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International System of Economical Regulations.d

International System of Economical Regulations.d

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Вопросы и варианты

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Вопрос 1

Economics is best defined as the science of choice and how people cope with

  1. Differences in wants.
  2. Differences in needs.
  3. Scarcity.
  4. Different economic systems.
Вопрос 2

Economics is the study of

  1. The distribution of surplus goods to those in need.
  2. Affluence in a morally bankrupt world.
  3. The choices we make because of scarcity.
  4. Ways to reduce wants to eliminate the problem of scarcity.
Вопрос 3

The study of the choices made by individuals is part of the definition of

  1. Microeconomics.
  2. Positive economics.
  3. Macroeconomics.
  4. Normative economics.
Вопрос 4

In part, microeconomics is concerned with

  1. How a business firm decides upon the amount it produces and the price it sets.
  2. Changes in the economy's total output of goods and services over long periods of time.
  3. Factors that explain changes in the unemployment rate over time.
  4. The Federal Reserve's policy decisions.
Вопрос 5

The study of the decisions of individual units in the economy is known as

  1. Macroeconomics.
  2. Microeconomics.
  3. The study of incentives.
  4. ceteris paribus study.
Вопрос 6

Studying the determination of prices in individual markets is primarily a concern of

  1. Positive economics.
  2. Negative economics.
  3. Macroeconomics.
  4. Microeconomics.
Вопрос 7

The analysis of the behavior of individual decision-making units is the definition of

  1. Microeconomics.
  2. Positive economics.
  3. Macroeconomics.
  4. Normative economics.
Вопрос 8

Which of the following is a microeconomic topic?

  1. How a trade agreement between the United States and Mexico affects both nations' unemployment rates
  2. Comparing inflation rates across countries
  3. How rent ceilings impact the supply of apartments
  4. How a tax rate increase will impact total production
Вопрос 9

Which of the following questions is NOT a microeconomic question?

  1. Can the Federal Reserve keep income growing by cutting interest rates?
  2. How would a tax on e-commerce affect eBay?
  3. What is Britney's opportunity cost of having another baby?
  4. Does the United States have a comparative advantage in information technology services?
Вопрос 10

Which of the following is a microeconomic topic?

  1. The reasons why Kathy buys less orange juice
  2. The reasons for a decline in average prices
  3. The reasons why total employment decreases
  4. The effect of the government budget deficit on inflation
Вопрос 11

The production possibilities frontier is the boundary between

  1. Those combinations of goods and services that can be produced and those that can be consumed.
  2. Those resources that are limited and those that are unlimited.
  3. Those combinations of goods and services that can be produced and those that cannot.
  4. Those wants that are limited and those that are unlimited.
Вопрос 12

The production possibilities frontier is

  1. Upward sloping and reflects unlimited choices.
  2. Upward sloping and reflects tradeoffs in choices.
  3. Downward sloping and reflects unlimited choices.
  4. Downward sloping and reflects tradeoffs in choices.
Вопрос 13

The production possibilities frontier

  1. depicts the boundary between those combinations of goods and services that can be produced and those that cannot, given resources and the current state of technology.
  2. Shows how many goods and services are consumed by each person in a country.
  3. Is a model that assumes there is no scarcity and no opportunity cost.
  4. Is a graph with price on the vertical axis and income on the horizontal axis.
Вопрос 14

The production possibilities frontier itself illustrates

  1. goods that can be produced by an economy.
  2. The combination of goods and services that can be produced efficiently.
  3. goods and services that are desired but cannot be produced due to scarce resources.
  4. possible production of capital goods.
Вопрос 15

The production possibilities frontier is the boundary between those combination of goods and services that can be

  1. Produced and those that can be consumed.
  2. Consumed domestically and those that can be consumed by foreigners.
  3. Produced and those that cannot be produced.
  4. Consumed and those that cannot be produced.
Вопрос 16

The production possibilities frontier itself shows

  1. The maximum amount of resources available at any given time.
  2. Combinations of goods and services that do not fully use available resources.
  3. The maximum rate of growth of output possible for an economy.
  4. The maximum levels of production that can be attained.
Вопрос 17

The production possibilities frontier represents

  1. The maximum amount of labor and capital available to society.
  2. Combinations of goods and services among which consumers are indifferent.
  3. The maximum levels of production that can be attained.
  4. The maximum rate of growth of capital and labor in a country.
Вопрос 18

Which of the following is NOT true concerning a society's production possibilities frontier (PPF)?

