Survey of Economics
Test Preparation
Course Introduction
This course provides an introduction to the fundamental concepts and principles of economics, offering a broad overview of both microeconomics and macroeconomics. Students will explore topics such as supply and demand, market structures, consumer behavior, production costs, national income, economic growth, inflation, unemployment, fiscal policy, and monetary policy. Designed for students from a wide range of disciplines, the course aims to develop economic literacy, critical thinking, and analytical skills necessary to understand and evaluate real-world economic issues.
Recommended Textbook Survey of Economics 8th Edition by Irvin B. Tucker
Available Study Resources on Quizplus
27 Chapters
4541 Verified Questions
4541 Flashcards
Source URL: https://quizplus.com/study-set/2072
Page 2
Chapter 1: Introducing the Economic Way of Thinking
Available Study Resources on Quizplus for this Chatper
177 Verified Questions
177 Flashcards
Source URL: https://quizplus.com/quiz/41221
Sample Questions
Q1) Distinguish macroeconomics and microeconomics.
Answer: Macroeconomics studies the entire national economy.Microeconomics focuses on a particular segment within the entire economic system.
Q2) Which of the following is included in the study of macroeconomics?
A) Salaries of college professors.
B) Computer prices.
C) Unemployment in the nation.
D) Silver prices.
Answer: C
Q3) The statement "Cutting government spending is the best way to boost consumer confidence" is an example of normative economics.
A)True
B)False
Answer: True
Q4) Factors which determine the price of corn would be studied in macroeconomics.
A)True
B)False
Answer: False
To view all questions and flashcards with answers, click on the resource link above. Page 3
Chapter 1: A: Appendix: Applying Graphs to Economics
Available Study Resources on Quizplus for this Chatper
69 Verified Questions
69 Flashcards
Source URL: https://quizplus.com/quiz/41219
Sample Questions
Q1) In Exhibit 1A-3,the slope of straight line AB is:
A) positive.
B) zero.
C) negative.
D) variable.
Answer: C
Q2) Two variables that are inversely related tend to move in opposite directions.
A)True
B)False
Answer: True
Q3) In Exhibit 1A-6,the slope of straight line A-D is:
A) greater than 1.
B) equal to 1.
C) less than 1.
D) zero.
Answer: D
Q4) The slope of a line is calculated as the ratio of the "rise" over the "run".
A)True
B)False
Answer: True
To view all questions and flashcards with answers, click on the resource link above. Page 4
Chapter 2: Production Possibilities,Opportunity Cost,and Economic Growth
Available Study Resources on Quizplus for this Chatper
200 Verified Questions
200 Flashcards
Source URL: https://quizplus.com/quiz/41218
Sample Questions
Q1) Suppose an economy is faced with the production possibilities table shown in Exhibit 2-10.The second unit of capital goods production will cost ____ units of consumption goods,and the third unit of capital goods production will cost ____ units of consumption goods.
A) 4; 6
B) 25; 23
C) 23; 19
D) 1; 23
E) 2; 19
Answer: A
Q2) If the economy represented in Exhibit 2-9 is operating at Point W:
A) no tractor product must be forgone to produce more food in the current period. B) resources are not fully used.
C) some tractor production must be forgone to produce more food in the current period. D) increased food production would be impossible.
Answer: C
To view all questions and flashcards with answers, click on the resource link above. Page 5
Chapter 3: Part 1: Market Demand and Supply
Available Study Resources on Quizplus for this Chatper
250 Verified Questions
250 Flashcards
Source URL: https://quizplus.com/quiz/41222
Sample Questions
Q1) Other things being equal,the effect of an increase in the price of Coca-Cola would cause a(n):
A) upward movement along the demand curve for Coca-Cola.
B) leftward shift in the demand curve for Coca-Cola.
C) downward movement along the demand curve for Coca-Cola.
D) rightward shift in the demand curve for Coca-Cola.
Q2) A rightward shift of a demand curve is called a(n):
A) increase in demand.
