chapter 01 testbank principle of microeconomics 8e by mankiw

whatdetrminesonsumerpreeence d.who wilconsumehegoods ANSWER: whatdetrminesonsumerpreeence TYPE:M SECTION:1 DIFFICULTY: 6a. how socity managest arc sourcs TYPE:M SECTION:1 DIFFICULTY: 16.

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Chapter 01 - Testbank Microeconomics

Microeconomics - UEH (Trường Đại học Kinh tế Thành phố Hồ Chí Minh)

Chapter 01 - Testbank Microeconomics

Microeconomics - UEH (Trường Đại học Kinh tế Thành phố Hồ Chí Minh)

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Cha pt e r

Te n Pr i nc i pl e s of Ec onomi c s

MULTI PLE CHOI CE

1 Theword thatomesrom theGrek word foronewho managesa household” i

TYPE:M SECTION:1 DIFFICULTY:

2 Theword eonomy comesfom theGrek word for

a “environment

b.“onewho managesa household.”

c “onewho partipatsin a market

d.“consevaton.”

ANSWER:b “onewho managesa household.”

3 Householdsand eonomiehave each ofheollowing in common EXCEPT both

a mustallocaesarc sourcs

b.facemany decsons

c mustallocaethegoodsand srvicsthey produce

d.musthavea cntraldecsonmaker

ANSWER:d musthavea cntraldecsonmaker

4 Economicdealsprimariy with theonceptof

5 Which ofheollowing iNOT included in thedecionshatvery socity mustmake?

a whatgoodswilbeproduce

b.who wilproducegoods

c whatdetrminesonsumerpreeence

d.who wilconsumehegoods

ANSWER: whatdetrminesonsumerpreeence

6 Both householdsand socitsacemany decsonsbecause

a reourcsaresarc

b.populaionsmay incrase ordeceaseoverime

c wagesforhouseholdsand therforesocity fluctuatwith busines ycls

d.peopleby naturetnd to disgre

ANSWER: rsourcsaresarc

1

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7 A good ionsiderd sac n a socity when

a moreoutputofhegood ipossble

b.everyonen thatocity cannothave allhey wantofhegood

c thegovernment srcsproducton ofhegood

d.only the chespeoplein theconomy can buy allhey wantofhegood

ANSWER:b everyonen thatocity cannothave allhey wantofhegood

8 Scarcty exisswhen

a ther shan an infinitamountofa rsourcorgood

b.socity can meehewantsofvery individual

c ther sofa good or sourc vailablethan peoplewish to have

d.thegovernmentailto producegoods

ANSWER: ther sofa good or sourc vailablethan peoplewish to have

9 Which ofheollowing would NOT be uen a world without arcty?

a Therwould beno need forhe inceofconomic

b.Everyone would have allhegoodsand srvicshey wanted

c Therwould have to bean infinit upply ofvery rsourc

d.Therwould beopportunity cost

ANSWER: Therwould have to bean infinit upply ofvery rsourc

10 Approximatly whatperentageofheworld’sconomie xpernce sarcty?

11 When a socity cannotproduceallhegoodsand srvicspeoplewish to have iiaid thatheconomy i

12 Forocit,a good inot arc

a ateastonendividualn socity can obtain allheorhewantsofhegood

b.firmsareproducing aullapaci

c allmemberofocity can haveallhey wantof

d.those who havenough incomean buy allhey wantofhegood

ANSWER: allmemberofocity can haveallhey wantof

13 Which productwould beonsiderd sarc?

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14 Which ofheollowing goodsbesmeeshedefiniton of acty?

