16193784
Descripción
Test por Good Guy Beket, actualizado hace más de 1 año
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Creado por Good Guy Beket
hace casi 8 años
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Pregunta 1
Pregunta
When the government redistributes income with taxes and welfare, the economy becomes more efficient.
Respuesta
- True
- False
Pregunta 2
Pregunta
When economists say, "There is no such thing as a free lunch," they mean that all economic decisions involve trade-offs.
Respuesta
- True
- False
Pregunta 3
Pregunta
Adam Smith's “invisible hand” concept describes how corporate business reaches into the pockets of consumers like an “invisible hand.”
Respuesta
- True
- False
Pregunta 4
Pregunta
Rational people act only when the marginal benefit of the action exceeds the marginal cost.
Respuesta
- True
- False
Pregunta 5
Pregunta
The European Union will benefit economically if we eliminate trade with Asian countries because its citizens will be forced to produce more of their own cars and clothes.
Respuesta
- True
- False
Pregunta 6
Pregunta
When a jet flies overhead, the noise it generates is an externality.
Respuesta
- True
- False
Pregunta 7
Pregunta
A tax on alcoholic drinks raises the price of alcoholic drinks and provides an incentive for consumers to drink more.
Respuesta
- True
- False
Pregunta 8
Pregunta
An unintended consequence of public support for higher education is that low tuition provides an incentive for many people to attend state universities even if they have no desire to learn anything.
Respuesta
- True
- False
Pregunta 9
Pregunta
Sue is better at cleaning and Bob is better at cooking. It will take fewer hours to eat and clean if Bob specializes in cooking and Sue specializes in cleaning than if they share the household duties evenly.
Respuesta
- True
- False
Pregunta 10
Pregunta
High and persistent inflation is caused by excessive growth in the quantity of money in the economy.
Respuesta
- True
- False
Pregunta 11
Pregunta
Economic models must mirror reality or they are of no value.
Respuesta
- True
- False
Pregunta 12
Pregunta
Assumptions make the world easier to understand because they simplify reality and focus our attention.
Respuesta
- True
- False
Pregunta 13
Pregunta
It is reasonable to assume that the world is composed of only one person when modelling international trade.
Respuesta
- True
- False
Pregunta 14
Pregunta
When people act as scientists, they must try to be objective.
Respuesta
- True
- False
Pregunta 15
Pregunta
If an economy is operating on its production possibilities frontier, it must be using its resources efficiently.
Respuesta
- True
- False
Pregunta 16
Pregunta
If an economy is operating on its production possibilities frontier, it must produce less of one good if it produces more of another.
Respuesta
- True
- False
Pregunta 17
Pregunta
Points outside the production possibilities frontier are attainable but inefficient.
Respuesta
- True
- False
Pregunta 18
Pregunta
If an economy were experiencing substantial unemployment, the economy is producing inside the production possibilities frontier.
Respuesta
- True
- False
Pregunta 19
Pregunta
The production possibilities frontier is bowed outward because the trade-offs between the production of any two goods are constant.
Respuesta
- True
- False
Pregunta 20
Pregunta
An advance in production technology would cause the production possibilities curve to shift outward.
Respuesta
- True
- False
Pregunta 21
Pregunta
If Japan has an absolute advantage in the production of an item, it must also have a comparative advantage in the production of that item.
Respuesta
- True
- False
Pregunta 22
Pregunta
Comparative advantage, not absolute advantage, determines the decision to specialize in production.
Respuesta
- True
- False
Pregunta 23
Pregunta
Absolute advantage is a comparison based on productivity.
Respuesta
- True
- False
Pregunta 24
Pregunta
Self-sufficiency is the best way to increase one's material welfare.
Respuesta
- True
- False
Pregunta 25
Pregunta
Comparative advantage is a comparison based on opportunity cost.
Respuesta
- True
- False
Pregunta 26
Pregunta
If a producer is self-sufficient, the production possibilities frontier is also the consumption possibilities frontier.
Respuesta
- True
- False
Pregunta 27
Pregunta
If a country's workers can produce 5 hamburgers per hour or 10 bags of French fries per hour, absent trade, the price of 1 bag of fries is 2 hamburgers.
