01 May WHAT TWO COUNTRIES EACH ACCOUNTED FOR MORE THAN 25% OF ALL FOREIGN PURCHASES OF U.S. STOCKS AND BONDS IN 2008?
Economics does not study correct or incorrect behaviors, but rather it assumes that economic agents make the best decisions given their knowledge of the costs and benefits. What term best describes this behavior?
2) By definition, what is economics the study of?
3) What is the term in economics by which a group of buyers and sellers of a product come together to trade?
4) Which of the following statements describes the actions of producers in the circular flow model?
5) If a commercial dairy farm wants to raise funds to purchase feeding troughs, in which market does it do so?
6) Which of the following is not a critical function of the government in facilitating the operation of a market economy?
7) If demand is inelastic, the absolute value of the price elasticity of demand is
8) Economists in general
9) A demand curve which is ________ represents perfectly inelastic demand, and a demand curve which is ________ represents inelastic demand.
10) A decrease in the price of GPS systems will result in
11) At a products equilibrium price
12) If, for a product, the quantity supplied exceeds the quantity demanded, the market price will fall until
13) Marginal revenue product of labor for a competitive seller is
14) Let MP = marginal product, P = output price, and W = wage, then the equation that represents the condition where a competitive firm would hire another worker is
15) Marginal revenue product for a perfectly competitive seller is equal to
16) An individuals labor supply curve shows
17) A firms demand for labor curve is also called its
18) A decrease in the wage rate causes
19) Which of the following displays these two characteristics: nonrivalry and nonexcludability in consumption?
20) Which of the following is an example of a quasi-public good?
21) Which of the following displays these two characteristics: rivalry and nonexcludability?
22) A monopoly is a seller of a product
23) The labor supply for an industry would decrease if
24) A characteristic found only in oligopolies is
25) The Philippines and Vietnam have roughly the same size population. Suppose the GDP of the Philippines is $1,000 billion and the GDP of Vietnam is $10,000 billion. You should conclude
26) Gross domestic product understates the total production of final goods and services because of the omission of
27) Gross domestic product is calculated by summing up
28) Fiscal policy refers to changes in
29) If the economy is slipping into a recession, which of the following would be an appropriate fiscal policy?
30) Which of the following is an objective of fiscal policy?
31) Which of the following assets is most liquid?
32) If credit card balances rise in the economy, then M1 will ________ and M2 will ________.
33) Economists estimate that ________ of U.S. currency is outside the United States and held primarily by ________.
34) The M2 measure of the money supply equals
35) The M1 measure of the money supply equals
36) Which of the following is one of the most important benefits of money in an economy?
37) Open market operations refer to the purchase or sale of ________ to control the money supply.
38) Which of the following determines the amount of money the banking system as a whole can create?
39) Money market mutual funds sell shares to investors and use the money to buy
40) The goals of monetary policy tend to be interrelated. For example, when the Fed pursues the goal of ________, it also can achieve the goal of ________ simultaneously.
41) The Federal Reserve Systems four monetary policy goals are
42) The Federal Reserves two main ________ are the money supply and the interest rate.
43) Specializing in the production of a good or service in which one has a comparative advantage enables a country to do all of the following except
44) Table 2-3 Serena Haley Bracelets 8 9 Necklaces 16 12 Refer to Table 2-3. Which of the following statements is true?
45) Table 2-3 Serena Haley Bracelets 8 9 Necklaces 16 12 Refer to Table 2-3. What is Haleys opportunity cost of making a bracelet?
46) How does an increase in a countrys exchange rate affect its balance of trade?
47) For each bottle of wine that Italy produces, it gives up the opportunity to make 10 pounds of cheese. France can produce 1 bottle of wine for every 25 pounds of cheese it produces. Which of the following is true about the comparative advantage between the two countries?
48) When the market value of the dollar rises relative to other currencies around the world, we say that
49) If the dollar appreciates against the Mexican peso,
50) If the purchasing power of the dollar is greater than the purchasing power of the euro, purchasing power parity predicts that the exchange rate will
51) If interest rates in the United States rise
52) The three most important international financial centers today are
53) China has been accused of deliberately undervaluing its currency, the yuan, in order to
54) What two countries each accounted for more than 25% of all foreign purchases of U.S. stocks and bonds in 2008?
ECO 212 ECO212 Final Exam B
1) Economics does not study correct or incorrect behaviors, but rather it assumes that economic agents make the best decisions given their knowledge of the costs and benefits. What term best describes this behavior?
2) What is the term in economics by which a group of buyers and sellers of a product come together to trade?
3) Why do consumers have to make tradeoffs in deciding what to consume?
4) What might you call an outward shift of a nations production possibilities frontier?
5) Which of the following is not a critical function of the government in facilitating the operation of a market economy?
6) Which of the following is an example of spending on goods and services in the circular flow model?
7) A demand curve which is ________ represents perfectly inelastic demand, and a demand curve which is ________ represents inelastic demand.
8) Suppose the value of the price elasticity of demand is -3. What does this mean?
9) Price elasticity of demand measures
10) Danielle Ocean pays for monthly pool maintenance for her home swimming pool. Last week the owner of the pool service informed Danielle that he will have to raise his monthly service fee because of increases in the price of pool chemicals. How is the market for pool maintenance services affected by this?
11) At a products equilibrium price
12) Which of the following is the correct way to describe equilibrium in a market?
13) Let MP = marginal product, P = output price, and W = wage, then the equation that represents the condition where a competitive firm would hire another worker is
14) Marginal revenue product of labor for a competitive seller is
15) Firms use information on labors marginal revenue product to determine
16) A decrease in the wage rate causes
17) How will an increase in population affect the labor market?
18) An individuals labor supply curve shows
19) Private costs
20) Which of the following displays these two characteristics: nonrivalry and nonexcludability in consumption?
21) Which of the following is an example of a common resource?
22) The reason that the coffeehouse market is monopolistically competitive rather than perfectly competitive is because
23) A characteristic found only in oligopolies is
24) A monopoly is a seller of a product
25) Gross domestic product is calculated by summing up
26) Which of the following goods is directly counted in GDP?
27) The Philippines and Vietnam have roughly the same size population. Suppose the GDP of the Philippines is $1,000 billion and the GDP of Vietnam is $10,000 billion.
You should conclude
28) If the economy is slipping into a recession, which of the following would be an appropriate fiscal policy?
29) Which of the following is an objective of fiscal policy?
30) Fiscal policy refers to changes in
31) In economics, money is defined as
32) Dollar bills in the modern economy serve as money because
33) If credit card balances rise in the economy, then M1 will ________ and M2 will ________.
34) Dollar bills in the modern economy serve as money because
35) Which of the following functions of money would be violated if inflation were high?
36) In an economy with ________, there are more prices than in an economy with ________.
37) If the central bank can act as a lender of last resort during a banking panic, banks can
38)
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