Economics 1139 pace test - Assignment Essays

question

______ is the quantity of goods and services available for sale, and ______ is the desire of potential buyers for those goods.

answer

Supply; demand

question

_____ demand is demand without the ability to pay, and ______ demand is the demand of those willing and able to pay.

answer

Absolute; effectual

question

Labor is the _______ price of a good or service, and money is its ________ price.

answer

Real; nominal

question

The ______ price is the price at which a good is sold, and the ______ price is what it cost to produce it.

answer

Market; natural

question

The lack of all restraints on trade.

answer

Laissez-faire

question

The term used for a stable economy

answer

equilibrium

question

The wearing down of buildings, tools, and machines

answer

capital depreciation

question

A regulated economic system with a highly controlled market

answer

Mercantilism

question

A single business that is the only source for a good or service.

answer

Monopoly

question

Government regulations are examples of the ______ system of economics at work in capitalist nations.

answer

Command

question

_________ is the excess of total revenue over total cost.

answer

profit

question

Our ___ are limited, but our wants are unlimited.

answer

Resources

question

4 distinctives of capitalism

answer

1. Private ownership of property
2. Individual initiative
3. Competition
4. Freedom of choice

question

_______ helps keep prices down and improves quality.

answer

competition

question

When demand is greater than supply, prices are usually _______ than when the reverse is true.

answer

Higher

question

To a socialist, ______ is a result of exploiting the proletariat.

answer

Profit

question

Both communism and socialism developed from the writings of

answer

Karl Marx

question

According to Karl Marx, over expanded _________ leads to economic collapse.

answer

Credit

question

The division of labor leads to greater employment and 𝚍𝚎𝚌𝚛𝚎𝚊𝚜𝚎𝚜 the prosperity of an entire society.

answer

Increases

question

𝚂𝚎𝚕𝚏 𝚒𝚗𝚝𝚎𝚛𝚎𝚜𝚝 is the strongest motivation in trade.

answer

True

question

The value of any commodity use for exchange is equal to the quantity of 𝚐𝚘𝚕𝚍 that it purchases

answer

Labor

question

Only 𝚖𝚘𝚗𝚎𝚢 is stable; The value of other alternatives varies

answer

Labor

question

The cost of 𝚙𝚛𝚘𝚍𝚞𝚌𝚝𝚒𝚘𝚗 includes wages, profit, and rent.

answer

True

question

Governments only functions are justice, 𝚠𝚎𝚕𝚏𝚊𝚛𝚎, and public works.

answer

Defense

question

𝙲𝚊𝚙𝚒𝚝𝚊𝚕𝚒𝚜𝚖 will eventually collapse.

answer

True

question

Capitalism allows the bourgeoisie to exploit the 𝚋𝚞𝚜𝚒𝚗𝚎𝚜𝚜 𝚘𝚠𝚗𝚎𝚛.

answer

Worker

question

Capitalism inevitably produces 𝚋𝚞𝚜𝚒𝚗𝚎𝚜𝚜 cycles.

answer

True

question

The new, utopian, communist society that is established after the collapse of capitalism has no need for government or 𝚖𝚘𝚗𝚎𝚢.

answer

True

question

Study of individual units of an economy

answer

Microeconomics

question

Study of the economy as a whole

answer

Macroeconomics

question

value of income in monetary terms

answer

money wage

question

Value of income in terms of purchasing power

answer

real wage

question

Market value of all final goods and services produced in an economy during one year

answer

Gross domestic product

question

Continuous increase in average prices of goods and services

answer

inflation

question

Income to those who loan money

answer

Interest

question

Measure of the change in average prices of common goods and services

answer

consumer price index

question

Payment for an expected decrease in the purchasing power of money

answer

inflation premium

question

payment without regard to variations in interest rates

answer

pure interest

question

Payment for the risk factor inherent in any loan

answer

pure profit

question

Payment to induce lender to part with present purchasing power

answer

originary interest

question

A depression occurs because of overproduction

answer

True

question

A depression is an example of 𝚜𝚘𝚌𝚒𝚊𝚕𝚒𝚜𝚖'𝚜 failure to operate.

answer

Capitalism's

question

𝙲𝚘𝚗𝚜𝚞𝚖𝚎𝚛 spending and inflation stimulate consumption and investment.

answer

Government

question

To end a depression, government should institute deficient spending on public works and other projects.

answer

True

question

The solution of governments to the great depression was to ________ the currency, which meant that ______ wages dropped while ________ wages remain the same.

answer

Inflate; real; money

question

Gross Domestic Product is;

answer

1. Expressed in units of value
2. A measurement of final output
3. A report of total production for a period of one year

question

Methods for reducing inflation include;

answer

1. Increasing the output of goods and services
2. Eliminating excessive money growth
3. Simply accepting constant, gradual inflation

question

Interest rates vary because;

answer

1. The supply of funds and demand for loans vary
2. The cost of administering loans varies
3. Loans are for vary lengths of time
4. Lenders may search for the best rate
5. There are differing amounts of risk

question

A ________ of money exista amount consumers, business, governments, and financial institutions.

answer

Circular flow

question

The _______ is a measurement of inflation, and the cost of its _______ is a gauge of the cost of living.

answer

Consumer price index; market basket

1 of 50

question

______ is the quantity of goods and services available for sale, and ______ is the desire of potential buyers for those goods.

answer

Supply; demand

question

_____ demand is demand without the ability to pay, and ______ demand is the demand of those willing and able to pay.

answer

Absolute; effectual

question

Labor is the _______ price of a good or service, and money is its ________ price.

answer

Real; nominal

question

The ______ price is the price at which a good is sold, and the ______ price is what it cost to produce it.

answer

Market; natural

question

The lack of all restraints on trade.

answer

Laissez-faire

question

The term used for a stable economy

answer

equilibrium

question

The wearing down of buildings, tools, and machines

answer

capital depreciation

question

A regulated economic system with a highly controlled market

answer

Mercantilism

question

A single business that is the only source for a good or service.

answer

Monopoly

question

Government regulations are examples of the ______ system of economics at work in capitalist nations.

answer

Command

question

_________ is the excess of total revenue over total cost.

answer

profit

question

Our ___ are limited, but our wants are unlimited.

answer

Resources

question

4 distinctives of capitalism

answer

1. Private ownership of property
2. Individual initiative
3. Competition
4. Freedom of choice

question

_______ helps keep prices down and improves quality.

answer

competition

question

When demand is greater than supply, prices are usually _______ than when the reverse is true.

answer

Higher

question

To a socialist, ______ is a result of exploiting the proletariat.

answer

Profit

question

Both communism and socialism developed from the writings of

answer

Karl Marx

question

According to Karl Marx, over expanded _________ leads to economic collapse.

answer

Credit

question

The division of labor leads to greater employment and 𝚍𝚎𝚌𝚛𝚎𝚊𝚜𝚎𝚜 the prosperity of an entire society.

answer

Increases

question

𝚂𝚎𝚕𝚏 𝚒𝚗𝚝𝚎𝚛𝚎𝚜𝚝 is the strongest motivation in trade.

answer

True

question

The value of any commodity use for exchange is equal to the quantity of 𝚐𝚘𝚕𝚍 that it purchases

answer

Labor

question

Only 𝚖𝚘𝚗𝚎𝚢 is stable; The value of other alternatives varies

answer

Labor

question

The cost of 𝚙𝚛𝚘𝚍𝚞𝚌𝚝𝚒𝚘𝚗 includes wages, profit, and rent.

answer

True

question

Governments only functions are justice, 𝚠𝚎𝚕𝚏𝚊𝚛𝚎, and public works.

answer

Defense

question

𝙲𝚊𝚙𝚒𝚝𝚊𝚕𝚒𝚜𝚖 will eventually collapse.

answer

True

question

Capitalism allows the bourgeoisie to exploit the 𝚋𝚞𝚜𝚒𝚗𝚎𝚜𝚜 𝚘𝚠𝚗𝚎𝚛.

answer

Worker

question

Capitalism inevitably produces 𝚋𝚞𝚜𝚒𝚗𝚎𝚜𝚜 cycles.

answer

True

question

The new, utopian, communist society that is established after the collapse of capitalism has no need for government or 𝚖𝚘𝚗𝚎𝚢.

answer

True

question

Study of individual units of an economy

answer

Microeconomics

question

Study of the economy as a whole

answer

Macroeconomics

question

value of income in monetary terms

answer

money wage

question

Value of income in terms of purchasing power

answer

real wage

question

Market value of all final goods and services produced in an economy during one year

answer

Gross domestic product

question

Continuous increase in average prices of goods and services

answer

inflation

question

Income to those who loan money

answer

Interest

question

Measure of the change in average prices of common goods and services

answer

consumer price index

question

Payment for an expected decrease in the purchasing power of money

answer

inflation premium

question

payment without regard to variations in interest rates

answer

pure interest

question

Payment for the risk factor inherent in any loan

answer

pure profit

question

Payment to induce lender to part with present purchasing power

answer

originary interest

question

A depression occurs because of overproduction

answer

True

question

A depression is an example of 𝚜𝚘𝚌𝚒𝚊𝚕𝚒𝚜𝚖'𝚜 failure to operate.

answer

Capitalism's

question

𝙲𝚘𝚗𝚜𝚞𝚖𝚎𝚛 spending and inflation stimulate consumption and investment.

answer

Government

question

To end a depression, government should institute deficient spending on public works and other projects.

answer

True

question

The solution of governments to the great depression was to ________ the currency, which meant that ______ wages dropped while ________ wages remain the same.

answer

Inflate; real; money

question

Gross Domestic Product is;

answer

1. Expressed in units of value
2. A measurement of final output
3. A report of total production for a period of one year

question

Methods for reducing inflation include;

answer

1. Increasing the output of goods and services
2. Eliminating excessive money growth
3. Simply accepting constant, gradual inflation

question

Interest rates vary because;

answer

question

A ________ of money exista amount consumers, business, governments, and financial institutions.

answer

Circular flow

question

The _______ is a measurement of inflation, and the cost of its _______ is a gauge of the cost of living.

answer

Consumer price index; market basket

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