1) For all intents and purposes, the Great Depression ended in 1937. 1933. 1945.
ID: 1161038 • Letter: 1
Question
1) For all intents and purposes, the Great Depression ended in
1937.
1933.
1945.
1941
2)Modern mixed economies
rely on the government as well as the market to effect the distribution of goods and services.
generally alter the outcome of market processes in a manner that is believed to be in the social interest.
undertake all of the actions listed.
attempt to redistribute income to make the distribution of income more equitable.
3) Suppose a business firm dumps its used car batteries into a river.
The company's actions would be an example of the market system efficiently allocating resources.
The company's actions constitute an external cost.
The company's actions constitute an external benefit.
The company's actions damage no one but itself.
4)Which of the following is false?
The U.S. was the first mass-consumption society.
Aside from slavery, southern and northern agriculture were very similar.
The completion of the national railroad network by 1890 led to the development of a national American market rather than just a series of smaller regional markets.
Northern manufacturers benefited from high protective tariffs, which kept out cheaper British goods.
5) If government legislates a price floor that is below the equilibrium price
a black market will soon develop.
market price and quantity sold will be unaffected.
a shortage will develop.
a surplus will develop.
6)Which of the following is false?
The U.S. has not had a depression since the 1930s.
The U.S. has had a great deal of stagflation in the 1970s.
The U.S. has had twelve recessions since January 1945.
The U.S. had rising inflation all throughout the 1990s.
7)An inward shift in the entire production possibilities frontier ?
-means that previous levels of production are now unobtainable.
-place if there is an expansion in the labor force.
-represents economic growth.
-means that the economy can produce more of both goods.
8)Usury laws are a form of price ____________ and the minimum wage law is a form of price ___________________.
-ceiling; floor
-floor; floor
-floor; ceiling
-ceiling; ceiling
9) In order to raise the rate of economic growth the United States needs to?
-Have its consumers save less.
-Spend more on consumer goods.
-Use older, tried and true technology.
-Have its business firms invest more.
10) The "New Economy", a period marked by major technological change, low inflation, low unemployment, and rapidly growing productivity characterized ?
-All of the decades listed.
-the 1990s.
-the 1960s.
-the 1920s.
11)About ______ percent of China's population lives in rural areas.
-50
-5
-67
-25
12)Black markets emerge during times of
-price floors.
-neither price floors nor price ceilings.
-both price floors and price ceilings.
-price ceilings.
13)A socialist economy is characterized by
-public ownership of productive resources.
-an extensive reliance on markets to allocate final goods and services.
-an extensive reliance on the profit motive to govern resource allocation decisions.
-elimination of the problem of scarcity since all basic necessities are available to all citizens.
14)Which of the following statements is true?
-Taxing the poor will lead to a more equal distribution of income.
-A basic trade-off exists between the goals of equity and efficiency for a society.
-The forces of supply and demand will automatically lead to an equitable distribution of income.
-Taxing the wealthy will lead to a more efficient economy.
15) An increase in the rate of economic growth curve could be caused by all of the following except
-a movement along the production possibilities curve so that the society produces more consumer goods and less capital goods.
-an increase in research and development spending for space technology that improves the quality of the nation's capital stock.
-an increase in immigration that increases the country's labor force by 20 percent.
-a national tax that encourages all employers to provide more training and education for employees which leads to an across-the-board upgrade of the skill level of the nation's workforce.
16)As we move along a production possibilities curve and acquire larger and larger amounts of one good (e.g., guns), the sacrifices of the alternative good (e.g., butter) become larger and larger. This is an illustration of
-the law of supply.
-the law of demand.
-increasing opportunity costs.
-decreasing opportunity costs.
17)In the former Soviet Union distributing scarce consumer goods was accomplished by
-making the consumer stand in a long line for hours if not days.
-None of the choices are true.
-higher prices which eliminated some potential consumers.
-the government simply printing more money.
18)The U.S. distribution system is
-determined by a modified version of one dollar, one vote.
-identical to that of the former Soviet Union.
-similar to the fascist 1930's Germany.
-based on a pure socialist economy
19)Which statement is true?
-We have had recessions about every three years since World War II.
-The United States has a larger national output than any other country in the world.
-None of the statements are true.
-There were no recessions while Ronald Reagan was president.
20)Which of the following is a typical attribute of a socialist country?
-All of the choices are attributes of a socialist country.
-A large-scale redistribution of income program from the wealthy and well-to-do to the middle class, working, class and the poor.
-Taxes are very high, particularly on the wealthy classes.
-Cradle-to-grave security for its citizens. course microeconomic
Explanation / Answer
1) correct option : D) 1941
Explanation: By the end of 1941, before American entry into the war had started one of the greatest booms in American history.
2) correct option: D) attempt to redistribute income to make the distribution of income more equitable.
Explanation: role of government in a modern economy is to ensure efficiency, to correct an unfair distribution of income, and to promote economic growth and stability.
3) correct option: B) The company's actions constitute an external cost.
Explanation: firm is polluting natural resource and Pollution is an example of an external cost of factory production.
4) correct option: B) Aside from slavery, southern and northern agriculture were very similar.
Explanation: South's form of agriculture varied from that of the Northwest, and it was substantially more detached from the Union as well.
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