B) decrease in demand.
C) increase in quantity demanded.
D) decrease in quantity demanded.
E) increase in supply.
Q3) Assuming steak and potatoes are complements,other things being equal,an increase in the price of steak,will:
A) increase the demand for potatoes.
B) decrease the demand for potatoes.
C) increase the demand for steak.
D) decrease the demand for steak.
To view all questions and flashcards with answers, click on the resource link above.
Chapter 3: Part 2: Market Demand and Supply
Available Study Resources on Quizplus for this Chatper
106 Verified Questions
106 Flashcards
Source URL: https://quizplus.com/quiz/41216
Sample Questions
Q1) Which of the following is true about the market equilibrium?
A) As the price increases, the quantity demanded and the quantity supplied increases.
B) As the price increases, the quantity demanded and the quantity supplied decreases.
C) As the price increases, the quantity demanded increases and the quantity supplied decreases.
D) As the price increases, the quantity demanded decreases and the quantity supplied increases.
E) As the price increases, neither the quantity demanded nor quantity supplied change.
Q2) The law of demand is the principle that there is an inverse between the price of a good and the quantity that buyers are willing to purchase in a defined time period,ceteris paribus.
A)True
B)False
Q3) Equilibrium in a market exists when there is neither a surplus nor a shortage of the item.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above.
Chapter 4: Markets in Action
Available Study Resources on Quizplus for this Chatper
250 Verified Questions
250 Flashcards
Source URL: https://quizplus.com/quiz/41223
Sample Questions
Q1) Negative externalities result in unfair,excessively high prices.
A)True
B)False
Q2) The excess supply created when governments impose a price floor is:
A) shrinking as the floor rises.
B) the difference between the old quantity supplied and new quantity demanded.
C) the difference between the new quantity supplied and the old quantity demanded.
D) the difference between the new quantity supplied and the new quantity demanded.
E) actually efficient because prices are higher for suppliers.
Q3) Most economists believe that there are positive externalities in education.One can conclude that a free market would fail to give the socially optimal outcome because the equilibrium:
A) price and quantity would be too high.
B) price would be too low and quantity would be too high.
C) price and quantity would be too low.
D) price would be too high and quantity would be too low.
E) price and quantity would be just right.
To view all questions and flashcards with answers, click on the resource link above. Page 8
Chapter 5: Price Elasticity of Demand
Available Study Resources on Quizplus for this Chatper
177 Verified Questions
177 Flashcards
Source URL: https://quizplus.com/quiz/41224
Sample Questions
Q1) A perfectly elastic demand curve has an elasticity coefficient of:
A) 0.
B) 1.
C) less than 1.
D) infinity.
Q2) Which of the following events would increase the price elasticity of demand for Chicago Bears tickets that sell at a price of $20?
A)b and c.
B)The Bears are having a successful season.
C)The visiting team is having a successful season
D)The Bears have been defeated in their previous seven games.
E)The weather on game day will be warm.
Q3) Demand price elasticity measures:
A) how much supply will change as price changes.
B) how consumers change their purchases in response to a change in income.
C) how consumers change their purchases in response to a change in the price of a substitute good.
D) how consumers change their purchases in response to a change in the price of a product.
E) the change in price brought about by a change in consumer demand.
To view all questions and flashcards with answers, click on the resource link above. Page 9
Chapter 6: Production Costs
Available Study Resources on Quizplus for this Chatper
249 Verified Questions
249 Flashcards
Source URL: https://quizplus.com/quiz/41225
Sample Questions
Q1) If the firm represented in Exhibit 6-15 is operating with a plant whose size corresponds to short-run average total cost curve A,the level of output that would minimize its short-run average total cost is:
A) 500 units per week.
B) 1,000 units per week.
C) 1,500 units per week.
D) 2,000 units per week.
Q2) The law of diminishing returns applies to which of the following segments of the marginal product of labor curve?
A) The entire curve.
B) The downward-sloping segment only.
C) The upward sloping segment only.
D) The point where labor input is zero.
