Economics Questions and Answers

Appendix A Locating International Numbers and Other Information The Internet and the World Wide Web have fundamentally changed how we do international research. If you want to explore international trade competition, a recent financial crisis, a trade dispute between the United States and the European Union, the policy of the Korean government toward exchange rates, or almost any other topic in international economics, useful information is available. You can find a lot of it by putting the topic name into a good search engine. You usually will get links to several useful websites. (You will probably also get links to a number of less useful sites, and sometimes even links to sites whose information is not reliable. One aspect of good Web research is identifying the best sites and validating the information you obtain.) Of course, some sources of information are available only in hard copy, so access to a good library is also important for many research projects. This appendix presents some of the best sources of international data and information. Figure A.1 shows a number of useful websites, ranging from those maintained by official international organizations to those maintained by private organizations.

Write a full outline of your persuasive essay, include the introduction, book, hook template, context, thesis, body paragraph, key point, topic sentence counter argument and rebuttal, illustration/ example, explanation/ analysis/ tie back, conclusion. My research question is how can the federal government maintain an optimal range of inflation that promotes growth while preserving the purchasing power of the currency

Which of the following statistics can turn negative? inflation rate GDP CPI unemployment rate

Fundamentally, economics deals with a. money. b. poverty. c. banking. d. scarcity.

Which of the following do economists consider to be capital? Multiple Choice a pair of stockings a construction crane a savings account a share of IBM stock

Which of the following exemplifies a microeconomic question? Multiple Choice What is the current national rate of unemployment? Is the economy experiencing a decline in the rate of inflation? Will a new type of electronic reader or tablet increase the number of buyers? Is the aggregate output in the economy greater this year than last year?

What does a cross price elasticity of 0.8 mean?

Which of the is not included in GDP?

"Which of the following is a normative statement about the economy? a.The government should increase spending to stimulate the economy. b.The economy is growing at a rate of 2%. c.The economy is expected to grow at a rate of 2% next year. d.The government has increased spending to regulate the economy."

convert 9 teaspoon to tablespoon , round to tenth place

"Improvements in the productivity of labor will tend to: Group of answer choices decrease wages. decrease the supply of labor. increase wages. increase the supply of labor."

The deadweight loss from monopoly arises because the monopoly firm makes higher profits than a competitive firm would. some potential consumers who forgo buying the good value it more than its marginal cost consumers who buy the good have to pay more than marginal cost, reducing their consumer surplus the monopoly firm chooses a quantity that fails to equate price and average revenue.

Which economic idea did Adam Smith promote in The Wealth of Nations?

What countries have a traditional economy?

Critics of the wealth gap might argue that: A. Economic growth will likely decline over time. B. The upper classes cannot help create new jobs. C. The wealthy become unable to make investments. D. Buying power exceeds the supply from producers.

"The main idea of globalization is that: A. the economy of the United States dominates the rest of the world. B. the economies of other countries dominate the United States. C. the economies of the nations of the world are independent. D. the economies of the nations of the world are closely linked."

Which of the following is an example of cyclical unemployment? A. In an economic downturn, a manufacturing plant reduces production and temporarily lays off workers. B. Due to technological change, typewriter workers lose jobs and must retrain to find jobs in other industries. C. A student graduates from college and searches for a first job. D. Workers at ski resorts in Colorado are laid off during the summer.

Which of the following best describes equilibrium in a market? A. The price of a good makes the quantity buyers want to buy the same as the quantity sellers wish to provide. B. The price is such that the quantity demanded is greater than the quantity supplied. C. There are excess goods available in the market. D. There are more people who want to buy a good than sellers willing to sell at the current price. E. The price is such that the quantity supplied is greater than the quantity demanded.

"Which of the following is an example of cyclical unemployment? A. Workers in the tourism industry in Maine are laid off during the winter. B. A worker moves to California and searches for a new job. C. During a recession, aircraft assemblers are laid off but expect to be recalled as the economy improves. D. Due to technological change, typewriter workers lose jobs and must retrain to find jobs in other industries."

