Final Part B: Question Preview (ID: 25918)

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Comparative advantage occurs when:
a) you can produce a good using fewer resources
b) you have a lower opportunity cost of producing a good
c) both of these
d) none of these

Absolute advantage occurs when
a) you can produce a good using fewer resources than others
b) you have a lower opportunity cost of producing a good
c) both of these
d) none of these

Which of the following describes a complete ban on trade with another country?
a) embargo
b) tariff
c) quota
d) duty

An economist would most likely define economic growth as:
a) An increase in unemployment rate
b) An increase in inflation
c) An increase in deflation
d) An increase in Gross Domestic Product

Which of the following is NOT a part of the Output-Expenditure Model of GDP?
a) Government spending
b) Consumer spending
c) business Investment
d) government Taxation

The tendency of our economy to experience alternating periods of growth and contraction is called:
a) the business cycle
b) the bicycle
c) the tricycle
d) the water cycle

GDP can BEST be described as:
a) the total value of all intermediate goods produced in a a country in one year
b) the total value of all final goods produced in a country in one year
c) the percentage of people unable to find a job
d) the purchasing power of a dollar from year to year

Each American dollar is backed by:
a) silver in Fort Knox
b) gold in Fort Knox
c) the full faith and credit of the United States
d) none of these

Money serves as a MEASURE of value in which case?
a) exchanging money for a service
b) a price tag on a good
c) opening a savings acount
d) opening a checking account

Which of these is NOT a public good?
a) interstate highways
b) an automobile
c) the armed forces
d) state parks

The goals of the Federal Reserve are to:
a) promote economic growth
b) ensure full employment
c) encourage depressions
d) ensure stable prices

A tax that collects a higher percentage from low-income earners than high-income earners is
a) regresssive
b) progressive
c) proportional
d) elitist

A tax that takes the same percentage of income from both high-income and low-income earners is
a) regressive
b) progressive
c) elitist
d) proportional

Collusion is illegal because:
a) it distorts market prices
b) It gives colluding firms an unfair advantage
c) it takes advantage of consumers
d) all of these

This market structure has products that are not differentiated from each other.
a) Monopolistic Competiont
b) Monopoly
c) Perfectly Competitive
d) Oligopoly

This market structure has one firm that controls the prices of goods.
a) Monopolistic Competion
b) Perfect Competition
c) Monopoly
d) Oligopoly

An example of a durable good is:
a) an automobile
b) a bag of chips
c) a Hot 'n' Ready pizza
d) a pair of shoes

Which of these does NOT explain why a worker may get paid more than others?
a) better training
b) more experience
c) more skilled
d) more physically fit

Which of the following BEST describes globalization
a) decreased trade among countries
b) an increase in exports
c) an increase in consumer spending
d) increased trade among countries

Which of the following is NOT a basic economic question?
a) What should we produce?
b) How should we produce it?
c) Who should get what is produced?
d) Where should we make it?

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