Q3) The marginal product curve rises when the marginal cost curve rises.
A)True
B)False
Q4) A firm's marginal product curve slopes downward throughout its length.
A)True
B)False
Q5) What are the seven short run cost calculations? How are they related?
Page 10
To view all questions and flashcards with answers, click on the resource link above.
Chapter 7: Perfect Competition
Available Study Resources on Quizplus for this Chatper
222 Verified Questions
222 Flashcards
Source URL: https://quizplus.com/quiz/41226
Sample Questions
Q1) When faced with an economic loss,a competitive firm will exit the industry in the long run.
A)True
B)False
Q2) Which of the following is not a characteristic of the structure of perfectly competitive markets?
A) Each individual firm is small in size relative to the overall market.
B) Few sellers.
C) Homogeneous product.
D) Easy, low cost entry and exit.
Q3) A perfectly competitive firm sells its output for $100 per unit and marginal cost is $100 per unit.To maximize short-run profit,the firm should:
A) increase output.
B) decrease output.
C) maintain its current output.
D) shut down.
Q4) What are the characteristics of the perfectly competitive market?
Q5) As shown in Exhibit 7-18,the perfectly competitive firm is in long-run equilibrium at an output of:
To view all questions and flashcards with answers, click on the resource link above. Page 11
Chapter 8: Monopoly
Available Study Resources on Quizplus for this Chatper
170 Verified Questions
170 Flashcards
Source URL: https://quizplus.com/quiz/41227
Sample Questions
Q1) The two theoretical extremes of the market structure spectrum are occupied at one end by perfect competition and on the other end by monopoly.
A)True
B)False
Q2) As shown in Exhibit 8-4,in order to maximize its profit (or minimize its loss),how much output should the monopoly produce?
A) 2 units per hour.
B) 4 units per hour.
C) 6 units per hour.
D) 8 units per hour.
Q3) A monopolist always selects a price on the elastic portion of its demand curve.
A)True
B)False
Q4) A monopolist can earn an economic profit only when:
A) marginal cost equals marginal revenue.
B) marginal cost equals price.
C) average total cost is less than price.
D) all of the above.
Q5) What are the conditions for price discrimination?
To view all questions and flashcards with answers, click on the resource link above. Page 12
Chapter 9: Monopolistic Competition and Oligopoly
Available Study Resources on Quizplus for this Chatper
161 Verified Questions
161 Flashcards
Source URL: https://quizplus.com/quiz/41228
Sample Questions
Q1) Cartel members have an incentive to cheat on the cartel because:
A) the cartel does not maximize profits.
B) the cartel price is the competitive price.
C) each member's output quota is too high.
D) each member's MR is not equal to the cartel's MC.
E) the industry profit would be higher under competitive conditions.
Q2) Which of the following is a distinction between perfectly competitive and monopolistic competition?
A) Perfectly competitive firms must compete with rival sellers; monopolistically competitive firms do not confront rival sellers.
B) Monopolistically competitive firms can raise their price without losing sales; perfectly competitive firms must lower their price in order to sell more of their product.
C) Perfectly competitive firms confront a perfectly elastic demand curve; monopolistically competitive firms face a downward-sloping demand curve.
D) Perfectly competitive firms may make either economic profits or losses in the short run, but monopolistically competitive firms always earn an economic profit.
Q3) What are the characteristics of monopolistic competition?
To view all questions and flashcards with answers, click on the resource link above. Page 13
Chapter 10: Labor Markets and Income Distribution
Available Study Resources on Quizplus for this Chatper
180 Verified Questions
180 Flashcards
Source URL: https://quizplus.com/quiz/41229
Sample
Questions
Q1) Critics of an equal distribution of income argue that the effect would be to reduce the incentive to be productive.
A)True
B)False
Q2) In Exhibit 10-3,the equilibrium wage and the number of food servers employed per day,respectively,are:
A) $2.00 and 5 thousand.
B) $4.00 and 10 thousand.
