The U.S. Economy: Private and Public Sectors
5.1 Personal and functional distribution of income
The personal distribution of income refers to the:way income is distributed among specific households or
The functional distribution o
Individual Markets: Demand and Supply
Demand and demand curve
A market: is an institution that brings together buyers and sellers.
Markets explained on the basis of supply and demand: assume many buyers and many sellers of a standardized
Micro Chapter 19 Practice Problems Key
Number of units
1. Refer to the above table. What is the marginal utility of the fourth unit?
A) 36 B) 44 C) 80 D) 116
2. Refer to the above tabl
The Market System
4.1 Characteristics of the market system; capital accumulation
Which of the following is not a characteristic of the market system?government ownership of the major
Which of the following is a fundamental characteris
The United States in the Global Economy
6.1 International linkages
The physical export of motorcycles from the United States to Mexico best illustrates a:trade flow.
The physical import of DVD players to the United States from Japan best illustr
The Nature and Method of Economics
1.1 Economics; economic perspective
For economists, the word "utility" means pleasure and satisfication
In economics, the pleasure, happiness, or satisfaction received from a product is
Micro Chapter 22 Practice Problems #2 Key
1. One feature of pure monopoly is that the demand curve:
is vertical. B) is horizontal. C) slopes upward. D) slopes downward.
2. The demand curve confronting a nondiscriminating pure monopolist is:
Elasticity of Demand and Supply
20.1 Price elasticity of demand
The price elasticity of demand coefficient measures: buyer responsiveness to price changes.
The basic formula for the price elasticity of demand coefficient is: percentage change i
Micro Chapter 21 Practice Problems #1 Pure Competition Key
1. Which market model has the least number of firms?
monopolistic competition B) pure competition C) pure monopoly D) oligopoly
2. There would be some control over price within rather
23.1 Four market models
Economists would describe the U.S. automobile industry as:an oligopoly.
In which of the following market structures is there clear-cut mutual interdependence with respect to price
Micro Chapter 20 Practice Problems #2 Key
Refer to the above table. The total variable cost of producing 5 units is:
$10. B) $14.60. C) $63. D) $73.
Refer to the above table. The ave
Agriculture: Economics and Policy
33.1 Demand for farm products
The demand for agricultural products is:relatively inelastic with respect to price.'
The demand for agricultural products:has a price elasticity coefficient of about .20 to .25.
The Costs of Production
22.1 Costs: explicit and implicit
Economic cost can best be defined as: compensations that must be received by resource owners to insure
their continued supply.
Which of the following constitutes an implicit cost to the
28.1 Real and nominal wage rates; trends
Real wages in the United States in the long run:have increased at about the same rate as increases in output per
The long-run trend of real wages:has been upward.
If the nomina
26.1 Technological advance: invention; innovation; diffusion
Broadly defined, technological advance:comprises new and improved goods and services and new and
improved ways of producing or distributing them.
In economists' models, technological advance occ
24.1 Monopoly concept; definition
Pure monopoly means:a single firm producing a product for which there are no close substitutes.
Which of the following is correct?A purely competitive firm is a "price taker," while a monopolist i
Antitrust Policy and Regulation
32.1 Antitrust laws and enforcement
All of the following can file antitrust charges under the Sherman Act except:the Federal Energy Regulatory
Movie producers A, B, and C secretly meet and agree to re
Government and Market Failure
30.1 Public goods
The two main characteristics of a public good are:nonrivalry and nonexcludability.
Nonrivalry and nonexcludability are the main characteristics of:public goods.
Unlike a private good, a public goo
The Demand for Resources
27.1 Derived demand
Resource pricing is important because:resource prices are a major determinant of money incomes. Or
resource prices allocate scarce resources among alternative uses.Or resource prices, along with reso
Public Choice Theory and Taxation
31.1 Public choice economics
The field of economics that analyzes government decision making, politics, and elections is called:public
Public choice economists:use the tools of economics to analy
29.1 Economic rent
Economic or pure rent is:the price paid for the use of land and other nonreproducible resources.
To say that land rent performs no incentive function means that:higher rental payments will not bring forth
a larger quantity of land.
1. Micro-to-macro: going from the individual and firm to the domestic and global
2. Aggregation: the summation of different individual components under a common
category or name
3. Gross Domestic Product: market value of fina
1. Economists would describe the U.S. automobile industry as:
A) purely competitive. B) an oligopoly. C) monopolistically competitive. D) a pure monopoly.
3. Which of the following industries most closely approximates pure competition
Investment Expenditures- is the purchase of goods by firms from other firms
GNP (Gross national Product) GDP plus net factor income from rest of the world
NFI- total difference between incomes earned by U.S citizens from work abroad less total
Colleges could set own tuition
Posted by Letters editor
Instead, more responsible spending
Wednesday, we learned how the government privatizes parts of public
institutions, like UW, for lack of money while passing out $55 billion to
private businesses [Pa
Legalization for prostitution
-Prostitution is just another word for pornography; Americans makes billions of dollars
of porn yet it does not allow prostitution. So its okay when people record and sell it for
everyone to see but its not okay for you to pa
1. Resolved: The death penalty is inhumane.
2. Resolved: Marijuana should be legal.
3. Resolved: The United States should colonize the moon.
4. Resolved: U.S should abolish social security.
Resolved: Religion shoul
The focus of this chapter is evidence and how to use it support your claim. Evidence
consists of opinions or empirical observations offered to support a claim. Even though
parliamentary debate prohibit prepared material. It still beneficial for