  1. It reveals the maximum amount of any two goods that can be produced from a given quantity of resources.
  2. Trade Offs occur when moving along a PPF.
  3. Production efficiency occurs when production is on the frontier itself.
  4. Consumers will receive equal benefits from the two goods illustrated in the PPF.
Вопрос 19

The production possibilities frontier separates ________.

  1. The goods and services that people want from those that they do not want
  2. The types of goods that can be obtained from those that can't be attained
  3. The quantities of goods and services that can be produced from those that cannot be produced
  4. The combinations of goods that people value and those that they don't
Вопрос 20

When producing at a production efficient point, ________.

  1. Our choice of the goods can be either on or within the production possibilities frontier
  2. We can satisfy our all wants
  3. The opportunity cost of another good is zero
  4. We face a tradeoff and incur an opportunity cost
Вопрос 21

When graphing a demand curve for corn, we are showing the relationship between the quantity demanded of corn and the

  1. Money price of corn.
  2. Relative price of corn.
  3. Income effect.
  4. Substitution effect.
Вопрос 22

The "law of demand" states that changes in

  1. Demand is related directly to changes in supply.
  2. The quantity demanded of a good is not related to changes in the quantity supplied.
  3. The quantity demanded of a good is inversely related to changes in its price.
  4. Demand is inversely related to changes in supply.
Вопрос 23

The law of demand states that, other things remaining the same, the higher the price of a good, the

  1. Smaller is the demand for the good.
  2. Larger is the demand for the good.
  3. Smaller is the quantity of the goods demanded.
  4. Larger is the quantity of the good demanded.
Вопрос 24

The law of demand states that the quantity of a good demanded varies

  1. Inversely with its price.
  2. Inversely with the price of substitute goods.
  3. Directly with income.
  4. Directly with population.
Вопрос 25

The "law of demand" refers to the fact that, all other things remaining the same, when the price of a good rises

  1. The demand curve shifts rightward.
  2. The demand curve shifts leftward.
  3. There is a movement down along the demand curve to a larger quantity demanded.
  4. There is a movement up along the demand curve to a smaller quantity demanded.
Вопрос 26

The "law of demand" states that, other things remaining the same, the quantity demanded of any good is

  1. Inversely related to its price.
  2. Directly related to its price.
  3. Positively related to its price.
  4. Directly related to the supply of goods.
Вопрос 27

The "law of demand" states that, other thing remaining the same, the higher

  1. The price of a good, the lower is the demand for this good.
  2. Consumers' incomes, the greater is the demand.
  3. The price of a good, the higher is the quantity demanded.
  4. The price of a good, the smaller is the quantity demanded.
Вопрос 28

The law of demand implies that, other things remaining the same

  1. As the price of a cheeseburger rises, the quantity of cheeseburgers demanded will increase.
  2. As the price of a cheeseburger rises, the quantity of cheeseburgers demanded will decrease.
  3. As income increases, the quantity of cheeseburgers demanded will increase.
  4. As the demand for cheeseburgers increases, the price of a cheeseburger will fall.
Вопрос 29

The "law of demand" predicts that, other things being equal

  1. An increase in the price of downloaded music decreases the demand for downloaded music.
  2. A decrease in the price of gasoline decreases the quantity of gasoline demanded.
  3. An increase in the price of pizza decreases the quantity of pizza demanded.
  4. An increase in the price of coffee decreases the quantity of tea demanded.
Вопрос 30

The law of demand implies that demand curves

  1. Slope down.
  2. Slope up.
  3. Shift rightward whenever the price rises.
  4. Shift leftward whenever the price rises.
Вопрос 31

The word "final" in the definition of GDP refers to

  1. Not counting intermediate goods or services.
  2. The time period when production took place.
  3. Valuing production at market prices.
  4. Counting the intermediate goods and services used to produce GDP.
Вопрос 32

A loaf of bread purchased by one of your instructors would be best described as

  1. An intermediate good.
  2. A financial asset.
  3. A used good.
  4. A final good.
Вопрос 33

Which of the following is a final good?