C) $6.00 and 15 thousand
D) $8.00 and 20 thousand.
Q3) An increase in the demand for a product will shift the demand curve for labor producing the product to the right.
A)True
B)False
Q4) Medicaid is an example of a cash assistance poverty program.
A)True
B)False
Q5) Explain why wage rates might rise a Joe's Quik-Print Shop if Joe replace his aging copy machines with state-of-the-art copy machines.
To view all questions and flashcards with answers, click on the resource link above. Page 14
Chapter 11: Gross Domestic Product
Available Study Resources on Quizplus for this Chatper
202 Verified Questions
202 Flashcards
Source URL: https://quizplus.com/quiz/41230
Sample Questions
Q1) Personal consumption expenditures are the largest component of GDP.
A)True
B)False
Q2) In Exhibit 11-5,disposable personal income (DI)is:
A) $5,127 billion.
B) $5,608 billion.
C) $6,254 billion.
D) $6,495 billion.
E) $7,082 billion.
Q3) Durable and nondurable goods and services lumped together in the expenditure approach to measuring GDP are called:
A) Personal consumption.
B) Gross private domestic investment.
C) Government spending.
D) Inventory.
E) Employee compensation.
Q4) The government (G)category of gross domestic product (GDP)excludes welfare and other transfer payments.
A)True
B)False
Page 15
To view all questions and flashcards with answers, click on the resource link above.
Chapter 12: Business Cycles and Unemployment
Available Study Resources on Quizplus for this Chatper
194 Verified Questions
194 Flashcards
Source URL: https://quizplus.com/quiz/41231
Sample Questions
Q1) The unemployment rate is the percentage of the:
A) civilian labor force that is unemployed or working part-time.
B) civilian labor force that is unemployed.
C) civilian labor force that is unemployed less the number of government workers.
D) adult population that is unemployed.
E) adult population that is unemployed or looking for a better job.
Q2) The unemployment rate will increase whenever there is a(n):
A) increase in the number of persons classified as unemployed.
B) increase in the number of unemployed persons relative to the size of the labor force.
C) increase in the size of the U.S. population and there is no change in the number of persons classified as employed.
D) reduction in the size of the labor force.
E) reduction in the size of the civilian labor force while the number of unemployed decreases.
Q3) The civilian labor force includes only the employed.
A)True
B)False
Q4) What does the GDP gap measure?
To view all questions and flashcards with answers, click on the resource link above.
Page 16
Chapter 13: Inflation
Available Study Resources on Quizplus for this Chatper
127 Verified Questions
127 Flashcards
Source URL: https://quizplus.com/quiz/41232
Sample Questions
Q1) Suppose the consumer price index (CPI)stands at 250 this year.If the inflation rate is 10 percent,then next year's CPI will equal:
A) 250.
B) 260.
C) 275.
D) 500.
Q2) Tina Cole and her husband bought a deferred annuity that started paying them $700 a month in retirement benefits.They,along with millions of other people who live on fixed incomes,are examples of:
A) those who are responsible for inflation.
B) the big winners from inflation.
C) the big losers from inflation.
D) the paradox of thrift.
E) stock market losers.
Q3) Deflation means a decrease in:
A) the rate of inflation.
B) the prices of all products in the economy.
C) homes, autos, and basic resources.
D) the general level of prices in the economy.
To view all questions and flashcards with answers, click on the resource link above.
Page 17
Chapter 14: Aggregate Demand and Supply
Available Study Resources on Quizplus for this Chatper
188 Verified Questions
188 Flashcards
Source URL: https://quizplus.com/quiz/41233
Sample Questions
Q1) A decrease in aggregate supply can result in:
A) unemployment.
B) demand-pull inflation.
C) prosperity.
D) cost-push inflation.
E) a recession.
Q2) According to classical macroeconomic theory,if real GDP is below the full-employment level,then an increase in aggregate demand will result in which of the following changes in equilibrium?
A) Real GDP will rise, but the price level will remain constant.
B) Real GDP and the price level will both rise.
