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economics data bank




Question;2. (TCO1) Wich of the following is considered to be an entrepreneur?a. Self-employed personb. MBA graduate hired by a firm to be its CEOc. Production-line workerd. Customer of a firm3. (TCO1) A point outside the production possibilities curve isa. attainable and the economy is efficient.b. attainable, but the economy is inefficient.c. unattainable, but the economy is inefficient.d. unattainable and the economy is efficient.4. (TCO1) Which would not be a characteristic of a capitalist economy?a. Government ownership of most factors of productionb. Competition and unrestricted marketsc. Reliance on the market systemd. Freedom of enterprise and choice5. (TCO2) The demand curve is a representation of the relationship between the quantity of a product demand anda. supplyb. wealthc. priced. income6. (TCO2) A decrease in supply and a decrease in demand willa. increase price and affect the equilibrium quantity in an indeterminate wayb. decrease the equilibrium quantity and decrease pricec. increase the equilibrium quantity and affect price in an indeterminate wayd. decrease the equilibrium quantity and affect price in an indeterminate way7. (TCO 2) When the price of movie tickets in a certain town was reduced, the movie theaters' revenue did not change. This suggests that the demand for the movie tickets in that town has a price-elasticity coefficient ofa. 1.0b. greater than 1c. 0.5d. zero8. (TCO 2) The price of elasticity of demand increases with the length of the period considered becausea. consumers' incomes will increase over timeb. the demand curve will shift outward as time passesc. all prices will increase over timed. consumers will be better able to find substitutes9. (TCO 2) A purely competitive firm's output is such that its marginal cost is $4 and marginal revenue is $5.a. cut its price and raise its outputb. raise its price and cut outputc. leave price unchanged and raise outputd. leave price unchanged and cut output10. (TCO 2) Consumers who clip redeem discount couponsa. exhibit the same price elasticity of demand for a given product than consumers who do not clip and redeem couponsb. exhibit the more price elasticity of demand for a given product than consumers who do not clip and redeem couponsc. exhibit the less price elasticity of demand for a given product than consumers who do not clip and redeem couponsd. cause total revenue to decrease for firms that issue coupons for their products11. (TCO3) in the kinked demand model of oligopoly, if one firm increases its price, that most likely reaction of the other firms will be toa. decrease their pricesb. increase their prices.c. not change their prices.d. reduce their quantity12. (TCO 3) The main difference between the short run and the long run is thata. firms earn zero profits in the long runb. the long run always refers to a time period of one year or longerc. in the short run, some inputs are fixedd. in the long run, all inputs are fixed13. (TCO 4) A recession is a declinea. the inflation fate that last six months or longerb. the unemployment rate that last six month or longerc. real GDP that lasts six months or longerd. potential GDP that lasts six months or longer14. (TCO) In calculation the unemployment rate, part-time workers area. counted as unemployed because they are not working full-timeb. counted as employed because they are receiving payment for workc. used to determine the size of the labor free, but not the unemployment rated. treated the same as "discouraged" workers who are not actively seeking employment15. (TCO 4) GDP is the market valuea. resources (land, labor, capita and entrepreneurship) in an economy in a given yearb. all final goods and services produced in an economy in a given yearc. consumption and investment spending in an economy in a given yeard. all output produced and accumulated over the years16. (TCO 4) Nominal GDP differs from real GDP becausea. nominal GDP is based on constraint pricesb. real GDP is based on current pricesc. real GDP is adjusted for changes in the price leveld. nominal GDP is adjusted for changes in the price level17. (TCO 6) The goal of expansionary fiscal policy is to increasea. the price levelb. aggregate supplyc. real GDPd. unemployment18. (TCO 6) refer to the graph. What combination most likely cause a shift from AD1 to AD3?a. increase in taxes and government spendingb. decrease in taxes and increase in government spendingc. Increase in taxes and decrease in government spendingd. decrease in taxes and government spending19. (TCO 6) The American Recovery and Reinvestment Act of 2009 is a clear example ofa. nondiscretionary expansionary fiscal policyb. nondiscretionary contractionary fiscal policyc. discretionary contractionary fiscal policyd. discretionary expansionary fiscal policy


Paper#57216 | Written in 18-Jul-2015

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