15 Economic defined ashe udy of

a busines

b.how socity managest arc sourcs

c centralplanning

d.government gulaion

ANSWER:b how socity managest arc sourcs

16 Economic he udy of

a how socity managest arc sourcs

b.thegovernment’olein socit

c how a marketystm functons

d.how to incraseproducton

ANSWER: how socity managest arc sourcs

17 In mostocitsrsourcsareallocaed by

a a snglecntralplanner

b.those who own the sourcs

c those firmshatusersourcso providegoodsand srvics

d.theombined actonsofmilonsofhouseholdsand firms

ANSWER:d theombined actonsofmilonsofhouseholdsand firms

18 Economisstudy allofheollowing EXCEPT

a how peoplemakedecsons

b.how peopleinteactwith oneanother

c theorcsand tendshataffecheconomy asa whole

d.how socitschangeoverime

ANSWER:d how socitshangeoverime

19 Which ofheollowing iNOT a majorarea of udy forconomiss

a how peoplemakedecsons

b.how countrshoosenatonal ader

c how peopleinteactwith each other

d.how forcsand tndsaffecheoverallconomy

ANSWER:b how countre hoosenatonal ader

20 Theadage,Ther no such thing asa fe unch,” iused to iustaetheonceptof

a tradeoffs

b.scarct

c productvit

d.efficincy

ANSWER: tadeoffs

21 Theadage,Ther no such thing asa fe unch,” means

a even peopleon welarehaveo pay forood

b.theostofving ialwaysncrasing

c to getomething weke,weusually have to giveup anotherhing weke

d.allostareincluded in thepriofa product

ANSWER: to getomething weke,weusually have to giveup anotherhing weke

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22 Economissusethephrase“Ther no such thing asa fe unch,” to iustt

a how inflaton incraseprie

b.thato getonehing,wemustgiveup something es

c thatnothing ifein a marketconomy

d.thatfomething looksoo good to be ue,tprobably i

ANSWER:b thato getonehing,wemustgiveup something es

23 Which bes preentstheoncept preented by theadage,Ther no such thing asa fe unch”?

a Melsa can only atnd theoncetfheakesheriewith her

b.Greg ihungry and homels

c Brian mustepairheron hisbikebeforehean rde o cass

d.Kendra mustdecdebetween going to Colorado orCancun forpring break

ANSWER:d Kendra mustdecdebetween going to Colorado orCancun forpring break

24 Gunsand buttrareused to rpreenthe ass ocital adeoff between spending on

a durableand nondurablegoods

b.importand export

c natonaldefnseand consumergoods

d.law enforcmentand agriulture

ANSWER: natonaldefnseand consumergoods

25 Henry decdeso spend two hoursplaying golfaherhan working ahisob which pays$8 perhour.Henry’s

tadeoff i

a the$16 heould havearned working forwo hours

b.nothing,becausehenjoysplaying golfmorethan working

c thencrasein skilheobtains om playing golforhosetwo hours

d.nothing,becausehepent$16 forgren fe o play golf

ANSWER: the$16 heould havearned working forwo hours

26 When socity rquirshatfirms ducepollution,her

a a tadeoff becauseof duced incomesto thefirms’owner,worker,and customer

b.no tadeoff, nceeveryonebenefitsrom rduced pollution

c no tadeoff forocity asa whole ncetheostof ducing pollution fallonly on thefirmsaffeced by the

rquirments

d.a tadeoff only isomefirmsareorcd to cose

ANSWER: a tadeoff becauseof duced incomeso thefirms’owner,worker,and customer

27 Daniedecdeso spend theastwo hoursofhenightbeforehiseonomic xam sudying instad of eping.ForDanie,hisradeoff would be

a nothing, nceno dollarvaluean beputon sep

b.nothing, ncetudying would bemorebeneficialhan sep

c the x hoursof ep heould havehad ihehad goneo bed beforemidnight

d.thewo hoursof shewould have gottn

ANSWER:d thewo hoursof shewould have gottn

28 A tadeoff exissbetween a cean environmentand a higherevelofncomen that

a studie how thatndividualswith higherevelofncomeactually pollutels han low-incomendividualsb.to pay forpollution cean-up,hegovernmentmustncrasetaxewhich lowerncome

c lawshateducepollution rais ostofproducton and rduceincomes

d.by employing individualso cean up pollution,mploymentand income both re

ANSWER: lwshateducepollution rais ostofproducton and rduceincomes

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29 Which ofheollowing would NOT bea rsultof wshatequirfirmso rducepollution?

