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Terms in this set (157)Which of the following is the best example of a bad economic choice that an individual might make? buying a brand-new car with a high-interest loan macroeconomics Studies how economic choices impact the overall economy microeconomics Studies the economic choices made by individual consumers and businesses positive statement A statement of fact or a hypothesis normative statement An assertion that makes a value judgment
Which of the following are examples of microeconomic questions? (choose all that apply) If the country experiences another recession, will fewer people attend theme parks like Disney World? Economics in One Lesson was published in the year _____. 1946 One reason that the study of economics is plagued by fallacies is because humans are _______. selfish Hazlitt says the "new" economists "overlook the ___________ in their precise and minute examination of particular____________ ." woods; trees Which of the following are true about trade-offs? They involve comparing the expected value of different choices. Which of the following must take scarcity into account when making decisions? (choose all that apply governments The opportunity cost of a choice is the value of ____________. the best alternative action you didn't take If an action has a marginal benefit of $100 and a marginal cost of $25, what is the net benefit? $75 If an action has a net benefit of $80 and a marginal benefit of $100, what is the marginal cost? $20 In Economics in One Lesson, Hazlitt argues that although purchasing power might look like it has increased after a war, these seemingly good economic results are merely the result of ______. inflation In Economics in One Lesson, Hazlitt argues that economists who believe that war is beneficial due to increased demand are confusing ______ with demand. need What flaw in thinking in responsible for the broken window fallacy? narrow thinking Which of the following are characteristics of entrepreneurs? (choose all that apply) They take risks. Why wouldn't oil have been considered a natural resource 500 years ago? There was no known use for it. Goods are ________ that satisfy human wants. physical objects Why did Adam Smith believe competition was an important part of a prosperous economy? Competition encourages businesses to use resources efficiently. Adam Smith argued that if people were allowed to act in their own self-interest, the marketplace would be directed by an "invisible _____." hand Mercantilism was a national economic system based on maximizing _______ and minimizing _________. exports In The Wealth of Nations, Adam Smith argues that division of labor reduces _______________. the amount of time lost by switching from one task to another According to Adam Smith, division of labor helps workers improve their _______ more quickly. performance A government incentive or tax break designed to assist a specific industry is known as a _______. subsidy Which nation's command economy was largely responsible for a famine that killed millions in the 1930s? Soviet Union In economics, people who create goods and services are known as _______. producers In economics, the term demand refers to what? how much of a product people want In the early 1990s, PepsiCo introduced a new soda called Crystal Pepsi. Sales for Crystal Pepsi were so low that within a few years PepsiCo stopped producing it. What characteristic of a market economy is illustrated in this scenario? consumer sovereignty When one organization has complete control over one industry, they are said to have a ________. monopoly French economist Frederic Bastiat wrote that "the good economist takes into account both the effect that can be _____________ and those effects that must be ______________ ." Seen Choose the best answer to fill in the blank: When we begin with the understanding of what God says about human nature, we can build government and economic systems that allow humans to reach their full potential, while at the same time limiting the effects that their _______ nature will have on their actions. sinful Explain the Broken Window Fallacy. Why does the town think the broken window is a good thing? Is the town right or wrong, and why? The town thinks that the broken window is a good thing because the incident produces more business for the window maker. This is a result of narrow thinking. If we look a little closer and think about it a little more we come to the following conclusions. First, we come to the conclusion that the baker is losing money to pay for the window, he also will lose money in the future because he can not sell the bread that the glass got into. Second, there is a hole in the window so he is susceptible to getting robbed, thus losing even more money. [exact answer] Which of the following would result in an increase in quantity supplied? (choose all that apply) a price increase Which of the following would result in a change in supply? (choose all that apply) a change in the technology
