ECON FINAL
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
|
|
||||
|---|---|---|---|---|---|
| show | True
🗑
|
||||
| A tax on a market with elastic demand and elastic supply will shrink the market more than a tax on a market with inelastic demand and inelastic supply will shrink the market | show 🗑
|
||||
| The demand for beer is more elastic than the demand for milk, so a tax on beer would have a smaller deadweight loss than an equivalent tax on milk, all else equal | show 🗑
|
||||
| show | False
🗑
|
||||
| Economists use the term inflation to describe a situation in which the economy’s overall price level is rising. | show 🗑
|
||||
| show | True
🗑
|
||||
| show | False
🗑
|
||||
| show | True
🗑
|
||||
| show | True
🗑
|
||||
| show | True
🗑
|
||||
| show | True
🗑
|
||||
| show | False
🗑
|
||||
| Studies confirm that controlling for other variables such as the percentage of GDP devoted to investment, poor countries tend to grow at a faster rate than rich countries. | show 🗑
|
||||
| Trade with any nation can be mutually beneficial. | show 🗑
|
||||
| show | True
🗑
|
||||
| show | True
🗑
|
||||
| show | True
🗑
|
||||
| Suppose there is an increase in supply that reduces market price. Consumer surplus increases because (1) consumer surplus received by existing buyers increases and (2) new buyers enter the market. | show 🗑
|
||||
| Other things the same, another unit of capital will increase output by more in a poor country than in a rich country. | show 🗑
|
||||
| show | True
🗑
|
||||
| The CPI does not reflect the increase in the value of the dollar that arises from the introduction of new goods. | show 🗑
|
||||
| show | False
🗑
|
||||
| show | True
🗑
|
||||
| show | True
🗑
|
||||
| The larger the deadweight loss from taxation, the larger the cost of government programs. | show 🗑
|
||||
| Producer surplus is the amount a seller is paid minus the cost of production. | show 🗑
|
||||
| Because taxes distort incentives, they cause markets to allocate resources inefficiently. | show 🗑
|
||||
| show | True
🗑
|
||||
| show | True
🗑
|
||||
| If prices in Mexico rise at a higher rate than prices in the U.S., then according to purchasing-power parity the U.S. nominal exchange rate with Mexico should rise. | show 🗑
|
||||
| show | True
🗑
|
||||
| show | False
🗑
|
||||
| A decrease in the price of sugar will shift the supply curve for cookies to the right. | show 🗑
|
||||
| Substitution bias occurs because the CPI ignores the possibility of consumer substitution toward goods that have become relatively less expensive. | show 🗑
|
||||
| Purchasing-power parity says that the nominal exchange rate must equal the real exchange rate. | show 🗑
|
||||
| In the circular-flow diagram, one loop represents the flow of goods and services, and the other loop represents the flow of factors of production. | show 🗑
|
||||
| Generally, if people begin to expect a company to have higher future profits, the price of the company’s stock will begin to decrease. | show 🗑
|
||||
| show | False
🗑
|
||||
| show | False
🗑
|
||||
| show | True
🗑
|
||||
| show | False
🗑
|
||||
| show | True
🗑
|
||||
| The market for insurance is an example of diversification. | show 🗑
|
||||
| show | True
🗑
|
||||
| When a country that imports shoes imposes a tariff on shoes, buyers of shoes in that country become worse off. | show 🗑
|
||||
| show | True
🗑
|
||||
| The Federal Reserve was created in 1913 after a series of bank failures in 1907. | show 🗑
|
||||
| Demand deposits are balances in bank accounts that depositors can access by writing a check or using a debit card. | show 🗑
|
||||
| A tax on sellers shifts the supply curve but not the demand curve. | show 🗑
|
||||
| show | True
🗑
|
||||
| Trade can make everyone better off except in the case where one person is better at doing everything. | show 🗑
|
||||
| show | True
🗑
|
||||
| show | True
🗑
|
||||
| show | True
🗑
|
||||
| show | False
🗑
|
||||
| show | True
🗑
|
||||
| If the consumer price index was 93 in Year 1, 97 in Year 2, and 100 in Year 3, then the base year must be | show 🗑
|
||||
| show | Turkish consumers of wheat become worse off and Turkish producers of wheat become better off.
🗑
|
||||
| show | All of the above are included in GDP.
