!
The price elasticity of soft drinks is likely___the price elasticity of a specific brand of cola.
1)more volatile than 2)less than 3)greater than
What is less than?
The shared atmospheric environment of the globe is referred to as which of the following?
1)"world heritage" 2)"global common goods" 3)"climate commons"
What is "climate commons"?
A primary focus of positive economics is____
a)improving Pareto efficiency
b)maximizing well-being
c)describing and explaining economic phenomena
What is describing and explaining economic phenomena?
Which of the following would be certain to lead to an increase in the demand for a good?
a)decrease in the price of a complementary good
b)decrease in the price of the good
c)increase in income
What is the decrease in the price of complementary goods?
Which of the following is a key feature that separates oligopoly from other types of markets?
a)each seller must consider the response of other sellers in making decisions
b)each seller produces a differentiated good
c)there are only two firms
What is each seller must consider the response of other sellers in making decisions?
The banking system is able to expand the money supply primarily by_____
-Holding on to its deposits
-Printing new currency
-Lending its deposits
What is Lending its deposits?
What is a one-way(unidirectional) externality?
a)when a downstream firm polluted and upstream paper mill
b)when one party affect the other, but not vice versa
c) when two parties both affect each other
What is when one party affects the other, but not vice versa?
What are the two defining characteristics of public goods?
a)rival and excludable
b)rival and inexcludable
c)nonrival and nonexcludable
What is nonrival and nonexcludable?
When was the modern system for measuring GDP created?
a)during WW1
b)during the Great Depression
c)during the Gold Rush
What is the Great Depression?
The banking system can expand the money supply primarily by____.
a)printing new currency
b)lending deposits
c)refusing new deposits
What is lending deposits?
In the long run, what is the liekly effect of 30% increase of the money supply?
1)30% increase in ouput 2)no charges 3)30%increase in price level
What is a 30% increase in price level
Which type of public good is a clean house shared by students?
a)accumulative b)nested c)scant
What is nested?
What is the goal of an economic aggregate, such as the CPI?
a)To focus on details
b)To help us to understand what is happening on a large scale, such as at a national level
c)to obscure important details
What is to help us to understand what is happening on a large scale, such as at a national level?
Unemployment is the proportion of the ____ that____.
a) The labor force; is actively seeking work but cannot find it
b)population; is working
c)population; is actively seeking work but cannot find it
What is the labor force; is actively seeking work but cannot find it.
What is the opportunity cost of attending a tennis match if a friend offers a free ticket?
a)the cost of food and beverages at the match
b)the price of the ticket
c)the value of what you would have done otherwise
What is the value of what you would have done otherwise?
Excluding the purchase of new housing, spending by households on goods and services is called___
a)rationality b)consumption c)variable cost
What is consumption ?
The supply curve of a good produced in a competitive market is found by considering the quantity so that____ equals____.
a)price; marginal cost
b)price; fixed cost
c)marginal cost; variable cost
What is price;marginal cost?
Ivy lost her job during a recent recession and is seeking work. She would be classified as___.
a)employed b)frictionally unemployed c)cyclically unemployed
What is cyclically unemployed?
A monopoly charging a single price produces a quantity___ the efficient amount of output.
a)greater than b)less than c) exactly
What is less than?
Which of the following qualifies as a business fixed investment?
a)purchasing fuel for a fleet of trucks
b)an employee's purchase of a washing machine
c)buying office space for a new headquarters
What is buying office space for a new headquarters?
In 2020, renewable fuels were found to be what percent cheaper than the least expensive fossil fuels?
a)72% b)62% c)82%
What is 62%?
A streaming video service has almost no cost of providing access to another consumer; however, they can easily exclude those who do not pay using a password. This is an example of a ____ good.
a)capital b)collective c)private
What are the problems of organization and coordination of multiple agents to achieve a common goal?
a)collective action b)climate commons c)tragedy of the commons
What is collective action?
Associated negative externalities and public bad, including___ in the earth's atmosphere, suggest that current climate conditions may be heading toward and economic and ecological crisis.
a)GHVs b)GHGs C)GHTs
What is GHGs?
In an economy with a money supply of 1 billion dollars, where each dollar is used 10 times per year on average, and output is 20 billion dollars. What is the price level?
1)0.5 2)20 3)1
What is 0.5?