Beruflich Dokumente
Kultur Dokumente
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e
Under the U.S. market system, land and capital goods are owned
mainly by
the federal government
individuals and firms
local governments
state governments
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on 10
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False
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on 11
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on 12
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on 13
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Economics is considered a physical science.
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True
False
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on 15
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on 16
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on 17
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e
wages
profits
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on 22
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on 23
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e
The total value of the goods and services produced over a period of
time represents an economys
planned savings
total income
total wealth
capital
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on 24
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e
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on 25
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on 26
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e
One cause for the uneven standard of living throughout the world is
the uneven distribution of resources.
True
False
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on 27
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on 28
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False
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on 29
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An example of technological development is to increase output
through
raising pay
working longer hours
hiring more workers
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To solve their basic long-term economic problems, developing
countries primarily need
food
clothing
technical assistance
shelter
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e
If 12 units of a good are sold when the price is $1 per unit, and 8
units are sold at a price of $1.50 per unit, then demand is
elastic
inelastic
of indeterminate elasticity
unit elastic
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on 41
e
The more substitutes for a good, the more elastic its demand tends
to be.
True
False
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on 42
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on 43
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on 44
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False
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on 45
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on 46
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e
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on 47
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on 48
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e
Price floors can create shortages if price floors are above market
prices.
True
False
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on 49
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e
When the supply of a product increases but the demand for the
product remains unchanged, the equilibrium price of the product will
fall, and equilibrium quantity will decrease
be unaffected
first rise and then return to the original price level
fall, and equilibrium quantity will increase
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on 50
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on 1
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The Federal Trade Commission
prevents mergers that substantially lessen competition
rules on the antitrust activities of labor unions
issues patents
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on 5
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on 6
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e
The first act to declare monopolies illegal in the United States was
the
Sherman Antitrust Act
Clayton Act
Federal Trade Commission Act
Robinson-Patman Act
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on 7
One company that retained its monopoly position for years through
control of raw materials was
Aluminum Company of America (ALCOA)
Proctor & Gamble
Ford Motor Company
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e
U.S. Steel
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on 8
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on 9
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on 10
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on 11
e
All firms in monopolistic competition must sell at the same price.
True
False
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on 12
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e
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on 13
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e
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on 14
Under perfect competition, if a firm is suffering a loss,
MR exceeds ATC
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e
AR equals AVC
AR equals ATC
AR is less than ATC
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2 points
on 15
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e
The difference between the price firms would be willing to accept for
their goods and the price they actually receive is called
consumer surplus
consumer efficiency
allocative efficiency
producer surplus
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on 16
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e
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on 17
Under conditions of perfect competition, an individual producer
always maximizes output
operates where MR equals MC
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on 18
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e
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on 19
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on 20
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on 21
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on 22
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on 23
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on 24
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e
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on 25
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e
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on 26
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e
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on 27
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e
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on 28
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e
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on 29
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e
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In the circular flow, nonprofit institutions are
counted as businesses
excluded
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e
treated separately
counted as households
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on 31
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e
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on 32
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e
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on 33
If the federal government spends less than it receives from taxes,
it has a surplus budget with injections exceeding leakages
it has a deficit budget with injections exceeding leakages
it has a deficit budget with leakages exceeding injections
it has a surplus budget with leakages exceeding injections
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e
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on 34
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e
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on 35
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e
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on 36
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e
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on 37
Which of the following statements concerning the circular flow
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on 38
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e
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on 39
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e
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on 40
If the accounting profit equals $200,000 and implicit costs equal
$40,000, the economic profit equals
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e
$240,000
$200,000
$160,000
$40,000
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2 points
on 41
Sav
e
If the firm produces one more unit of output and total cost rises from
$1,000 to $1,050, marginal cost is
$1,050
$1,000
$2,050
$50
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on 42
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e
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on 43
Average revenue (AR) is equal to
total revenue/output
total revenue minus total cost
price per unit
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e
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on 44
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e
The average fixed cost remains constant even in the long run.
True
False
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2 points
on 45
Sav
e
A production function is
a technique for determining the most profitable rate of output
the relationship between a combination of inputs and a quantity of
output
an important factor in determining the shape of the long-run
supply curve
all of the above
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2 points
on 46
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e
If the selling price of a product is $10, the average total cost is $8,
and total sales are 5,000 units, the total profit will be
$5,000
$8,000
$10,000
$20,000
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on 47
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on 48
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on 49
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on 50
If output changes in fixed proportion to a change in all of a firms
productive resources, the firm has
constant marginal returns
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on 1
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on 2
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e
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on 3
In the Keynesian model, whenever unplanned inventory increases
occur in the economy, production is likely to
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e
speed up slowly
slow down
remain unchanged
speed up immediately
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on 4
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on 5
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on 6
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on 7
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on 8
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on 9
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on 10
According to the Keynesian analysis, equilibrium occurs at the point
where total aggregate expenditure equals total output.
