Understanding Economics A Contemporary Perspective 8th Edition by Mark Lovewell Test bank

 
Accessibility: Keyboard Navigation
Difficulty: Medium
Learning Objective: 01-02 Explain how economists specify economic choice; including the production choices an entire economy faces; as demonstrated by the production possibilities model
Lovewell - Chapter 01 #60
Topic: 01-08 The Production Possibilities Curve
Type: Definition
 
 
61.The problem of economic scarcity forces every country to determine: 
 


A. the shape of its production possibilities curve
 
B. the amount of economic resources that can be employed in production
 
C. what, how, and for whom to produce
 
D. the ways that individuals can pursue their own self-interest
 
E. how to plan to overcome scarcity
 
Accessibility: Keyboard Navigation
Difficulty: Easy
Learning Objective: 01-03 Identify the three basic economic questions and how various economic systems answer them
Lovewell - Chapter 01 #61
Topic: 01-10 Basic Economic Questions
Type: Definition
 
 
62.The two basic markets shown by the simple circular flow diagram are: 
 


A. capital goods and consumer goods
 
B. free and controlled
 
C. product and resource
 
D. household and business
 
E. government and private
 
Accessibility: Keyboard Navigation
Difficulty: Easy
Learning Objective: 01-03 Identify the three basic economic questions and how various economic systems answer them
Lovewell - Chapter 01 #62
Topic: 01-12 Market Economy
Type: Definition
 
 
63.In the product market: 
 


A. businesses sell economic resources to households
 
B. businesses sell consumer products to households
 
C. businesses buy consumer products from households
 
D. businesses buy economic resources from households
 
E. business and households both sell consumer products to each other
 
Accessibility: Keyboard Navigation
Difficulty: Easy
Learning Objective: 01-03 Identify the three basic economic questions and how various economic systems answer them
Lovewell - Chapter 01 #63
Topic: 01-12 Market Economy
Type: Definition
 
 
64.The economy of India most closely approximates a: 
 


A. traditional mixed economy
 
B. market economy
 
C. command economy
 
D. modern mixed economy
 
E. traditional economy
 
Accessibility: Keyboard Navigation
Difficulty: Easy
Learning Objective: 01-03 Identify the three basic economic questions and how various economic systems answer them
Lovewell - Chapter 01 #64
Topic: 01-14 Mixed Economies
Type: Application
 
 
65.Between the early 1990s and late 2000s, India's and China's economies steadily grew by annual average of: 
 


A. 4 percent and 6 percent respectively
 
B. 6 percent and 8 percent respectively
 
C. 8 percent and 10 percent respectively
 
D. 10 percent and 12 percent respectively
 
E. 12 percent and 14 percent respectively
 
Accessibility: Keyboard Navigation
Difficulty: Hard
Learning Objective: 01-03 Identify the three basic economic questions and how various economic systems answer them
Lovewell - Chapter 01 #65
Topic: 01-14 Mixed Economies
Type: Factual
 
 
66.Modern mixed economy refers to an economy: 
 


A. with both product and resource markets
 
B. that engages in both domestic and international trade
 
C. with both private and public sectors
 
D. that functions primarily on the basis of custom and tradition
 
E. that operates on the basis of central planning
 
Accessibility: Keyboard Navigation
Difficulty: Easy
Learning Objective: 01-03 Identify the three basic economic questions and how various economic systems answer them
Lovewell - Chapter 01 #66
Topic: 01-14 Mixed Economies
Type: Definition
 
 
67.The Canadian economy most closely approximates a: 
 


A. traditional mixed economy
 
B. market economy
 
C. command economy
 
D. modern mixed economy
 
E. traditional economy
 
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