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Hello, can you please answer the blank ones, and check MY ANSWERS. THEY ARE THE ONES UNDERLINED. If wrong please correct. THANK YOU! there is not fifty questions here. THIS IS ACTUALLY 33 QUESTIONS

1. Resources are
A. scarce for households but plentiful for economies.
B. plentiful for households but scarce for economies.
C. scarce for households and scarce for economies.
D. plentiful for households and plentiful for economies.

5. The phenomenon of scarcity stems from the fact that
A. most economies' production methods are not very good.
B. in most economies, wealthy people consume disproportionate quantities of goods and services.
C. governments restricts production of too many goods and services.
D. resources are limited.

9. Which of the following products would be considered scarce?
A. golf clubs
B. Picasso paintings
C. apples
D. All of the above are correct.

11. Which of the following terms are most closely associated with the study of economics?
A. force and acceleration
B. torts and venues
C. ego and cognitive dissonance
D. comparative advantage and deadweight loss

16. Albert Einstein once made the following observation about science:
A. "The whole of science is nothing more than the refinement of everyday thinking."
B. "The whole of science is nothing more than an interesting intellectual exercise."
C. "In order to understand science, one must rely solely on abstraction."
D. "In order to understand science, one must transcend everyday thinking."

18. Which of the following statements applies to economics, as well as to other sciences such as physics?
A. Experiments are considered valid only when they are conducted in a laboratory.
B. Good theories do not need to be tested.
C. Real-world observations often lead to theories.
D. Economics, as well as other sciences, are concerned primarily with abstract concepts.

19. The use of theory and observation is more difficult in economics than in sciences such as physics due to the difficulty in
A. performing an experiment in an economic system.
B. applying mathematical methods to economic analysis.
C. analyzing available data.
D. formulating theories about economic events.

20. Which of the following statements is true?
A. Economists almost always find it easy to conduct experiments in order to test their theories.
B. Economics is not a true science because economists are not usually allowed to conduct experiments to test their theories.
C. Economics is a social science rather than a true science because it cannot employ the scientific methoD.
D. Economists are usually not allowed to conduct experiments, and so they must rely on natural experiments offered by history.

21. People who provide you with goods and services
A. are acting out of generosity.
B. do so because they have no other choice.
C. do so because they get something in return.
D. are required to do so by government.

22. When an economist points out that you and millions of other people are interdependent, he or she is referring to the fact that we all
A. rely upon government to provide us with the basic necessities of life.
B. rely upon one another for the goods and services we all consume.
C. have similar tastes and abilities.
D. are concerned about one another's well-being.

23. People generally choose to depend upon others for goods and services. Economists view this interdependence as
A. a good thing, since it fosters friendships and bonds that otherwise would never develop.
B. a good thing, since it allows people to consume more goods and services than they would otherwise be able to consume.
C. a bad thing, since self-sufficiency may become necessary in the future.
D. a bad thing, since interdependence reduces people's self-esteem and causes various social problems.

25. Ben bakes bread and Shawna knits sweaters. XXXXX XXXXXkes to eat bread and wear sweaters, and the same is true for ShawnA. In which of the following cases is it impossible for both Ben and Shawna to benefit from trade?
A. Ben cannot knit sweaters and Shawna cannot bake breaD.
B. Ben is better than Shawna at baking bread and Shawna is better than Ben at knitting sweaters.
C. Ben is better than Shawna at baking bread and at knitting sweaters.
D. None of the above is correct.

26. Shannon bakes cookies and Justin grows vegetables. In which of the following cases is it impossible for both Shannon and Justin to benefit from trade?
A. Shannon does not like vegetables and Justin does not like cookies.
B. Shannon is better than Justin at baking cookies and Justin is better than Shannon at growing vegetables.
C. Justin is better than Shannon at baking cookies and at growing vegetables.
D. All of the above are correct.

27. Consider a shoemaker and a vegetable farmer. Potentially, trade could benefit both individuals if
A. the shoemaker can produce only shoes and the vegetable farmer can produce only vegetables.
B. the shoemaker is capable of growing vegetables, but he is not very good at it.
C. the vegetable farmer is better at growing vegetables and better at making shoes than the shoemaker.
D. All of the above are correct.

28. Without trade,
A. a country is better off because it will have to learn to be self-sufficient without trade.
B. a country's production possibilities frontier is also its consumption possibilities frontier.
C. a country can still benefit from international specialization.
D. interdependence is more extensive than it would be with trade.

