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survey of economics

Questions and Answers of Survey Of Economics

If demand and supply both increase, but demand increases more than supply increases, then what happens to the equilibrium price and quantity?
If the price of iPhones has increased over the past year and people are buying more iPhones, is this an exception to the law of demand, or has there been a change in demand or supply that could
Assume the supply and demand curves for a good are given by the following equations: Qd = 1000 − 20P ; Qs = 5P. What is the equilibrium price and quantity?
Why do you think rock stars charge concert ticket prices below what they could otherwise charge and still sell out their performances?
If a shortage exists in a market, then:a. The price is below equilibrium.b. The quantity demand exceeds the quantity supplied.c. The price will rise in the near future.d. All of the above.
What can we say about the demand and supply curves for products, which are “free,” like matches, toothpicks, and kittens?
When the price of a good in a market is above equilibrium:a. The quantity supplied exceeds the quantity demanded.b. A surplus is observed.c. The price will fall in the near future.d. All of the
Is the price system a “just” or “fair” way to allocate products? What about products like medical care and other “essential” services?
Which of the following will increase the supply of a good?a. An increase in the price of another good, which producers could produceb. A lower price of resources used in the production of the
Who does the demanding and the supplying in the labor market? What about the loanable funds (money) market?
Which of the following is true about advertising by a firm?a. It is not always successful in increasing demand for a firm’s product.b. It can increase demand and make demand more inelastic.c. It
An oligopoly:a. And monopolistically competitive market produce less and charge higher prices than if their markets were perfectly competitive.b. Is characterized by mutual interdependence of
What happens to employment opportunities and wages paid in all noncompetitive product markets? Why?
In a non-collusive oligopoly, if one firm increased its price, what would the other firms likely do? What about a price decrease? How is this related to a kinked demand curve?
Which market structure do most real-world markets approximate?
A cartel:a. Is a group of firms formally agreeing to control the price and the output of a product.b. Has as its primary goal to reap monopoly profits by replacing competition with
What are some strategies that firms use to collude?
Which of the following statements is true?a. Marginal revenue product is the extra revenue generated to the firm from the production of one more unit of output.b. Marginal factor cost is the extra
Why does the demand for labor curve slope downward?
How would one calculate the profit an employer earns from the employment of workers?
Why does the labor supply curve slope upward?
Which of the following statements is true?a. Derived demand for labor depends on the demand for the product labor produces.b. Unions may increase demand or decrease the supply of
For each of the following, determine the impact on the demand or the supply of labor and the effect on the equilibrium wage and quantity of labor employed.a. An increase in the price of
Assume a competitive labor market has just become a monopsony. What impact will this have on workers’ wages and employment opportunities?
Some people have argued: “Any gains made by unions in the form of higher wages will create lower wages for nonunionized workers.” Leaving aside whether this is actually the case or not, what is
What is the major strategy of an inclusive (industrial) union (a union that tries to get everyone in the industry to join the union) in order to increase wages of its members?
The best number of workers for any employer to hire is that quantity at which:a. The marginal revenue product equals the marginal factor cost.b. The marginal revenue product exceeds the marginal
What is the major strategy of an exclusive (trade) union (a union that tries to limit the number of workers who can practice that trade or craft) in order to increase wages of its members?
An increase in demand:a. Results in a leftward shift of the demand curve.b. Could be caused by a decrease in the price of the good.c. Could be caused by an increase in the price of a substitute
What can you say about the price of campus parking permits if there never seems to be enough places to park even when you have a permit?
Which of the following statements is true?a. The law of demand implies that an increase in the price of a good will decrease the demand for that good.b. The law of supply implies that an increase
What are some examples of inferior products?
What might be some problems associated with economic growth?
What are the necessary ingredients for a nation to experience greater rates of economic growth, higher average standards of living, and a greater ability to compete in the global economy? That is,
A rightward (an outward) shift of a nation's production possibilities curve could be caused by:a. A decrease in technology. b. An increase in resources.c. Producing more consumer and
How could marginal analysis be applied to determine the profit-maximizing quantity of output for a firm to produce?
Given a production possibilities curve, a point:a. Inside the curve represents unemployment.b. On the curve represents full employment.c. Outside the curve is currently unattainable.d. All of the
Under what conditions would a nation be able to currently produce more of both consumer and capital products?
What is the “real” cost of purchasing a new car?
Which of the following statements is true?a. An opportunity cost is what must be given up in order to get something else.b. The three fundamental economic questions refer to What to produce? How to
What are some opportunity costs of attending college?
Provide an example of how economic efficiency and equity may be in conflict.
Which of the following statements is false?a. Marginal analysis is an examination of the effects of additions or subtractions from a current situation.b. The production possibilities curve shows
To what extent do you think normative economic analysis, as opposed to positive economic analysis, determines our nation's public policy decisions made by government? Why? Is that “good” or
A model (or theory):a. Is a general statement about the causal relationship between variables based on facts.b. Helps explain and predict the relationship between variables.c. When expressed as a
Which of the following is a normative economic statement?a. The unemployment rate for the United States is currently 5.4%.b. The inflation rate in the United States is too high.c. An increase in
