PAGE 1:1. (TCO 1) As a consequence of the problem of scarcity (Points : 4)there is never enough of anything.individuals ...

Get help with any kind of assignment - from a high school essay to a PhD dissertation

PAGE 1:

1. (TCO 1) As a consequence of the problem of scarcity (Points : 4)
there is never enough of anything.
individuals have to make choices from among alternatives.
production has to be planned by government.
things which are plentiful have relatively high prices.





Question 2. 2. (TCO1) Money is not considered to be an economic resource because (Points : 4)
as such, it is not productive.
money is not a free gift of nature.
money is made by man.
idle money balances do not earn interest income.





Question 3. 3. (TCO1) A point inside the production possibilities curve is (Points : 4)
attainable and the economy is efficient.
attainable, but the economy is inefficient.
unattainable, but the economy is inefficient.
unattainable and the economy is efficient.





Question 4. 4. (TCO1) In a command system (Points : 4)
self-interest guides and commands individuals to pursue actions that lead them toward achieving their goals.
the head of each family decides what to do with the family's resources.
the government makes production and allocation decisions.
market traders command what outputs are produced and how they are allocated.





Question 5. 5. (TCO 2) Which is consistent with the law of demand? (Points : 4)
A decrease in the price of tacos causes no change in the quantity of tacos demanded.
An increase in the price of pizza causes an increase in the quantity of pizza demanded.
An increase in the price of hamburgers causes a decrease in the quantity of hamburgers demanded.
A decrease in the price of turkey sandwiches causes a decrease in the quantity of turkey sandwiches demanded.





Question 6. 6. (TCO 2) What combination of changes in supply and demand would most likely increase the equilibrium quantity? (Points : 4)
When supply increases and demand increases
When supply decreases and demand decreases
When supply decreases and demand increases
When supply increases and demand decreases





Question 7. 7. (TCO 2) Chuck Grim has a price elasticity of demand for beer of 1.2. Suppose that the price of beer is increased by 10 percent. What will happen to the total amount Chuck spends on beer? (Points : 4)
It will not change.
It will decrease.
It will increase.
It is impossible to tell.





Question 8. 8. (TCO 2) The elasticity of supply for a product will be 2 if: (Points : 4)
A 1 percent decrease in the price causes a 0.2 percent decrease in quantity supplied
A 2 percent decrease in price causes a 1 percent decrease in quantity supplied
A 1 percent decrease in price causes a 2 percent decrease in quantity supplied
A 2 percent decrease in price causes a 2 percent decrease in quantity supplied





Question 9. 9. (TCO 2) Which is true for a purely competitive firm in short-run equilibrium? (Points : 4)
The firm is making only normal profits.
The firm's marginal cost is greater than its marginal revenue.
The firm's marginal revenue is equal to its marginal cost.
A decrease in output would lead to a rise in profits.





Question 10. 10. (TCO 2) Consumers who clip and redeem discount coupons (Points : 4)
exhibit the same price elasticity of demand for a given product than consumers who do not clip and redeem coupons.
exhibit more price elasticity of demand for a given product than consumers who do not clip and redeem coupons.
exhibit less price elasticity of demand for a given product than consumers who do not clip and redeem coupons.
cause total revenue to decrease for firms that issue coupons for their products.





Question 11. 11. (TCO 3) A major reason that firms form a cartel is to (Points : 4)
reduce the elasticity of demand for the product.
enlarge the market share for each producer.
minimize the costs of production.
maximize joint profits.





Question 12. 12. (TCO 3) In the short run, output (Points : 4)
is absolutely fixed.
can vary as the result of using a fixed amount of plant and equipment more or less intensively.
may be altered by varying the size of plant and equipment which now exist in the industry.
can vary as the result of changing the size of existing plants and by new firms entering or leaving the industry.





Question 13. 13.
(TCO 4) Refer to the diagram. The phases of the business cycle from points A to D are, respectively:


Graph Description
(Points : 4)
Peak, recession, expansion, trough
Trough, recovery, expansion, peak
Expansion, recession, trough, peak
Peak, recession, trough, expansion





Question 14. 14. (TCO 4) In calculating the unemployment rate, part-time workers are (Points : 4)
counted as unemployed because they are not working full-time.
counted as employed because they are receiving payment for work.
used to determine the size of the labor force, but not the unemployment rate.
treated the same as "discouraged" workers who are not actively seeking employment.





