Expert answer:very easy economics test
Expert answer:very easy but has to be done well. uhsfekshfkshfkjshfkshfskfhskjfhskjfhskjfhskfhskhfhewhfkejhkejhtkjhtkejhtkejhtekthjkejhtkehtkeht
economics_progress_1.pdf
Unformatted Attachment Preview
Course Name: Economics
Student: Devin Vega
Course ID: BUSH035060
ID: H56683935
Submittal: 51
Progress Test 1
Although the progress test is similar in style to the unit evaluations, the progress test is a closed-book, proctored test.
You may not have access to notes or any of the course materials while you are taking the test. It is important that you do
your own work. Select the response that best completes the statement or answers the question.
____ 1.
Which of the following is an oligopoly?
a.
b.
c.
d.
____ 2.
An example of a(n) _____________________________ would be a public broadcasting channel that you
can watch even though you have never contributed to the operation of the channel.
a.
b.
c.
d.
____ 3.
less than
more than
equal to
not equal to
A ____________ schedule will show the ______________ of a good at many prices.
a.
b.
c.
d.
____ 6.
cost of the building.
cost of labor.
cost of transportation.
cost of taxes.
Equilibrium can be illustrated by a sale where the number of televisions that are on sale is ________ the
number of customers who want to purchase.
a.
b.
c.
d.
____ 5.
in-kind benefit
free-rider program
alternative program
faith-based incentive
The biggest cost in determining where to locate a facility is
a.
b.
c.
d.
____ 4.
one firm producing 95 percent of the output
two to four firms producing 70 percent to 80 percent of the output
eight to ten firms producing 60 percent to 70 percent of the output
twelve to fourteen firms producing 90 percent of the output
pricing; supply
supply; supply
goods and services; quantity
factors; factors
What is a summary of the basic economic questions?
a.
b.
c.
d.
What goods and services should be produced, how, and for whom?
Who will buy which goods and services, and how much will they pay?
When, where, and by whom should goods and services be produced?
How, when, and from whom should consumers get what they want?
____ 7.
Why does the government grant patents to drug companies?
a.
b.
c.
d.
____ 8.
What does elasticity of demand measure?
a.
b.
c.
d.
____ 9.
to encourage companies to research and develop new drugs
to promote oligopolies
so other companies are encouraged to make the same products
to allow only a few companies to be successful
an increase in the quantity available
how buyers will cut back or increase their demand when a price rises or falls
a decrease in the quantity demanded
the amount of time consumers need to change their demand for a good
According to the ______________________ , computer makers will increase computer production when the
price of computers rises.
a.
b.
c.
d.
law of supply
law of demand
law of rising prices
law of computer manufacturing
____ 10. Which of the following actions by the government constitutes a subsidy?
a.
b.
c.
d.
a price floor on wages
an excise tax on cigarettes
a payment to farmers for not cultivating land
a requirement to use lead-free fuel
____ 11. A factory building is an example of which factor of production?
a.
b.
c.
d.
human capital
physical capital
land
labor
____ 12. A corn farmer has a new machine to pick corn. How will the quantity he supplies change?
a.
b.
c.
d.
It will be reduced by the government.
It will not change.
It will increase as input costs decrease.
It will decrease as input costs decrease.
____ 13. Suppose a car manufacturer develops a new passenger car with six wheels. These “six-wheelers” become
popular, and more consumers want to buy them. The demand curve for six-wheeled cars will
a.
b.
c.
d.
shift to the left.
shift to the right.
shift to the top.
shift to the bottom.
____ 14. What is the government’s goal in buying excess crops or other agricultural products?
a.
b.
c.
d.
to raise minimum wage
to keep prices from going down below a certain level
to set legal price ceilings
to lower prices
____ 15. When there is a good availability of substitutes for a product, the demand for the original product is
a.
b.
c.
d.
elastic.
inelastic.
complementary.
competitive.
____ 16. A music store is holding a half-price sale on all CDs. The law of _______________ has people buying more
CDs than on a typical day.
a.
b.
c.
d.
demand
supply
substitution
equilibrium
____ 17. The key principles of the free enterprise system include the profit motive, legal equality, private property, and
__________________________ .
a.
b.
c.
d.
taxation
voluntary exchange
eminent domain
consumer protection
____ 18. Competition is known as the ______________________ that directs the free market.
a.
b.
c.
d.
regulation
incentive
commodity
“invisible hand”
____ 19. High employment, steady growth , and stability are the government’s three goals for promoting economic
a.
b.
c.
d.
strength.
stability.
advancement.
conditioning.
____ 20. If the prices of a good fall, and the producer decides to cut production costs, the _____________ is said to
be ____________________.
a.
b.
c.
d.
supply; inelastic
demand; inelastic
supply; highly elastic
demand; highly inelastic
____ 21. If prices rise but income stays the same, what is the effect on the quantity demanded?
a.
b.
c.
d.
Fewer goods are bought.
Demand stays the same.
Quantity demanded increases.
More goods are bought.
____ 22. An example of an in-kind benefit is
a.
b.
c.
d.
minimum wage.
Medicare.
public broadcasting.
Section 8 housing.
____ 23. Low-grade gasoline is a considered a commodity because
a.
b.
c.
d.
buyers are willing to pay any price for it.
it is different depending on who makes or sells it.
it is readily available.
it is the same regardless of who makes or sells it.
____ 24. All members of a __________________ keep agreed upon levels of output.
a.
b.
c.
d.
monopoly
oligopoly
perfect competition
cartel
____ 25. France, Canada, South Africa, and the United Kingdom all have economies with completely free market
systems.
a.
b.
