55. If an economy is producing inside the production-possibilities curve, then: 56. When technological change allows a smaller amount of a resource to be used in producing two goods shown on a production-possibilities curve, there will be: 57. A technological advance would best be represented by:
76. of the following would advocate a laissez faire economic policy? 77. A city's decision to limit smoking in public areas is an example of: 78. Karl Marx believed that the best use of resources result from: 79. Karl Marx wrote: 80. In a mixed economy like that in the United States, the question of WHAT to produce is determined by:
to Figure 1.7. The benefit of producing at point D rather than point J is: to Figure 1.7. If this economy is currently producing at point F, then by employing more resources this economy: to Figure 1.7. Which of the following points are considered to be inefficient? to Figure 1.7. Which of the following points are unattainable? to Figure 1.7. Which of the following points show unemployment of resources?
the basis of your calculations in Table 1.1, what is the opportunity cost of producing at point S rather than point T? the basis of your calculations in Table 1.1, what is gained by producing at point S rather than point T? the basis of your calculations in Table 1.1, what is the opportunity cost of producing at point V rather than point U? the of your calculations in Table 1.1, what is gained by producing at point V rather than point U? Table 1.1, the opportunity cost of increasing the production of B-1s from 1 to 2 i terms of Stealth bombers is: to Table 1.1. In the production range of 7 to 9 Stealths, the opportunity cost of producing 1 more Stealth bomber in terms of B-1s is:
4. (p. 4) Because resources are scarce, how many key issues must society resolve? AACSB: Reflective BT: Comprehension Learning Objective: 1-1 Schiller - Chapter 01 #4 Topic: SCARCITY: THE CORE PROBLEM 5. (p. 4) The fundamental problem of economics is: AACSB: Analytic BT: Knowledge Learning Objective: 1-1 Schiller - Chapter 01 #5 Topic: SCARCITY: THE CORE PROBLEM 6. (p. 4) In economics, scarcity means that:
AACSB: Reflective BT: Comprehension Learning Objective: 1-1 Schiller - Chapter 01 #27 Topic: SCARCITY: THE CORE PROBLEM 28. (p. 6) The "guns versus butter" dilemma that all nations confront is that: Reflective BT: Comprehension Learning Objective: 1-1 Schiller - Chapter 01 #28 Topic: SCARCITY: THE CORE PROBLEM 29. (p. 6) A production-possibilities curve indicates the:
AACSB: Reflective BT: Comprehension Learning Objective: 1-1 Schiller - Chapter 01 #41 Topic: PRODUCTION POSSIBILITIES 42. (p. 8) If an economy experiences increasing opportunity costs with respect to two goods, then the production-possibilities curve between the two goods will be: AACSB: Reflective BT: Comprehension Learning Objective: 1-1 Schiller - Chapter 01 #42 Topic: PRODUCTION POSSIBILITIES 43. (p. 8) The production-possibilities curve bows outward because: AACSB: Reflective BT: Comprehension Learning Objective: 1-1 Schiller - Chapter 01 #43 Topic: PRODUCTION POSSIBILITIES
59. (p. 11) Which of the following events would allow the production-possibilities curve to shift outward? AACSB: Reflective BT: Comprehension Learning Objective: 1-1 Schiller - Chapter 01 #59 Topic: PRODUCTION POSSIBILITIES 60. (p. 11) The production-possibilities curve shifts outward in response to: AACSB: Reflective BT: Comprehension Learning Objective: 1-1 Schiller - Chapter 01 #60 Topic: PRODUCTION POSSIBILITIES 61. (p. 11) Economic growth would best be represented by a:
