The simple circular flow model shows that workers, entrepreneurs, and the owners of land and capital offer their services through:
The appreciation of the U.S. dollar relative to the British pound would make a vacation trip to:
International trade and global competition has forced American businesses to:
If a business's total economic cost of producing 2,000 units of a product is \$1,000,000 and this output is sold to consumers for $1,300,000, then the firm would earn an economic profit of:
What is the total opportunity cost of producing the second unit of capital goods (refer to the chart below)?
The statement in a newspaper that "consumer prices rose last month by 1 percent, and if this trend continues, the annual rate of inflation will be 12 percent for the year" is an example of:
Refer to the below graph, which shows the market for a product where D1 and D2 represent different demand curves. Which would best explain an increase in price from P1 to P2?
If some activity creates external costs as well as private costs, then economic theory suggests that the activity ought to be:
Which was an outcome of the North American Free Trade Agreement (NAFTA)?
Which set of nations would be considered the major "players" in world trade in terms of the dollar volume of exports?
Which is not a significant source of revenue for the Federal government?
Refer to the below table. What is the equilibrium price and quantity?
For the government to be successful in its attempts to stabilize the economy, it must solve the twin problems of:
A headline reads "Gasoline Prices Are Higher." A likely explanation for this event would be a(n):
Why might a company use barter rather than money to make a transaction?
Expenditures on durable goods constitute approximately what proportion of personal consumption expenditures?
Government must provide for some "public goods," like national defense, because:
The private ownership of property resources and use of prices to direct and coordinate economic activity is characteristic of:
The development of the Internet and e-mail to replace regular mail services in many cases would be an example of:
Public goods are defined by the two characteristics of:
Refer to the below diagram, which shows three supply curves for corn. Which of the following would cause the change in the supply of corn illustrated by the shift from S1 to S3?
Select the graph below that best shows the change to demand or supply in a market given the following situation: In the market for Florida oranges, a major frost damages the orange crop.
The major "success indicator" for enterprise managers was in command economies:
One major advantage of limited liability is that it:
The term scarcity in economics refers to the fact that:
When a nation has a comparative advantage in some product this means that:
Refer to the below graph. An increase in the quantity supplied would best be reflected by a change from:
Refer to the below data. Which of the following is true?
An improvement in the technology of production for a specific good is expected to cause:
When a specific demand schedule is graphed, the result is a:
If government intervenes when negative externalities exist in an industry, it should attempt to shift the industry:
Which is the single most important source of revenue of state governments?
An increase in the demand for a product and a reduction in its costs of production would:
Which is considered a factor of production?
Which statement is true?
An increase in demand for oil and an increase in supply of oil will:
The study of how one business firm sets its prices would fall under the study of:
The economic institution that was characteristic of the former Soviet Union and also pre-reform China was:
We observe a market in which the price has risen and the quantity sold has risen as well. This could be caused by a(n):
If a competitive market developed for human organs, then the price for organs would:
Refer to the below data. The terms of trade will be:
The major beneficiaries from the elimination of a tariff on a product are the:
There will be gains from trade when:
Which is most likely to be observed in a community where legal ceilings are imposed on residential rents?
Which statement is correct?
Tariffs on an imported product:
If the exchange rate for the euro changes from \$1 = 0.81 euro to $1 = 1.14 euro, then the:
If the supply schedule for a product has an upward slope and the price of that product declines from \$100 to $75, the:
The U.S. Army Corps of Engineers is virtually the sole dam builder in the United States. From an economic view why is this true?
Refer to the below figure. If box A represents businesses and flow (7) represents goods and services, then:
Excerpt from file: Economics Tutorial Question 1 The simple circular flow model shows that workers, entrepreneurs, and the owners of land and capital offer their services through: Correct Answer: Resource markets Question 2 The appreciation of the U.S. dollar relative to the British pound would make a vacation trip
Print Length: 11 Pages/Slides
Excerpt from file: ITM 501 Module 1 Case Module 1 - Case Information networking as technology: tools, uses, and socio-technical interactions Information overload! The phrase alone is enough to strike terror into the hardiest of managers; it presages the breakdown of society as we know it and the failure of management
Filename: ITM 501 Module 1 Case.docx
Filesize: < 2 MB
Print Length: 9 Pages/Slides
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