used to produce the good or service According to the law of demand, consumers will buy more of a good or service at _______ prices. lower Which of the following would result in a positive change in demand for pizza? (choose all that apply) an increase in the number of consumers Which of the following would result in a higher equilibrium price for pizza? Assume that pizza is a normal good. (choose all that apply) an increase in the price of burgers Which of the following would result in a lower equilibrium price for milk? Assume that milk is a normal good. (choose all that apply) a decrease in consumers' incomes Which of the following would be most likely to have a price inelastic demand? electricity Which of the following components affect whether the supply of a good is price elastic or inelastic? (choose all that apply) available production capacity According to Economics in One Lesson, people who advocate establishing a price floor argue that they're not trying to boost the price but are only trying to _________ it. stabilize A government policy that sets the lowest price at which one can buy a good or service is called a _________. price floor During World War II, the American government established a rationing system to counteract the shortages caused by fixing maximum prices. Why is rationing only partly effective in counteracting these shortages? It only limits the demand without also stimulating the supply. According to Economics in One Lesson, what is the consequence of limiting the profits of those who make essential commodities, but not limiting the profits of those who make luxuries or semi-luxuries? The production of the price-controlled essential commodities is discouraged. One of the biggest incentives for consumers is a low ______. price What is a dividend? a distribution of profits to investors Utility is _____________. inherently unmeasurable Which of the following is an example of a product that stopped being used due to health concerns? asbestos Why might a soda company lower their prices when production costs fall? (choose all that apply) Because production costs are lower, the company can earn the same profit per unit even if they sell their products for less. According to the lesson about profit, why is raspberry soda much harder to find than cherry soda? As a whole, consumers are more likely to buy cherry soda than raspberry soda. A sustained fall in GDP is known as economic __________. contraction Productivity refers to how efficiently ________ are converted into outputs of goods and services. resources Physical capital is another name for _____________. capital resources Private individuals who develop new products and technologies can protect their invention by filing for a(n) ______. patent What percentage of American jobs are currently at risk of being automated in the next 15 years? 30 to 40 percent Which of the following are characteristics of perfect competition? (choose all that apply) easy entrance and exit Which of the following are results of competition between consumers? (choose all that apply) goods are allocated to those willing to pay the most An effort by buyers or sellers to reduce the level of competition in a market is called ________. collusion Monopolies restrict economic growth and _________. innovation Households sell human resources to businesses in exchange for ______. wages In economics, a social unit of individuals living in the same dwelling is known as a(n) _________. household Governments often try to solve pricing problems by fixing prices, but this often causes more problems than it solves. Explain why price ceilings result in shortages, and explain why price floors result in surpluses. Our economic system is a very delicate thing. If you do not treat it as a delicate object, then it will break and crumble. The prices in our economic system must fluxuate in order for the balance to continue. When a price ceiling gets enacted, it is usually at a lower price. When something hits a low price people want to buy it all up because it is so low. Resulting in shortages. When something hits a price floor it is usually a higher price, then no one wants to buy that item. Thus resulting in surpluses. [exact answer] In March 2019, Mike Trout signed a 12-year, $430 million contract to play baseball. Which of the following are reasons that top baseball players like Trout are paid so highly? (choose all that apply) There is high demand for top baseball
players. In the United States, which of the following occupations earned an annual income that was below the national average in 2018? (choose all that apply) bus driver Which of the following would increase the market value of engineers? (choose all that apply) A decrease in the supply of engineers. An organized association of workers created to protect their interests is known as a _______ _______. labor union According to Hazlitt, what is the central function of unions? to ensure all their members are paid the true market value of their services Hazlitt argues that "the power of labor unions to raise wages over the long run and for the whole working population ________________." has been greatly exaggerated In an exchange economy, everybody's income is somebody else's _______. cost According to Hazlitt, what is the best wage rate for labor? the wage that permits full production and full employment Artificial increases in workers' wages created by minimum wage laws or labor union bargaining might help workers in the short term, but what will likely be the long-term effect of raising workers' wages above their market value? The overall economy will be damaged, and workers will eventually be no better off (and possibly worse off) than they were before the artificial increase. Work is a(n) ______ from God. gift Which verse says, "If anyone is not willing to work, let him not eat"? 2 Thessalonians 3:10 Money that only has value because the government has declared it has value is called _________. fiat money An exchange of goods and services for other goods and services without using money is called ________. barter Which of the following is the correct definition for money? anything widely accepted as final payment for goods and services his type of financial institution restricts membership to a certain set of customers, such as military families. credit union Some financial institutions collect premiums from their customers and then pay those customers back whenever the customers file a claim after suffering some kind of loss, such as their home burning down. This service is called _________. insurance If you deposit $100 into a savings account, about how much of that deposit does the bank have to keep in reserve? $10.00 Traders can exchange different currencies on the __________. foreign exchange market Of the following investments, which has historically had the best performance over the long term but suffers from more volatility? stocks The largest stock market in the world is the _______________. New York Stock Exchange In the United States, the highest level of inflation since the Great Depression occurred in 1979. What was the percentage of inflation in 1979? 