Question Question 1 (6063065):_________ production involves the human resource called L

Question 1 (6063065):_________ production involves the human resource called Labor.
Correct answer(s): Most
Some
All
None of the above
________________________________________
Question 2 (6063082): Thomas Malthus predicted that economic activity would evolve in cycles of ___________________ .

Correct answer(s): inflation and deflation
misery and catastrophe
global warming and ice ages
natural sunspots
________________________________________
Question 3 (6063109):
What is the opportunity cost of moving from B back to A ?

Correct answer(s): 2 units of clothing
4 units of clothing
9 computers
6 computers
________________________________________
Question 4 (6063107):
What is the benefit of moving from B to C ?

Correct answer(s): 3 units of clothing
9 units of clothing
2 computers
4 computers
________________________________________
Question 5 (6063070): The ability of people to conceive an idea (innovate), bring together resources, and take the risk when starting a business are all part of ________________ .

Correct answer(s): Consumption
Investment
Entrepreneurship
None of the above
________________________________________
Question 6 (6063077): In the Wealth of Nations, the distribution of income and wealth was explained by the concept of ______________________.

Correct answer(s): war and imperialism
accumulating gold and silver
productivity (output per worker)
the money multiplier
________________________________________
Question 7 (6063106):
In the graph above, the point D represents values resulting in ____________.

Correct answer(s): inflation
efficiency
unemployment
growth
________________________________________
Question 8 (6063103): A shift in a PPC/PPF to the right (or outward) illustrates Growth which may be generated by __________________ (better utilizing existing resources) or by acquiring more resources over time.

Correct answer(s): working overtime
increasing imports
improved Technology
using first (or low) gear
________________________________________
Question 9 (6063085): ____________ argued that capitalism would lead to socialism and then to communism as armies of unemployed workers would force economic change.

Correct answer(s): Thomas Malthus
Robert Owen
Karl Marx
David Ricardo
________________________________________
Question 10 (6063099): ______________ is when a resource is not fully utilized, such as your when your Economics professor has to sweep the streets as a primary job.

Correct answer(s): Under-employment
Unemployment
Inflation
Economic Efficiency
________________________________________
Question 11 (6063090): In America during the early 1900’s Labor Unoins became an economic force as the role of workers became fundamental for economic ___________.

Correct answer(s): growth
inflation
recession
deflation
________________________________________
Question 12 (6063057): __________ efficiency is gaining the most output to maximize consumer utility with a given amount of input.

Correct answer(s): Productive
Industrial
Economic
Human
________________________________________
Question 13 (6063062): The Standard of Living of a nation is determined by the __________ available and how they are used.

Correct answer(s): quarks or quirks
only quirks, not quarks
resources or factors
only quarks, not quirks
________________________________________
Question 14 (6063093): _____________ of concepts is one important means of understanding Economics.

Correct answer(s): Digitizing
Nono-engineering
Visualization
Mastication
________________________________________
Question 15 (6063075): The evolution toward the ________________ system occurred in a gradual process as societies adapted to new technologies and the need for skilled labor.

Correct answer(s): Market
Utopian
Fantasy
Euro-centric

Question 1 (6063067): The ability of people to produce is determined by their ____________________ .

Correct answer(s): skill
knowledge
training
All the above
________________________________________
Question 2 (6063059): ___________ efficiency is gaining the most output with a given amount of input, but not relating output to consumer utility.

Correct answer(s): Economic
Productive
Industrial
Human
________________________________________
Question 3 (6063092): Workers formed unions and eventually these were recognized as a legal entity having the right of _________________ .

Correct answer(s): habeus corpus
collective bargaining
a fair trial
multiple votes
________________________________________
Question 4 (6063087): ___________ economics led to the creation of the communist state in Russia.

Correct answer(s): Smithian
Owenian

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