29. A country's consumption possibilities frontier can be outside its production possibilities frontier if
A. the country's technology is superior to the technologies of other countries.
B. the citizens of the country have a greater desire to consume goods and services than do the citizens of other countries.
C. the country engages in trade.
D. All of the above are correct.

31. The forces that make market economies work are
A. work and leisure.
B. demand and supply.
C. regulation and restraint.
D. taxes and government spending.

32. Which of the following are the words most commonly used by economists?
A. surplus and shortage
B. resources and allocation
C. supply and demand
D. theory and practice

33. In a market economy,
A. supply determines demand and, in turn, demand determines prices.
B. demand determines supply and, in turn, supply determines prices.
C. the allocation of scarce resources determines prices and, in turn, prices determine supply and demanD.
D. supply and demand determine prices and, in turn, prices allocate scarce resources.

34. In a market economy, supply and demand are important because they
A. play a critical role in the allocation of the economy's scarce resources.
B. determine how much of each good gets produceD.
C. can be used to predict the impact on the economy of various events and policies.
D. All of the above are correct.

36. For a market for a good or service to exist,
A. there must be a group of buyers and sellers.
B. there must be a specific time and place at which the good or service is tradeD.
C. the price of the good must be determined by the sellers.
D. All of the above are correct.

37. The term market always refers to
A. an arrangement in which buyers and sellers meet at a specific time and place.
B. an arrangement in which an auctioneer plays at least a limited role in setting prices.
C. a group of buyers and sellers of a particular good or service.
D. All of the above are correct.

38. A group of buyers and sellers of a particular good or service is called a
A. coalition.
B. partnership.
C. market.
D. union.

39. A market is always characterized by
A. a high degree of organization.
B. an individual or small group of individuals who set the price of the product for all buyers and sellers.
C. the presence of buyers and sellers.
D. All of the above are correct.

40. Which of the following statements is correct?
A. Buyers determine supply and sellers determine demanD.
B. Buyers determine demand and sellers determine supply.
C. Buyers and sellers as one group determine supply, but only buyers determine demanD.
D. Buyers and sellers as one group determine demand, but only sellers determine supply.

41. In general, elasticity is a measure of
A. the extent to which advances in technology are adopted by producers.
B. the extent to which a market is competitive.
C. how fast the price of a good responds to a shift of the supply curve or demand curve.
D. how much buyers and sellers respond to changes in market conditions.

42. When studying how some event or policy affects a market, elasticity provides information on the
A. direction of the effect on the market.
B. magnitude of the effect on the market.
C. speed of adjustment of the market in response to the event or policy.
D. number of market participants who are directly affected by the event or policy.

44. Elasticity improves our understanding of supply and demand by adding
A. measures of equity.
B. measures of efficiency.
C. a quantitative element to our analysis.
D. a qualitative element to our analysis.

46. Price controls are usually enacted
A. as a means of raising revenue for public purposes.
B. when policymakers believe that the market price of a good or service is unfair to buyers or sellers.
C. when policymakers detect inefficiencies in a market.
D. All of the above are correct.

47. The presence of price controls in a market usually is an indication that
A. an insufficient quantity of a good or service was being produced in that market to meet the public's neeD.
B. the usual forces of supply and demand were not able to establish an equilibrium price in that market.
C. policymakers believed that the price that prevailed in that market in the absence of price controls was unfair to buyers or sellers.
D. policymakers correctly believed that, in that market, price controls would generate no inequities of their own.

48. Policymakers sometimes are attracted to price controls because
A. they view the market's outcome as inefficient.
B. they view the market's outcome as unfair.
C. it is politically popular to impose price controls in markets in which the demand for the good or service is inelastiC.
D. they are required to do so under the Employment Act of 1946.

49. Price controls
A. always produce an equitable outcome.
B. always produce an efficient outcome.
C. can generate inequities of their own.
D. produce revenue for the government.

50. Policymakers use taxes
A. to raise revenue for public purposes, but not to influence market outcomes.
B. both to raise revenue for public purposes and to influence market outcomes.
C. when they realize that price controls alone are insufficient to correct market inequities.
D. only in those markets in which the burden of the tax falls clearly on the sellers.
Submitted: 10 years ago.
Category: Homework
Expert:  Dolly replied 10 years ago.




Customer: replied 10 years ago.
Reply to Dolly's Post:



Princinciples of macroeconomics 3rd ed.