101-150 Eco

101.Which of the following is a principle concerning how people interact?

• a. Markets are usually a good way to organize economic activity.

• b. "production."

• 
  c. "one who manages a household."

• 
  d. "one who makes decisions."

102.Which is the most accurate statement about trade?

• a. Trade can make every nation better off.

• b. plentiful for households but scarce for economies.

• 
  c. scarce for households and scarce for economies.

• d. plentiful for households and plentiful for economies.

103.The principle that "trade can make everyone better off" applies to interactions and trade between

• a. families.

• 
  b. states within the United States.

• 
  c. nations.

• 
  d. All of the above are correct.

104.The principle that trade can make everyone better off applies to

• a. individuals.

• 
  b. families.

• 
  c. countries.

• 
  d. All of the above

105.Which of the following statements about trade is false?

• a. each member's abilities.

• b. With trade, one country wins and one country loses.

• 
  c. each member's efforts.

• 
  . each member's desires.

106.Trade between the United States and India

• a. benefits both the United States and India.

• b. goods and services are not scarce.

• 
  c. incomes fluctuate with business cycles.

• 
  d. people, by nature, tend to disagree.

107.Canada can benefit from trade

• a. only with nations that can produce goods Canada cannot produce.

• 
  b. only with less developed nations.

• 
  c. only with nations outside of North America.

• 
  d. with any nation.

108.If Japan chooses to engage in trade, it

• a. scarce for households but plentiful for economies.

• 
  b. plentiful for households but scarce for economies.

• 
  c. scarce for households and scarce for economies.

• d. can benefit by trading with any other country.

109.If the United States decides to trade with Mexico, we know that

• a. most economies’ production methods are not very good.

• b. in most economies, wealthy people consume disproportionate quantities of goods and

  services.

• c. Mexico and the United States can both benefit.

• d. governments restrict production of too many goods and services.

110.Senator Smart, who understands economic principles, is trying to convince workers in her district that trade with other countries is beneficial. Senator Smart should argue that trade can be beneficial

• a. how society manages its scarce resources.

• b. because it allows specialization, which increases total output.

• 
  c. how households decide who performs which tasks.

• 
  d. the interaction of business and government.