Ecomomics Chapter 1 review
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| It once took 90% of our population to grow food. It now takes only 3% of the population to grow our food. This is progress because freed-up labor is used to produce other goods. True or false? | show 🗑
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| show | FALSE
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| show | FALSE
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| show | FALSE
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| Inflation measures the increase in the quantity of goods and services produced from each hour of a worker's time. True or false? | show 🗑
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| While pollution regulations yield the benefit of a cleaner environment and improved health, the regulations come at the cost of reducing incomes of the regulated firm's owners, workers, and customers. This illustrates that | show 🗑
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| show | Germany experienced a very high rate of inflation.
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| show | TRUE
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| show | The marginal cost of Ft. Lauderdale decreases.
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| show | economy.
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| show | The only hotel in a rural area as opposed to a grocery store in a metropolitan area.
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| show | productivity and its standard of living.
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| show | scarcity.
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| show | lower and raises the variety of goods and services available.
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| show | minimum waste
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| In the short-run, which of the following rates of growth in the money supply is likely to lead to the highest level of unemployment in the economy? | show 🗑
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| show | FALSE
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| Trade with any nation can be mutually beneficial. True or false? | show 🗑
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| show | can benefit by trading with any other country.
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| Economists study how people make decisions. True or false? | show 🗑
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| Evidence indicates that seat belt laws have led to | show 🗑
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| Approximately what percentage of the world's economies experience scarcity? | show 🗑
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| To increase living standards, public policy should | show 🗑
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| show | FALSE
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| When government policies are enacted, it is always the case that either efficiency and equality are both enhanced, or efficiency and equality are both diminished. True or false? | show 🗑
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| When government policies are enacted, efficiency can usually be enhanced without a reaction in equality, but equality can never be enhanced without an efficiency loss. True or false? | show 🗑
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| When government policies are enacted, equality can usually be enhanced without an efficiency loss, but efficiency can never be enhanced without a reduction in equality. True or false? | show 🗑
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| Efficiency means that | show 🗑
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| show | both the value of a good to society and the cost to society of making the good.
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| The "invisible hand' directs economic activity through | show 🗑
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| Equality refers to how the pie is divided, and efficiency refers to the size of the economic pie. True or false? | show 🗑
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| show | power of a single person or small group to influence market prices.
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| show | the invisible hand.
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| show | the marginal benefit of an extra diamond far exceed the marginal benefit of an extra bottle of water.
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| show | if the policy changes either the costs or benefits of their behavior.
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| The principal that "people face tradeoffs" applies to | show 🗑
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| show | a scarce resource.
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| show | FALSE
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| show | could be due to slower money supply growth. We would expect unemployment to be higher.
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| When you calculate your true costs of going to college, what portion of your room-and-board expenses should be included? | show 🗑
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| show | This extra benefit society gets from vaccinating its citizens is knows as an externality.
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| show | grew slowly, due to slow growth of the output of goods and services per hour of US workers time during those decades.
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| show | TRUE
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| Opportunity cost: Except to the extent that you pay more for them, opportunity costs should not include the cost of things you would have purchased anyway. True or false? | show 🗑
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| show | FALSE
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| The terms equality and efficiency are similar in that they both refer to benefits to society. However they are different in that | show 🗑
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| In the short run, an increase in the money supply is likely to lead to | show 🗑
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| Economists are particularly adept at understanding that people respond to | show 🗑
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| show | TRUE
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| Public policies | show 🗑
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| The invisible hand ensures that economic prosperity is distributed equally. True or false? | show 🗑
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| show | markets sometimes fail to produce a fair distribution of economic well-being, markets sometimes fail to produce an efficient allocation of resources, property rights have to be enforced.
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| Germany could have avoided the high inflation that it experienced in the 1920's by | show 🗑
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| Market failure is the ability of a single person to have a substantial influence on market prices. True or false? | show 🗑
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| A market economy cannot produce a socially desirable outcome because individuals are motivated by their own selfish interests. True or false? | show 🗑
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You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
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Created by:
debra473