General Economics MCQs

1. To find the price, a monopolist looks at the price _____ at the chosen quantity.

2. Companies felt the need for virtualization because mainframe computers ________.

3. When a country lacks hard currency, it must use _____ to complete international trade.

4. In the years following the civil war, ________ became texas's economic mainstay.

5. Accounting rules require that a bank's ____ equals its ____.

6. Agreements such as the ________ are attempts to standardize international banking regulations.

7. A bulldozer is an example of ________.

8. ____ and ____ are the two basic organizational structures associated with logistics.

9. ____ are the total demand for an item derived from all of its parents.

10. ____ is the actual, physical movement of goods and people between two points.

11. ________ a nation's production possibilities frontier represents economic growth.

12. ________ is an example of an inter-enterprise information system.

13. ________ is considered while choosing a cost allocation base for activity costs in abc costing.

14. ________ is maximized in a competitive market when marginal benefit equals marginal cost.

15. ________ is the most common fraud, but ________ is the most expensive fraud.

16. A ________ demand curve for shampoo would be caused by a change in the price of shampoo.

17. A bank holds its reserves as ________ and ________.

18. A decrease in expected returns on investment will most likely shift the ad curve to the _____.

19. A government buys its own securities on the open market when the ________.

20. A pure monopoly will find that marginal revenue _____.

21. Advertising is ________ promotion through media outlets.

22. As a business type, corporations ________ in the united states.

23. _____ is a private good, _____ is a public good, and _____ is a common resource.

24. ________ are projected financial statements.

25. ________ are the types of information systems capabilities needed to meet business objectives.

26. ________ costs are a function of time, not sales, and are typically contractual.

27. ________ do not vary with the number of units produced.

28. ________ e-commerce is the online exchange between companies and individual consumers.

29. ________ errors can occur as a result of a questionnaire that contains ambiguous questions.

30. ________ involves undertaking an activity until its marginal benefits equal marginal costs.

31. __________ is based on a buyer’s perceptions of value rather than on the seller’s cost.

32. _____________ costs support the company as a whole.

33. A clean floating exchange rate policy is a government policy to _____.

34. A ________ is a need that is sufficiently pressing to direct a person to seek satisfaction.

35. Between the data lag and the legislative lag falls the __________ lag.

36. Ceteris paribus, _______ can change without shifting the demand curve for jackets.

37. Gdp does not include the sale of ________ products since these are not new production.

38. If a monopoly or a monopolistic competitor raises their prices, the quantity demanded ____________.

39. In an economy without international trade, investment must equal ______ saving.

40. In the goods market, firms ________ and households ________.

41. Investment spending ________ during a recession, and ________ during an expansion.

42. Project repat is classified as a(n) ______ because only a few people own shares of its stock.

43. Tariff is a _____ imposed on a good when it is _____.

44. Technological __________ in american agriculture has __________ other types of employment.

45. The real wage equals the nominal wage ________ the cpi, all times 100.

46. The russian plain extends from ________ in the west to the ural mountains in the east.

47. The time lag for monetary policy is typically ________________ the time lag for fiscal policy.

48. The total variable cost curve ________ because ________ as output increases.

49. The two main responsibilities of the federal reserve system are to ______ and to ______.

50. Today, high-paying service-sector jobs in the u.s. can be found in ___________________.

51. When it arrived, i cashed your check immediately is an example of ________.

52. Women need ________% essential fat for reproductive system-related fat deposits.

53. One of the problems with finding new fossil fuel deposits in developing countries is that ________.

54. A unit investment trust usually invests in ________ and an reit always invests in ________.

55. The global economy _____.

56. In economics, ________ are limited but ________ are unlimited.

57. Instead of only generating more electricity, rising energy demands may also be met by ________.

58. U.S domestic oil production peaked in the year ________.

59. The problem of pollution typically arises in ______________ economies around the world.

60. A minimum wage set above the market equilibrium wage rate ______.

61. A price floor influences the outcome of a market if it is ______.

62. A(n) _____ organization depends heavily on an informal structure of employee networks.

63. According to herzberg, _____ is an example of a hygiene factor.

64. The interpersonal communication process begins with ________.

65. ____ perform an important ""middleman"" function by linking sellers and buyers overseas.

