Basic Economics MCQ

1. Quantitative easing is ____________.

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

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

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

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

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

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

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

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

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

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11. In principle, burning biomass __________.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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26. The cruise market has accommodated about ________ of americans

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

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

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

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

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

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

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

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

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

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

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37. Real gdp in 2002 was ______ .

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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83. Benchmark jobs are _____.

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84. Before capital accumulation can take place, __________.

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85. Authority and ____ are synonymous terms.

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

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

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

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

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

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91. The least squares criterion is _____.

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

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

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

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

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

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

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

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

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

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

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

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

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104. The global financial system is comprised of ______.

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

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

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

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

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

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110. Oil provides about _____ of the worlds energy.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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129. Warehousing and ____ are substitutes for each other.

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

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

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

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133. Open market sales shrink ________ thereby lowering ________.

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

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

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

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

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

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

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140. ____ trade futures contracts for their own account.

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141. Transportation efficiency refers specifically to ________.

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

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

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144. Global competition forces firms to ________.

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

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

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

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

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149. Pure competition has a ____________ number of producers.

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

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

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

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

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

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

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156. Specialization allows a society to produce _____________ goods.

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

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

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

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

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

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

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

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

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

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

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167. Markets distribute goods and services based on _____.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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189. President reagan supported _______ economics tax proposals

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190. Production creates _______ utility.

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191. Secondary extraction of petroleum ________.

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192. In game theory, strategies include _______.

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

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

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

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196. Efficiency means _______

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

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

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199. The national wildlife refuge supports _______ wildlife refuges.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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216. 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:

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

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

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

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

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

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

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

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

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225. The interpersonal communication process begins with ________.

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

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

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

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

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

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