ECON 1B03 Study Guide - Midterm Guide: Inferior Good, Planned Economy, Surplus Product
ECON 1B03 Full Course Notes
Document Summary
Get access
Related Documents
Related Questions
Microeconomics
A | B | Answer |
As a student of economics, when you speak of scarcity, you are referring to the ability of society to. | A. Extra benefit | |
What is the economic meaning of the expression that "There is no such thing as a free lunch?" | B. Entrepreneur. | |
Which expression is another way of saying "marginal benefit"? | C. Very limited government role in the economy | |
A tradeoff exists between two economic goals, X and Y. This tradeoff means that. | D. Price ceilings and the resulting product shortages. | |
The individual who brings together economic resources and assumes the risk of business ventures in a capitalist economy is called the | E. Explicit costs. | |
The Soviet Union economy of the 1980s would best be classified as | F. Easy entry, many firms, and differentiated products | |
The simple circular-flow model shows that workers, entrepreneurs, and the owners of land and capital offer their services through | G. Product markets | |
Laissez-faire capitalism is characterized by | H. Satisfy economic wants given limited resources. | |
Black markets are associated with | I. Oligopoly | |
Cash expenditures a firm makes to pay for resources are called | J. The Resource Markets | |
Which set of characteristics below best describes the basic features of monopolistic competition | K. A command System | |
Mutual interdependence would tend to limit control over price in which market model | L. Getting more of X requires getting less of Y | |
Markets in which firms sell their output of goods and services are called | M. It means that there is an opportunity cost when resources are used to provide "free" products |
21. The English word that comes from the Greek word for "one who manages a household" is
A- market
B- consumer
C- producer
D- economy
B- should be counted only to the extent that they are more expensive at college than elsewhere. C- usually exceed the opportunity cost of going to college. D- plus the cost of tuition, equals the opportunity cost of going to college. |
B- in most economies, wealthy people consume disproportionate quantities of goods and services. C- governments restrict the production of too many goods and services. D- resources are limited. |
B- markets guiding economic activity. Today many countries that did not have this system have implemented it. C- government guiding economic activity. Today many countries that had this system have abandoned it. D- government guiding economic activity. Today many countries that did not have this system have implemented it. |
B- we should agree with Senator Johnson. C- a good decision requires that we recognize both viewpoints. D- there are no tradeoffs between equity and efficiency. |
B- it does not matter if they charge $10 or $15. C- they would do better charging $15 than $10. D- they should raise the price even more. |
B- helps to explain how the economy is organized. C- incorporates all aspects of the real economy. D- Both (a) and (b) are correct. |
B- households provide firms with labor, land, and capital. C- firms provide households with output. D- firms provide households with profit. |
B- grew rapidly, due to several increases in the minimum wage during those decades. C- grew rapidly, due to government policies that discouraged the importation of foreign products during those decades. D- grew slowly, due to the slow growth of the output of goods and services per hour of U.S. workers' time during those decades. |
Question 30. 30. For economists, statements about the world are of two types: |
A- assumptions and theories.
B- true statements and false statements.
C- specific statements and general statements.
D- positive statements and normative statements.