66. A negative relationship between the quantity demanded and price is called the law of ______.

67. When the unemployment rate is ________ the natural unemployment rate, real gdp is ________ potential GDP.

68. In the short run, ______ determines output, and in the long run ______ determines output.

69. Okun's law is the ______ relationship between real gdp and the ______.

70. Purchasing power parity is better at predicting ________ exchange rates.

71. Supply is _____, when all other influences on buying plans remain the same.

72. Supply is said to be ________ when the quantity supplied is very responsive to changes in price.

73. The "marginal tax rate" in going from $20, 000 to $30,000 of income is _________. Using the table below, answer the question that follows the table:

74. The area inside (within) the production possibilities frontier (ppf) contains ________ points.

75. The demand for dvd players does not change when a change in _______ occurs.

76. The demand will be _______________ if the consumer has _________ substitute goods to choose from

77. The hawthorne studies were designed to measure the effect of the work _______ on productivity.

78. The tragedy of the commons occurs because some goods are ________ in consumption.

79. Dave's opportunity cost of producing 1 pound of green beans is ______ pound(s) of corn.

80. The _________ measures how changes in a price affect the quantity of the product demanded.

81. A market structure with a large number of sellers who make differentiated products is called _____.

82. A monopoly firm has ______ supply curve(s).

83. A monopoly has _____ seller(s), but perfect competition has _____ seller(s).

84. The marginal social cost curve ________ when production involves negative externalities.

85. An effective price floor in the market for good x will create ________ in that market.

86. The long-run phillips curve is ____________ and equal to ____________.

87. Real gross domestic product (gdp) is _____ adjusted for price changes.

88. The _____ adds up the money earned by producers plus taxes paid to the government.

89. A factor that has a range of values is called a ____.

90. The national wildlife refuge supports _______ wildlife refuges.

91. A firm in perfect competition is a price taker because _______.

92. Relative to al, joe has ________ if joe can produce a good at a lower opportunity cost than al.

93. Efficiency means _______

94. When there are more substitutes for a product, the ________ for the product is ________.

95. When a nation imports a good, its ________ surplus increases and its ________ surplus increases.

96. The __________ function will return the number of characters in a given string.

97. In game theory, strategies include _______.

98. Secondary extraction of petroleum ________.

99. Production creates _______ utility.

100. President reagan supported _______ economics tax proposals

101. If the price of a good falls and expenditure on the good rises, the demand for the good is _______.

102. The market system is also known as ___, while the command system is also known as _____.

103. The primary motivation to develop the new renewable energy sources comes from ________.

104. _________ is considered by some to be the father of modern economics.

105. Gross domestic product (gdp) includes _____ goods and services.

106. If demand is inelastic, a price ________ causes ________ in total revenue.

107. The private benefit is ________, while the social benefit is ________.

108. A place where people exchange goods and services is called a _____.

109. A(n)_____ refers to a reward given by another person.

110. ________ is the human resource that organizes labor, land, and capital.

111. An increase in the price of the product will change the supply line (shift ________).

112. An inferior good is one for which a(n) _____ in buyers' income causes a(n) _____.

113. Bartering is the exchange of goods and services without the use of _____.

114. Consumer shopping on the web is often called ____.

115. Consumers _______ factors of production in the _______ market.

116. Consumers affect which goods and services are produced because they _____.

117. Demand is said to be ____ when the quantity demanded changes the same proportion as the price.

118. All of the following are fossil fuels except ________.

119. A mixed economy has more _____ than a free market system does.

120. As real gdp rises, tax revenues tend to ________ and government transfers tend to ________.

121. ________ serves as an incentive for entrepreneurs. profit loss taxation the economy

122. Markets distribute goods and services based on _____.

123. Economics is the study of how a society _______________.

124. Economists can predict what consumers in general will do because all humans seek __________.

125. Firms ________ in output markets and ________ in input markets.

126. If a product goes up in price, and the demand for it drops, that product's demand is ____________.

127. Industrial products are also referred to as __________ products.

128. Investment includes the amount of _________ that was produced for businesses.

129. Marginal utility is the ________ satisfaction gained by consuming ________ of a good.

130. Market, planned, and mixed are three basic types of _____.

131. Price is the _____________ a consumer is willing to make to acquire a specific product or service.

132. Reserves in the banking system ______. banks ______ loans.

133. Specialization allows a society to produce _____________ goods.

134. Supply is provided by producers and demand is created by __________ .

135. The _____ is the consumer's gain from an exchange.

136. The amount of consumer surplus in the table above is ___________ .

137. The cost of producing a good and getting it to the customers is called the _____ .

138. The demand for ben & jerry's ice cream will likely be ________ the demand for dessert.

139. The ultimate source of energy that drives wind power is __________.

140. Pure competition has a ____________ number of producers.

141. A giffen good is one in which the _____ curve is _____ sloped.

142. In monopolistic competition, the long-run equilibrium price _____ marginal cost because _____.

143. A country's ability or intention to meet its financial obligations determines its ________.

144. Staples offers quality customer service and its own brand of products to establish a ___________.

145. Global competition forces firms to ________.

146. An external analysis, the second step of the strategic management process, helps identify ________.

147. If a competitor reverse engineers a trade secret, then the competitor is ________.

148. Transportation efficiency refers specifically to ________.

149. ____ trade futures contracts for their own account.