Sav
e
True
False
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2 points
on 11
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e
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on 12
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e
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on 13
Aggregate expenditure in the U.S. economy includes spending for
U.S. output by
households and businesses, but not governments
households, businesses, and the federal government, but not state
and local governments
households, businesses, and all governments except foreign ones
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e
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on 14
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on 15
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e
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on 16
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e
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on 17
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e
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on 18
Sav
e
If a workers money wage increases at a faster pace than the CPI, his
or her real wage will rise.
True
False
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on 19
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e
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2 points
on 20
Funds that earn a fixed rate of interest and must be held for a
stipulated period of time are known as
checkable deposits
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e
time deposits
savings deposits
money market funds
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on 21
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e
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on 22
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e
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on 23
The quantity theory of money assumes that
the national economy tends to operate at less than full
the velocity of money is unstable
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on 24
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on 25
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on 26
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on 27
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e
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on 28
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on 29
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on 30
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on 31
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on 32
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on 33
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on 34
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e
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on 35
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e
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on 36
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on 37
Competition in U.S. banking has been increased by
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e
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on 38
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e
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on 39
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e
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on 40
National income is equivalent to total earnings in the form of wages,
rent, interest, and profits.
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e
True
False
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2 points
on 41
Sav
e
The GDP counts durable goods only during their year of production.
True
False
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2 points
on 42
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e
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2 points
on 43
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e
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2 points
on 44
The national income accounts for the United States are prepared by
the
Bureau of Labor Statistics
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2 points
on 45
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e
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on 46
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e
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2 points
on 47
In dollar value, the nominal GDP in the United States is in the vicinity
of
between 3 and 4 billion
between 4 and 5 billion
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e
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on 48
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e
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on 49
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e
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on 50
Sav
e
Personal consumption expenditures account for approximately twothirds of the GDP in the United States.
True
False
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on 1
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e
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on 2
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e
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on 3
The rate of unemployment that can be expected from normal
frictional unemployment in an otherwise fully employed labor force
is known as the
natural rate of unemployment
full-employment unemployment rate
structural unemployment rate
Humphrey-Hawkins unemployment rate
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e
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2 points
on 4
Sav
e
If workers are changing jobs voluntarily and it takes a while for them
to find new jobs, they are an example of
structural unemployment
frictional unemployment
technological unemployment
none of the above
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on 5
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e
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on 6
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e
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on 7
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e
seasonal
cyclical
structural
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on 8
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e
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2 points
on 9
Sav
e
The total U.S. labor force excludes members of the armed services
stationed outside the United States.
True
False
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2 points
on 10
Sav
e
The Full Employment and Balanced Growth Act set a 1983 U.S.
inflation rate target of
1 percent
2 percent
3 percent
4 percent
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2 points
on 11
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e
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on 12
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e
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2 points
on 13
If the percentage of the population that is below the poverty line has
decreased, then the number of
poor must have increased
poor must have decreased
poor may have increased
people above the poverty line must have increased
Sav
e
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2 points
on 14
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e
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2 points
on 15
Sav
e
The total number of people in poverty has changed little since the
late 1960s.
True
False
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2 points
on 16
Sav
e
The poverty rate for blacks is almost three times that for whites.
True
False
Questi
2 points
on 17
Sav
e
If everyone had the same income, the Lorenz curve would become
the line of income equality.
True
False
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2 points
on 18
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e
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2 points
on 19
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e
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2 points
on 20
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e
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2 points
on 21
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e
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2 points
on 22
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e
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2 points
on 23
In discussing the distribution of income among families, the term
lowest fifth indicates
the poorest five percent of families
the poorest twenty percent of families
the smallest twenty percent of families
the percentage of families receiving one-fifth of the income
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e
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2 points
on 24
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e
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2 points
on 25
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e
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2 points
on 26
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e
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2 points
on 27
To most effectively combat inflation by raising taxes, the
government should
target funds that would otherwise be held idle
also increase government spending
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e
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2 points
on 28
Sav
e
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2 points
on 29
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e
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2 points
on 30
Sav
e
Questi 2 points
Sav
on 31
e
During the 19901991 recession, the U.S. governments large
budget deficits and budget reduction commitments limited its ability
to use fiscal policy to stimulate the economy.
True
False
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2 points
on 32
Sav
e
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2 points
on 33
Sav
e
Questi
2 points
on 34
Sav
e
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2 points
on 35
Sav
e
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2 points
on 36
Sav
e
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2 points
on 37
Sav
e
Questi
2 points
on 38
Sav
e
The U.S. economy has experienced no minor cycles since World War
II.
