What is the type of market that allows consumers the most choice?
Pure Market Economy
100
Which of the following is a service? Writing, Pens, Paper, Computers.
What is Writing?
100
An example of a public good, in an economic context, is?
Lower new car prices, longer library hours, cheaper gas prices, national defense spending?
What is National Defense Spending?
100
The circular-flow diagram:1. is an economic model.
2. incorporates two types of decision makers: households and firms.3. represents the flows of inputs, outputs, and dollars.4. All of the above are correct.
What is all the above?
100
Which of the following describes a deer in the forrest in which people hunt? 1. Non-rival,non-exclusive, 2.Non-rival,exclusive, 3. rival,non-exclusive, 4. rival, exclusive.
What is rival, non-exclusive?
200
In pure market economy, firms do not produce public goods because?
What is firms can sell goods profitably.
200
Which of the following is an example of a renewable resource? Oil, Coal, Copper, timber.
What is Timber?
200
Being able to produce something user fewer resources than other producers would give you a?
What is Absolute Advantage?
200
In the circular-flow diagram, which of the following is not a factor of production? 1. labor 2. land 3. capital 4. money
What is money?
200
Which of the following situations lead to a positive externality? Mother smokes cigarettes, new biodegradable diaper is introduced, brother decides to go to Med School, a loud airport is zoned near your hood?
What is Brother decides to go to Med School?
300
An economic system based primarily on custom and/or religion?
What is a Traditional Economy?
300
Scarcity arises because all societies have?
What is unlimited productive resources to satisfy unlimited wants?
300
Suppose you own a coffee shop. The cost of producing one coffee is 2.50. The revenue is 3.75. What is your profit per coffee?
What is $1.25?
300
Assume that Falda and Varick can switch between producing wheat and producing cloth at a constant rate.
Falda’s opportunity cost of one bushel of wheat is?
Quantity Produced in 1 Hour
Bushels of Wheat Yards of Cloth
Falda 8 12
Varick 6 15
What is 3/2 yards of cloth and Varick’s opportunity cost of one bushel of wheat is 5/2 yards of cloth?
300
The U.S. economy can be described as a?
What is Mixed economy?
400
Which of the following is a problem with pure command economies? A. difficulty enforcing property rights B. excess consumer goods, C. Inability to provide for national defense, D. environmental damage?
What is environmental damage?
400
Which of the following is an example of a capital good? Rainwater, a bull dozer, coal, a cow.
What is a Bull dozer?
400
Which of the following is an example of an open access good? Clean air, cell phone service, a new car, or a lobster?
What is a Lobster?
400
Quantity Produced in 1 Hour
Bushels of Wheat Yards of Cloth
Falda 8 12
Varick 6 15
Falda’s opportunity cost of one yard of cloth is
What is 2/3 bushel of wheat and Varick’s opportunity cost of one yard of cloth is 2/5 bushel of wheat?
400
Which type of economy produces the highest standard of living for its citizens?
What is a market oriented economy?
500
Transitional economies are i process of?
What is Privatization?
500
What does the acronym TINSTAFL stand for and mean?
What is There is no such thing as a free lunch? Means somewhere down the line somebody paid for the good or service.
500
Private good are always which of the following? 1. Non-rival,non-exclusive, 2. Non-rival,exclusive, 3. rival,non-exclusive, 4. rival,exclusive.
What is rival, exclusive?
500
Mike and Sandy are two woodworkers who both make tables and chairs. In one month, Mike can make 4 tables or 20 chairs, while Sandy can make 6 tables or 18 chairs. Given this, we know that...
a. Mike has an absolute advantage in chairs.
b. Mike has a comparative advantage in tables.
c. Sandy has an absolute advantage in chairs.
d. Sandy has a comparative advantage in chairs.
What is Mike has an absolute advantage in chairs.
500
Monetary policy involves? 1. Taxing and public spending, 2. promoting competition, 3. promoting inflation, 4. regulating the money supply.