Chapter 1Introducing the Economic Way of Thinking
1. Which of the following illustrates the concept of scarcity?
a. There is usually more than one use of your "free" time in the evening.
b. More clean air is wanted than is available in lar
A century ago physicist Albert Einstein Brought up the idea of Gravitational waves. Albert
Einstein believed that gravity travels in waves like radio waves, or xrays. I think that
gravitational waves are possible. I also think that it is amazing t
Volcanic eruptions happen when lava and gas are discharged from a volcanic vent. The most common
consequences of this are population movements as large numbers of people are often forced to flee
the moving lava flow. Volcanic eruptions often cause tempora
ECON 101 CHAP 10: MULTIPLE CHOICE PRACTICE
1. The Great Depression:
a. Was a severe and prolonged reduction in output and employment for the
United States during the 1930s?
b. Was a canal built in Panama that reduced the economic cost of shipping
ECON 101 CHAP 12: MULTIPLE CHOICE QUIZ.
1. Which of the following combinations represents a fiscal stimulus?
a. Increasing government spending and raising taxes
b. Decreasing government spending and lowering taxes
c. Increasing government spending and low
ECON 101 CHAP 11: MULTIPLE CHOICE PRACTICE
1. According to Classical theory:
a. Studying music, especially classical music, improves mathematical skills,
leading to improvements in economic comprehension.
b. The economy is inherently stable.
ECON 101 CHAP 10: MULTIPLE CHOICE QUIZ.
1. The unemployment rate is the percentage of the _ that is unemployed.
a. total population
b. adult population
c. overall economy
d. labour force
2. Which of the following is an example of frictional unemployment?
ECON 101 CHAP 11: MULTIPLE CHOICE QUIZ.
1. A decrease or leftward shift of the aggregate supply curve will _ GDP
(or the level of output) and _ the price level.
a. increase; increase
b. decrease; decrease
c. increase; decrease
d. decrease; increase
ECON 101 CHAP 12: MULTIPLE CHOICE PRACTICE
1. The Great Depression:
a. Was the springboard for Keynesian economics?
b. Led to a revival of Say's Law.
c. Caused renewed interest is Austrian economics.
d. Caused individuals to demand smaller governmen
ECON 101 CHAP 13: MULTIPLE CHOICE QUIZ.
1. An increase in the money supply will tend to _ aggregate _.
a. increase; demand
b. decrease; demand
c. increase; supply
d. decrease; supply
2. A bank can lend no more than the amount of its _ reserves.
ECON 101 CHAPTER QUIZ/EXAM 01.
1. A price floor is:
Correct Answer: A lower limit on the price of a good
2. A market is said to be in equilibrium when:
Correct Answer: The quantity demanded equals the quantity supplied
3. A market shortage occurs when:
ECON 101 CHAP 14: MULTIPLE CHOICE QUIZ.
1. Which of the following is the most important or primary tool of monetary
a. Reserve requirements
b. Discount rate
c. Open market operations
d. None of the above is true.
2. If the Fed was concerned with i
ECON 101 CHAP 13: MULTIPLE CHOICE PRACTICE
1. Barter consists of:
a. The direct exchange of one good for another without the use of money.
b. The ability to conduct a clever negotiation.
c. The purchase of a good for money at a flea market.
ECON 101 CHAP 14: MULTIPLE CHOICE PRACTICE
1. Monetary policy:
b. Is the use of tax increases or cuts designed to change the amount of
money available for spending?
c. Is the use of audits to make certain that banks follow bank policy?
d. Is the
1. What was Horace Miner attempting to illustrate with this article ?
The reading of Body Ritual among the Nacirema authorized by Horace Miner . From what I
read I see the author portraying how other cultures practice rituals and spirituals affairs . Thes
Dear Mr. Cook,
I have been working at apple for three years now, and I am happy to report the company
has an inelastic demand on our products here at Apple. Here at Apple we charge above average
prices for our phones, computers and music players all with