True
False
____ 26. If you choose between two summer jobs, the one you do not choose is the _________ of your decision.
a.
b.
c.
d.
trade-off
margin
unit
opportunity cost
____ 27. You bought two new DVDs with the last $30 in your checking account, and your next payday is on Monday.
What is the opportunity cost of these DVDs?
a.
b.
c.
d.
the night out with your friends that you miss because you can’t afford it now
the $30 check that you wrote for the DVDs
the difference between the cost to produce the DVDs and the price you paid for them
the satisfaction of knowing you are the first of your friends to have these DVDs
____ 28. A bakery should lower the price of their bread if
a.
b.
c.
d.
there are no loaves of bread left at the end of the day.
there are loaves of bread left at the end of the day.
they raise the price of all of their other products.
they decide to sell only loaves of bread.
____ 29. The definition of a business cycle is
a.
b.
c.
d.
an economy that is currently in poverty.
an economy that expanded for several years and then went into a period of contraction.
the life of a business from start up to when it closes.
that prices follow the rise and fall of a business.
____ 30. Adam Smith wrote that producers are motivated to provide the goods people need by the
a.
b.
c.
d.
nation’s laws.
desire to do good.
profit incentive.
supply curve.
____ 31. A production possibilities curve examines the relationship between
a.
b.
c.
d.
types of goods within a single category, such as cars.
types of services within a single category, such as nursing.
goods in two categories that an economy can produce.
goods made in two different economies.
____ 32. When resources are used in the most valuable and productive way according to the desires of consumers
and producers, it is known as
a.
b.
c.
d.
the free market.
an efficient allocation of resources.
a business cycle.
economies of scale.
____ 33. A perfectly competitive market requires many __________________________ so that no one individual can
control the price.
a.
b.
c.
d.
producers
buyers and sellers
consumers
regulations
____ 34. Innovation brought on by competition is the major factor that enables free markets to grow.
a.
b.
True
False
____ 35. A business cycle consists of prolonged fluctuations rather than day-to-day fluctuations.
a.
b.
True
False
____ 36. A company that makes football helmets is underutilizing its resources. What does this mean?
a.
b.
c.
d.
The company is producing fewer helmets than it could be.
The company is paying its employees less than it should be.
The company is making helmets when it could be making t-shirts instead.
The company is running more efficiently than its competitors.
____ 37. A shortage can be temporary or long-term, but scarcity always exists.
a.
b.
True
False
____ 38. In a free enterprise system, what is the most common way that consumers make their desires known to
businesses?
a.
b.
c.
d.
e-mailing or texting the companies
protesting and boycotting products
buying or not buying products
hiring lobbyists to speak for them
____ 39. How does a society answer the three basic economic questions? The decision is based on
a.
b.
c.
d.
its unique combination of values and goals.
the number of factor payments.
its degree of economic growth.
the desire to achieve economic freedom.
____ 40. When excess supply makes a product easy to get, the demand for a fad will
a.
b.
c.
d.
go up as prices go down.
cause a shortage.
drop.
go up as the prices go up.
____ 41. Salaries, rent, and equipment leases are all examples of
a.
b.
c.
d.
fixed costs.
variable costs.
mixed costs.
optional costs.
____ 42. How would one alternative be selected over other alternatives when making a decision at the margin?
a.
b.
c.
d.
when one alternative has a different trade-off than the others
when one alternative is less costly than the others
when one alternative provides an “all or nothing” solution
when one alternative is ranked the highest when considering costs and benefits
____ 43. Why does a government place price ceilings, such as rent control, on some “essential” goods?
a.
b.
c.
d.
to prevent inflation during boom times
to keep business people from making large profits
to keep the goods from becoming too expensive
to reduce demand for these goods
____ 44. Hot dogs and mustard are ______________ products.
a.
b.
c.
d.
complementary
unrelated
inferior
elastic
____ 45. When comparing the economies of North Korea and China, the economies are
a.
b.
c.
d.
exactly the same because both countries are centrally planned.
different because only North Korea has begun to introduce free market practices.
exactly the same because both countries are privatizing state-run businesses.
different because only China is privatizing state-run businesses.
____ 46. A major characteristic of monopolistic competition is that prices will be higher than in a perfect competition.
a.
b.
True
False
____ 47. A company that is considered a monopoly would
a.
b.
c.
d.
grow corn.
sell bottled sodas.
manufacture drugs that no longer have a patent.
manufacture a drug that no one else makes.
____ 48. What is the best example of the law of supply?
a.
b.
c.
d.
A paper plate factory makes more plates when the market price goes up.
A café buys a new dishwasher to make its work easier.
A farmer grows wheat to sell to a flour mill.
A flour mill builds a new factory overseas.
____ 49. Production becomes more efficient through the process of
a.
b.
c.
d.
competition.
specialization.
a skilled labor force.
incentives.
____ 50. If prices for a product are expected to go up in the future, consumers will stop buying the product
immediately.
a.
b.
True
False
Carefully review your answers on this progress test and make any corrections you feel are necessary. When
you are satisfied that you have answered the questions to the best of your ability, transfer your answers to the
online test submission page in the presence of your proctor.
The University of Nebraska is an equal opportunity educator and employer. ©2017, The Board of Regents of the
University of Nebraska. All rights reserved.
…
Purchase answer to see full
attachment
How it works
- Paste your instructions in the instructions box. You can also attach an instructions file
- Select the writer category, deadline, education level and review the instructions
- Make a payment for the order to be assignment to a writer
- Download the paper after the writer uploads it
Will the writer plagiarize my essay?
You will get a plagiarism-free paper and you can get an originality report upon request.
Is this service safe?
All the personal information is confidential and we have 100% safe payment methods. We also guarantee good grades