Respuesta
- True
- False
Pregunta 28
Pregunta
If producers have different opportunity costs of production, trade will allow them to consume outside their production possibilities frontiers.
Respuesta
- True
- False
Pregunta 29
Pregunta
If trade benefits one country, its trading partner must be worse off due to trade.
Respuesta
- True
- False
Pregunta 30
Pregunta
Talented people that are the best at everything have a comparative advantage in the production of everything.
Respuesta
- True
- False
Pregunta 31
Pregunta
A perfectly competitive market consists of products that are all slightly different from one another.
Respuesta
- True
- False
Pregunta 32
Pregunta
An oligopolistic market has only a few sellers.
Respuesta
- True
- False
Pregunta 33
Pregunta
The law of demand states that an increase in the price of a good decreases the demand for that good.
Respuesta
- True
- False
Pregunta 34
Pregunta
If apples and oranges are substitutes, an increase in the price of apples will decrease the demand for oranges.
Respuesta
- True
- False
Pregunta 35
Pregunta
If golf clubs and golf balls are complements, an increase in the price of golf clubs will decrease the demand for golf balls.
Respuesta
- True
- False
Pregunta 36
Pregunta
If consumers expect the price of shoes to rise, there will be an increase in the demand for shoes today.
Respuesta
- True
- False
Pregunta 37
Pregunta
The law of supply states that an increase in the price of a good increases the quantity supplied of that good.
Respuesta
- True
- False
Pregunta 38
Pregunta
An increase in the price of steel will shift the supply of cars to the right.
Respuesta
- True
- False
Pregunta 39
Pregunta
When the price of a good is below the equilibrium price, it causes a surplus.
Respuesta
- True
- False
Pregunta 40
Pregunta
The market supply curve is the horizontal summation of the individual supply curves.
Respuesta
- True
- False
Pregunta 41
Pregunta
If the quantity demanded of a good is sensitive to a change in the price of that
good, demand is said to be price inelastic.
Respuesta
- True
- False
Pregunta 42
Pregunta
Using the midpoint method to calculate elasticity, if an increase in the price of pencils from €0.10 to €0.20 reduces the quantity demanded from 1000 pencils to 500 pencils, then the demand for pencils is unit price elastic.
Respuesta
- True
- False
Pregunta 43
Pregunta
The demand for tyres should be more inelastic than the demand for Michelin brand tyres.
Respuesta
- True
- False
Pregunta 44
Pregunta
The demand for aspirin over one month should be more elastic than the demand for aspirin over one year.
Respuesta
- True
- False
Pregunta 45
Pregunta
The price elasticity of demand is defined as the percentage change in the price of that good divided by the percentage change in quantity demanded of that good.
Respuesta
- True
- False
Pregunta 46
Pregunta
If the cross-price elasticity of demand between two goods is positive, the goods are likely to be complements.
Respuesta
- True
- False
Pregunta 47
Pregunta
If the demand for a good is price inelastic, an increase in its price will increase total revenue in that market.
Respuesta
- True
- False
Pregunta 48
Pregunta
The demand for a necessity such as petrol tends to be elastic.
Respuesta
- True
- False
Pregunta 49
Pregunta
If a demand curve is linear, the price elasticity of demand is constant along it.
Respuesta
- True
- False
Pregunta 50
Pregunta
If the income elasticity of demand for a bus ride is negative, then a bus ride is an inferior good.
Respuesta
- True
- False
Pregunta 51
Pregunta
If the equilibrium price of petrol is €1.00 per litre and the government places a price ceiling on petrol of €1.50 per litre, the result will be a shortage of petrol.
Respuesta
- True
- False
Pregunta 52
Pregunta
A price ceiling set below the equilibrium price causes a surplus.
Respuesta
- True
- False
Pregunta 53
Pregunta
A price floor set above the equilibrium price is a binding constraint.
Respuesta
- True
- False
Pregunta 54
Pregunta
The shortage of housing caused by a binding rent control is likely to be more severe in the long run when compared to the short run.
Respuesta
- True
- False
Pregunta 55
Pregunta
The minimum wage helps all teenagers because they receive higher wages than they would otherwise.
