Macroeconomics, writing homework help

Question

1 of 50

Economics is the study of how

	people make money.
	preferences are determined.
	psychology influences preferences..
	people make choices.

Question

2 of 50

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In economics, all items that people would consume if they had unlimited income is known as

	wants.
	aggregates.
	outputs.
	needs.

Question

3 of 50

The issues that an economic system attempts to solve include

	what to produce.
	how to produce items.
	for whom items are produced.
	All of the above

Question

4 of 50

The assumption that people do not intentionally make decisions that would leave them worse off is known as

	the rationality assumption.
	the microeconomic assumption.
	the ceteris paribus assumption.
	the normative assumption.

Question

5 of 50

Economic models are used to

	simplify reality to predict outcomes.
	exactly replicate reality.
	predict all possible outcomes of a study.
	determine the thoughts of individuals.

Question

6 of 50

The opportunity cost of attending college might best be described as

	the money that must be paid in order to attend college.
	the lowest-valued alternative use of the student’s time.
	the highest-valued alternative use of the student’s time.
	the value that the student attaches to not working.

Question

7 of 50

If an economy is operating at a point inside the production possibilities curve,

	society’s resources are being inefficiently utilized.
	the curve will move to the left.
	society’s resources are being used to produce too many consumer goods.
	economic policy must be implemented to further slow the growth of the economy.

Question

8 of 50

Which of the following will most likely happen when better technology is used in production?

	An upward movement along the production possibilities curve
	An outward shift of the production possibilities curve
	An inward shift of the production possibilities curve
	A downward movement along the production possibilities curve

Question

9 of 50

Comparative advantage is defined as which of the following?

	When a country can produce a good at a lower opportunity cost compared to other countries
	When a country can produce all goods more quickly than any other country
	When the production possibilities curve shifts outward to the right
	Only for individuals and not countries

Question

10 of 50

Absolute advantage is defined as

	producing at a lower opportunity cost.
	producing a good by using the fewest inputs.
	producing a good only when demand is high.
	producing a good that requires imported components.

Question

11 of 50

The division of labor refers to

	workers being assigned specific tasks.
	workers performing multiple tasks.
	separating men and women in the workforce.
	creating jobs that all people can perform at the same level.

Question

12 of 50

Why do most people choose to specialize in a narrow set of skills for their work, rather than learn a little bit about several varied fields of endeavor?

	They believe that doing so will minimize their chances of being unemployed.
	They don’t correctly perceive the costs of being so specialized.
	It allows them to earn more income by being more productive.
	They are unaware of how much better off they would be if they diversified their skills.

Question

13 of 50

The law of demand is based upon the observation that

	people buy less of a product when the product becomes less fashionable.
	people buy more of a product when the price falls.
	people are indifferent to price changes.
	stores go out of business if they lower prices.

Question

14 of 50

The only variable that can affect a movement along the demand curve is

	income levels.
	the price of the good itself.
	the number of buyers.
	the number of substitutes.

Question

15 of 50

The absolute price of a good is its

	relative price.
	money price.
	subjective price.
	projected price.

Question

16 of 50

Which of the following is not a determinant of demand?

	Consumers’ incomes
	Prices of other goods
	Consumers’ tastes
	Production technology

Question

17 of 50

The quantity supplied of a particular good is the amount of the good that

	households are willing to consume at each particular price.
	firms will actually end up buying at a particular price during a given time period.
	firms are willing to sell at each price during a particular time period.
	households want firms to sell at each price during a particular time period.

Question

18 of 50

An improvement in technology in the production of computers would

	increase the demand for computers.
	increase the supply of computers.
	decrease the demand for computers.
	decrease the supply of computers.

Question

19 of 50

All of the following will cause the supply curve of good A to shift rightward except

	a reduction in the prices of inputs used to produce good A.
	an increase in the number of firms in the industry producing good A.
	a decrease in the per-unit tax on good A, which producers must pay.
	an increase in the market price of good A.

Question

20 of 50

In the price system,

	prices are set by government action.
	producers alone set the price.
	the president sets all prices.
	price is set by the interaction of supply and demand.

Question

21 of 50

Suppose that there is an improvement in technology in the market for iPods. Which of the following is true?

	Supply will increase, and the market clearing price will fall.
	Supply will increase, and the market clearing price will rise.
	Demand will increase, and the market clearing price will rise.
	Demand will increase, and the market clearing price will fall.

Question

22 of 50

The increase in the price of gasoline to a national average of over $3.50 during the summer of 2010 was most likely a result of

	a decrease in demand due to reduced summer driving.
	an increase in supply that resulted from higher refinery output.
	an increase in demand due to increase in summer driving, along with a decrease in supply that resulted from reduced refinery output.
	an increase in supply that resulted from higher refinery output, along with a decrease in demand in summer driving.

Question

23 of 50

When a government imposes price controls, the result is that

	the rationing function of prices is not allowed to function freely.
	the price system operates more efficiently.
	all trades are as mutually beneficial to each party as possible.
	scarcity usually disappears.

Question

24 of 50

One result of the agriculture price supports that is cited in the textbook is that:

	surplus food is sometimes given away.
	food shortages result in most cases.
	small farms receive most of the benefits.
	None of the above

Question

25 of 50

An import quota will

	lead to a shift of the demand curve.
	leave the equilibrium price unchanged and increase the quantity sold.
	limit the amount of a foreign good that can be brought into the United States.
	limit the amount of a good that local producers can make.

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