Question 15. 15. (TCO 4) GDP is the market value of (Points : 4)
resources (land, labor, capita, and entrepreneurship) in an economy in a given year.
all final goods and services produced in an economy in a given year.
consumption and investment spending in an economy in a given year.
all output produced and accumulated over the years.





Question 16. 16. (TCO 4) Nominal GDP differs from real GDP because (Points : 4)
nominal GDP is based on constant prices.
real GDP is based on current prices.
real GDP is adjusted for changes in the price level.
nominal GDP is adjusted for changes in the price level.





Question 17. 17. (TCO 6) The goal of expansionary fiscal policy is to increase (Points : 4)
the price level.
aggregate supply.
real GDP.
unemployment.





Question 18. 18. (TCO 6) Refer to the figure. The economy is at equilibrium at Point B. What would expansionary fiscal policy do?

Graph Description
(Points : 4)
Shift aggregate demand from AD2 to AD1
Shift aggregate demand from AD2 to AD3
Move the economy from Point B downward along AD2
Move the economy from Point B upward along AD2





Question 19. 19. (TCO 6) The American Recovery and Reinvestment Act of 2009 is a clear example of (Points : 4)
nondiscretionary expansionary fiscal policy.
nondiscretionary contractionary fiscal policy.
discretionary contractionary fiscal policy.
discretionary expansionary fiscal policy.





Question 20. 20. (TCO 6) The time which elapses between the beginning of a recession or an inflationary episode and the identification of the macroeconomic problem is referred to as a(n) (Points : 4)
budget lag.
recognition lag.
operational lag.
administrative lag.


PAGE 2:
3. (TCO 5) A fall in labor costs will cause aggregate (Points : 4)
supply to increase.
demand to increase.
supply to decrease.
demand to decrease.
6. (TCO 7) As of January 2010, slightly more than half of the money supply (M1) was in the form of (Points : 4)
currency.
checkable deposits.
gold coins and bars.
savings deposits.





Question 7. 7. (TCO 7) The basic requirement of money is that it be (Points : 4)
backed by precious metals--gold or silver.
authorized as legal tender by the central government.
generally accepted as a medium of exchange.
some form of debt or credit.





Question 8. 8. (TCO 7) How many members can serve on the Board of Governors of the Federal Reserve System? (Points : 4)
Seven
Nine
12
14





Question 9. 9. (TCO 7) Which group is responsible for the policy of changing the money supply? (Points : 4)
Federal Open Market Committee
Office of Management and Budget
Thrift Advisory Council
Federal Advisory Council





Question 10. 10. (TCO 7) The Federal funds rate is the rate that banks pay for loans from (Points : 4)
the Fed.
the U.S. Treasury.
other banks.
large corporations.





Question 11. 11. (TCO 7) During the financial crisis of 2007-2008, the FDIC increased deposit insurance coverage from (Points : 4)
$50,000 to $100,000 per account.
$100,000 to $250,000 per account.
$200,000 to $500,000 per account.
$500,000 to $1,000,000 per account.





Question 12. 12. (TCO 7) The purchase and sale of government securities by the Fed is called (Points : 4)
federal funds market.
open market operations.
money market transactions.
term auction facility.





Question 13. 13. (TCO 7) The most frequently used monetary device for achieving price stability is: (Points : 4)
open market operations.
the discount rate.
the reserve ratio.
the prime interest rate.





Question 14. 14. (TCO 8) Which country is the United States' largest trading partner in terms of volume of trade? (Points : 4)
Mexico
Japan
China
Canada





Question 15. 15. (TCO 8) In a two-nation world, comparative advantage means that one nation can produce (Points : 4)
a product with fewer inputs than the other nation.
a product at lower average cost than the other nation.
a product at a lower domestic opportunity cost than the other nation.
more of a product than the other nation.





