Question 1 (4 points) Overall, trade between China and the United States will: Q

Question

Question 1 (4 points)

Overall, trade between China and the United States will:

Question 1 options:

Question 2 (4 points)

One day, Martha wakes up and in frustration yells, “Decisions, decisions, decisions! Why do I have to make decisions about everything?” Martha's frustrations stem from the fact that:

Question 2 options:

Question 3 (4 points)

I know when I shop at the local grocery store, I am helping my community. This statement best represents this economic concept:

Question 3 options:

Question 4 (4 points)

Your elderly grandma tells you: “I haven't been taking my beloved walks because I'm concerned about falling and getting hurt. See, there is always a cost to doing something. But if you don't do anything, then there is no cost.” Your grandma does not understand the concept of:

Question 4 options:

Question 5 (4 points)

During the Great Depression, consumers and producers in the United States dramatically reduced their spending as compared to the quantity of goods and services available at the time. This statement best represents this economic concept:

Question 5 options:

Question 6 (4 points)

Intel finds it difficult to hire enough skilled computer engineers. This statement best represents this economic concept:

Question 6 options:

Question 7 (4 points)

Scarcity exists when:

Question 7 options:

Question 8 (4 points)

Reference: Ref 2-4

(Figure: Strawberries and Submarines) Look at the figure Strawberries and Submarines. Suppose the economy now operates at point C. Moving to point E would require that the economy:

Question 8 options:

Question 9 (4 points)

Reference: Ref 2-7

(Figure: Tom's Production Possibilities) Look at the figure Tom's Production Possibilities. In the figure, the opportunity cost for Tom to move from point C on the curve to point A is:

Question 9 options:

Question 10 (4 points)

The current rate of unemployment of 9% is too high. This is a ________ statement.

Question 10 options:

A) benefit the United States more than China. B) benefit China more than the United States. C) benefit both countries. D) hurt both countries.

Explanation / Answer

Answer)

Q1) C) benefit both countries.

Q.2) A.) like all economic beings, she faces constraints and cannot have everything she wants.

Q.3) C) one person's spending is another person's income.

Q4.) C)    opportunity cost in economics.

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