C) Real GDP will remain unchanged but the price level will rise.
D) None of the above.
Q3) In Exhibit 14-8,if aggregate demand shifts from AD to AD ,real GDP will:
A) fall from $7.0 to $4.0, and the price level will not change.
B) not change, and the price level will fall from 120 to 100.
C) fall from $7.0 to $3.0, and the price level will fall from 120 to 100.
D) fall from $8.0 to $4.0, and the price level will fall from 120 to 100.
E) fall from $7.0 to $4.0, and the price level will fall from 120 to 100.
To view all questions and flashcards with answers, click on the resource link above.
Page 18
Chapter 14: A: Appendix: The Self-Correcting Aggregate
Demand and Supply Model
Available Study Resources on Quizplus for this Chatper
83 Verified Questions
83 Flashcards
Source URL: https://quizplus.com/quiz/41220
Sample Questions
Q1) A short-run aggregate supply curve (SRAS)assumes:
A) the CPI is fixed.
B) each point on the SRAS is potential real GDP.
C) fixed or sticky nominal wages.
D) nominal wages vary directly with price changes.
Q2) Which of the following causes a leftward shift in the short-run aggregate supply curve?
A) An increase of goods prices while nominal incomes are unchanged.
B) An increase in nominal incomes (wages and salaries).
C) An increase of full-employment real GDP.
D) An increase of personal consumption expenditures while the price level is unchanged.
E) An increase of personal consumption expenditures while full-employment real GDP is unchanged.
Q3) Economic growth is represented by a:
A) rightward shift of the rule of 72 curve.
B) movement along a production possibilities curve.
C) rightward shift in potential real GDP (LRAS).
D) leftward shift of the long-run aggregate supply curve (LRAS).
To view all questions and flashcards with answers, click on the resource link above. Page 19
Chapter 15: Fiscal Policy
Available Study Resources on Quizplus for this Chatper
201 Verified Questions
201 Flashcards
Source URL: https://quizplus.com/quiz/41234
Sample Questions
Q1) According to Keynesian economics,what impact would a balanced budget amendment to our constitution have on our national economy?
Q2) Suppose the economy in Exhibit 15-4 is in equilibrium at point E and the marginal propensity to consume (MPC)is 0.75.Following Keynesian economics,the federal government can move the economy to point E and reduce inflation by:
A) decreasing government spending by $750 billion.
B) decreasing government spending by $100 billion.
C) increasing government spending by $25 billion.
D) decreasing government spending by $25 billion.
Q3) Suppose the economy in Exhibit 15-4 is in equilibrium at point E and the marginal propensity to consume (MPC)is 0.75.Following Keynesian economics,the federal government can move the economy to point E and reduce inflation by:
A) decreasing government tax revenue by $100 billion.
B) decreasing government tax revenue by $750 billion.
C) increasing government tax revenue by $100 billion.
D) increasing government tax revenue by approximately $33 billion.
E) decreasing government tax revenue by approximately $33 billion.
Q4) Discuss the differences between Keynesian and supply-side fiscal policies?
To view all questions and flashcards with answers, click on the resource link above.
Page 20
Chapter 16: The Public Sector
Available Study Resources on Quizplus for this Chatper
127 Verified Questions
127 Flashcards
Source URL: https://quizplus.com/quiz/41235
Sample Questions
Q1) Rational voter ignorance occurs because the marginal cost of obtaining information is higher than the marginal benefit from obtaining the information.
A)True
B)False
Q2) Total U.S.government expenditures as a percentage of GDP were largest during which of the following periods of time?
A) The Great Depression.
B) World War II.
C) The Vietnam War.
D) The Energy Crisis of the mid- and late-1970s.
Q3) Cost-benefit analysis cannot be applied to collective or public choice decision-making.
A)True
B)False
Q4) In Exhibit 16-4,line A represents a(n):
A) regressive tax.
B) progressive tax.
C) proportional tax.
D) ability-to-pay tax.