Question 16. 16. (TCO 8) A tariff is a (Points : 4)
tax.
price ceiling.
quantity limit.
subsidy.





Question 17. 17. (TCO 8) If a nation agrees to set an upper limit on the total amount of a product that it exports to another nation, then this situation would be an example of (Points : 4)
an import quota.
a revenue tariff.
a protective tariff.
a voluntary export restriction.





Question 18. 18. (TCO 8) When tariffs on imported products are removed by a nation, it will result in (Points : 4)
higher prices and lower quantities consumed.
higher prices and quantities consumed.
lower prices and quantities consumed.
lower prices and higher quantities consumed.





Question 19. 19. (TCO 8) A major goal of the World Trade Organization is to (Points : 4)
increase the protection of producers against foreign trade competition.
encourage bilateral trade agreements between nations.
liberalize international trade among nations.
maximize tariff revenue for governments.





Question 20. 20. (TCO 9) U.S. businesses are demanders of foreign currencies because they need them to (Points : 4)
produce goods and services exported to foreign countries.
pay for goods and services imported from foreign countries.
receive interest payments from foreign governments.
receive interest payments from foreign businesses.

PAGE 3:

1. (TCO 9) Remittances of Mexican workers in the U.S. to their families in Mexico are included in the U.S. balance of payments as a debit in the section on (Points : 4)
trade in services.
net international transfers.
financial accounts.
capital accounts.










OUR SERVICE CHARTER







  • 100% Plagiarism-Free Guarantee

    We deliver top-quality essays through employing various measures that seek to improve the content of a given assignment. One of the quality-control systems that we use entails plagiarism checkers. These systems help us to deliver a 100% plagiarism-free papers to our clients. We also value the originality of papers, and we do not resell any submitted paper. It means that every client always gets a unique paper. Additionally, our perfect team of writers is usually keen on the academic writing standards as well as the instructions brief that a client submits. Our team of writers holds matchless competence when it comes to its service delivery. Every member of the team usually has an academic degree, and the team’s diversified skills make it possible for us to have a qualified writer in any client’s area of study. Additionally, our past clients have always given a positive feedback on each of our writers.
  • Better Grades Guarantee

    Our team of writers prides in high-level competence. The writers have the required expertise that enables them to deliver quality papers that match with the requirements of the grading rubric. In the absence of the rubric, we ensure that the writers follow the clients’ instruction brief to the letter. We can confidently assure our clients to expect nothing short of a pass from the papers that we deliver. Importantly, we have qualified writers who handle different areas of study. This diversification enables us to allot clients’ orders to the writer who is well seasoned in the subject area of study. It also enables the team to become more professional due to specialization. Our clients should put their trust in our service delivery and expect to successfully attain high grades at all times. The fact that we offer free revision reflects our dedication in delivering high quality papers that match with our clients’ expectations.
  • Money Back Guarantee

    If any of our writers deliver an incomplete or ambiguous paper that is off the topic, our clients can claim for a refund in regard to the oversight. We do not compromise our service delivery through submission of a paper that does not follow our clients’ instructions. We also mind about the interest of our customers, and we always give them value for their money. However, our clients have a choice to request for a free revision within 14-30 days, or depending on the length of the submitted paper. A client who needs a refund should send a request for it within 14 days after receiving the completed paper. If a client decides not to download the paper, then they can request for 100% refund. Any refunded amount usually goes to the client’s Bonus Balance as store credit. There is always extra compensation when the refund takes the form of store credit. Alternatively, the refunded amount can also go the client’s credit card.
  • Professional Academic Writers

    An academic degree is one of the qualifications that our writers hold. This is only a minimum requirement that we ask from our writers, but the team also has writers who possess higher educational credentials. It means that the team comprises of competent writers who have gone through institutions of higher learning and passed their exams. Subsequently, the writers have a good grasp of what our clients require. It is notable that our writers not only want to apply their acquired knowledge, but they are also willing to help our clients to outperform them. This is a clear indication of a team that is willing to walk an extra mile. We uphold professionalism in our operations, and our clients should look forward to receive services from a team of experts. It is the spirit of value addition that makes us to scale any heights in order to deliver and outperform our clients’ expectations.