Question

Economics! Please check answers!

Answer 1

Please tell me if I am right.

1.The factors of production are
(a) land, labor, capital, and entrepreneurship <---------
(b) resources, investment, ingredients, and labor.
(c)supply, demand, labor, and resources.
(d) land, labor, oil, and metals

2. You have to choose between playing a team sport or taking music lesson because the practices overlap. This choice exemplifies that
(a) music lessons are scarce
(b)sports teams are scarce
(c)time is scarce <---------
(d)demand is scarce

3. Your friend offers you either a pencil or T-shirt for your iced coffee. You chose the T-shirt because it had the highest
(a)opportunity cost
(b)demand
(c)scarcity
(d)benefit <---------

4.Which economy type exists in a society where people make or trade for the items they need?
(a)traditional <---------
(b)pure market
(c)command
(d) mixed

5.In a command economy, who determines what to produce?
(a)individuals
(b)government <---------
(c)businesses
(d)stockowners

8.Assets include a person's
(a)valuable physical goods <---------
(b)taxes owed for business
(c)capital investments
(d)business profits

9.A benefit of a purely competitive market is
(a)equal product information for buyers and sellers
(b)government set the product process to be competitive
(c)sellers may set their own prices
(d)sellers use advertising to attract buyers. <---------

10. An example of vertical consolidation is if a
(a)bank purchases a company that produces vaults
(b)bank purchases a share of the U.S. Treasury <---------
(c)bank splits into new banks
(d)bank purchases another bank

11.Marginal analysis help a firm to determine the
(a)minimum production level necessary to pay debts
(b)maximum amount of profit a firm may earn <---------
(c)most equitable allocation of a firm's resources
(d)most efficient price and quantity production levels

12.Advertising is a from of
(a)pure competition
(b)price competition
(c)nonprice competition <---------
(d)ineffective competition

13. A job's pay is mostly determined by the
(a)government <---------
(b)cost of the product
(c)supply and demand for the work
(d)personal preferences of the company owner

14.a goal of fiscal policy is
(a)economic growth <---------
(b)recession expansion
(c)increase money supply
(d)reserving currency

15.increasing taxes would be appropriate to
(a)slow the inflation rate <---------
(b)speed up the inflation rate
(c)create deflation
(d)create stagflation

17.The Federal Reserve buying securities in open market operations may promote economic growth because
(a)the U.S. Congress guarantees the value of government securities
(b)the U.S. Congress allows the securities to be used for business expansion
(c)this action increases banks' cash, allowing for more loans and investment <---------
(d)this action decreases banks' cash, preventing risky investment behavior

18.The inflation rate is increasing and unemployment is decreasing. The economy is likely in
(a)recession
(b)expansion <---------
(c)a peak
(d)a trough

19.Which of the following exemplifies money in U.S. Society?
(a)debit cards <---------
(b)gold bars
(c)coffee beans
(d)bank accounts

20. All of these are types of credit except
(a)credit cars
(b)installment loans
(c)mortgages
(d)liens <---------

21.Which investment has the most risk?
(a)stocks <---------
(b)bonds
(c)mutual funds
(d)money-market accounts

22.In a well-designed budget your
(a)expenses exceed your income
(b)expenses cover your income
(c)income exceeds your expenses <---------
(d)income is distributed equally

23.A high unemployment rate indicates low economic
(a)growth <---------
(b)security
(c)freedom
(d)efficiency

24.A decision-making model is more beneficial than simply comparing costs and benefits because
(a)the decision-making model encourages you to consider multiple options <---------
(b)a costs and benefits analysis encourages you to consider multiple options
(c)the cost and benefits analysis help you define the problem to address
(d)the decision-making model helps you define the problem to address

25.James Cash Penney created a chain of
(a) coffee houses
(b)upscale restaurants
(c)department stores <---------
(d)commercial websites

27.When government sets a price for a good above equilibrium, there will be
(a)economic growth
(b)economic loss
(c)a shortage
(d)a surplus <---------

28. Which of the following is the most profitable investment for a cell phone company earning $10 per contract?
(a)opening a new store location with $200 daily operating cost, generating 30 new plans per day
(b)redesigning a web site at $50 daily operating cost, generating 10 new plans per day t
(c)creating a television commercial at $25 daily operating cost, generating15 new plans per day <---------
(d)offering a free $10 gift for every new plan, generating 40 new plans per day

29.The best reason to regulate purification of the water supply is to
(a)give the government control over a basic public good
(b)ensure the safety of the public's drinking water <---------
(c)build as many purification plants as possible
(d)increase the salary for the workers

30.To increase your standard of living, your wages must
(a)rise faster than the inflation rate <---------
(b)rise more slowly than the inflation rate
(c)keep pace with the inflation rate
(d)have a negative inflation rate

31.the United States federal income tax system is
(a)proportional
(b)progressive <---------
(c)regressive
(d)flat

32.the United States owes billions of dollars in debt to
(a)government officials
(b)bank owners
(c)entrepreneurs <---------
(d)investors

33.Banks that are members of the Federal Reserve have the benefit of
(a)earning dividends from stock in the Federal Reserve <---------
(b)voting rights on the Federal Open Market Committee
(c)appointment rights to the Board of Governors
(d)priority access to check-clearing services

34.People are more likely to clean up waste in their homes than at a community park because
(a)people expect the community par to be dirty
(b)hiring a person to clean the home is expensive
(c)they own and therefore feel responsible for their home <---------
(d)there is no penalty for leaving trash in the community park.

35.Which statement exemplifies a government attempt to reduce a negative externality's impact?
(a)Neighborhood children obtain local business sponsorships to hold a beach cleanup
(b)A business sponsors a recycling program for all computer monitors from local residents
(c)A county council reduces property taxes for businesses that reduce electric consumption by 10% <---------
(d)A state government awards a contact to an engineering firm to design five new overpasses in urban areas.

37.A Chinese international salesperson may worry about decreasing inflation in the United States because the inflation may
(a)increase the United States' supply of Chinese products
(b)decrease tariffs on Chinese products sold to the United States
(c)increase taxes on the United States' product sold to china <---------
(d)reduce the United States' demand for Chinese products

38.The United States may have a tariff on cotton products from China in order to <---------
(a)prevent Chinese manufacturers from losing profit because of low prices
(b)protect the business of the American cotton growers and manufacturers
(c)express a political statement to the Chinese about their economic policies
(d)promote sales in the United States of cotton products from China

39. The United States enjoys a comparative advantage in
(a)coffee
(b)bananas
(c)cocoa
(d)corn <---------

40. Marx would most likely oppose a plan for
(a)government control of all automobile manufacturing <---------
(b)removing government restrictions on work hours
(c)increasing government funding for education
(d)equal income for all government workers

Answer 2

Ok it looks like your very smart. It's been a while since I have taken Economics. You got almost all of them right in my book. From what I have seen you don't have #!8. What is the answer?