13% One potential cause of unemployment is seasonal fluctuations in _________. demand One economic goal of the United States government is stable _______. prices When soldiers are discharged from the military and become private citizens, it will increase total national production because _______________. the soldiers will become self-supporting and get paid for producing additional goods and services Concerning full employment, Hazlitt writes that "the real question" isn't how many jobs there will be in the United States at a particular point in time. Instead, "the real question" is what? How much will the nation produce, and what will be the standard of living? In the story about Milton Friedman visiting an overseas construction site, Friedman suggests that more jobs could be created by taking away the workers' shovels and giving them _______. spoons In the United States, the most common way to measure the effect of inflation is the CPI, which stands for _____________. Consumer Price Index Inflation occurring at an extremely high rate is called __________. hyperinflation A decrease in the general level of prices is called __________. deflation According to Hazlitt, many proponents of inflation realize that it will decrease the purchasing power of money and increase the prices of goods and services. What are reasons these proponents of inflation want inflation anyway? (choose all that apply) They believe it's an essential measure to cure a depression. Explain the effect of the hyperinflation that occurred in Germany in 1923. Use specific examples of how the hyperinflation affected people and how people interacted with money. How did this situation help Adolf Hitler and the Nazi Party rise to power? Inflation causes the dollar (or one of the currency) to be worth less than it actually is. Lets take a gold bar for example say a gold bar is worth $17, if inflation rises that gold bar is now worth $20. The same is with a candy bar or a T-shirt. In Germany when hitler was in power, inflation rose about every 15 hours. That's once every day and on some days it was twice. The currency was become less and less stable. This helped hitler because it kept everyone in a state of depression. In this state he could easily control them and they could not do a thing about it. The people had to be depended on the government, dependent on hitler. [exact answer] An extremely long and severe economic contraction is called a(n) _________. depression Classical economists like Adam Smith believed the economy was self-correcting in the long run. Which economist argued that waiting for the economy to self-correct was foolish, saying, "In the long run we're all dead," and instead recommended strong action by the government to jump-start the economy? John Maynard Keynes Why do consumers reduce their buying after an economic downturn has started? (choose all that apply) Because prices of goods have already fallen, and they fear a further fall. According to Hazlitt, which of the following are true about new capital? (choose all that apply) Producers invest in new capital goods because they reduce the costs of production Which of the following are ways that the United States government provides ongoing economic support? (choose all that apply) promoting innovation and invention Which of the following are examples of monetary policy strategies the government can use to encourage economic growth and lower unemployment? (choose all that apply) lowering
interest rates Which of the following are services provided by the Federal Reserve? (choose all that apply) protecting consumers through regulation and education The rate of interest that the central bank charges on its loans is called the ____________. discount rate Fiscal policy characterized by increased government spending and decreased taxes is called ______________. expansionary fiscal policy During the Great Recession, the federal government employed fiscal policy to try to stimulate the economy. Which of the following are examples of legislation that Congress passed to try to turn around the economy during the Great Recession? (choose all that apply) American Recovery and Reinvestment Act of 2009 What happens when providing employment becomes the primary reason (the end instead of the means) for government spending? (choose all that apply) Government projects have to be invented. What United States president initiated an unprecedented spending spree with the introduction of the New Deal? Franklin D. Roosevelt Which of the following are consequences of the government getting deep into debt? (choose all that apply) fewer economic opportunities Each year, the finer points of America's federal budget are first debated in twelve _____________. appropriations committees In the United States, state governments are mostly funded by which of the following types of taxes? (choose all that apply) income taxes A tax that applies the same tax rate regardless of income is called a __________. flat tax Which of the following is an example of a good or service that would not be profitable for the private sector to provide because non-payers would reap the benefits as much as the payers would? police protection In the United States, government welfare services include which of the following programs? (choose all that apply) unemployment benefits According to Hazlitt, what is the end result when the government provides loans or subsidies to business? The government taxes successful businesses in order to support unsuccessful businesses.
