Economics - Principles Of Economics. Helping Quiz 6

1

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In a market system, how are the terms of exchange established?

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What is the difference between inferior goods and normal goods

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Which of the following is most likely to favor tariffs on imports?

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A policy that raises taxes or reduces government spending is called:

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Fiscal policies are policies that directly affect:

6

If over a period of time real gross domestic product (GDP) increases while nominal GDP decreases, then this implies

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Real gross domestic product (GDP) increases if

8

The set of plans for differentiating a product and communicating the differences effectively to the marketplace is called:

9

Which of the following is the area that represents the profit or loss experienced by the firm

10

Which of the following is one of the three main reasons for the spread of democracy?

11

If the United States imposes tariffs on lumber imported from Canada, making lumber more expensive, what will happen to the price of new homes in the U.S. assuming lumber is a major input in the construction of new homes?

12

Refer to the table at right. If the price is $6, the perfectly competitive firm should produce

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In the figure at right, assume this firm is operating on d3. Which is true?

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Refer to the figure at right. Profits will equal zero

15

An increase in consumption, combined with an increase in exports, would have what effect on aggregate demand?

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In America, classical liberalism was abandoned for a time, following the

17

Refer to the table at right. If the price is $6 the maximum profit this firm could earn is:

18

In trying to make a profit maximizing decision, managers are concerned about both supply and demand. Which of the following factors affect demand specifically? (select all that apply)

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Economists study how decisions are made.

20

Seventy-Three Land, Inc., sued Maxlar Partners for the balance due on a note made by the partnership. Max, a partner, asked the court to dismiss the claim against him personally because the plaintiff had not first tried to collect against the partnership. Does Max have a valid claim

21

Which of the following is a valid criticism of the use of money as a store of value in modern economies?

22

In perfect competition, the product of a single firm

23

The logic of collective action explains the persistence of tariffs and quotas as an outcome that is driven by the asymmetry between

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The logic of collective action explains the persistence o f tariffs and quotas as an outcome that is driven by the asymmetry between

25

The notion that trade policy often imposes costs on large numbers of people, and benefits only a few is explained by

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Given that tariffs and quotas cost consumers and that they are a grossly inefficient means for creating or preserving jobs , citizens nevertheless allow these policies to exist because

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Which of the following is not a tariff pattern of the major world traders?

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Economics - Principles Of Economics. Helping Quiz 6

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