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In the long run the primary effect of increasing the quantity of money is higher prices.

A) True
B) False

Correct Answer

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verified

Inflation increases the value of money.

A) True
B) False

Correct Answer

verifed

verified

Efficiency means everyone in the economy should receive an equal share of the goods and services produced.

A) True
B) False

Correct Answer

verifed

verified

The government can potentially improve market outcomes if market inequalities or market failure exists.

A) True
B) False

Correct Answer

verifed

verified

Market failure refers to a situation in which the market does not allocate resources efficiently.

A) True
B) False

Correct Answer

verifed

verified

The invisible hand ensures that economic prosperity is distributed equally.

A) True
B) False

Correct Answer

verifed

verified

Productivity is defined as the quantity of goods and services produced from each unit of labor input.

A) True
B) False

Correct Answer

verifed

verified

Equality means distributing society's resources in the most efficient manner.

A) True
B) False

Correct Answer

verifed

verified

False

If the average cost of transporting a passenger on the train from Chicago to St.Louis is $75,it would be irrational for the railroad to allow any passenger to ride for less than $75.

A) True
B) False

Correct Answer

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verified

Economics is the study of how society allocates its unlimited resources.

A) True
B) False

Correct Answer

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verified

The cost of an action is measured in terms of foregone opportunities.

A) True
B) False

Correct Answer

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verified

Inflation is the primary determinant of a country's living standards.

A) True
B) False

Correct Answer

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verified

Suppose one county in Missouri decides it wants to reduce alcohol consumption,so the county passes a law that raises the price of a bottle of beer by $1.As a result,people drive to other counties to drink alcohol,which results in an increase in drunk driving.This illustrates the principle that people respond to incentives.

A) True
B) False

Correct Answer

verifed

verified

Market power and externalities are two possible causes of market failure.

A) True
B) False

Correct Answer

verifed

verified

If wages for accountants rose,then accountants' leisure time would have a lower opportunity cost.

A) True
B) False

Correct Answer

verifed

verified

False

The "invisible hand" influences market behavior through trade.

A) True
B) False

Correct Answer

verifed

verified

One way that governments can improve market outcomes is to ensure that individuals are able to own and exercise control over their scarce resources.

A) True
B) False

Correct Answer

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verified

The goal of President Obama's stimulus package and increased government spending following the deep economic downturn in 2008 and 2009 was to reduce inflation.

A) True
B) False

Correct Answer

verifed

verified

Market failure occurs when no individual has the ability to substantially influence market prices.

A) True
B) False

Correct Answer

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verified

Economics is the study of how evenly goods and services are distributed within society.

A) True
B) False

Correct Answer

verifed

verified

False

Showing 1 - 20 of 51

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