To view all questions and flashcards with answers, click on the resource link above. Page 21
Chapter 17: Federal Deficits,Surpluses,and the National Debt
Available Study Resources on Quizplus for this Chatper
97 Verified Questions
97 Flashcards
Source URL: https://quizplus.com/quiz/41236
Sample Questions
Q1) What is the difference between the federal budget deficit and the national debt?
A) The budget deficit is the amount by which expenditures exceed revenues in a particular year, while the national debt is the cumulative effect of all past budget deficits and surpluses.
B) The budget deficit is the cumulative effect of all prior national debts.
C) The national debt includes all outstanding bonds, while the budget deficit excludes bonds held by government agencies.
D) This is a trick question because there is no difference between the budget deficit and the national debt.
Q2) Critics of Keynesian fiscal policy argue that deficit spending will not stimulate the economy,because higher interest rates will discourage consumption and investment.This argument is known as the:
A) deficit-substitution effect.
B) multiplier effect.
C) burden-of-debt effect.
D) crowding-out effect.
Q3) The debt ceiling places a legal limit on the size of the national debt.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above.
Page 22
Chapter 18: Money and the Federal Reserve System
Available Study Resources on Quizplus for this Chatper
154 Verified Questions
154 Flashcards
Source URL: https://quizplus.com/quiz/41237
Sample Questions
Q1) A majority of the commercial banks in the United States are not members of the Fed.
A)True
B)False
Q2) The conduct of monetary policy is the responsibility of:
A) commercial banks.
B) the U.S. Treasury.
C) the Federal Reserve System.
D) the Congress and the president.
Q3) The exchange of one good for another,without the use of money,is known as:
A) acquisitive exchange.
B) liquidity.
C) volatility.
D) barter.
E) currency.
Q4) Money is said to be liquid because it is immediately available to spend for goods. A)True
B)False
Q5) What is money? What are the three definitions of money in the United States?
To view all questions and flashcards with answers, click on the resource link above. Page 23
Chapter 19: Money Creation
Available Study Resources on Quizplus for this Chatper
246 Verified Questions
246 Flashcards
Source URL: https://quizplus.com/quiz/41238
Sample Questions
Q1) Reserves of member banks appear on the Fed's balance sheet as liabilities.
A)True
B)False
Q2) In Exhibit 19-1,if the required reserve ratio is lowered to 8 percent,then First Iliad State will:
A) have to convert loans worth $800,000 to required reserves
B) have to convert loans worth $200,000 to required reserves.
C) be able to make additional loans worth $800,000.
D) be able to make additional loans worth $200,000.
E) not have to act.
Q3) In a commercial bank's T-account,reserves and outstanding loans are recorded as: A) debts.
B) profits.
C) assets.
D) liabilities.
Q4) In a simplified system where all banks have uniform reserve requirements and checkable deposits are the only form of money,the money multiplier is equal to 1 over the required reserve ratio.
A)True
B)False
Page 24
To view all questions and flashcards with answers, click on the resource link above.
Chapter 20: Monetary Policy
Available Study Resources on Quizplus for this Chatper
214 Verified Questions
214 Flashcards
Source URL: https://quizplus.com/quiz/41239
Sample Questions
Q1) The precautionary demand for money:
A) varies inversely with the income level.
B) varies inversely with the price level.
C) is used as an insurance agent against unexpected needs.
D) states that nominal income must exceed real income.
E) is a classical concept in monetary theory.
Q2) When the Fed decreases the money supply,interest rates:
A) rise.
B) fall.
C) are unaffected.
D) rise and then fall.
E) fall and then rise.
Q3) Which of the following is a reason for the Keynesian view that monetary policy plays a minor role in affecting the economy?
A) The money demand curve is vertical.
B) The investment curve is very steep.
C) The money demand curve is horizontal at any interest rate.
D) The monetary rule.
Q4) Contrast the Keynesian and Monetarist views on how a change in the money supply impacts the economy?
25
To view all questions and flashcards with answers, click on the resource link above.
