The federal funds rate refers to the interest rate at which

Banks charge one another for loans.

The Fed charges Congress for loans.

Banks charge the Fed for loans.

The Fed charges banks for loans.

The field of economics is traditionally divided into two broad subfields,

Microeconomics and macroeconomics.

Consumer economics and producer economics.

National economics and international economics.

Private sector economics and public sector economics.

The GDP of the France in 2010 was around $30 trillion. Which is following statement NOT correct?

The total value of France’s output in 2010, including overseas, was around $30 trillion.

The value of output in France in 2010 was around $30 trillion.

Total spending on final goods and services in France in 2010 was around $30 trillion.

Total income in the France in 2010 was around $30 trillion.

The goal of an economist who formulates new theories is to

Contribute to an understanding of how the world works.

Provoke stimulating debate in scientific journals.

Provide an interesting framework of analysis, whether or not the framework turns out to be of much use in understanding how the world works.

Demonstrate that economists, like other scientists, can formulate testable theories.

A levy on everyone holding money.

A transfer of wealth from the government to households.

The rise in real income taxes due to non-indexation in tax rules.

The law of demand implies that demand curves

Shift leftward whenever the price rises.

Shift rightward whenever the price rises.

The marginal seller is the seller who

Would leave the market first if the price were any lower.

Has the largest producer surplus.

Can produce at the lowest cost.

Cannot compete with the other sellers in the market.

The most obvious benefit of specialization and trade is that they allow us to

Consume more goods than we otherwise would be able to consume.

Spend more money on goods that are beneficial to society and less on harmful goods.

Work more hours per week than we otherwise would be able to work.

Consume more goods by forcing people in other countries to consume fewer goods.

The number of people unemployed equals

the labor force minus the number of people employed.

the labor force plus the number of people employed.

the number of people employed minus the labor force.

the number of people employed divided by the labor force.

The opportunity cost of an item is

What you give up to get that item.

Usually less than the dollar value of the item.

The number of hours needed to earn money to buy the item.

The phrase "no such thing as a free lunch" means

Trade can make everyone better off.

Rational people think at the margin.

The price of circuit boards used in the manufacturing of LCD televisions has fallen. This will lead to ______ LCD televisions.

An increase in the quantity supplied of

A decrease in the quantity supplied of

The principle that “people face tradeoffs” applies to:

All of the answers are correct.

The producer that requires a smaller quantity of inputs to produce a good compared to other producers

Has an absolute advantage in the production of that good.

Has a comparative advantage in the production of that good.

Has a low opportunity cost of producing that good.

Should be the only producer of that good.

The reason that opportunity costs arise is that

An economy relies on money to facilitate exchange of goods and services.

There are no alternative decisions that could be made.

The relative economic growth rate is:

Percentage change in domestic output over a year

Percentage change in domestic output during a quarter

Percentage change in domestic output over a month

Percentage change in domestic output in one day

The Rule of 70 is used to:

Determine the doubling time for an investment.

The scientific method is applicable to studying

Both natural sciences and social sciences.

Natural sciences, but not social sciences.

Social sciences, but not natural sciences.

The supply of a good is negatively related to the

Price of inputs used to make the good.

Demand for the good by consumers.

Amount of profit a firm can expect to receive from selling the good.

The term "price takers" refers to buyers and sellers in

Markets regulated by the government

The term "productivity"

Refers to the quantity of goods and services produced from each unit of labor input.

Is seldom used by economists, as its meaning is not precise.

Means the same thing as "efficiency."

Refers to the variety of goods and services from which households can choose when they shop.

There is a technological advance in the production of milk tea. As a result, the supply curve of milk tea shifts ______ and ______.

Rightward; the equilibrium price falls while the equilibrium quantity increases

Rightward; both the equilibrium price and equilibrium quantity rise

Rightward; both the equilibrium price and equilibrium quantity fall

Leftward; both the equilibrium price and equilibrium quantity fall

To achieve stable prices, a central bank must

Rigorously control the money supply.

Total surplus is equal to

Value to buyers - cost to sellers

Consumer surplus - producer surplus

Value to buyers - amount paid by buyers + amount received by sellers - cost to sellers

Buyers' willingnesses to pay - sellers' costs

Trade between countries tends to

Increase both competition and specialization.

Reduce both competition and specialization.

Increase competition and reduce specialization.

Reduce competition and increase specialization.

Trade between the France and Vietnam

Benefits both the France and Vietnam.

Is a losing proposition for Vietnam because capital is much more abundant in the France than in Vietnam.

Is a losing proposition for the France because Vietnam has cheaper labor.

Is a losing proposition for Vietnam because France workers are more productive.

Under U.S. tax law, when computing owed tax, taxpayers may use the real rather than nominal value of

Neither interest income nor capital gains.

Both interest income and capital gains.

Capital gains but not interest income.

Interest income but not capital gains.

Phần 8 Introduction to Economics

Authored by Lam (Nilliam)

Financial Education

University

Used 1+ times

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50 questions

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MULTIPLE CHOICE QUESTION

45 sec • 1 pt

The cross-price elasticity of demand can tell us whether goods are:

Elastic or inelastic.

Complements or substitutes.

Normal or inferior.

Luxuries or necessities.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

The demand for a good is determined by

Those who sell the good or service

Those who buy the good or service

Both buyers and sellers

The government

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

The demand for a good or service is determined by

Those who supply the raw materials used in the production of the good or service.

The producers who create the good or service.

Those who buy the good or service.

The government.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

The dictator of a certain country requires that companies planning to open or expand must pay a large fee to file an application one year prior to building new factories or expanding existing ones. Other things the same, in the long run this requirement would

None of the above is correct.

Reduce productivity but not real GDP per person.

Reduce real GDP per person and productivity.

Reduce real GDP per person but not productivity.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

The equation for GDP using the expenditure approach is

GDP = C + I + G + M - X.

GDP = C + I + G + X - M.

GDP = C + I + G - X - M.

GDP = C + I + G + X + M.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

The equilibrium price is the price at which the quantity

Demanded equals the quantity sold.

Sold equals the quantity bought.

Demanded equals the quantity supplied.

Supplied equals the quantity bought.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

The famous observation that households and firms interacting in markets act as if they are guided by an "invisible hand" that leads them to desirable market outcomes comes from whose 1776 book?

David Ricardo

Thorstein Veblen

Adam Smith

John Maynard Keynes

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