Professor Janet Orr
26 July 2016
Introduction to Economics
Since a young age, people have made decisions, whether it be as simple as what they
wanted to eat or as big as big home owners. What is behind peoples' decision-makin
Sample Test Questions for ECON 1100 Test 1
The following practice test questions are being provided to you as a preview of the types of questions you can
expect to find on the ECON 1100 Tests. Per departmental policy, practice test questions will not be p
Homework Assignment #1 (worth 100 points total)
Due by 9:30pm, Friday, Sept 2nd
This assignment is comprised of two separate parts. You must complete both parts in a satisfactory
& timely manner to obtain full credit. Part One involves doing some research
Study Guidelines for Test #1
If you understand the below concepts, then you should do well on the Test.
1. Explain the problem of scarcity and how it impacts a societys production
2. What are the 4 basic resources? Are all c
How the Birth Dearth Saps Economic Growth
In his Wall Street Journal, How the Birth Dearth Saps Economic Growth, Ruchir Sharma
expresses his opinion on how the world is facing a shortage of working-age people. The popular
belief amongst many people has be
Chp 2 DSM FACTS
HOUSEHOLDS SUPPLIES FACTORS OF PRODUCTION IN EXCHANGE FOR INCOME
HUMAN CAPITAL THE ACCUMULATED TRAINING AND SKILLS THAT WORKERS POSSESS
EXAMPLE OF HOW A PERSON CAN INCREASE THEIR STOCK OF HUMAN CAPITAL IS
GETTING A COLLEGE DEGREE
Prolonged agricultural surpluses can arise if governments:
-set the price above equilibrium
A numerical limit on the quantity of a good that can be imported is a:
In a market system, which of the following provides the information that individuals
Foundations of Economics, 3e (Bade/Parkin) - Testbank 1
Chapter 4 Demand and Supply
A market is defined as
Which of the following statements is true about a competitive market? A competitive market
The "law of demand" refers to the fact that, oth
32/ A rise in the money wage rate when the economy is at potential GDP _.
A. decreases potential GDP because the full-employment quantity of labor decreases
B. decreases aggregate supply because a rise in the money wage rate inc
1/ Between 1909 and 2009, the average growth rate of real GDP per person in the United States
was 2 percent a year.
During this period, _ grew at a faster rate than _.
A. inflation; real GDP
B. real GDP; the population
21/ In December 2001, currency held by individuals and businesses
currency held by individuals and businesses was $581 billion; traveler's checks in circulation
traveler's checks in circulation were $8 billion; checkable deposits
10/ During 2011, Simon's Recording Studio spent $4,040,000 on new machines. Simon's
depreciation was $66,000. What was Simon's net investment?
Net investment was
11/ An increase in disposable income will _ the supply of
1. Whichofthefollowingis acharacteristicofamonopolisticallycompetitivemarket?
A. Barrierstoentry .
C. Identicalproducts .
D. Long runprofitsequaltozero.
1. Whichofthefollowingisacorrectstatementabouttheshort runineconomics?