a lowerpending by government

b.higherprie o consumer

c lowerwageso worker

d.smallrprofito firms

ANSWER: lowerpending by government

30 Pollution rgulaionswil

a incrase profito firms

b.imposea tadeoff on socity

c allow firmso raisworker’wages

d.lowerprieoronsumer

ANSWER:b imposea tadeoff on socit

31 Which ofheollowing besdefinesfficincy?

a absolutefairnes

b.equaldisrbution

c minimum wast

d.consumeroverignty

ANSWER: minimum wast

32 Which ofheollowing i ue?

a Efficincy rfro the zeofheconomicpiequity rfro how thepieidivided

b.Fortunatl,governmentpoliisaredesgned to promoteboth equity and efficincy

c Asong asheconomicpiecontinually getargerno onewilhaveo go hungry

d.Efficincy and equity can both beachieved itheconomicpieiutnto equalpiee

ANSWER: Efficincy rfro the zeofheconomicpie quity rfro how thepieidivided

33 Efficincy meanshat

a socity iconseving rsourcsn ordero svehem forheuture

b.socity’sgoodsand srvicsaredisrbuted fairy among socity’smember

c socity has sened i dependence on foregn energy sourcs

d.socity igetng themosttan fom i arc sourcs

ANSWER:d socity igetng themosttan fom i arc sourcs

34 Economissusetheword equity to desrbea suaton in whic

a each memberofocity hasheamencome

b.socity igetng themosttan fom i arc sourcs

c those in socity who havehe astwilrcivehemost

d.thebenefitsofocity’seourcsaredisrbuted fairy among socity’smember

ANSWER:d thebenefitsofocity’seourcsaredisrbuted fairy among socity’smember

35 Onedefiniton ofquity would be

36 When governmentpoliisarebeing desgned,

a ther usually a tadeoff between equity and efficincy

b.equity and efficincy goalsareusually independentofach other

c equity can usually bechieved withoutan efficincy loss

d.incrasing efficincy usually rsultn moreequit

ANSWER: ther usually a tadeoff between equity and efficincy

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37 When governmentpoliisuch ashewelaresystm ty to help themostneedy memberofocit,t

a incrase quity and rduce fficincy

b.reduce hariablecontrbutionsn an eonomy

c incrase heproductvity ofheneedy in theocit

d.causemarketailureo occur

ANSWER: incrase quity and rduce fficincy

38 When thegovernmentmplementsprogramsuch asprogresvencomeax rtswhich ofheollowing ilkely to

occur?

a Equity incrased and efficincy incrased

b.Equity incrased and efficincy ideceased

c Equity ideceased and efficincy incrased

d.Equity ideceased and efficincy ideceased

ANSWER:b Equity iincrased and efficincy ideceased

39 When thegovernment tmptso cuthe onomicpieinto moreequal is

a itsasiro cuthepieand therforetheconomy can producea largerpie

b.thegovernmentan moreeasiy allocaehepieto thosemostn need

c thepiegetmallrand therwilbe spieforveryone

d.theconomy wilspend too much tmeuttng and lose heabily to producenough pieforveryone

ANSWER: thepieget mallrand therwilbe spieforveryone

40 When thegovernment tmptso improvequity in an eonomy the sultsoftn

a an incrase in overalloutputn theconomy

b.additonalgovernment venue nceoverallncomewilincrase

c an actual ducton in equit

d.reduced efficincy in theconomy

ANSWER:d rduced efficincy in theconomy

41 When thegovernment disrbute ncome om the ch to thepoor,

a efficincy improved,butquity inot

b.both rh peopleand poorpeoplebenefitdircl

c peoplework lsand producefwergoodsand srvics

d.rih peopleconsume fwergoodsbutpoorpeopleonsumemoregoods,eultng in no ralhange

ANSWER: peoplework lsand producefwergoodsand srvics

42 In eonomic,heostofomething i

a thedollaramountofobtaining i

b.alwaysmeasured in unitofmegiven up to gett

c whatyou giveup to gett

d.usually higherhan peoplethink iwilbe

ANSWER: whatyou giveup to gett

43 Whatyou giveup to obtain an im icalld your

a opportunity cost

b.expliicost

c trueost

d.dirc ost

ANSWER: opportunity cost

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44 Theopportunity costofgoing to collge

