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the word "utility" means:
pleasure and satisfaction
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study of economics is primarily based on
choices that are made in seeking the best use of resources
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the term "ceteris paribus" means:
other things equal
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the economizing problem is
the need to make choices because economic wants exceed economic needs
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the production possibilities curve illustrates the basic principle that:
if all resources of an economy are in use, more of one good can be produced only if less of another is
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which of the following is a distinguishing feature of a market system?
wide-spread private ownership of capital
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competition means that
there are independantly acting buyers and sellers in each marke
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"consumer sovereignty" means that:
buyers determine what will be produced based on their "dollar votes" for the goods and services offered by sellers
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refer to diagram,. Flow (1) represents:
wage, rent, interest, and profit income.
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Refer to above diagram, Flow(2) represents:
land, labor, capital, entrepreneurability.
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The law of demand states that:
price and quantity demanded are inversely related.
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economists use the term "demand" to refer to:
schedule of various combinations of market prices and amounts demanded.
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which of the following would NOT shift the demand curve for beef?
a reduction in the price of cattle feed.
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if two goods are compliments:
a decrease in the price of one will increase the demand of another.
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if Z is an inferior good, an increase in money income will shift the:
demand curve for Z to the left.
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If consumers are willing to pay a higher price than previously for each level of output, we can say that, the following has occured:
an increase in demand.
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Refer to the above data, equlibrium price will be:
$2.
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Refer to the above data, if the price in this market was $4:
farmers would not be able to sell all their wheat.
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refer to the above diagram. the equlibrium price and quantity in this market will be:
$1.00 and $200.
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Refer to the above diagram. A surplus of 160 units would be encountered if price was:
$1.60
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Refer to the diagram. A shortage of 160 units would be encountered if price was:
$.50
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Refer to the above diagram. A government-set price floor is best illustrated by:
Price C.
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Refer to the above diagram. A government-set price ceiling is best illustrated by:
Price A.
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If a legal ceiling price is set above the equilibrium price:
neither the equilibrium price nor the equilibrium quantity will be affected.
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the personal distribution of income refers to the:
way income is distributed among specific households or spending units.
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The functional distribution of income refers to the:
distribution of income to basic resource classes, that is, wages, rents, interests, and profits.
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Since 1941 personal taxes have:
risen both absolutely and as a percentage of personal income.
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a firm that has a singlr product but owns many plants in many stages of production process, for example a steel producer that owns iron ire mines and rolling mills - best illustrates a:
vertically integrated firm.
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the advantages of the corporate form of business include:
the ability to raise financial capital by selling stocks and bonds.
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Nonrivalry and nonexecutability are the main characteristics of:
public goods
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shocks to the economy occur when:
actual economic events do not match what people expected.
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When demand shocks lead to recessions, it is mainly due to:
price inflexibility
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Which of the following is an example of a supply shock?
a dramatic increase in energy prices increses production costs for firms in the economy.
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A nations GDP
found by summing C + Ig + G + Xn
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GDP Includes:
final, but not intermediate, goods.
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GDP excludes:
the market value of unpaid work in the home.
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the GDP for the above economy is:
$623
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Refer to above data, NDP is:
$580
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Refer to above data, The National Income is:
$580
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Refer to the above data, Disposable income:
cannot be determined form the goven information.
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A price index is:
a comparison of the price of a market basket from a fixed point of reference.
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Refer to above data, If year 3 is chosen as the base year, the price index for year 1 is:
60
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Refer to above data, the nominal GDP for year 4 is:
$49
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the growth of GDP may understate changes in the economy's economic well-being over time if the:
quality of products and services improves.
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at an annual growth rate of 4 percent, real GDP will double in about.
17 1/2 years.
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the industrial revolution and modern economic growth resulted in:
the average human lifespan more than doubling.
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economic growth can be potrayed as a:
outward shift of the production possibilities curve.
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more than half the growth of real GDP in the united states is caused by:
increases in the productivity of labor.
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strong property rights are important for modern economic growth because:
people are less likely to invest if they are fearful that others can take their return on investment without compensation.
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