Final

Question 1

The economy of China is in transition what does that mean

Answer 1

Economies moving from central planning towards a market-based system

Question 2

When is the buyer not willing to spend a lot of time and energy researching the market

Answer 2

When the savings to be made or small

Question 3

What does it mean when a person is underemployed

Answer 3

Draw their “the person has a job that they are overqualified for

Question 4

Which of these statements is a fundamental part of supply-side economics

Answer 4

The government should reduce taxes to promote promote economic growth by increasing aggregate supply

Question 5

All the following are accurate statement about the special economic zones establish Internet except

Answer 5

Economic zones establish their interior regions have been far more successful than those establishing coastal cities

Question 6

The phone is not characteristic of centrally planned economy

Answer 6

Each collective of factory since it’s own goal

Question 7

What is a basic principle of the law of demand

Answer 7

What a good prices lower people buy more of it

Question 8

Which of the following jobs are expected to grow significantly

Answer 8

Computer related jobs

Question 9

Example of expansionary fiscal policy would be

Answer 9

cutting taxes

Question 10

The US placed a limit on the number of cars that can be brought into the country for sale this is an example of

Answer 10

And import quota

Question 11

Jeff and Margaret qualify for section 8 housing they subsidize housing program from the federal government what kind of benefits are they receiving

Answer 11

In-kind government

Question 12

Publicly held corporation

Answer 12

A large number of stockholders can buy and sell stocks

Question 13

Call the following are constitutional limits on the power to tax except that

Answer 13

Exports must not be taxed

Question 14

What country is the worlds largest exporter of services

Answer 14

United States

Question 15

What are the following is a private organization that attempts to influence public officials to act in a Waze the benefit members

Answer 15

Interest group

Question 16

What happens to monopolistically competitive firm that begins to charge and excessive price for the product

Answer 16

Consumers will substitute a rivals product

Question 17

Which of the following is correctThe unemployment rate is

Answer 17

(Labor force-employed):labor force x 100

Question 18

Which the phone is one with the reserve bank search the government

Answer 18

Selling the government securities

Question 19

All the following are associated with moving from a centrally planned economy to a market economy except

Answer 19

An increase in the role of the government plays in the marketplace

Question 20

What is the purpose of competition

Answer 20

To act as a regulating force in the marketplace

Question 21

Which of the following in quantities of doubled in price

Answer 21

Pencils

Question 22

The equilibrium wage for doctors is high because

Answer 22

Supply of doctors is relatively low in the demand is relatively high

Question 23

And example of an automatic stabilizer is

Answer 23

Taxes

Question 24

You’re returning from European vacation and decide to buy some chocolate

Answer 24

You pay no customs duty on the chocolates

Question 25

The large telephone company has her lobbyist to try and persuade lawmakers to reduce government regulations of the telecommunications industry

Answer 25

Some regulations are costly to implement and cut into profits

Question 26

Kurt Hills cartels are difficult to operate for which of the following reasons

Answer 26

They only work if members keep their agreed output

Question 27

Factory worker loses her job because the company has relocated the plant to another country is an example of

Answer 27

Structural unemployment

Question 28

What type of policy does the Fed used counteract the contradiction

Answer 28

Easy money policy

Question 29

What two methods can be less developed country used to finance its economic development

Answer 29

Internal financing and foreign investment

Question 30

Suppose there’s a family in which all the boys are expected to become farmers when they’re adults just as their fathers and grandfathers what kind of economy

Answer 30

Traditional economy

Question 31

The price of a slice of pizza has just increased by one dollar from an earlier low price based on Ashley’s demand curvein figure 4.4 which of the following statements is true

Answer 31

Ashley will buy two fewer slices of pizza

Question 32

You realize that many students who come to early-morning hockey practice and have breakfast so you start bagels

Answer 32

And entrepreneur

Question 33

Supporters of supply-side economics believe that

Answer 33

Texas have strong negative influence on economic output

Question 34

The currency of Great Britain is the pound

Answer 34

The price will rise

Question 35

The government of the country must make a decision between spending money in a hospital or spending the same amount on border security what kind of decision is that

Answer 35

Guns or butter

Question 36

All of the things held constant is an assumption that has which of the following effects on a demand schedule

Answer 36

It takes only prices into account

Question 37

Good wireless and better Wilers merged to form best wireless the federal government watches this merger carefully for evidence of a

Answer 37

Napali

Question 38

The sales tax on a $20 hammers 7% or $1.40 which tax a bigger burden for Josh who has a $15,000 income than for Aaryn who has $150,000 income

Answer 38

The tax records into larger proportion of Josh income

Question 39

When the exchange rates are allowed to be determined by supply and demand they’re called which of the following

Answer 39

Flexible