a theotalpenton food,lothing,books,ransportton,uiton,odging,and otherxpense

b.thevalueofhebesopportunity a sudentgivesup to atnd collge

c zero for udentswho arefortunat nough to haveallofheiollgexpensepaid by someonel

d.zero, ncea collgeducaion wilallow a sudento earn a largerncomeaftrgraduaton

ANSWER:b thevalueofhebesopportunity a sudentgivesup to atnd collge

45 Formosttudentsthearges nglecostofa collgeducaion i

a.thewagesgiven up to atnd shool

b.tuiton, e,and books

c room and board

d.transportton,parking,and entetainment

ANSWER: thewagesgiven up to atnd shool

46 Theargessngleostofgoing to collge usuall

47 Theopportunity costofan im i

a thenumberofhoursneeded to earn money to buy i

b.whatyou giveup to gethattm

c usually lshan thedollarvalueofheem

d.thedollarvalueofheem

ANSWER:b whatyou giveup to gethattm

48 Mallory decdeso spend 3 hoursworking overime therhan wathing a video with herrnds.Shearns$8 an hour.Heropportunity costofworking i

a the$24 shearnsworking

b.the$24 minushenjoymenthewould have cived fom wathing thevideo

c thenjoymenthewould have cived had shewathed thevideo

d.nothing, nceshewould have cived ls han $24 ofnjoyment om thevideo

ANSWER: thenjoymenthewould have cived had shewathed thevideo

49 Russlspendsan hour udying instad ofplaying tnnisTheopportunity costo him of udying i

a themprovementn hisgradesrom sudying forhehour

b.thedifferncebetween themprovementn hisgradesrom sudying minushenjoymentofplaying tnnis

c thenjoymentand eecshewould have cived had heplayed tnnis

d.zero.SinceRusslchoseto sudy rtherhan to play tnnisthevalueof udying musthave been gretrhan

thevalueofplaying tnnis

ANSWER: thenjoymentand eecshewould have cived had heplayed tnnis

50 Collge-gethleewho drop outofollgeo play profesonalport

a arenot tonaldecson maker

b.arewelawarethatheiopportunity costoftnding collge very high

c areoncened moreaboutpreentiumstance han theiuture

d.undersimathevalueofa collgeducaion

ANSWER:b arewelawarethatheiopportunity costof tnding collge very high

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51 Peoplemakedecsons hemargin by

a following taditon

b.expernce

c calculaing dollarost

d.comparing costand benefits

ANSWER:d comparing costand benefits

52 Theword “margin” means

53 Making decsons themargin” meanshatpeople

a makehosedecsonshatdo notmposea marginalost

b.evaluathow easiy a decson can be vered iproblemsarie

c comparethemarginalostand marginalbenefitsofach decson

d.alwaysalculaethemarginaldollarostorach decson

ANSWER: comparethemarginalostand marginalbenefitsofach decson

54 A marginalhange

a long-trm tend

b.large,ignificantadjustment

c changeorhewors,and so iusually shortem

d.smallncrmentaladjustment

ANSWER:d smallncrmentaladjustment

55 Which ofheollowing ihebes xampleofa marginalhange?

a Aftrgraduatng collge,Audrey’sncomencrase om $500 permonth to $3,000 permonth

b.Morgan geta rais therpartimeob and inow paid $7.25 perhournstad of$7.00

c Housing prisn an area incraseby 40% when a new intesaeibuilin a smallown

d.A hard fezewipesouthalfofheorange op in Florida and theprieoforangeuicdouble

ANSWER:b Morgan geta rais herpartimeob and inow paid $7.25 perhournstad of$7.00

56 Which ofheollowing ihebes xampleofa marginalhange?

a Theprieofhousing rosen Seat by 5% in lastyear

b.Kim geta big promotion awork.Shealso geta rais om $25,000 peryearo $40,000 peryear

c Mark graduatsrom collgeand takesa job.Hisncomencrase om $10,000 peryearo $50,000 peryear.d.A droughthitheupperMidwesand theprieofwheancrase om $4.00 perbushelo $8.00 perbushelANSWER: Theprieofhousing rosein Seat by 5% in lastyear

