Question

Economics attempts to solve a wide variety of problems, including:

Select one:

a. allocation of scarce resources

b. unemployment

c. inflation

d. all of the above

e. none of the above

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Economic systems include all except:

Select one:

a. capitalist system

b. command system

c. traditional system

d. esteem system

e. market system

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Major goals of economic policy in the USA include all but:

Select one:

a. price stability

b. full employment

c. economic growth

d. random balances

e. environmental standards

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Basic concepts of economics may include all but:

Select one:

a. market equilibrium

b. supply and demand

c. market dividers

d. marginal measures

e. use of graphs and equations

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Market measures in microeconomics include all but:

Select one:

a. marginal revenue

b. marginal error

c. marginal cost

d. marginal profit

e. marginal revenue product

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A shift in demand schedule can be caused by all but:

Select one:

a. an increase in consumer income

b. a stable market economy

c. a decrease in consumer income

d. an increase in the price of commodity

e. a decrease in the price of commodity

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Fundamental macroeconomic concepts include all except:

Select one:

a. unemployment and full employment

b. inflation

c. money

d. horizontal flow

e. the business cycle

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Functions of money can include all except:

Select one:

a. standard of deferred payment

b. unit of account (price quote)

c. surplus commodity

d. store of value

e. medium of exchange

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Commodity money refers to all but:

Select one:

a. gold

b. shells

c. services

d. cows

e. tobacco

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Basic forms of business are

Select one:

a. corporation

b. partnership

c. proprietorship

d. all the above

e. none of the above

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Types of unemployment include all but:

Select one:

a. current unemployment

b. frictional unemployment

c. structural unemployment

d. cyclical unemployment

e. seasonal unemployment

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Keys to measuring economic activity include all but:

Select one:

a. Gross domestic product

b. price indexes

c. measures of land usages

d. measure of unemployment

e. meausres of money supply

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Other types of national income accounting concepts include all but:

Select one:

a. net national product

b. national income

c. personal income

d. lost income

e. disposable income

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Measures of money supply can include all except:

Select one:

a. euro dollars

b. money market mutual fund shares

c. repurchase agreements

d. trade deficits

e. savings (time) deposits

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Equilibrium outputs and income is the income level at which:

Select one:

a. savings and investments are equal

b. the total output of goods and services equals the total quantity of goods and services demanded.

c. which aggregate supply equals aggregate demand.

d. all the above

e. none of the above

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The object of economics is to allocate abundant resources among competing activities effectively.

Select one:

True

False

Question 17

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The economy consists of two primary sectors: foreign and domestic.

Select one:

True

False

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Economic decisions are based on marginal analysis of output, revenue, profit, and so on.

Select one:

True

False

Question 19

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Money is used to buy goods and services and serves as a basis to make an exchange.

Select one:

True

False

Question 20

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Unemployment is the availability of jobs for people able and willing to work.

Select one:

True

False

Question 21

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Inflation means a general rise in the price level.

Select one:

True

False

Question 22

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Gross domestic product (GDP) measures the value of all goods and services produced in the economy.

Select one:

True

False

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Price indexes are used to measure inflation.

Select one:

True

False

Question 24

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The largest component of total spending is consumption.

Select one:

True

False

Question 25

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Investment has a negative effect on output.

Select one:

True

False

Answer 1

Q1. Economists attempt to solve a wide variety of problems including all of the above.

(d)

Q2. (d) Esteem systems

Q3. (d) Random balances

Q4. (e) Use of graphs and equations

Q5. (b) Marginal error

Q6. (b) A stable market economy

Q7. (d) Horizontal flow

Q8. (c) Surplus commodity

Q9. (c) Services

Q10. (d) All of the above

Q11. (a) current unemployment

Q12. (c) measures of land usage

Q13. (d) lost income

Q14. (d) trade deficits

Q15. (d) all of the above

Q16. False. Its objective is to allocate scarce resources among economic activities efficiently.

Q17. False. The economy consists of domestic, foreign as well as government sectors.

Q18. True.

Q19. True. Money is used as a medium kf exchange ans store of value.

Q20. False. Unemployment is the unavailability of jobs for the peole who are willing and able to work.

Q21. True.

Q22. False. It measure the value of all the "final" goods and services produced in the economy within a given time period.

Q23. True.

Q24. True

Q25. False. Investment is a component of aggregate demand/output and has a positive effect on it.