150. Open market sales ________ reserves and the monetary base thereby ________ the money supply.

151. For a purely competitive firm _______________; and for a uniform-price monopolist _______________ :

152. Consumption depends positively on ______ and investment depends negatively on ______.

153. Everything else held constant, an autonomous monetary policy easing ________ aggregate ________.

154. Mine tailings contain ________, which harms fish and other aquatic organisms.

155. Open market purchases raise the ________ thereby raising the ________.

156. Open market sales shrink ________ thereby lowering ________.

157. The ____ indicators tend to occur before a business cycle.

158. The _____ theory is the most influential in explaining pay-level differences.

159. The economic principles in play with the fate of u.s. wetlands have been governed by ________.

160. Warehousing and ____ are substitutes for each other.

161. Going to a concert, getting a haircut, and going to the doctor are examples of _____ .

162. ________ were the centerpiece of george w. bushs economic policy.

163. The government protects the rights of inventors by issuing _____. copyrights patents trademarks

164. The most people live in ________ economies and the fewest people live in ________ economies.

165. The nash equilibrium of a prisoners' dilemma game is that ______.

166. The first mover in an extensive-form game should use ________ to win the game.

167. ________ capital is the economic or productive potential of employee knowledge and actions.

168. Price gouging laws are types of _____ and often result in _____.

169. Built-in, or automatic, stabilizers work by changing ______ so that gdp changes are reduced.

170. During periods of deflation _____ will be hurt and _____ will be helped.

171. Staffing can be considered a cornerstone of human resource management because it ________.

172. A nation's prosperity is sometimes measured in terms of ___________.

173. When the law of one price is violated, a(n) ________ opportunity arises.

174. Monetary policy-makers can help smooth out the fluctuations of the business cycle by _____.

175. Most buyers face a situation of _____________________ when they invest in the stock market.

176. Nuclear fusion is a(n) ____________ technology.

177. Of the following countries, ________ would be affected most severely by another opec oil embargo.

178. Often used interchangeably with vision, a(n) _____ statement frequently has an inspirational theme.

179. Oil provides about _____ of the worlds energy.

180. One ____________ of natural gas is that it is ____________ than either coal or oil.

181. The fed regulates the money supply using __________ basic tools of operation.

182. The fed's chief executive is ______ and the fed's main policy tools are ______.

183. The fed's monetary policies, like fiscal policy, are subject to _____ lags.

184. The federal reserve _____ interest rates to encourage economic growth. raises lowers

185. The global financial system is comprised of ______.

186. The government imposes regulations that reduce pollution. its incentive is to _____.

187. The government uses ______________ to regulate the amount of money banks lend.

188. The inefficient market view holds that prices of financial instruments ________.

189. The largest problem with adopting the new technology of renewable resources is ________.

190. The money demand curve relates ______ to the ________.

191. The most prevalent form of the employment relationship is _________.

192. The reforms of chinas deng xiaoping that were introduced in 1976 have _____.

193. The research arm of the federal reserve is the _____.

194. When the federal reserve increases interest rates, investment spending ________ and gdp ________.

195. When the holding period equals the maturity date, the ytm will be ______ the ret.

196. The lack of clearly assigned __________ contributes to __________ of common resources.

197. When unemployment rises above the natural rate it reflects the existence of ____ unemployment.

198. The least squares criterion is _____.

199. A/an ________ is a device designed to remove particles and pollutant gases.

200. All of the following except ________ would result in improved energy-use efficiency.

201. Almost 72% of the world's reserves of oil shale are found in ____.

202. An increase in the interest rate causes the aggregate _________ curve to shift _____.

203. As of 2011, the nation leading in generating wind-power is ________.

204. Authority and ____ are synonymous terms.

205. Before capital accumulation can take place, __________.

206. Benchmark jobs are _____.

207. Business firms supply goods and services to ____ and purchase factors of production in ____.

208. If the fed _____________________, the money supply will ultimately __________.

209. If the government sets a price on dog food that is below the equilibrium price, ______.

210. In 2010, americans had about _____________ outstanding in credit card debts not paid on time.

211. _____ influence the kinds of job applicants an organization reaches.

212. _____ is found by dividing total output by the number of workers employed to produce that output.

213. ________ leads the world in percentage of its electricity derived from hydropower.

214. ______________ believe that there is only a small amount of crowding-out if any at all.

215. _______________ argue that fiscal policy is weak due to the crowding-out effect.

216. ________________ invested or made loans with 95 percent of the deposits that were being held.

