linda_us replied 3 years ago.
18 notion that, under competition, decisions motivated by self-interest promote the social interest
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Expert:  Linda_us replied 3 years ago.
19 consumer sovereignty
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20 Firms will enter the industry and output will rise
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Expert:  Linda_us replied 3 years ago.
21 private property eliminates the possibility that resource arrangements will be random
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Expert:  Linda_us replied 3 years ago.
22 producers would not react because no price or profit signals occurred
Expert:  Linda_us replied 3 years ago.
23. producers would not react because no price or profit signals occurred
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Expert:  Linda_us replied 3 years ago.
24 The desires of resource suppliers and producers to further their own self-interest will automatically further the public interest.
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Expert:  Linda_us replied 3 years ago.
26 government should not interfere with the operation of the economy
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Expert:  Linda_us replied 3 years ago.
27 consumer sovereignty
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28 central planning
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29 for exchange to occur each seller must have a product that some buyer wants
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30 product; resource
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Expert:  Linda_us replied 3 years ago.
32. sellers in the resource and product markets respectively
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33. effectively harnesses the incentives of workers and entrepreneurs.
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35. all of these
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Expert:  Linda_us replied 3 years ago.
37. the quantities and prices of the resources that households supply
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Expert:  Linda_us replied 3 years ago.
38 businesses are sellers of final products
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Expert:  Linda_us replied 3 years ago.
39 coordination problem under central planning
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Expert:  Linda_us replied 3 years ago.
40 households sell resources to businesses.
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Customer: replied 3 years ago.
Okay you skipped 3, 14, 22, 25, 31, 34,36
Customer: replied 3 years ago.
I can not copy and paste them here, I had to post them on imageshack as a .jpg file because they are graph pictures. Please do them.
Expert:  Linda_us replied 3 years ago.
I am working on them. You can review remaining questions.
Customer: replied 3 years ago.
Okay sounds good
Expert:  Linda_us replied 3 years ago.
3 Option 1 (wage, rent, interest and profit income)
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Sorry for 3 Option 3 Goods and Service.
Expert:  Linda_us replied 3 years ago.
14. Option 2 (Land......)

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22 Option1 (Wage..)
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Expert:  Linda_us replied 3 years ago.
25 incomes and consumer expenditures respectively.
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31 Option 4.
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34 Option 4 (Consumer Exp..)
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Expert:  Linda_us replied 3 years ago.
THIS ANSWER IS LOCKED!
You can view this answer by clicking here to Register or Login and paying $3.
If you've already paid for this answer, simply Login.
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Customer: replied 3 years ago.
Wow you got everything right! 40/40! Thanks Linda, I will be back on tommorow I have several more exams remaining. This class has 18 exams remaining for the class around 40 questions a piece, so I will sure to use you! I also have Economics 2 right after which again has 20 exams at 40 question a piece. Anywho, I don't have a definitie time tommorow that I will be on, but maybe around 6pm and after ! If your not on tommorow we can continue on Monday. Sound good?
Customer: replied 3 years ago.
We'll just take it one exam at a time . Next exam like I said 40 questions Economics. I will request you some time tommorow or Monday!

Thanks again Linda!

Goodnight. =]
Expert:  Linda_us replied 3 years ago.
Yes that sounds good. Usually I am online for most part of the day and will respond ASAP as you post the question but once you want to start the thread from me do wait for 15-30 Minutes before you start working with other experts as I might away for a computer for a while. Incase you are able to decide a fix time you can just update me and I will be here.

I hope you liked my performance :-)



Regards

Linda
Customer: replied 3 years ago.
Okay sounds good. Thanks again, talk to you than!
Expert:  Linda_us replied 3 years ago.
See you tomorrow.
Expert:  Linda_us replied 3 years ago.
Hi Customer

Are we doing the Economic quiz today?

Regards

Linda
Expert:  Linda_us replied 3 years ago.
Are you ready for todays assignment?

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    F. Naz

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