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foundations of economics

Questions and Answers of Foundations Of Economics

Given the following production possibilities curve:a. Does this production possibilities curve show increasing opportunity costs? Explain.b. What is the opportunity cost of moving from point I to
Identify where the appropriate entries go in the circular flow diagram. Consumption Spending Revenue Goods and Services Sold Firms Capital, Land, Labor, and Entrepreneurship Factor Markets
What are the three basic economic questions? How are decisions made differently in a market economy than in planned economies?
Say that a technological change doubles an economy’s ability to produce good X and triples the economy’s ability to produce good Y. As a result,a. the economy will tend to produce less X and more
A virulent disease spreads throughout the population of an economy, causing death and disability. This event can be portrayed asa. a movement from a point on the production possibilities curve to a
Suppose Country A produces few consumption goods and many investment goods while Country B produces few investment goods and many consumption goods. Other things being equal, you would expecta. per
Inefficiency is best illustrated by which of the following?a. forgoing civilian goods in order to produce more military goodsb. limiting economic growth by reducing capital spendingc. having high
Which of the following is least likely to shift the production possibilities curve outward?a. a change in preferences away from one of the goods and toward the otherb. an invention that reduces the
Which of the following is most likely to shift the production possibilities curve outward?a. an increase in unemploymentb. a decrease in the stock of physical or human capitalc. a decrease in the
Which of the following is the most accurate statement about a production possibilities curve?a. An economy can produce at any point inside or outside its production possibilities curve.b. An economy
What determines the position and shape of a society’s production possibilities curve?a. the physical resources of that societyb. the skills of the workforcec. the level of technology of the
Consider a production possibilities curve for an economy producing bicycles and video game players. It is possible to increase the production of bicycles without sacrificing video game players ifa.
Which of the following is consistent with the implications of the production possibilities curve?a. If the resources in an economy are being used efficiently, scarcity will not be a problem.b. If the
The opportunity cost of one more unit of bread is greater at point _______ than at point ________.a. G; Bb. C; Ac. A; Cd. None of the above. The opportunity cost of a good is constant everywhere
Along the production possibilities curve, the most efficient point of production depicted isa. point B.b. point C.c. point D.d. point G.e. All points on the production possibilities curve are equally
An economy is operating at full employment, and then workers in the bread industry are laid off. This change is portrayed in the movement froma. A to B.b. B to E.c. C to F.d. G to F.e. None of the
Currently, it is not possible to produce ata. point A.b. point B.c. point E.d. point G.e. either point E or point G.
A point beyond the boundary of an economy’s production possibilities curve isa. efficient.b. inefficient.c. attainable.d. unattainable.e. both attainable and efficient.
In the circular flow model,a. firms supply both products and resources.b. firms demand both products and resources.c. firms demand resources and supply products.d. firms supply resources and demand
Which of the following is true?a. In the product markets, firms are buyers and households are sellers.b. In the factor markets, firms are sellers and households are buyers.c. Firms receive money
In a circular flow diagram,a. goods and services flow in a clockwise direction.b. goods and services flow in a counterclockwise direction.c. product markets appear at the top of the diagram.d. factor
When a command economy is utilized to resolve economic questions regarding the allocation of resources, thena. everyone will receive an equal share of the output produced.b. the preferences of
The degree of government involvement in the economy is greatest ina. a command economy.b. a mixed economy.c. a market economy.d. a traditional economy.
The private ownership of property and the use of the market system to direct and coordinate economic activity are most characteristic ofa. a command economy.b. a mixed economy.c. a market economy.d.
Three economic questions must be determined in all societies. What are they?a. How much will be produced? When will it be produced? How much will it cost?b. What will the price of each good be? Who
Economic disputes over the distribution of income are generally associated with which economic question?a. Who should produce the goods?b. What goods and services will be produced?c. Who will get the
Which of the following is not a question that all societies must answer?a. How can scarcity be eliminated?b. What goods and services will be produced?c. Who will get the goods and services?d. How
From a point inside the production possibilities curve, in order to get more of one thing, an economy must give up something else. True or False
Economic growth means a movement along an economy’s production possibilities curve in the direction of producing more consumer goods. True or False
An economy can grow despite a lack of qualitative and quantitative improvements in the factors of production. True or False
Investing in capital goods will increase the future production capacity of an economy, so an economy that invests more now (consumes less now) will be able to produce, and therefore consume, more in
The basic reason for increasing opportunity cost is that some resources and skills cannot be easily adapted from their current uses to alternative uses. True or False
If resources are being used efficiently, at a point along a production possibilities curve, more of one good or service requires the sacrifice of another good or service as a cost. True or False
We all have an interest in the efficient use of all of society’s resources because more of everything we care about can be available for our use as a result. True or False
Underutilized resources or those not being put to their best uses are illustrated by output combinations along the production possibilities curve. True or False
The economy cannot produce beyond the levels indicated by the production possibilities curve during a given time period, but it is possible to operate inside the production possibilities curve. True
With a straight-line production possibilities curve, the opportunity cost of producing another unit of a good increases with its output. True or False
The circular flow model illustrates the continuous flow of goods, services, inputs, and payments between firms and households. True or False
The market where households sell the use of their inputs to firms is called the product market. True or False
In a market economy, with private ownership and control of the means of production, the amount of output one is able to obtain depends on the quantity and quality of the scarce resources that the
Each nation tends to use the production processes that conserve its relatively scarce (and thus relatively more expensive)resources and use more of its relatively abundant resources. True or False
In any economy, it would always be less efficient to dig ditches by having many workers use their hands than to use workers with shovels or a backhoe. True or False
All economies, regardless of political structure, must decide how, from several possible ways, to produce the goods and services that they want. True or False