57 A marginalhange lustaed by which ofheollowing?

a Nancy rteand takesa partimeob.Shewasworking 40 hoursperweek and now works10 hoursperweek.b.StaeUniveriy hasannounced thatdueo saebudgetdefici,uiton mustiby 25% nextyear

c Ryan moved to a new apartmentand now pays40% moreenthan before

d.Ariona,which usually rcives10 inchesofain peryear,eeved 11 inchesastyear

ANSWER:d Ariona,which usually rcives10 inchesofain peryear,eeved 11 inchesastyear

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58 Aftrmuch considerton,you have chosen Cancun overFt.LauderdaleoryourSpring Break tip thisyear.Forhis

decson to change,which ofheollowing mustoccur?

a ThemarginalbenefitofCancun mustncrase

b.ThemarginalostofCancun mustdecease

c ThemarginalbenefitofFt.Lauderdalemustncrase

d.ThemarginalostofFt.Lauderdalemustncrase

ANSWER: ThemarginalbenefitofFt.Lauderdalemustncrase

59 Thevergeostpereton the50-passngerFloatng-On-AirBusompany’srp fom KansasCity to St.Louiss

$40.no rfshmentsaresrved and 3 sasareemptythebusompany could incrase i profitonly ii

a charged no lshan $40 forhe3 rmaining sas

b.charged morethan $40 forhe3 rmaining sas

c charged any tketprieabove$0 forhe maining sas

d.lethe asmpty

ANSWER: charged any tketpri bove$0 forhe maining sas

60 A rtonaldecson makerakesan acton only ithe

a marginalbenefit s han themarginalost

b.marginalbenefit gretrhan themarginalost

c avergebenefit gretrhan thevergeost

d.marginalbenefit gretrhan both thevergeostand themarginalost

ANSWER:b marginalbenefit gretrhan themarginalost

61 Mikehaspent$500 purchasing and rpairng an old fishing boatwhich hexpecso slfor$800 oncethe pair

arecompleeHedisoverhatheneedsan additonal pairwhich wilcost$400,n ordero compleethe pair

Hean sltheboatas now for$300.Whathould hedo?

a Hehould cuthisosssand takehe$300

b.Hehould neverelomething for shan icost

c Hehould compleethe pairand sltheboat

d.Itdoesn’tmatrwhich acton heakestheoutcome heame therway

ANSWER: Hehould compleethe pairand sltheboat

62 Stan buysa 1966 Mustang,which heplanso rsoreand slHeantiipatshatheostofhearand the pair

wilbe$10,000 and thathean slifor$13,000.When hehaspent$10,000,hedisoverheneedso rplacehe

engine,which wilcost$4,000.Hean slthearwithouthenew engineor$9,000.Stan should

a compleethe pairand slthearor$13,000

b.cuthisosssand slthearnow for$9,000

d.neverry such an expensiveprojetgain

c beotally indifferntbetween finishing theprojetand slng thearnow

ANSWER:d beotally indifferntbetween finishing theprojetand slng thearnow

63 A donuthop sl eh baked donutsrom 5 am.unti3 p.m.very day butSundayTheostofmaking and slng

a dozen glazed donutss$1.00.Sincethishop doesnot lday-old donutshenextdaywhathould themanager

do ihe ihas10 dozen lfa :30 p.m.?

a lowerheprieofhe maining donutsven ithepri allbelow $1.00

b.lowerheprieofhe maining donutsasong as’morethan $1.00

c Lowerheprieon alldonutso they wilallbeold earlrn theday

d.throw them away and produce10 fwerdozen tomorrow

ANSWER: lowerhepriofhe maining donutseven ithepriefallbelow $1.00

64 Economissundertand thatpeoplerspond t

a laws

b.incentives

c thretmorethan rwards

d.posivesbutnotnegatves

ANSWER:b incentives

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65 When poliymakermakepoliishathangeheostand benefitsthatpeoplefacethey can

TYPE:SECTION:1 DIFFICULTY:

