Worksheetsept3 wrong answers
Total questions: 26
Worksheet time: 13mins
Economists warn that the nation is heading for a recession. Which of the following actions would John Maynard Keynes most likely support?
Increase funds for civic projects to put people to work
Decrease taxes across the board for individuals and businesses
Redistribute unemployment and Social Security funds to bail out failing banks
Reduce the money supply and keep interest rates high
Keynes would most likely support a plan for
government ownership of most production
creating a worldwide free trade agreement
eliminating income taxes on the wealthy
income taxes based on ability to pay
Supply and demand determines prices levels for goods and services in a
market economy
traditional economy
demand economy
command economy
Why does a large industrial sector not always indicate that a nation is fully developed?
Development depends on rate of industrialization
The standard of living may not have risen with industrial growth
Environmental standards may differ from industrial standards
Focus on industry may slow technological advancement
Marcel takes out student loans and works part time to put himself through college. In time, he earns an advanced medical degree and goes to work in an understaffed city hospital. Marcel's economic decisions benefit the goal of efficiency by
making his own job-related decisions
paying back loans to reduce the debt
contributing to the nation's productivity
taking advantage of equal opportunities
Two countries produce milk and dairy products efficiently. Neither has an absolute advantage. However, Country A exports milk to Country B, and Country A imports cotton from Country B. Which of the following is inferred?
The opportunity cost of producing milk is lower for Country A.
The opportunity cost of producing cotton is higher for Country B.
Country A has a natural resource advantage in cotton.
Country B has a natural resource advantage in milk.
The United States may have a tariff on cotton products from China in order to
prevent Chinese manufacturers from losing profit because of low prices
protect the business of the American cotton growers and manufacturers
stop trade due to political disagreement on economic policy
promote sales in the United States of cotton products from China
The cost of fuel is on the rise. In what way will this affect global trade?
Exchange rates will decrease
Quotas will increase
Shipping expenses will increase
Tariffs will decrease
How would a strong U.S. dollar impact the trade of grain produced in the United States?
U.S. grain exports decrease
U.S. grain exports increase
U.S. grain imports decrease
U.S. grain imports stagnate
Which of these can be a result of inflation?
Businesses grow cautious about spending
The government has to cut spending
The price of household items increases
Workers benefit from a lower cost of living
Which of these is a sign of inflation?
A negative number for the Consumer Price Index shows prices are falling.
A negative number for the Consumer Price Index shows prices are rising.
A positive number for the Consumer Price Index shows prices are falling.
A positive number for the Consumer Price Index shows prices are rising.
Which of these would result from high inflation in the United States?
U.S. goods would be less expensive than before.
Americans would demand higher wages.
Income levels in the workforce would fall.
The Consumer Price Index would be a negative number.
Which of the follow is true of the trade relationship between Country A and Country B?
Country A has an absolute advantage in producing yarn and fabric
Country B has an absolute advantage in producing yarn and fabric
Country B has a comparative advantage to Country A in producing fabric
Country A has a comparative advantage to Country B in producing fabric
If the Consumer Price Index rises then
unemployment is falling
unemployment is rising
deflation is occurring
inflation is occurring
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rituals
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Based on this chart, what is the marginal cost, in dollars, to produce four jackets? (5 points)
12
13
55
68
Based on this chart, what is the marginal cost, in dollars, to produce seven jackets?
5
15
18
33
Based on this chart, what is the marginal cost, in dollars, to produce two jackets?
5
15
18
33
Based on this chart, what is the marginal cost, in dollars, to produce three jackets?
5
15
16
33
The owner of ProPhone has charted the company's marginal revenue and marginal cost for its latest line of smartphones, the Blazer. Use the chart to calculate the company's profit.
FOUR
SIX
NINE
TWELVE
Use this image to answer the following question. The ice cream shop knows it can sell at least 12 gallons of chocolate ice cream per week. What would be the most efficient number of gallons of strawberry ice cream for the shop to produce?
0
4
8
12
Which of the following is the least profitable investment for a game shop earning $2 profit from every game sold?
Vehicle with $120 daily operating cost, delivering 80 games per day
Inventory software with $10 daily operating cost, saving 30 games per day from theft
Game cleaning system with $5 daily operating cost, increasing sales by 15 games per day
Electronic billboard with $20 daily operating cost, increasing sales by 20 games per day
Mad Hatter Publishing specializes in genre fiction for young adults. A movie company decides to make an adaptation of one of its popular science-fiction novels. Currently, production at Mad Hatter is at point T. To which point or points is production likely to shift?
Q or R
Q or T
T or V
V or Q
Stacy owns a hair salon and haircuts are $10. She charges hairdressers $20 per hour to rent a chair and serve clients. What is the minimum number of haircuts a hairdresser should give per hour to earn money at Stacy's salon?
Two
Three
Four
Five
Jessica is a violinist who believes she can extend her method of learning music to early childhood education. She opens a preschool in her hometown, using her expertise to form an arts-based program. What factor of production is this?
Capital
Entrepreneurship
Labor
Land
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