  1. The memory chips in your new smartphone
  2. A share of IBM stock
  3. Flour purchased at the store to bake cookies
  4. Flour used by the bakery to bake cookies
Вопрос 34

Which of the following expenditures associated with the production of a new high-performance SUV will be directly included in GDP?

  1. The sale of bonds to finance the construction of the assembly plant
  2. The purchase of used welding robots to assemble to vehicles
  3. The purchase of new tires to be installed on the new vehicles
  4. The purchase of new machine tools to manufacture the engines
Вопрос 35

Intermediate goods are excluded from GDP because

  1. Their inclusion would involve double counting.
  2. They represent goods that have never been purchased so they cannot be counted.
  3. Their inclusion would understate GDP.
  4. The premise of the question is incorrect because intermediate goods are directly included in calculating GDP.
Вопрос 36

A ton of coal purchased by your local utility to burn to make electricity would be best described as

  1. An intermediate good.
  2. A financial asset.
  3. A used good.
  4. A final product.
Вопрос 37

Which of the following expenditures is for an intermediate good?

  1. The government buys new tires for its military vehicles.
  2. A U.S. tire firm sells new tires to Canada.
  3. General Motors buys new tires to put on the cars it's building.
  4. You buy new tires for your used car.
Вопрос 38

GDP does not directly include intermediate goods because

  1. Intermediate goods are not valuable.
  2. Intermediate goods are not useful to consumers.
  3. That would count the intermediate goods twice.
  4. That would understate the true size of GDP.
Вопрос 39

The calculation of the final goods and services sold in an economy would NOT include

  1. The purchase of a lawnmower by a household.
  2. General Motors' purchases of tires for new automobiles.
  3. Ford Motor Company's purchase of a new industrial robot to be used to produce cars.
  4. The purchase of a service by a household.
Вопрос 40

Facebook sold shares of stock for the first time in an IPO on May 18, 2012. The stock originally sold for $38 per share. As of October 19, 2012, a share of Facebook stock was valued at $19 per share. The decrease in the value of a share of Facebook purchased in May and still owned in October is called

  1. A capital gain.
  2. A capital loss.
  3. Gross investment.
  4. Net investment.
Вопрос 41

The ________ equals the number of ________.

  1. Labor force; persons over 16 years old
  2. Labor force; unemployed and employed persons
  3. Working age population; employed persons
  4. Unemployment rate; people unemployed
Вопрос 42

The labor force is defined as people

  1. Who has a job or is looking for a job.
  2. In the working-age population who have a job.
  3. In the working-age population who have a full time job.
  4. Who are 16 years of age or older.
Вопрос 43

Which population category equals the sum of employed and unemployed people?

  1. working-age population
  2. Labor force
  3. Young and institutionalized
  4. Not in the labor force
Вопрос 44

The ________ is the total number of people aged 16 years and older (and not in jail, hospital or institutional care) while the ________ is the number of people employed and the unemployed.

  1. Labor force; working-age population
  2. Labor force participation rate; labor force
  3. working-age population; labor force
  4. working-age population; labor force participation rate
Вопрос 45

The labor force is defined as the number of

  1. People 16 and over.
  2. Unemployed people.
  3. People with jobs, both part-time and full-time.
  4. People who are employed and unemployed.
Вопрос 46

The labor force is defined as the

  1. Number of people over 16 years of age.
  2. Number of people who are working.
  3. Sum of employed and unemployed people.
  4. Number of people in blue-collar jobs.
Вопрос 47

The labor force is defined as the

  1. Number of employed people plus the number of unemployed people.
  2. Number of people who are working.
  3. Number of people who are working in labor-type jobs.
  4. Number of union members who are working.
Вопрос 48

The labor force includes

  1. the number of people employed.
  2. Discouraged workers.
  3. the number of people unemployed.
  4. employed and unemployed workers.
Вопрос 49

The labor force is defined as the number of people who

  1. Are employed plus the number of people who are unemployed.
  2. Are available and looking for work but are unable to find employment.
  3. Would like to have a job but have stopped seeking work.
  4. Would like to have a full-time job but are working part-time.
Вопрос 50

Which of the following is NOT considered to be in the labor force?