Respuesta
- True
- False
Pregunta 56
Pregunta
A 10 per cent increase in the minimum wage is more likely to raise unemployment among teenage workers than among mid-career professional workers
Respuesta
- True
- False
Pregunta 57
Pregunta
A price ceiling that is not a binding constraint today could cause a shortage in the future if demand were to increase and raise the equilibrium price above the fixed price ceiling.
Respuesta
- True
- False
Pregunta 58
Pregunta
A price floor in a market always creates a surplus in that market.
Respuesta
- True
- False
Pregunta 59
Pregunta
A €10 tax on football boots will always raise the price that the buyers pay for football boots by €10.
Respuesta
- True
- False
Pregunta 60
Pregunta
The ultimate burden of a tax falls most heavily on the side of the market that is less elastic.
Respuesta
- True
- False
Pregunta 61
Pregunta
Total revenue equals the quantity of output the firm produces times the price at which it sells its output.
Respuesta
- True
- False
Pregunta 62
Pregunta
Wages and salaries paid to workers are an example of implicit costs of production.
Respuesta
- True
- False
Pregunta 63
Pregunta
If total revenue is €100, explicit costs are €50, and implicit costs are €30, then accounting profit equals €50.
Respuesta
- True
- False
Pregunta 64
Pregunta
If there are implicit costs of production, accounting profits will exceed economic profits.
Respuesta
- True
- False
Pregunta 65
Pregunta
When a production function gets flatter, the marginal product is increasing.
Respuesta
- True
- False
Pregunta 66
Pregunta
If a firm continues to employ more workers within the same size factory, it will eventually experience diminishing marginal product
Respuesta
- True
- False
Pregunta 67
Pregunta
If the production function for a firm exhibits diminishing marginal product, the corresponding total cost curve for the firm will become flatter as the quantity of output expands.
Respuesta
- True
- False
Pregunta 68
Pregunta
Fixed costs plus variable costs equal total costs.
Respuesta
- True
- False
Pregunta 69
Pregunta
Average total costs are total costs divided by marginal costs.
Respuesta
- True
- False
Pregunta 70
Pregunta
When marginal costs are below average total costs, average total costs must be falling.
Respuesta
- True
- False
Pregunta 71
Pregunta
An oligopoly is a market structure in which many firms sell products that are similar but not identical.
Respuesta
- True
- False
Pregunta 72
Pregunta
The market for crude oil is an example of an oligopolistic market.
Respuesta
- True
- False
Pregunta 73
Pregunta
The unique feature of an oligopoly market is that the actions of one seller have a significant impact on the profits of all of the other sellers in the market.
Respuesta
- True
- False
Pregunta 74
Pregunta
When firms cooperate with one another, it is generally good for society as a whole.
Respuesta
- True
- False
Pregunta 75
Pregunta
When firms cooperate with one another, it is generally good for the cooperating firms.
Respuesta
- True
- False
Pregunta 76
Pregunta
When oligopolists collude and form a cartel, the outcome in the market is similar to that generated by a perfectly competitive market.
Respuesta
- True
- False
Pregunta 77
Pregunta
The price and quantity generated by a Nash equilibrium is closer to the competitive solution than the price and quantity generated by a cartel.
Respuesta
- True
- False
Pregunta 78
Pregunta
The greater the number of firms in the oligopoly, the more the outcome of the market looks like that generated by a monopoly.
Respuesta
- True
- False
Pregunta 79
Pregunta
Cooperation is easily maintained in an oligopoly because cooperation maximizes each individual firm's profits.
Respuesta
- True
- False
Pregunta 80
Pregunta
The prisoners' dilemma demonstrates why it is difficult to maintain cooperation even when cooperation is mutually beneficial.
Respuesta
- True
- False
Pregunta 81
Pregunta
The factors of production are labour, land, and money.
Respuesta
- True
- False
Pregunta 82
Pregunta
The demand for a factor is considered to be a derived demand because it is derived from the firm's decision to supply output in another market.
Respuesta
- True
- False
Pregunta 83
Pregunta
For a competitive profit-maximizing firm, the demand curve for a factor is the value of the marginal product curve for that factor.
Respuesta
- True
- False
Pregunta 84
Pregunta
A factor exhibits diminishing marginal productivity if employing additional units of the factor reduces output.