66 Ralph Nader book Uns a t Any Spe e d caused Congreso rquir

d.lil hangen thenumberofdriverdeahs,butmoreaccdentsand morepedesran deahs

ANSWER:d lt hangen thenumberofdriverdeahs,butmoreaccdentsand morepedesran deahs

68 Oneffecofa government-mposed sabellw hasbee

69 Which ofheollowing doesNOT rsultwhen sabellwsaltra driver ostbenefitalculaion?

70 In theormerSovieUnion,produceswerpaid formeeing outputarget,notor lng product.Underhose

ccumstance,whatwer heconomicincentivesorproduces

a to producegood qualiy producto thatocity benefitsrom the sourcsuse

b.to conseveon cost,o aso maintain efficincy in theconomy

c to produceenough to meeheoutputargetwithout gard forqualiy orost

d.to producethose producthatocity desrsmost

ANSWER: to produceenough to meeheoutputargetwithout gard forqualiy orost

71 Yourprofesorovesherwork, aching eonomic.Shehasbeen offerd otherposionsn theorporaeworld making 25 perentmorebuthasdecded to say in tahing.Herdecson would nothangeunleshemarginal

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72 Supposeyourmanagementprofesorhasbeen offerd a corporaejob with a 30% pay incraseHehasdecded to

takeheob.Forhim,hemarginal

a costof aving wasgretrhan themarginalbenefit

b.benefitof aving wasgretrhan themarginalost

c benefitof ahing wasgretrhan themarginalost

d.Allofheabovearecorrc

ANSWER:b benefitof aving wasgretrhan themarginalost

73 When poliymakermplementpoliishataltrncentivesthey

a have careully weighed thedircand indirc ffecsofhepoliy

b.oftn do notalwaysgethentended rsult

c have considerd allpossbleeffecsofhencentivehangeswhen they developed thepoliywhich wilmakehepoliy effecive

d.generally corrcly antiipathendirc ffecsbutoftn mis hedirc ffecs

ANSWER:b oftn do notalwaysgethentended rsult

74 Tradean benefita famil

a by allowing theamily to buy a gretrvarity ofgoodsand srvicsta lowerost

b.by allowing each peron to specalizen theactvitsheorhedoesbes

c only itheamily inotn eonomiccompetion with otheramils

d.Allofheabovearecorrc

e Both a and b arecorrc

ANSWER: Both a and b areorrc

75 Which ithemostaccuraesaementabout ade?

a Tradean makevery naton betroff

b.Trademakesomenatonsbetroff and otherworsoff

c Trading fora good can makea naton betroff only ithenaton cannotproducethatgood ief

d.Tradehelpsch natonsand hurtpoornatons

ANSWER: Tradean makevery naton betroff

76 Each ofheollowing saementsabout ade ueEXCEPT

a Tradencrase ompetion

b.Oneountry winsand oneountry lose

c TheUnitd Stae an benefit om tadewith any countr

d.Tradeallowspeopleto buy a gretrvarity ofgoodsand srvicstowerost

ANSWER:b Oneountry winsand oneountry lose

77 Benefitsfom tadewould NOT include

a thebily to specalize

b.a gretrvarity ofgoodsand srvicsbecoming available

c lesompetion

d.lowerprie

ANSWER: ls ompetion

78 Tradebetween theUnitd Staeand India

a benefitsboth theUnitd Staeand India

b.isa losing proposion forheUnitd StaebecauseIndia hasheaperabor

c islkea sportontetone dewinsand theotherideose

d.isa losing proposion forndia becauseU.S.workeraremoreproductve

ANSWER: benefitsboth theUnitd Staeand India

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79 Canada can benefit om tade

a only with natonswhich can producegoodsCanada cannotproduce

b.with any naton

c with any naton notn eonomicompetion with Canada

d.only with lsdeveloped natons

ANSWER:b with any naton

80 Ifapan chooseo engagen tade,t

a wilonly benefit adeswith countrswhich producegoods annotproduce

b.cannotbenefit adeswith lsdeveloped countrs

c should firs tmpto producethegood ief

d.can benefitby tading with any otherountr

ANSWER:d can benefitby tading with any otherountr

81 IfheUnitd Staedecdeso tadewith Mexico,weknow that

a Mexico wilbebetroff,but adewith a lsdeveloped country could nothelp theUnitd Stae