  1. a student who works part-time
  2. a person who is not working but who has tried to find a job in the past week
  3. a person who is waiting to start a new job in the next 30 days
  4. a person who is not working and who has not tried to find a job
Вопрос 51

Suppose that in 2015 a country has a population of 1 million and real GDP of $1 billion. In 2016, the population was 1.1 million and the real GDP is $1.1 billion. The real GDP per person growth rate is

  1. $1000.
  2. Positive.
  3. Negative.
  4. Zero.
Вопрос 52

During 2013, the country of Economia had a real GDP of $115 billion and the population was 0.9 billion. In 2012, real GDP was 105 billion and the population was 0.85 billion. Economy's growth rate of real GDP per person is

  1. 3.23 percent.
  2. 5 percent.
  3. 5.88 percent.
  4. 9.52 percent.
Вопрос 53

Suppose a nation's population grows by 2 percent and, at the same time, its GDP grows by 5 percent. Approximately how fast will real GDP per person increase?

  1. 3 percent per year
  2. 2 percent per year
  3. 5 percent per year
  4. 10 percent per year
Вопрос 54

Which of the following is used to calculate the standard of living?

  1. Real GDP/population
  2. (real GDP in the current year - real GDP in previous year)/real GDP in previous year) × 100
  3. The one-third rule
  4. Real GDP/aggregate hours
Вопрос 55

According to the Economic Times (09/2012), Standard & Poor's forecast for India's GDP growth rate was cut by 1 percentage point to 5.5 percent as the entire Asia Pacific region feels the pressure of ongoing economic uncertainty. India has averaged 7 percent growth in GDP since 1997. Which of the following is TRUE?

  1. India's PPF has been shifting rightward since 1997.
  2. India's PPF has been shifting leftward since 1997.
  3. India has been moving from a point within its PPF to points beyond its PPF.
  4. India's PPF has not shifted since 1997.
Вопрос 56

According to the Economic Times (09/2012), Standard & Poor's forecast for India's GDP growth rate was cut by 1 percentage point to 5.5 percent as the entire Asia Pacific region feels the pressure of ongoing economic uncertainty. India has averaged 7 percent growth in GDP since 1997. Based on this story, it is most likely that the slowdown reflects a

  1. Temporary business cycle slowdown.
  2. Temporary business cycle expansion.
  3. Change to India's long-term economic growth rate.
  4. Shrinkage of India's economy.
Вопрос 57

The Rule of 70 is used to

  1. Estimate how much of an economy's growth rate is due to increases in capital per hour of labor.
  2. Calculate the standard of living.
  3. Calculate the economy's growth rate.
  4. Estimate how long it will take the level of any variable to double.
Вопрос 58

Using the Rule of 70, if China's current growth rate of real GDP per person was 7 percent a year, how long would it take the country's real GDP per person to double?

  1. 35 years
  2. 14 years
  3. 10 years
  4. 49 years
Вопрос 59

Using the Rule of 70, if the country of Huttodom's current growth rate of real GDP per person was 10 percent a year, how long would it take the country's real GDP per person to double?

  1. 0.7 years
  2. 20 years
  3. 7 years
  4. 10 years
Вопрос 60

Slowdonia's current growth rate of real GDP per person is 2 percent a year. How long will it take to double real GDP per person?

  1. half a year
  2. Approximately 10 years
  3. 28.6 years
  4. 35 years
Вопрос 61

The capital stock increases whenever

  1. Gross investment exceeds net investment.
  2. Net investment exceeds gross investment.
  3. Gross investment is negative.
  4. Net investment is positive.
Вопрос 62

If the economy's capital stock increases over time

  1. Net investment is positive.
  2. Depreciation is less than zero.
  3. Depreciation exceeds gross investment.
  4. Gross investment equals depreciation.
Вопрос 63

If the economy's capital stock decreases over time

  1. Net investment is positive.
  2. Depreciation is less than zero.
  3. Depreciation exceeds gross investment.
  4. Gross investment equals net investment.
Вопрос 64

In January 2015, Tim's Gyms, Inc. owned machines valued at $1 million. During the year, the market value of the equipment fell by 30 percent. During 2015, Tim spent $200,000 on new machines. During 2015, Tim's net investment totaled

