Question 1

3.34 out of 3.34 points

The personal distribution of income refers to the: Answer Selected Answer: way income is distributed among specific households or spending units. Correct Answer: way income is distributed among specific households or spending units. Response Feedback: Correct!

Question 2
3.34 out of 3.34 points

The functional distribution of income refers to the: Answer Selected Answer: distribution of income to basic resource classes, that is, wages, rents, interest, and profits Correct Answer: distribution of income to basic resource classes, that is, wages, rents, interest, and profits Response Feedback: Correct!

Question 3
3.34 out of 3.34 points

The distribution of income among individual households is known as: Answer

Selected Answer: the personal distribution of income. Correct Answer: the personal distribution of income. Response Feedback: Correct!

Question 4
3.34 out of 3.34 points

Economists define saving as: Answer Selected Answer: that part of after-tax income which is not consumed. Correct Answer: that part of after-tax income which is not consumed. Response Feedback: Correct!

Question 5
0 out of 3.34 points

Economists define durable goods as those products expected to last at least _____ year(s). Answer Selected Answer: 1 Correct Answer: 3 Response Feedback: Incorrect

Question 6
3.34 out of 3.34 points

In economics, a physical establishment such as a factory, farm, mine, store, or warehouse that performs one or more functions in fabricating and distributing goods is called a(n): Answer Selected Answer: plant Correct Answer: plant Response Feedback: Correct!

Question 7
3.34 out of 3.34 points

In economics, a group of firms that produce identical or similar products is called a(n): Answer Selected Answer: industry Correct Answer: industry Response Feedback: Correect!

Question 8
0 out of 3.34 points

In economics, an organization that employs resources to produce goods and services for profit and operates one or more plants is called a(n): Answer

Selected Answer: industry Correct Answer: firm Response Feedback: Incorrect

Question 9
3.34 out of 3.34 points

An industry is best defined as a group of firms that: Answer Selected Answer: produce identical or similar products. Correct Answer: produce identical or similar products. Response Feedback: Correct!

Question 10
3.34 out of 3.34 points

Which form of business enterprise accounts for the largest number of firms in the United States? Answer Selected Answer: proprietorship Correct Answer: proprietorship

Response Feedback:

Correct!

Question 11
3.33 out of 3.33 points

Which form of business enterprise accounts for the largest proportion of total output? Answer Selected Answer: corporations Correct Answer: corporations Response Feedback: Correct!

Question 12
3.33 out of 3.33 points

The Sherman Act of 1890 is an example of: Answer Selected Answer: government attempting to maintain competition. Correct Answer: government attempting to maintain competition. Response Feedback: Correct!

Question 13
3.33 out of 3.33 points

The U.S. Food Stamp program, which provides coupons that allow low-income individuals to buy food, is an illustration of: Answer

Selected Answer: the redistributional function of government Correct Answer: the redistributional function of government Response Feedback: Correct!

Question 14
3.33 out of 3.33 points

Government may lessen income inequality by: Answer Selected Answer: doing all of the above. Correct Answer: doing all of the above. Response Feedback: Correct!

Question 15
3.33 out of 3.33 points

As a proportion of domestic outputs, taxes in the United States: Answer Selected Answer: are lower than in most other industrially advanced countries Correct Answer: are lower than in most other industrially advanced countries Response Feedback: Correct!

Question 16
3.33 out of 3.33 points

The major source of tax revenue for the Federal government is: Answer Selected Answer: personal income taxes Correct Answer: personal income taxes Response Feedback: Correct!

Question 17
3.33 out of 3.33 points

The physical export of motorcycles from the United States to Mexico best illustrates a: Answer Selected Answer: trade flow Correct Answer: trade flow Response Feedback: Correct!

Question 18
3.33 out of 3.33 points

The physical import of DVD players to the United States from Japan best illustrates a: Answer Selected Answer:

trade flow Correct Answer: trade flow Response Feedback: Correct!

Question 19
3.33 out of 3.33 points

The spending by Americans while traveling in Europe best illustrates a: Answer Selected Answer: financial flow Correct Answer: financial flow Response Feedback: Correct!

Question 20
3.33 out of 3.33 points

The emigration of software designers from India to the United States best illustrates a(n) Answer Selected Answer: resource flow Correct Answer: resource flow Response Feedback: Correct!

Question 21

3.33 out of 3.33 points

The purchase by an American firm of the right to produce a prescription drug patented in Germany best illustrates a: Answer Selected Answer: technology flow Correct Answer: technology flow Response Feedback: Correct!

Question 22
0 out of 3.33 points

Which of the following statements is correct? Answer Selected Answer: The United States' exports and imports are larger absolutely and as a percentage of GDP than any other nation's. Correct Answer: The United States' exports and imports are absolutely larger than any other nation's, but the exports and imports of many other nations are a larger percentage of their GDPs. Response Feedback: Incorrect

Question 23
3.33 out of 3.33 points

The United States' most important trading partner in terms of dollar volume is: Answer

Selected Answer: Canada Correct Answer: Canada Response Feedback: Correct!

Question 24
3.33 out of 3.33 points

Which of the following countries has recently emerged as one of the world's top trading nations in terms of total trade volume? Answer Selected Answer: China Correct Answer: China Response Feedback: Correct!

Question 25
3.33 out of 3.33 points

According to the concept of comparative advantage, a good should be produced in that nation where: Answer Selected Answer: its domestic opportunity cost is least. Correct Answer: its domestic opportunity cost is least.

Response Feedback:

Correct!

Question 26
3.33 out of 3.33 points

If the equilibrium exchange rate changes so that it takes more dollars to buy a British pound, then: Answer Selected Answer: the dollar has depreciated in value. Correct Answer: the dollar has depreciated in value. Response Feedback: Correct!

Question 27
3.33 out of 3.33 points

If incomes rise rapidly in the United States and U.S. preferences for foreign goods strengthen, we would expect: Answer Selected Answer: the dollar to depreciate in value. Correct Answer: the dollar to depreciate in value. Response Feedback: Correct!

Question 28
3.33 out of 3.33 points

Protective tariffs are:

Answer Selected Answer: excise taxes or duties placed on imported products Correct Answer: excise taxes or duties placed on imported products Response Feedback: Correct!

Question 29
3.33 out of 3.33 points

Import quotas are: Answer Selected Answer: maximum limits on the quantity or total value of specific products imported to a nation. Correct Answer: maximum limits on the quantity or total value of specific products imported to a nation. Response Feedback: Correct!

Question 30
3.33 out of 3.33 points

Export subsidies are: Answer Selected Answer: government payments to domestic producers to enable them to charge lower prices and sell more goods in world markets

Correct Answer: government payments to domestic producers to enable them to charge lower prices and sell more goods in world markets Response Feedback: Correct!