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Class:ECON 110 - Prin/Macroeconomics
Subject:Economics
University:Kansas State University
Term:Spring 2010
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The overriding reason as to why households and societies face many decisions is that resources are scarce
The principle that "people face tradeoffs" applies to -individuals -families -societies ALL OF THE ABOVE
One advantage market economies have over centrally-planned economies is that market economies are more efficient
The invisible hand's ability to coordinate the decisions of the firms and households in government actions that distort prices
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The income of a typical worker in a country is most closely linked to which of the following? productivity
The tradeoff between inflation and unemployment NONE OF THE ABOVE
The scientific method is the dispassionate development and testing of theories about how the world works
In building economic models, economists often omit details
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A circular-flow diagram is a model that -helps to explain how participants in the economy interact with one another -helps to explain how the economy is organized BOTH A and B
Factors of production are used to produce goods and services
An economy's production of two goods is efficient if it is impossible to produce more of one good without producing less of the other
When economists are trying to help improve the world, they are policy advisers
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Which of the following is an example of a normative, as opposed to positive statement? Universal health care would be good for US citizens
For a market for a good or service to exist, there must be a group of buyers and sellers
Buyers and sellers who have no influence on market price are referred to as price takers
Which of the following is NOT held constant in a demand schedule? price
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When quantity demanded increases at every possible price, we know that the demand curve has shifted to the right
A supply curve slopes upward because an increase in price gives producers an incentive to supply a larger quantity
A leftward shift of a supply curve is called a decrease in supply
Suppose buyers of computers and printers regard those two goods as complements. Then an increase in the price of computers will cause a decrease in the demand for printers and a decrease
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Price controls can generate inequalities of their own
If a price ceiling is not binding, then the equilibrium price is below the price ceiling
When OPEC raised the price of crude oil in the 1970s, it caused the US's nonbinding price ceiling on gasoline to become binding
One economist has argued that rent control is "the best way to destroy a city, other than bombing." Why would an economist say this? He fears that rent control will eliminate the incentive to maintain buildings, leading to a deterioration of the city
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Because every transaction has a buyer and a seller, every transaction contributes equally to an economy's income and to its expenditure
To compute GDP, we add up the market values of all final goods and services
The value of the housing services provided by the economy's owner-occupied houses is included in GDP, and the estimated rental values of the houses are used to place a value on these housing services
Which of the following items is counted as part of government purchases? ALL OF THE ABOVE
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The consumer price index is used to turn dollar figures into meaningful measure of purchasing power
Which of the following agencies calculates the CPI? the Bureau of Labor Statistics
In computing the consumer price index, a base year is chosen. Which of the following statements about the base year is correct? the value of the consumer price index is always 100 in the base year
In the length of one generation, which of the following countries has gone from being among the poorest countries in the world to being among the richest? South Korea
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Which of the following is correct? The ranking of countries by income changes substantially over time
Which of the following items plays a role in determining productivity? ALL OF THE ABOVE
Which of the following would be human capital and physical capital? for a restaurant, the chefs' knowledge about preparing food and equipment in the kitchen
In a market economy, we know that a resource has become scarcer when its price rises relative to other prices
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Proprietary technology is technology that is not widely used because it is known or controlled only by the company that discovered it
If Proctor and Gamble sells a bond it is borrowing directly from the public
The sale of stocks to raise money is called equity finance, while the sale of bonds to raise funds is called debt finance
The single most important piece of info about a stock is its price
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Financial intermediaries are financial institutions through which savers can indirectly provide funds to borrowers
Definition
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 The overriding reason as to why households and societies face many decisions is that resources are scarce
 The principle that "people face tradeoffs" applies to -individuals
-families
-societies
ALL OF THE ABOVE
 One advantage market economies have over centrally-planned economies is that market economiesare more efficient
 The invisible hand's ability to coordinate the decisions of the firms and households in government actions that distort prices
 The income of a typical worker in a country is most closely linked to which of the following?productivity
 The tradeoff between inflation and unemploymentNONE OF THE ABOVE
 The scientific method isthe dispassionate development and testing of theories about how the world works
 In building economic models, economists often omitdetails
 A circular-flow diagram is a model that-helps to explain how participants in the economy interact with one another
-helps to explain how the economy is organized
BOTH A and B
 Factors of production areused to produce goods and services
 An economy's production of two goods is efficient if it is impossible to produce more of one good without producing less of the other
 When economists are trying to help improve the world, they arepolicy advisers
 Which of the following is an example of a normative, as opposed to positive statement?Universal health care would be good for US citizens
 For a market for a good or service to exist,there must be a group of buyers and sellers
 Buyers and sellers who have no influence on market price are referred to as price takers
 Which of the following is NOT held constant in a demand schedule?price
 When quantity demanded increases at every possible price, we know that the demand curve has shifted to the right
 A supply curve slopes upward because an increase in price gives producers an incentive to supply a larger quantity
 A leftward shift of a supply curve is calleda decrease in supply
 Suppose buyers of computers and printers regard those two goods as complements. Then an increase in the price of computers will causea decrease in the demand for printers and a decrease
 Price controlscan generate inequalities of their own
 If a price ceiling is not binding, then the equilibrium price is below the price ceiling
 When OPEC raised the price of crude oil in the 1970s, it caused the US's nonbinding price ceiling on gasoline to become binding
 One economist has argued that rent control is "the best way to destroy a city, other than bombing." Why would an economist say this?He fears that rent control will eliminate the incentive to maintain buildings, leading to a deterioration of the city
 Because every transaction has a buyer and a seller, every transaction contributes equally to an economy's income and to its expenditure
 To compute GDP, we add up the market values of all final goods and services
 The value of the housing services provided by the economy's owner-occupied houses isincluded in GDP, and the estimated rental values of the houses are used to place a value on these housing services
 Which of the following items is counted as part of government purchases?ALL OF THE ABOVE
 The consumer price index is used to turn dollar figures into meaningful measure of purchasing power
 Which of the following agencies calculates the CPI?the Bureau of Labor Statistics
 In computing the consumer price index, a base year is chosen. Which of the following statements about the base year is correct?the value of the consumer price index is always 100 in the base year
 In the length of one generation, which of the following countries has gone from being among the poorest countries in the world to being among the richest?South Korea
 Which of the following is correct?The ranking of countries by income changes substantially over time
 Which of the following items plays a role in determining productivity?ALL OF THE ABOVE
 Which of the following would be human capital and physical capital?for a restaurant, the chefs' knowledge about preparing food and equipment in the kitchen
 In a market economy, we know that a resource has become scarcer when its price rises relative to other prices
 Proprietary technology is technology that is not widely used because it is known or controlled only by the company that discovered it
 If Proctor and Gamble sells a bond it isborrowing directly from the public
 The sale of stocksto raise money is called equity finance, while the sale of bonds to raise funds is called debt finance
 The single most important piece of info about a stock is itsprice
 Financial intermediaries arefinancial institutions through which savers can indirectly provide funds to borrowers
  Definition
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