  1. $1 million.
  2. -$300,000.
  3. $200,000.
  4. -$100,000.
Вопрос 65

The Acme Stereo Company had a capital stock of $24 million at the beginning of the year. At the end of the year, the firm had a capital stock of $20 million. Thus its

  1. Net investment was some amount but we need more information to determine the amount.
  2. Net investment was $4 million for the year.
  3. Gross investment was zero.
  4. Net investment was -$4 million for the year.
Вопрос 66

At the beginning of the year, Tom's Tubes had a capital stock of 5 tube inflating Machines. During the year, Tom scrapped 2 old machines and purchased 3 new machines. Tom's net investment for the year totaled…

  1. 1 machine.
  2. 2 machines.
  3. 3 machines.
  4. 6 machines.
Вопрос 67

At the beginning of the year, Tom's Tubes had a capital stock of 5 tube inflating machines. During the year, Tom scrapped 2 old machines and purchased 3 new machines. Tom's gross investment for the year totaled

  1. 1 machine.
  2. 2 machines.
  3. 3 machines.
  4. 6 machines.
Вопрос 68

At the beginning of the year, Tom's Tubes had a capital stock of 5 tube inflating machines. During the year, Tom scrapped 2 old machines and purchased 3 new machines. Tom's capital stock at the end of year equals

  1. 1 machine.
  2. 2 machines.
  3. 3 machines.
  4. 6 machines.
Вопрос 69

Which of the following is FALSE about saving?

  1. Saving adds to wealth.
  2. Income left after paying taxes can either be consumed or saved.
  3. Saving equals wealth minus consumption expenditures.
  4. Saving is the source of funds used to finance investment.
Вопрос 70

An increase in the ________ is an example of a capital gain.

  1. Value of a share of stock
  2. Wage rate of a federal employee
  3. Amount of income not spent on consumption or taxes
  4. After-tax wage rate as a result of a decrease in income tax rates
Вопрос 71

Money ________.

  1. Is always composed of coins and paper
  2. Loses its value as it becomes older
  3. Requires a double coincidence of wants
  4. Is any commodity that is generally acceptable as a means of payment
Вопрос 72

If an economy has no money, then all transactions must be conducted through the use of ________.

  1. Credit cards
  2. Barter
  3. Debit cards
  4. Tobacco or wampum
Вопрос 73

In a barter system, we would see

  1. Many different units of money.
  2. Money and goods exchanged for each other.
  3. wide-spread depository institutions.
  4. Goods traded directly for other goods and services.
Вопрос 74

When you buy a hamburger for lunch, you are using money as a

  1. Store of value.
  2. Standard of deferred payment.
  3. Medium of exchange.
  4. Unit of accounting.
Вопрос 75

When money is accepted as payment in a market transaction, it is functioning as a

  1. Store of value.
  2. Unit of accounting.
  3. Medium of exchange.
  4. Unit of investment.
Вопрос 76

Money's function as a medium of exchange means that

  1. Money is a common denominator for expressing the prices of goods and services.
  2. Money can be used to store wealth.
  3. Money serves as an acceptable means of payment.
  4. Money requires a double coincidence of wants.
Вопрос 77

When you bought your textbook for this course, you were using money as a

  1. Store of value.
  2. Price mechanism.
  3. Medium of exchange.
  4. Unit of account.
Вопрос 78

Barter is an inefficient means of exchange because

  1. Barter transactions require a double coincidence of wants.
  2. Barter only occurs in relatively primitive economies.
  3. Demand will not necessarily equal supply.
  4. In a barter transaction only one party needs to want what the other party has to sell.
Вопрос 79

A unit of account

  1. Is a type of accounting of how many currency units there are in an economy?
  2. Is an accounting of the total units of goods and services produced in an economy?
  3. Is an agreed measure for stating the prices of goods and services in an economy?
  4. Is a type of value stored within all assets?
Вопрос 80

At the beginning of the year, your wealth is $10,000. During the year, you have an Income of $90,000 and you spend $80,000 on consumption. You pay no taxes. Your wealth at the end of the year is

  1. $20,000.00.
  2. $0.
  3. $90,000.00.
  4. $100,000.00.