Exam 1: Ten Principles of Economics.

Suppose Country A has a high average wage level and a high level of output per person,while Country B has a low average wage level and a low level of output per person.Which country can benefit from trade?

(Multiple Choice)

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Question 201

The tradeoff between inflation and unemployment

(Multiple Choice)

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Question 202

According to Adam Smith,the success of decentralized market economies is primarily due to

(Multiple Choice)

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Question 203

Incomes of U.S.households in the 1970s and 1980s

(Multiple Choice)

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Question 204

Bridget drinks three sodas during a particular day.The marginal benefit she enjoys from drinking the third soda

(Multiple Choice)

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Question 205

Suppose that the Federal Reserve Bank announces that it will be making a change to a key interest rate to increase the money supply.This is likely because

(Multiple Choice)

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Question 206

The word "economy" comes from the Greek word oikonomos,which means

(Multiple Choice)

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Question 207

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

(Multiple Choice)

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Question 208

An example of a firm with market power is a

(Multiple Choice)

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Question 209

Which of these activities will most likely impose an external cost?

(Multiple Choice)

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Question 210

The cost of an action is measured in terms of foregone opportunities.

(True/False)

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Question 211

A barber currently cuts hair for 50 clients per week and earns a profit.He is considering expanding his operation in order to serve more clients.Should he expand?

(Multiple Choice)

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Question 212

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?

(Multiple Choice)

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Question 213

After much consideration,you have chosen Cancun over Ft.Lauderdale as your Spring Break destination this year.However,Spring Break is still months away,and you may reverse this decision.Which of the following events would prompt you to reverse this decision?

(Multiple Choice)

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Question 214

Equality refers to how the pie is divided,and efficiency refers to the size of the economic pie.

(True/False)

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Question 215

Economists use the word equality to describe a situation in which

(Multiple Choice)

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Question 216

One way that governments can improve market outcomes is to ensure that individuals are able to own and exercise control over their scarce resources.

(True/False)

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Question 217

Over the past century,the average income in the United States has risen about

(Multiple Choice)

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Question 218

When computing the opportunity cost of attending a concert you should include

(Multiple Choice)

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Question 219

How does the study of economics depend upon the phenomenon of scarcity?

(Essay)

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Question 220

Showing 201 - 220 of 349

Exam 1: Ten Principles of Economics.

Suppose Country A has a high average wage level and a high level of output per person,while Country B has a low average wage level and a low level of output per person.Which country can benefit from trade?

The tradeoff between inflation and unemployment

According to Adam Smith,the success of decentralized market economies is primarily due to

Incomes of U.S.households in the 1970s and 1980s

Bridget drinks three sodas during a particular day.The marginal benefit she enjoys from drinking the third soda

Suppose that the Federal Reserve Bank announces that it will be making a change to a key interest rate to increase the money supply.This is likely because

The word "economy" comes from the Greek word oikonomos,which means

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

An example of a firm with market power is a

Which of these activities will most likely impose an external cost?

The cost of an action is measured in terms of foregone opportunities.

A barber currently cuts hair for 50 clients per week and earns a profit.He is considering expanding his operation in order to serve more clients.Should he expand?

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?

After much consideration,you have chosen Cancun over Ft.Lauderdale as your Spring Break destination this year.However,Spring Break is still months away,and you may reverse this decision.Which of the following events would prompt you to reverse this decision?

Equality refers to how the pie is divided,and efficiency refers to the size of the economic pie.

Economists use the word equality to describe a situation in which

One way that governments can improve market outcomes is to ensure that individuals are able to own and exercise control over their scarce resources.

Over the past century,the average income in the United States has risen about

When computing the opportunity cost of attending a concert you should include

How does the study of economics depend upon the phenomenon of scarcity?

Thinking Like an Economist.

Interdependence and the Gains from Trade.

The Market Forces of Supply and Demand.

Elasticity and Its Application

Supply, Demand, And Government Policies.

Consumers, Producers, and the Efficiency of Markets.

Application: The Costs of Taxation.

Application: International Trade.

Externalities.

Public Goods and Common Resources.

The Design of the Tax System.

The Costs of Production.

Firms in Competitive Markets.

Monopoly.

Monopolistic Competition.

Oligopoly.

The Market For the Factors of Production.

Earnings and Discrimination.

Income Inequality and Poverty.

The Theory of Consumer Choice.

Frontiers in Microeconomics.

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