b.itwilnotbenefitMexico becauseworkern theUnitd Staearemoreproductve

c Mexico and theUnitd Stae an both bebetroff

d.itwilnotbenefitiherountry becausethey aretoo differntulturall

ANSWER: Mexico and theUnitd Stae an both bebetroff

82 IfFranceibetrhan Belrustproducing wine,butBelrus betrhan Franceaproducing cystl

a Belarushould slcystalo Franceand should buy French wine

b.Belarushould imposea tariff on French winen ordero protetobsn theBelarusian cystalndusty

c Belarushould subsidizeswinendusty so thattan competwith French wine

d.Belarushould puta quota on theamountofFrench winemportd

ANSWER: Belarushould slcystalo Franceand should buy French wine

83 Which ofheollowing ihebes aementaboutmarket

a Marketareusually a good way to organizeconomicactvity

b.Marketareusually infeioro cntralplanning asa way to organizeconomicactvit

c Marketailand aretherforenotan accptableway to organizeconomicactvit

d.Marketarea good way to organizeconomicactvity in developed natons,butnotn lsdeveloped natons.ANSWER: Marketareusually a good way to organize onomicactvit

84 Which would NOT be uen a marketconomy?

a Firmsdecdewhom to hirand whato produce

b.Governmentpoliisdo notaffechedecsonsoffirmsand households

c Householdsdecdewhich firmso work forand whato buy with theiincomes

d.Profitand slinteetguidehedecsonsoffirmsand households

ANSWER:b Governmentpoliisdo notaffechedecsonsoffirmsand households

85 Thedecsonsoffirmsand householdsareguided by profitand slinteetn a

a command eonomy

b.traditonalconomy

c marketconomy

d.Allofheaboveareorrc

ANSWER: marketconomy

86 In a marketconomy,conomicactvity iguided by

a thegovernment

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87 The rm used to desrbea suaton in which marketailo allocaersourcsfficintly icalld

a economicmeldown

b.marketailure

c corporaebankruptc

d.disquilbrium

ANSWER:b marketailure

88 In a marketconomy decsonsareguided by individual linteetHenceher

a stlheabily to ahievedesrableeonomicwelbeing forocity asa whole

b.a srong need forgovernmentntevention in themarket

c lesfficincy in marketconomie han in command eonomie

d.moreneed fora srong lgalystm to controlndividualgred

ANSWER: si heabily to ahievedesableeonomicwelbeing forocity asa whole

89 Priedirc conomicactvity in a marketconomy by

a influencing theactonsofbuyerand slr

b.reducing sarcty ofhegoodsand srvicsproduced

c elminatng theneed forgovernmentntevention

d.allocaing goodsand srvicsproduced in themostquitableway

ANSWER: influencing theactonsofbuyerand slr

90 In a marketconomy,prie fleche

a valueofa good to socit

b.costo socity ofmaking thegood.m

c quantiy socity wilultmatly chooseto produce

d.Both a and b arecorrc

ANSWER:d Both a and b areorrc

91 An exampleofmarketpowers

a a fastood rsaurantn a collgeown

b.a whea rmern Kansas

c theastgas aion in New Mexico for100 mils

d.a shoe orein Kentucky

ANSWER: theastgas aion in New Mexico for100 mils

92 An exampleofa firm with marketpowers

a delin New York

b.cableTV providern St.Louis

c clothing sorein LosAngels

d.farmern Iinois

ANSWER:b cableTV providern St.Louis

93 Oneadvantagemarketconomie haveoverentralplanning ihatmarketconomie

a providean equaldisrbution ofgoodsand srvicso consumer

b.esablih governmentconomicontrol

c solveheproblem of arct

d.aremoreefficint

ANSWER:d aremoreefficint

94 A marketconomy differ om a communis onomy in thatconomicdecsonsaremadeby

a a cntralplanner

b.milonsoffirmsand households

c primariy thegovernment

d.largeorporaions

ANSWER:b milonsoffirmsand households

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