217. A _____ refers to background information about a jobs positive and negative qualities.

218. A ________________________ is a form of incentive to purchase a product on a 30 day trial basis.

219. A choice made ________ is a choice whether to do a little more or a little less of something.

220. A decrease in ________ increases the money supply since it causes the ________ to rise.

221. A firm that is a price taker in a factor market faces a(n) __________ supply curve of factors.

222. A flexible exchange rate is one that _______. it works _______.

223. A home equity loan may also be referred to as a ____________ mortgage.

224. A disadvantage of a written essay for employee appraisal is that it tends to be biased by ________.

225. A building that uses 40% less energy than others in its class can be awarded the epa's __________.

226. ______________ is the economic or productive potential of employee knowledge and actions.

227. When gross domestic product (gdp) increases, national income ________ and national output ________.

228. Solar radiation makes several other energy sources possible, including ________.

229. The ____________ of money is determined by spending pressures in the economy.

230. Today, selection techniques that result in reject errors can open the organization to ________.

231. U.s. real gdp per capita in 2010 was _____ as much per person as in 1900.

232. Using high pressure liquids to extract oil from rocks such as oil shale is known as ________.

233. When banks borrow and lend reserves from each other, they are participating in the ______ market.

234. When charted on a graph, production possibilities frontiers tend to curve because they show _____.

235. When hydrogen is burned as a fuel, the primary waste product produced is ________.

236. Besides the shift of jobs to foreign countries, outsourcing has other drawbacks such as __________.

237. ________ is defined as leaders diverting national resources for their personal gain.

238. Rent control sets the _____ amount of rent that a property owner can charge.

239. In our circular flow example we see the feds most powerful tool labeled as ______________ .

240. In the circular flow model of the economy, __________ are the suppliers of goods and services.

241. Price discrimination occurs when people are charged _____ prices for _____ products.

242. Prices are relatively more _________ at the upper end of a sloped demand line.

243. Prices become higher when a unique and highly desirable item is auctioned ________.

244. Private markets tend to underproduce the optimal quantity of public goods because of ________.

245. Producers want to charge prices that _____ and, they hope, earn profits.

246. Purchasing state lottery tickets is reinforced with monetary winnings on a ________ schedule.

247. Pure competition is important to economists because it is __________________ .

248. Pure monopolies are said to be allocatively inefficient because ____.

249. Pyrolysis is a way of producing ________ from ________.

250. Q 5.12: ________ is shown on a multiple-step but not on a single-step income statement.

251. Q 5.9: ________ has a normal credit balance.

252. Real gdp in 2002 was ______ .

253. Real gdp per capita for the united states is calculated by dividing real gdp by the _____.

254. Real gdp per capita in the united states increased almost ______ between 1900 and 2010.

255. Reits, ginnie maes, and freddie macs are examples of ____________ real estate investments.

256. In an economy without price controls, market pressures _____ increase or decrease prices.

257. The avc of producing four brownies is $ _________ .

258. The average used car costs about _______ less than the average new car.

259. The demand for an asset rises if ________ falls.

260. Pollution from a factory that produces cleaners is a(n) _____ of the production process.

261. In simple linear regression, r2 is the _____.

262. In economic terms, the recording industry is best described as ______.

263. The cruise market has accommodated about ________ of americans

264. The earnings gap in the u.s. labor market between black and white workers ___________________.

265. The equilibrium price in the housing example is equal to __________ dollars/square foot.

266. The existence of labor unions forces employers to deal with workers ________________________ .

267. The fastest growing source of electricity in the world today is from ________.

268. The best locations to install tidal electrical generating stations are places where ________.

269. People hold the same cash balances for _______________ regardless of the interest rate.

270. People using the representative heuristic often ignore _____ when making decisions.

271. People who want to invest speculatively in currencies can do so on the ____ exchange.

272. Per the acupcc, _____ out of seven target actions should be achieved.

273. Photovoltaic electricity costs are __________ coal or nuclear-powered electricity.

274. Plantations emphasize _______ crops at the expense of ______ crops.

275. Open market sales shrink the ________, thereby decreasing the _________.

276. Opponents of rent control believe that it causes _____.

277. In europe, more than half of all cars run on diesel, primarily because ____.

278. In principle, burning biomass __________.

279. In table 4.1 output at point _____ is an improvement toward pareto optimality relative to point d.

280. In the case of radio, the ______ problem is partly overcome through the use of advertising.

281. In the classical monetary transmission mechanism any change in _______ will bring about ________.

282. In an inflationary period the money supply can be restrained by the fed _______________ securities.

283. It is the __________________ that gives fiat money it value.

284. The concept of restrictive practices in the u.s. market economy is ____________________.

285. The demand for plums is unit elastic if _____.

286. The __________ of economics are the generally accepted theories about resource allocation.

287. The justice department most closely examines proposed __________ mergers.

288. Quantitative easing is ____________.