Which situation is the best example of opportunity cost? A. A country chooses to produce bananas instead of wheat. B. A country chooses to invest in manufacturing and agriculture. C. A country chooses to specialize in producing paper products. D. A country chooses to export all of its products.

Question 1 1. a. What are the five basic mechanisms for establishing exchange rates? b. How does each work? c. What costs and benefits are associated with each mechanism?

"What is the main idea of globalization? A. The economy of the United States dominates the rest of the world. B. The economies of other countries dominate the United States. C. The economies of the nations of the world are independent. D. The economies of the nations of the world are closely linked."

"Which three factors led to the Great Recession in 2008? The fall of the stock market Banks giving subprime mortgages A decrease in international lending The deregulation of the financial sector High-interest rates"

Multiple Choice IP is characterized by significant ___________ costs and very low ___________ costs. development; development marginal; actual development; marginal marginal; developmental

"Which of the following is an example of cyclical unemployment? A. A factory worker losing his or her job because of a recession B. A fast-food cook quitting his or her job to seek a better-paying job C. A librarian losing his or her job because of new technology D. A tourist guide losing his or her job when tourism drops in the winter"

"Suppose the cross-price elasticity of goods A and B is 1.5. What does that mean?The value of 1.5 being greater than one means their demands are inelastic.The positive value of 1.5 means they are substitutes for each other.The value of 1.5 being greater than one means their demands are elastic.The positive value of 1.5 means they are complement goods.e: Suppose the cross-price elasticity of goods A and B is 1.5. What does that mean? The value of 1.5 being greater than one means their demands are inelastic. The positive value of 1.5 means they are substitutes for each other. The value of 1.5 being greater than one means their demands are elastic. The positive value of 1.5 means they are complement goods."

Identify the correct statement from the following. a. The labor market exhibits rapid adjustment to changes in supply or demand conditions. b. Wages offered for a particular type of job are the same across the country. c. The labor market usually yields a range of wages rather than a unique equilibrium. d. Wages exhibit frequent and prompt changes in response to changes in market conditions.

Which of the two terms are synonymous in a pure monopoly?

"A negative economic effect of World War II was: A. a global depression. B. huge losses in agriculture. C. millions of refugees. D. millions of deaths."

Which of the following statements is true, according to the video? Multiple Choice The more time passes, the more elastic the demand for a good becomes. The demand for gasoline is more elastic than the demand for vacations. Luxuries have more inelastic demand, because those that buy them tend to be rich. The demand for medical care is more elastic than the demand for fresh fruit.

What effect did the invention of interchangeable parts have on the American economy? A. The prices of goods fell dramatically because the machines producing the goods could be built and repaired more inexpensively. B. This invention made it harder for people to violate patents. C. America saw a boom in the export of mechanical parts to places like England, France, and New Spain. D. This invention caused the price of goods to skyrocket due to increased production costs.

Typically, low inflation is a sign of: A. A healthy economy because it results from a steady rise in demand. B. A healthy economy because it results from a steady rise in supply. C. A struggling economy because it results from a steady fall in demand. D. A struggling economy because it results from a steady fall in supply.

Which of the following best describes the concept of scarcity? A. Resources are unlimited but there is a scarcity of uses for them. B. Resources are scarce when compared to the demand for them. C. There is a scarcity of funding for resource conservation. D. Resources and resource needs are equally scarce.

List the five factors that affect the labor market.

Why does the US import oil? A. Because it does not produce any oil at all. B. Because it needs higher quality oil than it produces. C. Because it has exported too much oil to nearby countries. D. Because it is cheaper to import oil than to produce it.

Which statement accurately describes a developing country? A. The country's population has a high growth rate. B. The country has a high standard of living. C. The country's population has a high life expectancy. D. The country has a high GDP per capita.

Demonstrating opportunity cost is done through production: A. analysis B. possibility C. calculation D. research

Expenditures as a percentage of the gross domestic product: A. were at the highest level during World War II. B. are higher now than they have ever been.

Goods that are considered to be needs tend to be: A. Elastic when the price changes. B. Inelastic when the price changes. C. Elastic when the supply changes. D. Inelastic when the supply changes.

What monetary policy involves decreasing the money supply?