According to Hazlitt, the belief that government loans for farmers are beneficial comes from which of the following "acts of shortsightedness"? (choose all that apply) thinking only of the first half of the transaction A tax in which people with lower incomes pay a higher tax rate is called a(n) ___________. regressive tax Proportional tax is another name for _________. flat tax Why does Hazlitt say that advocates of parity pricing for farmers picked the years 1909-1914 as the basis of parity? The years were one of the most favorable periods for agriculture in history. Which special interest group spent the most money lobbying the American government in 2018? US Chamber of Commerce Which of the following is a way that governments combat negative externalities, such as environmental damage? establishing regulations What is the solution for the market failure of public goods?
government control over public goods Which of the following are arguments made against OSHA? (choose all that apply) OSHA creates many superfluous regulations that do little to improve worker safety. Austrian economists argue that contractionary phases are made worse by government intervention because that intervention results in _______________. a malinvestment of capital The most famous work written by John Maynard Keynes was _______________. The General Theory of Employment, Interest, and Money Who is considered the founder of Austrian economics? Carl Menger List the four phases of the business cycle in order, and define each phase. Explain the difference between a recession and a depression. Expansion Which of the following are ways that entrepreneurs benefit society? (choose all that apply) fostering technological advancements Entrepreneurs develop new products and start new businesses by ________________. bringing natural, human, and capital resources together Which of the following are true about the impact of entrepreneurship on society? (choose all that apply) entrepreneurship increases competition Which of the following are advantages of cooperatives? (choose all that apply) Their owners often get discounts on the goods and services produced by the cooperative. A business that operates as a separate legal entity from its owners is called a ___________. corporation Which of the following are disadvantages of corporations? (choose all that apply) They are more complicated and expensive to establish than other business structures. Which of the following are advantages of sole proprietorships? (choose all that apply) They are generally easy and
inexpensive to start. Which of the following factors impact how much trade takes place between two countries? (choose all that apply) the exchange rate between their currencies When a country determines its areas of comparative advantage and specialization, it puts itself in a position to ____________ through trade with other countries. strengthen its economy If Country A can produce wheat at a lower opportunity cost than Country B, then Country A has a(n) ___________ advantage in wheat production. comparative What happens when all nations specialize in the areas in which they have comparative advantages? (choose all that apply) total world production increases Trade barriers are harmful to which of the following groups? (choose all that apply) foreign producers in the affected industries Domestic products sold to buyers in other nations are called _________. exports When a nation imports more goods than it exports, it has a trade ________. deficit When a nation exports more goods than it imports, it has a trade ________. surplus According to Hazlitt, which of the following would be consequences of the United States placing a new tariff on foreign sweaters, resulting in the creation of a domestic sweater industry? (choose all that apply) There would be no net addition to American industry or employment. What effect do tariffs have on labor productivity and wages? Tariffs reduce labor productivity and reduce wages. Who wrote in defense of free trade, "In every country it always is and must be the interest of the great body of the people to buy whatever they want of those who sell it cheapest"? Adam Smith In the long run, imports must _________ exports. equal If the US dollar has a low value relative to other countries, it's said to be ________. weak From 2009 to 2020, the exchange rate between the euro and the US dollar varied over time. During that time, the number of euros you would've received for $100 ranged from _________. 