Respuesta
- True
- False
Pregunta 85
Pregunta
If there is an increase in the equilibrium wage, there must have been an increase in the value of the marginal product of labour.
Respuesta
- True
- False
Pregunta 86
Pregunta
An increase in the demand for textbooks will increase the value of the marginal product of textbook writers.
Respuesta
- True
- False
Pregunta 87
Pregunta
A decrease in the supply of labour reduces the value of the marginal product of labour, decreases the wage, and decreases employment.
Respuesta
- True
- False
Pregunta 88
Pregunta
The only way for the value of the marginal product of a factor to rise is for the price of the output produced by the factor to rise.
Respuesta
- True
- False
Pregunta 89
Pregunta
An increase in the demand for pencils will likely improve the fortunes of both the pencil factory and the workers in the pencil factory.
Respuesta
- True
- False
Pregunta 90
Pregunta
The demand for labour is downward sloping because the production function exhibits diminishing marginal productivity of labour.
Respuesta
- True
- False
Pregunta 91
Pregunta
For an economy as a whole, income equals expenditure because the income of the seller must be equal to the expenditure of the buyer.
Respuesta
- True
- False
Pregunta 92
Pregunta
The production of an apple contributes more to GDP than the production of a gold
ring because food is necessary for life itself.
Respuesta
- True
- False
Pregunta 93
Pregunta
If a timber yard sells €1,000 of timber to a carpenter and the carpenter uses the timber to build a garage which he sells for €5,000, the contribution to GDP is €6,000.
Respuesta
- True
- False
Pregunta 94
Pregunta
A country with a larger GDP per person generally has a greater standard of living or quality of life than a country with a smaller GDP per person.
Respuesta
- True
- False
Pregunta 95
Pregunta
If nominal GDP in 2005 exceeds nominal GDP in 2004, real output must have risen.
Respuesta
- True
- False
Pregunta 96
Pregunta
If UK GDP exceeds UK GNP, then foreigners produce more in the UK than UK citizens produce in the rest of the world.
Respuesta
- True
- False
Pregunta 97
Pregunta
Wages are an example of a transfer payment because there is a transfer of payment from the firm to the worker.
Respuesta
- True
- False
Pregunta 98
Pregunta
In the UK, investment is the largest component of GDP.
Respuesta
- True
- False
Pregunta 99
Pregunta
Nominal GDP employs current prices to value output while real GDP employs constant base-year prices to value output.
Respuesta
- True
- False
Pregunta 100
Pregunta
A new car produced in 2004, but first sold in 2005, should be counted in 2005 GDP because that is when it was first sold as a final good.
Respuesta
- True
- False
Pregunta 101
Pregunta
An increase in the price of imported cameras is captured by the CPI but not by the GDP deflator.
Respuesta
- True
- False
Pregunta 102
Pregunta
An increase in the price of helicopters purchased by the UK armed forces is captured by the CPI.
Respuesta
- True
- False
Pregunta 103
Pregunta
Because an increase in petrol prices causes consumers to ride their bikes more and drive their cars less, the CPI tends to underestimate the cost of living.
Respuesta
- True
- False
Pregunta 104
Pregunta
An increase in the price of diamonds will have a greater impact on the CPI than an equal percentage increase in the price of food because diamonds are so much more expensive.
Respuesta
- True
- False
Pregunta 105
Pregunta
The "base year" in a price index is the benchmark year against which other years are compared.
Respuesta
- True
- False
Pregunta 106
Pregunta
If the CPI rises at 5 percent per year, then every individual in the country needs exactly a 5 percent increase in their income for their standard of living to remain constant.
Respuesta
- True
- False
Pregunta 107
Pregunta
The producer price index (PPI) is constructed to measure the change in price of total production.
Respuesta
- True
- False
Pregunta 108
Pregunta
If the Office of National Statistics fails to recognize that recently produced cars can be driven for many more miles than older models, then the CPI tends to overestimate the cost of living.
Respuesta
- True
- False
Pregunta 109
Pregunta
If your wage rises from €500 per week to €625 per week while the CPI rises from 112 to 121, you should feel an increase in your standard of living.
Respuesta
- True
- False
Pregunta 110
Pregunta
The largest category of goods and services in the CPI is food and non-alcoholic beverages.
Respuesta
- True
- False
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