Does economics help to teach us how to approach problems, or does it provide us with a set of answers to problems?
Respond to the following statement: “Theories are of no use to me because they are not very practical. All I need are the facts because they speak for themselves.”
Microeconomics is concerned with:a. Some specific segment of the economic system.b. The entire economic system.c. Reducing national unemployment and inflation rates.d. What causes changes in the
Why isn't money a resource?
How might a rich nation answer the three fundamental economic questions differently from a poor and developing county?
Which of the following is not a resource?a. Landb. Laborc. Moneyd. Capital
Scarcity:a. Exists because resources are unlimited while human wants are limited.b. Means we are unable to have as much as we would like to have.c. Will likely be eliminated as technology
Provide examples of economic investigations that would be classified as macroeconomic investigations and others that would be classified as microeconomic investigations.
What is the opportunity cost of government spending on servicing the interest on the national debt?
A progressive tax means the percentage of income paid as taxes:a. Increases as income increases.b. Decreases as income increases.c. Remains the same as income increases.d. None of the above.
Which of the following statements is true?a. The most important source of revenue to the federal government is personal income taxes.b. National defense currently accounts for the largest
Some people have argued that the American workers’ movement would have been more successful in achieving its goals if it would have been more organized across labor markets; if it would have
How are price controls related to anti-poverty programs?
Which of the following statements is true?a. Income distribution in the United States has become more unequal since 1929.b. The Lorenz curve indicates the degree of discrimination in an
Describe how investment in human capital could help solve the poverty problem.
The poverty line:a. Separates those on welfare from those not on welfare.b. Equals three times an economy food budget.c. Equals the median income level.d. All of the above.
Based on real-world evidence, what is the profile of a family in poverty?
Which of the following statements is true?a. All people in poverty are on welfare.b. Unemployment compensation is an in-kind transfer.c. Temporary Assistance to Needy Families (TANF) is an example
Typically, how long do those in poverty who are receiving public assistance (welfare) remain on the welfare roles?
What are the three major goals of any short-run poverty relief program?
How well would a negative income tax system do in relation to the current welfare programs in maximizing the poverty relief?
How well would a negative income tax system do in relation to the current welfare programs in maximizing the incentive to work?
How well would a negative income tax system do in relation to the current welfare programs in minimizing program cost (taxes)?
What is the best way to combat poverty over time?
Why hasn't the negative income proposal been implemented as public policy in the United States?
If males (whites) are paid more than females (blacks), is that proof of discrimination?
Which of the components of GDP must increase if we are to experience greater rates of economic growth?
GDP:a. Is the dollar value of all the final goods and services produced within the borders of a nation.b. Includes intermediate and final goods and services.c. Minus an allowance for depreciation
If the illegal drug trade was legalized what would happen to GDP?
Which of the following statements is true?a. GDP is an important measure of macroeconomic activity because changes in GDP impact employment, incomes, further spending, and standards of
What would happen to GDP if a significant number of house-spouses who were previously staying home to care for their children began taking jobs and placing their children in day-care? Would the
Which of the following statements is true?a. The inclusion of intermediate goods and services into GDP calculations would underestimate our nation’s production level.b. The expenditures approach
What happens to disposable personal income if tax rates increased?
Using the expenditures approach, GDP equals:a. C + I + G + (X - M).b. C + I + G + (X + M).c. C + I - G + (X - M).d. C + I + G - (X - M).
How could nominal GDP increase but real GDP remain the same?
Which is a better indicator of growth in job opportunities: an increase in nominal GDP or real GDP?
Is it possible for real GDP to increase and there to be no increase in employment?
Determine the effect on GDP for the following.a. Consumption increases.b. Government spending falls.
What causes the business cycle?
Which of the following statements is true?a. The business cycle is caused by changes in total spending.b. A recession is caused by a decrease in total spending.c. A recovery is caused by an
What is the general cause of all recessions? What is the general cause of all expansionary phases of the business cycle?
Which of the following statements is true?a. The four phases of the business cycle, in order, are: peak, expansion, trough, recession.b. When unemployment is rising then real GDP is rising.c. The
What are the two major problems associated with a recession?
If Sam Jackson voluntarily quits one job, possesses marketable skills, and expects to find a new job in a few weeks, Mr. Jackson is considered:a. Frictionally unemployed.b. Cyclically
Why is a slow growing economy a problem during a recession?
Which of the following is true?a. The GDP gap is the difference between full-employment real GDP and actual real GDP.b. We desire economic growth because it increases the nation's standard of
What is the major economic problem during the expansionary phase of the business cycle?
What should government do with its spending and taxes during a recession? Why?
What should government do with its spending and taxes during an upturn in the business cycle? Why?
What should government do with the money supply to combat a recession? Inflation?
Which of the following statements is true?a. Deflation is an increase in the general level of prices.b. The consumer price index (CPI) measures changes in the average prices of consumer goods and
If the consumer price index (CPI) in 2019 was 200 and the CPI for 2020 was 230, the rate of inflation was:a. 15 percent.b. 7.5 percent.c. 30 percent.d. 230 percent.
Why might homebuyers hope for inflation?
Last year the Olsen family earned $70,000. This year their income is $77,000. In an economy with an inflation rate of 8 percent, we can conclude that the Olsen’s nominal income:a. And real income

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