economics
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| which of the following is not one of the three core economic issues that must be resolved? | what to produce with unlimited resources
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| the fundamental problem of economics is | the scarcity of resources relative to human wants
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| given that resources are scare, | opportunity costs are experienced whenever choices are made
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| Basic factors of production include | land, labor, capital, and entrepreneurship
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| Which of the following is not a factor of production? | The $100,000 used to start a new business
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| with respect to factors of production, which of the following statements is not true? | only those resources that are privately owned are counted as factors of production
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| which of the following is the best example of land? | the water used to make a soft drink
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| Capital, as economists use the term, refers to | final goods that are used to produce other goods and services
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| economics can be defined as the study of | how scare resources are allocated on a macro level to best meet society's goals or on a micro level to best meet an individual's or firm's goals
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| opportunity cost may be defined as | goods or services that are forgone in order to obtain something else
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| the opportunity cost of studying for an economics test is | the best alternative use of your time
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| the "guns versus butter" dilemma that all nations confront is that | an increase in national defense implies more sacrifices of civilian goods and services
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| A production possibilities curve indicates the | maximum combinations of goods and services an economy can produce given its available resources and technology.
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| A point on a nation's production possibilities curve represents | the full employment of resources to achieve a particular combination of goods and services
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| the production possibilities curve illustrates which two of the following essential principles? | scare resources and opportunity cost
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| according to the law of increasing opportunity costs, | greater production of one good requires increasingly larger sacrifices of other goods
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| If the united states decides to convert automobile factories to tank production, as it did during World WarII, but finds that some auto manufacturing facilities are not well suited to tank production, then | increasing opportunity costs will occur with greater tank production
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| If North Korea is currently producing at efficiency, and it proceeds to increase the size of its military, then, as long as nothing else changes, its | production of nonmilitary goods will decrease
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| in terms of the production possibilities curve, inefficiency is represented by | all points inside the curve
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| a technological advance would best be represented by | a shift outward of production possibilities curve
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| which of the following events would allow the production possibilities curve to shift outward? | more teenagers enter the labor force
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| which of the following is not a basic decision that all nations must confront? | should we have economic growth?
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| in a market economy, the people who receive the goods and services that are produced are those who | are willing to pay the highest price
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| adam smith's invisible hand is now called | the market mechanism
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| the market mechanism may best be defined as | the use of market prices and sales to signal desired output
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| the market mechanism | works because prices serve as means of communication between consumers and producers
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| the invisible hand refers to | the allocation of resources by market forces
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| the doctrine of laissez faire is based on the belief that | markets are likely to do a better job of allocating resources than government directives
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| a city's decision to limit smoking in public areas is an example of | government intervention
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| a mixed economy | utilizes both market and nonmarket signals to allocate goods and services
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| which of the following can be used to correct market failure? | laws and regulations
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| when the invisible hand does not produce optimal outcomes for the economy, there is evidence of | market failure
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| government intervention may achieve a more optimal outcome than the market mechanism when addressing | consumption of cigarettes
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| if market signals result in pollution beyond the optimal level, then | the market mechanism has failed to achieve social efficiency
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| which of the following is an example of government failure? | all of the choices are correct
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| macroeconomics focuses on the performance of | the overall economy
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| which of the following is not a macroeconomic statement? | jenny's wage rate rose, and in response, she decided to work more hours
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| microeconomics is concerned with issues such as | the demand for bottled water by individuals
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| at which point is society employing some of its available technology but not all of it? (see figure) | C
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| at which point is society producing the most output possible with the available resources and technology? (see figure) | B
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| Using figure 1.3 & PP1, an increase in the capacity to produce can be represented by a movement from | point C to point F
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| a movement from point C to point A results in (see figure 1.4) | a reallocation of resources from plasma television production to MP3 player production
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| in figure 1.4, a shift of the production possibilities curve from PP1 to PP2 could be caused by | implementation of training programs that improve the skills of workers
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| one world view article is titles "Chronic Food Shortage Shows Despite Efforts by North Korea to Hide It." If North Korea reduces the size of its military and produces more food, this is most consistent with | a movement along the economy's production possibilities curve
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| The economy tomorrow on "harnessing the sun" states that the percentage of electricity that is generated from burning coal is: | about 30%
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| the fact that there are too few resources to satisfy all our wants is attributed to | scarcity
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| according to the text, there is no such thing as a free lunch because | resources used to produce the lunch could be used to produce other good and services
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