True
False
Questi
2 points
on 39
Sav
e
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2 points
on 40
Sav
e
Questi
2 points
on 41
Sav
e
False
Questi
2 points
on 42
Sav
e
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2 points
on 43
Sav
e
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2 points
on 44
Sav
e
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2 points
on 45
Sav
e
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2 points
on 46
Sav
e
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2 points
on 47
Sav
e
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2 points
on 48
Economists use the phrase business cycle when discussing
movements in interest rates
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e
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2 points
on 49
Sav
e
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2 points
on 50
Sav
e
As the economy moves into the trough of the business cycle, there is
a sizable reduction in the output of capital goods.
True
False
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2 points
on 1
Sav
e
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2 points
on 2
Sav
e
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2 points
on 3
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e
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2 points
on 4
Under a system of fixed exchange rates, excess demand for foreign
currency at the official exchange rate would cause
the exchange rate to rise
the exchange rate to fall
the government to buy foreign currency from the countrys
importers
the government to sell foreign currency to the countrys importers
Sav
e
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2 points
on 5
Sav
e
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2 points
on 6
Sav
e
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2 points
on 7
Sav
e
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Sav
on 8
e
Under the gold standard, a country that is experiencing a gold
outflow
has a balance of payments deficit
has a shrinking money supply
is experiencing a fall in output
all of the above
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2 points
on 9
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e
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2 points
on 10
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e
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2 points
on 11
A freely floating exchange rate exists when
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e
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2 points
on 12
Sav
e
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2 points
on 13
Sav
e
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2 points
on 14
Under a system of floating exchange rates, increased demand of
U.S. citizens for Japanese goods will cause
Sav
e
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2 points
on 15
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e
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2 points
on 16
Sav
e
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2 points
on 17
Sav
e
If trade between the United States and Canada were totally free of
restrictions, the incomes of most Canadian workers would decrease.
True
False
Questi 2 points
Sav
on 18
e
The revenue and protective purposes of a tariff are largely
incompatible.
True
False
Questi
2 points
on 19
Sav
e
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2 points
on 20
Sav
e
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2 points
on 21
Sav
e
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2 points
on 22
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e
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2 points
on 23
Sav
e
Tariff protection
encourages the optimum use of scarce resources
has no impact on use of scarce resources
prevents the optimum use of scarce resources
eliminates the scarcity of resources
Questi
2 points
on 24
A provision that permits raising tariffs if domestic producers are
suffering under an existing tariff is known as
a trading bloc
exchange control
antidumping
Sav
e
an escape clause
Questi
2 points
on 25
Sav
e
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2 points
on 26
Sav
e
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2 points
on 27
Sav
e
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2 points
on 28
The primary function of the Export-Import Bank is to assist in
Sav
e
Questi
2 points
on 29
Sav
e
Exports from China into the U.S. have most seriously impacted the
automobile industry
furniture industry
travel industry
cosmetics industry
Questi
2 points
on 30
Sav
e
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2 points
on 31
Who does not gain when a tariff is imposed?
domestic producers of the good
domestic workers in the protected industry
Sav
e
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2 points
on 32
Sav
e
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2 points
on 33
Sav
e
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2 points
on 34
The size of the national debt relative to GDP will not be reduced by
paying off some of the debt
lowering the federal deficit
having the GDP grow faster than the debt
having creditors forgive part of the debt
Sav
e
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2 points
on 35
Sav
e
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2 points
on 36
Sav
e
Questi
2 points
on 37
Sav
e
Questi
2 points
on 38
Sav
e
False
Questi
2 points
on 39
Sav
e
Questi
2 points
on 40
Sav
e
Questi
2 points
on 41
Sav
e
Questi
2 points
on 42
Sav
e
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2 points
on 43
Sav
e
When the government uses tax revenue to pay off portions of the
national debt, total purchasing power in the economy
increases
decreases
is not affected at any level
remains the same but changes individually
Questi
2 points
on 44
Sav
e
Questi
2 points
on 45
A balanced federal budget
Sav
e
Questi
2 points
on 46
Sav
e
Questi
2 points
on 47
Sav
e
Questi
2 points
on 48
Which of the following is not a necessary characteristic for a tax to
qualify as a good tax?
Sav
e
justifiability
convenience
being economical
equality
Questi
2 points
on 49
Sav
e
Questi
2 points
on 50
Sav
e
The sales tax is proportional with respect to the tax base of the
amount of purchases.
True
False
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STAT 125-HK. Business Statistics Midterm Exam
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SEC 310
SEC 435
SOC 100
SOC 300
SOC 305
SOC 312
SOC 402
SOCS 350
STAT 125