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Bizhelp, CPA
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Experience:  Bachelors Degree and CPA with Accounting work experience
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NEED BACK IN 30 MINUTES: WILL TIP When calculating the

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NEED BACK IN 30 MINUTES: WILL TIP

When calculating the cost of college, which of the following should you probably not include? (Points : 1)
The cost of tuition
The cost of books required for college classes
The income you would have earned had you not gone to college
The cost of rent for your off-campus apartment.


2. In the early 1980s, U.S. economic policy was directed toward reducing inflation. What would you have expected to observe during this short period of time? (Points : 1)
Inflation fell and unemployment fell.
Inflation and unemployment were both unaffected.
Inflation fell and unemployment increased.
Inflation fell and unemployment was unchanged.


3. Samantha’s college raises the cost of room and board per semester. This increase raises Samantha’s opportunity cost of attending college (Points : 1)
even if the amount she would have to pay for room and board if she didn’t attend college rose by the same amount. An increase in opportunity cost reduces Samantha’s incentive to attend college.
even if the amount she would have to pay for room and board if she didn’t attend college rose by the same amount. An increase in opportunity cost increases Samantha’s incentive to attend college.
only if the amount she would have to pay for room and board if she didn’t attend college rose by less than the increase in the amount her college charges. An increase in opportunity cost reduces Samantha’s incentive to attend college.
only if the amount she would have to pay for room and board if she didn’t attend college rose by less than the increase in the amount her college charges. An increase in opportunity cost increases Samantha’s incentive to attend college.


4. Which of the following is a principle concerning how people interact? (Points : 1)
Markets are usually a good way to organize economic activity.
Rational people think at the margin.
People respond to incentives.
All of the above are correct.


5. Market economies are distinguished from other types of economies largely on the basis of (Points : 1)
the political affiliations of government officials.
the process by which government officials are elected or appointed.
the ways in which scarce resources are allocated.
the number of retail outlets available to consumers.


6. To increase living standards, public policy should (Points : 1)
ensure that workers are well educated and have the necessary tools and technology.
make unemployment benefits more generous.
move workers into jobs directly from high school.
ensure a greater degree of equality, taking all income-earners into account.


7. The collapse of communism in the Soviet Union and Eastern Europe took place mainly in the (Points : 1)
1960s.
1970s.
1980s.
1990s.


8. Which of the following claims is consistent with the views of mainstream economists? (Points : 1)
If we increase the rate of inflation from 3 percent to 6 percent, then the rate of unemployment will temporarily fall.
If we increase the rate of inflation from 3 percent to 6 percent, then the rate of unemployment will temporarily rise.
If we increase the rate of inflation from 3 percent to 6 percent, then the rate of unemployment will permanently fall.
If we increase the rate of inflation from 3 percent to 6 percent, then the rate of unemployment will permanently rise.


9. In a particular country in 2000, the average worker needed to work 40 hours to produce 55 units of output. In that same country in 2008, the average worker needed to work 30 hours to produce 45 units of output. In that country, the productivity of the average worker (Points : 1)
decreased by about 6 percent between 2000 and 2008.
remained unchanged between 2000 and 2008.
increased by about 9 percent between 2000 and 2008.
increased by about 18 percent between 2000 and 2008.


10. To say that government intervenes in the economy to promote efficiency is to say that government is attempting to (Points : 1)
create a more fair distribution of income.
change the way in which the economic pie is divided.
enlarge the economic pie.
All of the above are correct.


11. The business cycle is the (Points : 1)
relationship between unemployment and inflation.
irregular fluctuations in economic activity.
positive relationship between the quantity of money in an economy and inflation.
predictable changes in economic activity due to changes in government spending and taxes.


12. Low rates of inflation are generally associated with (Points : 1)
low rates of government spending.
small or nonexistent government budget deficits.
low rates of productivity growth.
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Submitted: 5 years ago.
Category: Homework
Expert:  Bizhelp replied 5 years ago.
Hi,

Thanks for the questions.

It looks like something got cut off. Are there 12 questions or more? What is the last choice for #12?
Customer: replied 5 years ago.

There are 20 questions total. Here are the last 9 (cut off from #12).




12. Low rates of inflation are generally associated with
(Points : 1)


low rates of government
spending.
small or nonexistent government
budget deficits.

low rates of productivity
growth.

low rates of growth of the quantity of
money.












13. In the United States, incomes historically have grown
about 2 percent per year. At this rate, average income doubles every (Points :
1)
15 years.

25 years.

35 years.

45 years.













14. The famous observation that households and firms
interacting in markets act as if they are guided by an "invisible hand" that
leads them to desirable market outcomes comes from whose 1776 book? (Points : 1)

David Ricardo

Thorstein Veblen

John Maynard Keynes
XXXXX XXXXX













15. One of the 20th century's worst episodes of inflation
occurred in (Points : 1)
the United States in the
1960s.

Italy in the 1950s.

Russia in the 1930s.

Germany in the 1920s.













16. The fact that different countries experience different
standards of living is largely explained by differences in those countries'
(Points : 1)

populations.
productivity
levels.

locations.

none of the above; economists are puzzled by
differences in standards of living around the world.













17. The economy of the former Soviet Union is best
described as a (Points : 1)

primitive economy.

market economy.

hybrid economy.
centrally-planned
economy.













18. An example of a firm with market power is a (Points :
1)

delicatessen in New
York.
cable TV provider in St.
Louis.

clothing store in Los
Angeles.

family farm in Illinois.













19. For which of the following problems can well-designed
public policy enhance economic efficiency? (Points : 1)

both externalities and market
power

externalities, but not market
power

market power, but not
externalities

neither externalities nor market
power













20. One reason we need government, even in a market
economy, is that (Points : 1)

there is insufficient market power in the
absence of government.

property rights are too strong in the absence of
government.

the invisible hand is not
perfect.
Both a and b are
correct.
Expert:  Bizhelp replied 5 years ago.
OK, I did not know there were 20 questions. It might take about 10-15 more minutes.
Customer: replied 5 years ago.

That is fine, but I will need it back in 10- 15 minutes. Thanks for your help!

Expert:  Bizhelp replied 5 years ago.
THIS ANSWER IS LOCKED!

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