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The government has just passed a law requiring that all residents
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The government has just passed a law requiring that all residents earn the same annual income regardless of work effort. This law is likely to (Points : 1)
increase efficiency and increase equality.
increase efficiency but decrease equality.
decrease efficiency but increase equality.
decrease efficiency and decrease equality.
2. According to XXXXX XXXXX, the success of decentralized market economies is primarily due to (Points : 1)
the basic benevolence of society.
society's legal system.
individuals' pursuit of self-interest.
partnerships that are forged between business and government.
3. In a particular country in 1998, the average worker needed to work 40 hours to produce 60 units of output. In that same country in 2008, the average worker needed to work 35 hours to produce 55 units of output. In that country, the productivity of the average worker (Points : 1)
decreased between 1998 and 2008, so we would expect the standard of living to have decreased accordingly.
increased between 1998 and 2008, so we would expect the standard of living to have increased accordingly.
decreased between 1998 and 2008, so we would expect inflation to have decreased accordingly.
increased between 1998 and 2008, so we would expect inflation to have increased accordingly.
4. When the United States trades with Singapore, (Points : 1)
both countries are likely made better off.
only Singapore benefits since the United States can produce all goods at a higher level of quality than Singapore.
only the United States benefits since Singapore’s low wages guarantee profitable firms in Singapore regardless of trade.
neither country will benefit since the United States is more efficient than Singapore at producing all goods.
5. Ralph Nader's book Unsafe at Any Speed caused Congress to require (Points : 1)
safety glass in all new cars.
seat belts in all new cars.
air bags in all new cars.
stricter drunk driving laws in all states.
6. When the "invisible hand" guides economic activity, prices of products reflect (Points : 1)
only the values that society places on those products.
only the costs to society of producing those products.
both the values that society places on those products and the costs to society of producing those products.
none of the above; when the "invisible hand" guides economic activity, prices of products are set by the government in a manner that is thought to be "fair."
7. The historical rise in living standards of American workers is primarily a result of (Points : 1)
the influence of labor unions in America.
tariff protection imposed by the American government.
the enactment of minimum-wage laws in America.
the rise in American productivity.
8. Which of these consumption activities will most likely impose an external cost? (Points : 1)
An athlete works out at a gym.
A secretary smokes a cigarette in a crowded break room.
A young mother pushes her baby in a stroller.
A construction worker eats a hotdog during his lunch break.
9. The mainstream view among economists is that (Points : 1)
society faces a tradeoff between unemployment and inflation, but only in the short run.
society faces a tradeoff between unemployment and inflation, but only in the long run.
society faces a tradeoff between unemployment and inflation, both in the short run and in the long run.
no tradeoff exists between unemployment and inflation, either in the short run or in the long run.
10. For markets to work well, there must be (Points : 1)
a central planner.
abundant, not scarce, resources.
11. Which of the following statements is (are) correct? (Points : 1)
Relative to other scientists, economists find it more difficult to generate useful data.
Theory and observation are important in economics as well as in other sciences.
To obtain data, economists often rely upon the natural experiments offered by history.
All of the above are correct.
12. When the government prevents prices from adjusting naturally to supply and demand, (Points : 1)
it equates the amount buyers want to buy with the amount sellers want to sell.
it adversely affects the allocation of resources.
it improves equality and efficiency.
it improves efficiency but reduces equality.
13. Benefits from trade would not include (Points : 1)
the ability of people and nations to specialize.
a greater variety of goods and services becoming available.
14. It costs a company $40,000 to produce 4000 basketballs. The company’s cost will be $40,009 if it produces an additional basketball. If the company produces 4,000 basketballs then (Points : 1)
its average cost is greater than its marginal cost.
its average cost and its marginal cost are equal.
its average cost is less than its marginal cost.
there is insufficient information to compute avera
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