Command economies rely on central planning, where decisions about what and how many are largely determined by a government official associated with the central planning organization. True or False
Consumer sovereignty describes how individual consumers in market economies determine what is to be produced. True or False
If people reduced their saving (thus reducing the funds available for investment), what would that change do to society’s production possibilities curve over time?
What would happen to the production possibilities curve in an economy where a new innovation greatly increased its ability to produce shelter but did not change its ability to produce food?
Why doesn’t economic growth eliminate scarcity?
How is economic growth shown in terms of production possibilities curves?
What is the connection between sacrifices and economic growth?
What is the essential question behind issues of economic growth? How much are we willing to give up today to get more in the future?
How are efficiency and inefficiency illustrated by a production possibilities curve?
If a 68-year-old worker in the United States chooses not to work at all, does that mean that the United States is functioning inside its production possibilities curve? Why or why not?
What do we mean by efficiency, and how is it related to underemployment of resources?
Will a country that makes being unemployed illegal be more productive than one that does not? Why or why not?
Why are we concerned with widespread amounts of unemployed or underemployed resources in a society?
How does the production possibilities curve illustrate increasing opportunity costs?
Why do the opportunity costs of added production increase with output?
How are opportunity costs shown by the production possibilities curve?
What does a production possibilities curve illustrate?
What is bought and sold in product markets?
What is bought and sold in factor markets?
Why does the circular flow of money move in the opposite direction from the flow of goods and services?
What are the most important functions of the market system?
In what way does scarcity determine income?
If a tourist from the United States on an overseas trip notices that other countries don’t produce crops “like they do back home,” would he right to conclude that farmers in the other countries
Why might production be labor intensive in one economy but be capital intensive in another?
Why must we choose among multiple ways of producing the goods and services we want?
Why do consumers have to “vote” for a product with their dollars for it to be a success?
Do you think that what and how much an economy produces depends on who will get the goods and services produced in that economy? Why or why not?
How does consumer sovereignty determine production decisions in a market economy?
How is a command economy different from a market economy?
Why does scarcity force us to decide what to produce?
Fill in the blanks:The production possibilities curve can be used to illustrate the economic concepts of _____________(resource combinations outside the production possibilities curve are
Fill in the blanks:Increases in a society’s output do not make _____________ disappear. Even when output has grown more rapidly than population so that people are made better off, they still face
Fill in the blanks:Advancements in _____________, improvements in _____________, or new _____________ could all lead to outward shifts of the production possibilities curve.
Fill in the blanks:To generate economic growth, a society must produce _____________ consumer goods and _____________ capital goods in the present.
Fill in the blanks:Resources tend to be specialized, so we lose some of their productivity when we transfer those resources from producing what they are relatively _____________ at to producing
Fill in the blanks:On a bowed production possibilities curve (concave to the origin), the opportunity costs of producing additional units of a good rises as society produces more of that good. This
Fill in the blanks:If the production possibilities curve is concave from below (that is, bowed outward from the origin), it reflects _____________ opportunity costs of producing additional amounts of
Fill in the blanks:_____________ requires society to use its resources to the fullest extent—getting the _____________ we can out of our scarce resources.
Fill in the blanks:By putting _____________ resources to work or by putting already employed resources to _____________ uses, we could expand output.
Fill in the blanks:If an economy is operating _____________ its production possibilities curve, it is not at full capacity and is operating _____________. Such an economy’s actual output is less
Fill in the blanks:On a straight-line production possibilities curve, the _____________ are constant.
Fill in the blanks:On a production possibilities curve, we assume that the economy has a given quantity and quality of _____________ and _____________ available to use for production.
Fill in the blanks:A(n) _____________ curve represents the potential total output combinations of any two goods for an economy.
Fill in the blanks:The simple _____________ model shows the continuous flow of goods, services, inputs, and payments through the _____________ and _____________ markets among households and
Fill in the blanks:The markets where households sell the use of their _____________ (capital, land, labor, and entrepreneurship)to _____________ are called _____________ or _____________ markets.
Fill in the blanks:The markets where households are buyers and firms are sellers of goods and services are called _____________ markets.
Fill in the blanks:In a market economy, the amount of goods and services one is able to obtain depends on one’s _____________, which depends on the quality and quantity of the scarce _____________
Fill in the blanks:Methods of production used where capital is relatively scarce will be _____________, and methods of production used where labor is relatively scarce will be _____________.
Fill in the blanks:The _____________-cost method is the most appropriate method for producing a given product.
Fill in the blanks:Most countries, including the United States, have _____________ economies, in which the government and private sector determine the allocation of resources.
Fill in the blanks:Market economies largely rely on a(n) _____________ decision-making process, where literally millions of individual producers and consumers of goods and services determine what
Fill in the blanks:Because of scarcity, certain economic questions must be answered regardless of the level of affluence of the society or its political structure. Three fundamental questions that
Imagine that you are trying to decide whether to cross a street without using the designated crosswalk at the traffic signal. What are the expected marginal benefits of crossing? The expected
Why is it important that the country or region with the lower opportunity cost produce the good? How would you use the concept of comparative advantage to argue for reducing restrictions on trade
Which region has a comparative advantage in the following goods:a. wheat: Colombia or the United States?b. coffee: Colombia or the United States?c. timber: Iowa or Washington?d. corn: Iowa or
Which of the following are positive incentives? Negative incentives? Why?a. a fine for not cleaning up after your dog defecates in the parkb. a trip to Hawaii paid for by your parents or significant
Which of the following activities require marginal thinking, and why?a. studyingb. eatingc. drivingd. shoppinge. getting ready for a night out

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