🗑
|
||||
| Refer to Figure 5-4. If the price increases in the region of the demand curve between points A and B, we can expect total revenue to | show 🗑
|
||||
| Refer to Table 4-12. If both members and non-members are allowed to purchase tickets to this year's celebrity golf tournament, then what will be the equilibrium price? | show 🗑
|
||||
| show | P2
🗑
|
||||
| Which of the following changes would increase the present value of a future payment? | show 🗑
|
||||
| Total surplus is | show 🗑
|
||||
| When the nation of Duxembourg allows trade and becomes an importer of software, | show 🗑
|
||||
| Refer to Table 4-11. If the price were $8, a | show 🗑
|
||||
| The purchase of rice produced this period is included in GDP if the rice is | show 🗑
|
||||
| Refer to Figure 2-12. Which of the following would most likely have caused the production possibilities frontier to shift outward from A to B? | show 🗑
|
||||
| show | $1,680 in tax revenue; of this amount, $1,260 represents a burden on buyers and $420 represents a burden on sellers.
🗑
|
||||
| The percentage change in the price level from one period to another is called | show 🗑
|
||||
| show | small income elasticities because consumers, regardless of their incomes, choose to buy relatively constant quantities of these goods.
🗑
|
||||
| Refer to Figure 8-7. Before the tax is imposed, the equilibrium price is | show 🗑
|
||||
| In 2010 the U.S. government was running a large deficit. Some were concerned that pressures might be put on the Federal Reserve to purchase government bonds to help the government finance this deficit. If the Fed were to buy governmen | show 🗑
|
||||
| show | $9
🗑
|
||||
| show | a movement from Point C to Point F
🗑
|
||||
| Assuming the Fisher Effect holds, and given U.S. tax laws, an increase in inflation | show 🗑
|
||||
| show | Interest rates rise and truck prices rise.
🗑
|
||||
| Which of the following is a true statement? | show 🗑
|
||||
| If the Chinese nominal exchange rate (foreign currency per Chinese Yuan) does not change, but prices rise slower in China than in all other countries, then the Chinese real exchange rate | show 🗑
|
||||
| show | consumer surplus increases and producer surplus decreases.
🗑
|
||||
| show | P8
🗑
|
||||
| Which of the following actions best illustrates moral hazard? | show 🗑
|
||||
| show | shortage of organs would be eliminated, and there would be no surplus of organs.
🗑
|
||||
| The U.S. Congress first instituted a minimum wage in | show 🗑
|
||||
| Money is | show 🗑
|
||||
| If the government were to intervene and set a wage for unskilled labor above the market wage, then we would expect, relative to the market outcome, | show 🗑
|
||||
| show | market supply curve.
🗑
|
||||
| show | stores of value.
🗑
|
||||
| A policy that increases saving will | show 🗑
|
||||
| show | less competition.
🗑
|
||||
| show | decrease, and the quantity sold in the market will increase.
🗑
|
||||
| Refer to Figure 7-12. If the equilibrium price is $350, what is the producer surplus? | show 🗑
|
||||
| If your firm's production function has constant returns to scale, then if you double all your inputs, your firm's output will | show 🗑
|
||||
| show | increase consumer surplus in the market for corn chips and decrease producer surplus in the market for potato chips.
🗑
|
||||
| Suppose there is a 6 percent increase in the price of good X and a resulting 6 percent decrease in the quantity of X demanded. Price elasticity of demand for X is | show 🗑
|
||||
| show | $18,000 instead of attending college.
🗑
|
||||
| The primary economic function of the financial system is to | show 🗑
|
||||
| If a U.S. citizen buys a television made in Korea by a Korean firm, then | show 🗑
|
||||
| show | −2 percent.
🗑
|
||||
| show | supply of the product is more elastic than the demand for the product.
🗑
|
||||
| show | importing televisions and the price of a television in Paraguay decreased to $300.
🗑
|
||||
| show | contribute to an understanding of how the world works.
🗑
|
||||
| Industrial machinery is an example of | show 🗑
|
||||
| When a country allows international trade and becomes an exporter of a good, | show 🗑
|
||||
| Suppose you are deciding whether to buy a particular bond. If you buy the bond and hold it for 4 years, then at that time you will receive a payment of $10,000. If the interest rate is 6 percent, you will buy the bond if its price today is no greater than | show 🗑
|
||||
| show | $155 billion
🗑
|
||||
| show | is relatively steep, and the supply curve is relatively flat.
🗑
|
||||
| Which of the following events is consistent with an increase in the deadweight loss of the gasoline tax from $30 million to $120 million? | show 🗑
|
||||
| Total surplus in a market is equal to | show 🗑
|
||||
| show | False
🗑
|
||||
| Refer to Table 24-1. If Year 1 is the base year, then the CPI for Year 2 was | show 🗑
|
Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
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.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
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.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Created by:
desto