AACSB: Reflective BT: Comprehension Learning Objective: 1-1 Schiller - Chapter 01 #63 Topic: PRODUCTION POSSIBILITIES 64. (p. 11) Which of the following will cause the production-possibilities curve to shift inward? AACSB: Reflective BT: Comprehension Learning Objective: 1-1 Schiller - Chapter 01 #64 Topic: PRODUCTION POSSIBILITIES 65. (p. 11) A decrease in available resources cause: AACSB: Reflective BT: Comprehension Learning Objective: 1-1 Schiller - Chapter 01 #65 Topic: PRODUCTION POSSIBILITIES 66. (p. 11) The availability of fewer resources can be represented by:
AACSB: Reflective BT: Comprehension Learning Objective: 1-1 Schiller - Chapter 01 #69 Topic: BASIC DECISIONS 70. (p. 12) In a market economy, the people who receive the goods and services that are produced are those who: AACSB: Reflective BT: Comprehension Learning Objective: 1-1 Schiller - Chapter 01 #70 Topic: BASIC DECISIONS 71. (p. 12) The market mechanism may best be defined as: AACSB: Analytic BT: Knowledge Learning Objective: 1-3 Schiller - Chapter 01 #71 Topic: THE MECHANISMS OF CHOICE 72. (p. 12) The market mechanism:
AACSB: Reflective BT: Application Learning Objective: 1-3 Schiller - Chapter 01 #90 Topic: THE MECHANISMS OF CHOICE 91. (p. 17) Macroeconomics focuses on the performance of: AACSB: Reflective BT: Comprehension Learning Objective: 1-3 Schiller - Chapter 01 #91 Topic: WHAT ECONOMICS IS ALL ABOUT 92. (p. 17) Macroeconomics focuses on the performance of: AACSB: Reflective BT: Comprehension Learning Objective: 1-3 Schiller - Chapter 01 #92 Topic: WHAT ECONOMICS IS ALL ABOUT 93. (p. 17) Which of the following is not a macroeconomic statement?
130. (p. 8) In Figure 1.6, at of the following points would the opportunity cost of producing one more SUV be the highest? AACSB: Reflective BT: Application Learning Objective: 1-1 Schiller - Chapter 01 #130 Topic: WHAT ECONOMICS IS ALL ABOUT Figure 1.7 Schiller - Chapter 01 131. (p. 10) Refer to Figure 1.7. This economy will achieve efficiency in production at: AACSB: Reflective BT: Application Learning Objective: 1-1 Schiller - Chapter 01 #131 Topic: WHAT ECONOMICS IS ALL ABOUT 132. (p. 8) Refer to Figure 1.7. The cost of producing at point G rather than point D is: Reflective BT: Application Learning Objective: 1-1 Schiller - Chapter 01 #132 Topic: WHAT ECONOMICS IS ALL ABOUT
133. (p. 8) Refer to Figure 1.7. The benefit of producing at point G rather than point D is: AACSB: Reflective BT: Application Learning Objective: 1-1 Schiller - Chapter 01 #133 Topic: WHAT ECONOMICS IS ALL ABOUT 134. (p. 8) Refer to Figure 1.7. The cost of producing at point D rather than point J is: AACSB: Reflective BT: Application Learning Objective: 1-1 Schiller - Chapter 01 #134 Topic: WHAT ECONOMICS IS ALL ABOUT 135. (p. 8) to Figure 1.7. The benefit of producing at point D rather than point J is: Reflective BT: Application Learning Objective: 1-1 Schiller - Chapter 01 #135 Topic: WHAT ECONOMICS IS ALL ABOUT 136. (p. 12) Refer to Figure 1.7. If this economy is currently producing at point F, then by employing more resources this economy:
AACSB: Reflective BT: Application Learning Objective: 1-1 Schiller - Chapter 01 #183 Topic: APPENDIX 184. (p. 23) Refer to Figure 1.8. If the university decides to lower grading standards, then: AACSB: Reflective BT: Application Learning Objective: 1-1 Schiller - Chapter 01 #184 Topic: APPENDIX Figure 1.9 Schiller - Chapter 01 185. (p. 22) In Figure 1.9, as you move up the curve from Point J toward Point M, the slope: AACSB: Reflective BT: Application Learning Objective: 1-1 Schiller - Chapter 01 #185 Topic: APPENDIX 186. (p. 23) In Figure 1.9, the slope of the line between Points L and M is: