macro final review

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any point on the production possibilities curve represnts

all of the above ( full employement and full production, productive efficiency, potential gdp )

which of the following represents a characterisitc of capitalism

all of the above ( private property, competition, freedom of choice)

which of the following contributes to ecnomic growth

an increase in a nations resources over time

one factor that has resulted in an increase in the demand for health care services in the US is

an increase in the number of people over the age of 65

improved technology in the production of steel will result in

an increase in the supply of steel

a point outside the PPC indicates

an unattainable GDP

_____ determine on how the goods should be produced in a capitalist system

businesses

which of the following economic systems can respond faster to a change in consumer tastes/preferences for goods and services

capitalism

athletic footwear and athletic apparel are

complementary goods

Which of the following represents capital as an economic resource:

construction equipment

which nation best reflects a command system

cuba

A decrease in the price of Shell gasoline will:

decrease the demand for Exxon gasoline

an increase in the price of household appliances will

decrease the demand for extended service warranty contacts for household appliances

An increase in the price of salmon will:

decrease the quantity of salmon demanded.

ecnomic theories are based upon

ecnomic facts

the study of ecnomics revolves around the concept of

efficiency

_______ represents individuals who set the strategy, combine the resources, advance innovation and bear financial risk if their firms fail

entreprenuers

in a command system economic resources are primarly

owned by the government

which of the following would be a likely target for a price ceiling

prescription drugs

anti-price gouging laws would be an example of a

price ceiling

Which of the following is a characteristic of a capitalist economy

private property

______ effi8ency refers to producing products at the lowest cost and _________effienceny refers to producing the products that are most wanted by society

productive, allocative

the labor makret represents a

resource market

opportunity cost in an economy exists because

resources are limited

Which of the following statements applies to microeconomics:

sales of household appliances declined in 2008.

crest toothpaste and colgate toothpaste are

substitute goods

which of the following is true about the rationale for trade

the buyer and seller benefits from the trade

an increase in the number of medical clinics will

increase the supply of medical services

the law of demand reflects a ______ relationship between price and quanity demanded

inverse

the economic philsopher who promoted communism was

karl marx

A nation faces tradeoffs because of

limited resources

Society faces economic choices because of:

limited resources

which of the following best decribes the study of ecnomics

limited resources versus unlimited wants

which of the fololoowing economic principles explains the rationale behind decision making

marginal analysis

A _______________ represents the interaction between buyers and sellers and where an exchange of products occurs for a specific price.

market

an ecnomic study of the US automobile industry would reflect

microeconomic analysis

a wage floor is referred to as the

minimum wage

you drive to a retail store that is 20 miles from your home and purchase a shirt on sale for $30. how much did the shirt cost you

more than $30

Which of the following will cause an increase in the demand for health care services:

An increase in buyer income

Which of the following will increase the demand for European travel?

An increase in buyer income

Qd Price Qs 10 $5 40 20 $4 33 28 $3 28 34 $2 24 39 $1 21 A shortage of 10 units will occur at:

$2

Qs Price Qd 200 $23 150 175 $20 175 120 $18 210 90 $14 300 The equilibrium price and quantity in this market will be:

$20 and 175

Qs Price Qd 200 $23 150 175 $20 175 120 $18 210 90 $14 300 A surplus would occur at a price of:

$23

Qd Price Qs 10 $5 40 20 $4 33 28 $3 28 34 $2 24 39 $1 21 the equilibrium price and quanity is

$3 and 28

Qd Price Qs 100 $1 20 80 $2 40 60 $3 60 40 $4 80 20 $5 100 the equilibrium price and quanity is

$3 and 60

Which of the following will increase demand for a firm's products?

A firm that opens new stores in different geographic markets

Which of the following will cause an increase in the supply for apples.

A government subsidy to apple growers

The minimum wage is an example of

A price floor on wage rates for unskilled labor

Which of the following would increase the price of milk?

A price floor placed on milk

Which of the following products would be a likely target for a price ceiling?

All of the above Answers: a. Gasoline b. Prescription drugs c. Rental housing units d.

A decrease in the price of Nike running shoes will

Decrease the demand for Adidas running shoes

An increase in the price of cell phones will:

Decrease the demand for cell phone cases

An increase in supply with demand constant will:

Decrease the equilibrium price and increase the equilibrium quantity

A decrease in demand with supply constant will:

Decrease the equilibrium price and quantity

If medical research validates the health benefits of eating broccoli we can expect an:

Increase in the demand for broccoli

A decrease in resource costs associated with the production of sushi will:

Increase the supply of sushi

Which economic principle indicates that in order to get something you must give something up?

Opportunity cost

Which of the following will result in an increase in the supply of oysters during the present period:

The expectation that the price of oysters will decline in the near future

Which of the following will cause an increase in the demand for the IPhone during the present period

The expectation that the price of the I-Phone will increase in the near future

Which of the following best describes a price floor:

The government establishes a minimum price which is above the market price

Which of the following defines a price ceiling?

The government sets a maximum price which is below the equilibrium price

Macroeconomics approaches the study of economics from the point of view of:

The national economy

ecnomic theories provide useful information to support

all of the above ( business decisions, governemnt policy decisions, proposed legislation )

The economy of Switzerland is best described as:

a capitalist ecnomy

which of the following would decrease the demand for the apple 1-10

a decrease in disposable income

Which of the following would increase the demand for Nike sports apparel?

a decrease in the price of Nike athletic footwear

a mechanism that brings about an interaction between buyers and sellers is nest described as

a market

which of the following is a likely outcome of a price ceiling

a product shortage

which of the following will decrease the supply of farm raised salmon

a tax levied on salmon farms

The economist who advocated the use of a market system in his classic work "The Wealth of Nations " was

adam smith

Which of the following best illustrates macroeconomic analysis:

all of the above :a.the measurement of U.S. GDP b.measuring the unemployment rate for the U.S. economy c.measuring the total amount of income earned by U.S. households

which of the following represents a land based reosurce

all of the above ( a farm, oil,coffee beans )

the governemnt will impose a price ceiling if it believes that the price of the product is too

high

the ______ determines what goods are produced in a capitalist system

household sector

The various types of consumer goods produced in a capitalist system are determined by:

households

______ represent the buyers in the product market in a pure capitalist system

households

The simple circular flow model shows that:

households are on the demand side of the product market and the supply side of the resource market

the circular flow model of pure capitalism indicates that

households supply the resources

The PPC model illustrates the basic principle that:

if an economy is producing at a maximum level of output more consumer goods can only be produced if less capital goods are produced.

A buyer will purchase a second piece of pizza :

if marginal benefit is greater than marginal cost

the expectation that the price of amazon stock will increase in the near future will result in a

increase in demand for amazon stock

an increase in the price of oranges will result in a

increase in quanity supplied

If medical research indicates that fish oil supplements reduce the risk of heart disease we can expect to see a:

increase in the demand for fish oil supplements

a decrease in supply with demand remaining the same will result in a

increase in the equilibrium price and decrease in the equilibrium quanity

an increase in demand with supply remaining constant will result in a

increase in the equilibrium price and quanity

a decrease in the price of gasoline will result in a

increase in the quanity of gasoline demanded

the expectation of a shortage of bottled water due to an impending hurricane would

increase the demand

The expectation of a product shortage for gasoline will:

increase the demand for gasoline

an increase in the price of kellogs corn flakes will

increase the demand for post corn flakes

which of the following will increase the supply of avacados during the present period

the expectation that the price of avocadoes will decrease in the near future

which of the folloeing best describes a price ceiling

the government sets a maximum price which is below the market price

which of the following best describes a price floor

the government sets a minimum price that is above the equilibrium price

Which of the following is a normative economic statement:

the government should extend unemployment benefits if the unemployment rate is higher than 7%

____ refers to the fact that when an individual pursues their ecnomic self interest he/she also promotes the ecnomic well being of the society to which he/she belongs

the invisible hand

prices for goods and services in a capitalist system are determined by

the market

_____ is a market where goods and services are purchased by households and sold by firms

the product market

a nations standard of living depends upon

the production of goods and services

The rationale for a price floor is based upon the fact that the government believes the price is:

too low

a point inside the PPC indicates

underemployement and unemployement

which of the following represents postive ecnomics

what is the current unemployement rate


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