Economics - SQ1

What comprises all of the buyers and sellers of a particular good or service?

• an economy

• a company

• a market

• a monopoly

• a supply chain

Agencies estimate that investments in renewables need to increase from $150 billion in 2020 to over what amount by 2030 to achieve a goal of net-zero emissions by 2050?

• $ 500 billion

• $750 billion

• $1 trillion

• $2 trillion

• $3 trillion

What refers to the purchase of foreign capital or financial assets by domestic residents minus the purchase of domestic assets by foreigners?

• net capital inflow

• nominal GDP

• net capital outflow

• real GDP

• net exports

Suppose at a price of $4 a gallon of gas, suppliers would like to sell 10,700 gallons, but buyers only wish to purchase 8,400 gallons a month. This is an example of   .

 

• fixed cost

• imperfect substitute

• imperfect complement

• economic benefit

• excess supply

In economics, firms and workers perform as they do _____.

 

• so you can obtain what you want

• to benefit society

• because it is in their own best self-interest

• to exploit consumers

• so firms can exploit workers and consumers; and workers to earn a wage

Which of the following assets are arranged in order from most liquid to least liquid?

• bonds, cash, real estate

• cash, bonds, real estate

• real estate, bonds, cash

• real estate, cash, bonds

• bonds, real estate, cash

A tariff on foreign steel is enacted. Foreign steel is cheaper for manufacturers to purchase, but the tariff increases the price until it is higher than domestically-produced steel. A result of the tariff is that domestic consumers:

• pay more for steel goods

• pay less for steel goods

• pay the same as they always have for steel goods

• pay extra taxes

• experience a consumer surplus

International Renewable Energy Agency (IRENA) found in 2020 that wind, solar, and other renewables were about how much cheaper than the least expensive new fossil fuels?

• one-third

• two-thirds

• one-half

• three-quarters

• seven-tenths

What type of investment involves the Chinese government purchasing U.S. government bonds?

• direct

• subsidiary

• intermediate

• portfolio

• stock

Which of the following is an example of a negative externality?

• A flock of endangered geese lands on a lake and the government prohibits fishing there.

• A train derailment causes a disruption in gasoline supply and prices go up.

• The price of peas increases and the demand for carrots increases.

• The increased use of cars for transportation causes more pollution for everyone.

• The unemployment rate drops and the demand for exotic coffee increases.