Learning Unit 2 Quiz - Assignment Essays

question

The "Decisions for Tomorrow" section in the text states that thousands of people are waiting for a kidney transplant. Which of the following statements is true?

answer

Allowing the sale of kidneys at a price greater than zero would likely increase the number of available kidneys.

question

If the quantity demanded of a good is greater than the quantity supplied of the good at the current price, then

answer

the price will increase until it reaches the equilibrium price.

question

Which of the following is purchased in a product market?

answer

(cell phone) service

question

(Figure 3.2) If the actual market price were fixed at $15 per unit, then

answer

here would be a surplus of 40 units.

question

Assume that steel is used to produce monkey wrenches. Ceteris paribus, if the price of steel rises, then

answer

The supply curve for monkey wrenches will shift to the left.

question

To calculate market demand, we

answer

Add the quantities demanded for each individual demand schedule horizontally.

question

In a market economy, which of the following is an incentive for producers to produce efficiently?

answer

profits

question

Ceteris paribus, which of the following would you not expect to have an affect on the demand curve for new automobiles?

answer

An increase in the price of new automobiles.

question

The term opportunity cost refers to the

answer

value of what is forgone when a choice is made.

question

Individual consumers supply ____ and purchase ____.

answer

factors of production; final goods and services

question

(Figure 3.1) Choose the panel that best describes the type of shift that would occur if consumer confidence in the economy improves.

answer

question

(Figure 3.3) If the current market price is $4, then

answer

shortage of 30 units

question

A furniture factory produces dining room sets. The lumber it purchases from the lumberyard is a/an

answer

intermediate good

question

The increase in the market value of a good at a particular stage of production is known as

answer

value added

question

The value of total output must equal the value of total income in an economy for each of the following reasons except

answer

government expenditures must equal government revenues.

question

An economy's production possibilities curve indicates

answer

how much the economy can produce when an economy is efficient.

question

Table 5.1
National Income Accounts (dollar figures are in billions)
Table 5.1) Gross domestic product is

answer

$6,810 billion.

question

If nominal GDP was $11,500 billion in 2018 and the price level in 2018 was 111.6 (relative to the base year price level of 100), then real GDP would have been approximately

answer

$10,305 billion.

question

(Figure 5.2) The fact that real GDP is greater than nominal GDP from 1960 to 1980 implies that

answer

average price levels during this period must have been lower than during the base period.

question

Suppose the total market value of all the final goods and services produced in the country of Cannedada was $5 billion in 2018 (measured in 2018 prices) and $4 billion in 2019 (measured in 2019 prices). Which of the following statements is definitely correct?

answer

The change in real GDP cannot be determined without more information.

question

Inflation is

answer

an increase in the average level of prices of goods and services.

question

If GDP falls more rapidly than population for a particular country over a period of time, then we can determine that

answer

GDP per capita has decreased.

question

The part of disposable income not spent on current consumption is

answer

saving

question

The social well-being of a country

answer

Is measured by more than changes in real GDP

question

If depreciation exceeds gross investment,

answer

the nation's capital stock is decreasing.

1 of 25

question

The "Decisions for Tomorrow" section in the text states that thousands of people are waiting for a kidney transplant. Which of the following statements is true?

answer

Allowing the sale of kidneys at a price greater than zero would likely increase the number of available kidneys.

question

If the quantity demanded of a good is greater than the quantity supplied of the good at the current price, then

answer

the price will increase until it reaches the equilibrium price.

question

Which of the following is purchased in a product market?

answer

(cell phone) service

question

(Figure 3.2) If the actual market price were fixed at $15 per unit, then

answer

here would be a surplus of 40 units.

question

Assume that steel is used to produce monkey wrenches. Ceteris paribus, if the price of steel rises, then

answer

The supply curve for monkey wrenches will shift to the left.

question

To calculate market demand, we

answer

Add the quantities demanded for each individual demand schedule horizontally.

question

In a market economy, which of the following is an incentive for producers to produce efficiently?

answer

profits

question

Ceteris paribus, which of the following would you not expect to have an affect on the demand curve for new automobiles?

answer

An increase in the price of new automobiles.

question

The term opportunity cost refers to the

answer

value of what is forgone when a choice is made.

question

Individual consumers supply ____ and purchase ____.

answer

factors of production; final goods and services

question

(Figure 3.1) Choose the panel that best describes the type of shift that would occur if consumer confidence in the economy improves.

answer

question

(Figure 3.3) If the current market price is $4, then

answer

shortage of 30 units

question

A furniture factory produces dining room sets. The lumber it purchases from the lumberyard is a/an

answer

intermediate good

question

The increase in the market value of a good at a particular stage of production is known as

answer

value added

question

The value of total output must equal the value of total income in an economy for each of the following reasons except

answer

government expenditures must equal government revenues.

question

An economy's production possibilities curve indicates

answer

how much the economy can produce when an economy is efficient.

question

Table 5.1
National Income Accounts (dollar figures are in billions)
Table 5.1) Gross domestic product is

answer

$6,810 billion.

question

If nominal GDP was $11,500 billion in 2018 and the price level in 2018 was 111.6 (relative to the base year price level of 100), then real GDP would have been approximately

answer

$10,305 billion.

question

(Figure 5.2) The fact that real GDP is greater than nominal GDP from 1960 to 1980 implies that

answer

average price levels during this period must have been lower than during the base period.

question

answer

The change in real GDP cannot be determined without more information.

question

Inflation is

answer

an increase in the average level of prices of goods and services.

question

If GDP falls more rapidly than population for a particular country over a period of time, then we can determine that

answer

GDP per capita has decreased.

question

The part of disposable income not spent on current consumption is

answer

saving

question

The social well-being of a country

answer

Is measured by more than changes in real GDP

question

If depreciation exceeds gross investment,

answer

the nation's capital stock is decreasing.

Order an Essay Now & Get These Features For Free:

Turnitin Report

Formatting

Title Page

Citation

Outline

Place an Order