70 to 95 euros Historically, many countries used to fix their currency to a set amount of ______. gold What group was established in 1995 and oversees international trade agreements, provides a place for its member nations to negotiate, and acts as a mediator when disputes arise? World Trade Organization Which of the following agreements was negotiated during President Trump's administration and contains provisions that benefit American farmers, protect intellectual property, and regulate digital trade? USMCA When American companies move production overseas, it is called ________. offshoring The United States has free trade agreements with which of the following nations? (choose all that apply) Mexico Hazlitt says that, like mathematics, the answer to an economics problem __________________. already lies in the statement of the problem Hazlitt writes that economics "is a science of recognizing ____________ consequences." secondary In his discussion of economic problem solving, Hazlitt quotes philosopher George Santayana, who wrote that logic "traces the _________ of truth." radiation Hazlitt writes that economics should be concerned "not only [with] some special interest in the short run, but [with] the _________ interest in the long run." general According to Hazlitt, what should be done to help those who are hurt by economic progress? What should not be done? Thouse hurt by economic progress should get back on to their feet. It should not be the government who does that for them by paying them so much unemployment that they do not need to work. [exact answer] Students also viewedChapter 1 ENG Vocab10 terms Benedetto_Abby gianni vocab 110 terms alexisbergerrr Chapter 1&2 gov29 terms kaisee2004 Money and Banking HW712 terms sirwaffle631 Sets found in the same folderEconomics Quiz 3: The Price System20 terms Aspen_Angel 5.5. T - Lesson: Price Ceilings and Price Floors &…10 terms Yoozer0492 LUOA Economics Module 1 Study Guide109 terms kujiwujiPlus 12.12.T - Lesson: Stabilizing the Economy & Govern…16 terms JPJ78815 Other sets by this creator8.27.T - Test: Roaring Twenties & the Great Depres…145 terms lunastargrace History Module 6119 terms lunastargrace 7.23.F - Test: Populism, Progressivism, Imperialis…94 terms lunastargrace 7.23.T - Quiz: Europe's Great War30 terms lunastargrace Verified questions
economics Analyze the document and answer the questions that follow. "[Congress is] functioning the way the founding fathers intended-not very well ... . They understood that if you move too quickly, our democracy will be less responsible to the majority. I don't think it's the function of Congress to function well. It should drag its heels on the way to decision." Do you agree with Conable's statement? In a few sentences, explain why or why not. Verified answer
finance Each of the following items is shown in the financial statements of $\textsf{\textcolor{#4257b2}{ExxonMobil Corporation}}$. Identify the financial statement (balance sheet or income statement) in which each item would appear. Notes receivable Verified answer
economics Recessions occur a. regularly, about every $3$ years. b. regularly, about every $7$ years. c. regularly, about every $12$ years. d. irregularly. Verified answer
economics The participation of women in the U.S. labor force has risen dramatically since $1970$. a. How do you think this rise affected GDP? b. Now imagine a measure of well-being that includes time spent working in the home and taking leisure. How would the change in this measure of well-being compare to the change in GDP? c. Can you think of other aspects of well-being that are associated with the rise in women's labor-force participation? Would it be practical to construct a measure of well-being that includes these aspects? Verified answer Other Quizlet setsTOPIC 2 - A LEVEL - KINEMATICS16 terms marvelousthinhnguyen Intro To Professional Nursing Final194 terms Wonder_Woman_38 2200 Final From Coursepoint298 terms stevie_kane8 What does Hazlitt say about the rate of tax imposed by inflation?What does Hazlitt say about the rate of tax imposed by inflation? The rate is not a fixed one and cannot be determined in advance.
What was the name of a 2011 movement that protested economic inequality?Occupy Wall Street (OWS) was a protest movement against economic inequality and the influence of money in politics that began in Zuccotti Park, located in New York City's Wall Street financial district, in September 2011. It gave rise to the wider Occupy movement in the United States and other countries.
Which of the following are principle areas of focus for the Keynesian school of economics?Keynesian economics focus on demand-side solutions to recessionary periods. The intervention of government in economic processes is an important part of the Keynesian arsenal for battling unemployment, underemployment, and low economic demand.
What is the primary federal organization responsible for enforcing antitrust laws and preventing anti competitive practices quizlet?The Federal Trade Commission Act created a new government agency, the FTC, which enforces antitrust laws and adjudicates disputes under the antitrust laws under the Federal Trade Commission Act in addition to other activities.
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Why does Hazlitt say that advocates of parity pricing for farmers picked the years 1909 1914 as the basis of parity quizlet?
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