Chapter
Self-Correcting Aggregate Demand and Supply Model
Available Study Resources on Quizplus for this Chatper
31 Verified Questions
31 Flashcards
Source URL: https://quizplus.com/quiz/41217
Sample Questions
Q1) In Panel (b)of Exhibit 20A-2,a Keynesian expansionary stabilization policy designed to move the economy from Y to Yp would attempt to shift the:
A) aggregate demand curve (AD) leftward.
B) SRAS curve leftward.
C) aggregate demand curve (AD) rightward.
D) LRAS curve rightward.
Q2) Assume the economy is in short-run equilibrium at a real GDP above its potential real GDP.According to classical theory,which of the following policies should be followed?
A) The Federal Reserve should use open market operations and buy U.S. government securities.
B) The Federal Reserve should not follow a fixed rule.
C) The federal government should cut taxes.
D) Fiscal policy and monetary policy should not be activist.
Q3) If the economy is experiencing an inflationary gap,Keynesian economists advocate allowing flexible wages to shift the short-run aggregate supply curve (SRAC)upward and restore full employment.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 26
Chapter 21: International Trade and Finance
Available Study Resources on Quizplus for this Chatper
246 Verified Questions
246 Flashcards
Source URL: https://quizplus.com/quiz/41240
Sample Questions
Q1) The term "balance of trade" refers to the:
A) importing and exporting of goods.
B) importing and exporting of goods and services.
C) current account trade balance.
D) capital outflows minus inflows.
Q2) International specialization and trade according to the principle of comparative advantage is mutually beneficial for all economies involved.
A)True
B)False
Q3) If a country has a lower opportunity cost of producing oranges,then this is:
A) inefficient resource use.
B) an absolute advantage.
C) a tariff.
D) a comparative advantage.
E) a situation where oranges should be imported.
Q4) A tax levied on imported goods is called a(n):
A) excise tax.
B) quota.
C) foreign profits tax.
D) tariff.
To view all questions and flashcards with answers, click on the resource link above. Page 27
Chapter 22: Economies in Transition
Available Study Resources on Quizplus for this Chatper
104 Verified Questions
104 Flashcards
Source URL: https://quizplus.com/quiz/41241
Sample Questions
Q1) Which of the following is not a characteristic of capitalism?
A) Private ownership of the factors of production.
B) Businesses make their own product and price decisions.
C) Public ownership of the factors of production.
D) Decentralized decision-making using markets.
Q2) In the former Soviet economy,the supreme planning board that transmitted economic decisions down to producing and consuming units was called the:
A) Soviet Ministry.
B) Polit Bureau.
C) Gosplan.
D) Soviet Central Committee for Economic Planning.
Q3) Who was one of the first proponents of employing market economies instead of command economies?
A) Robert Heilbroner.
B) Karl Marx.
C) Jeffrey Sachs.
D) Adam Smith.
Q4) What is the difference between socialism and communism? What are some examples of countries that are largely socialistic and some that are communistic?
To view all questions and flashcards with answers, click on the resource link above. Page 28
Chapter 23: Growth and the Less-Developed Countries
Available Study Resources on Quizplus for this Chatper
116 Verified Questions
116 Flashcards
Source URL: https://quizplus.com/quiz/41242
Sample Questions
Q1) The vicious circle of poverty is the trap that parents with low education tend to have children with low education.
A)True
B)False
Q2) Which of the following does not hinder economic development?
A) Lack of education
B) Poor agricultural productivity
C) Low investment in human capital
D) Lack of technology
E) Good nutrition
Q3) The vicious circle of poverty is the trap in which the LDC is too poor to save and therefore it cannot invest and remains poor.
A)True
B)False
Q4) The poorest regions in the world,as measured by GDP per capita,are:
A) Latin America and the Caribbean.
B) the Middle East and North Africa.
C) Sub-Saharan Africa and South Asia.
D) Australia and New Zealand.
To view all questions and flashcards with answers, click on the resource link above. Page 29