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ECN 211: Macroeconomic Principles (2024 Fall C)

Principles of Accounting II

Business Law

Introduction to Statistics

Strategic and Enterprenural Thinking

Which of the following will not shift a country's production possibilities frontier outward?

a. A reduction in unemployment

b. An advance in technology

c. An increase in the labor force

d. An increase in the capital stock

a. A reduction in unemployment...

Posted by Cleveland on August 29, 2024

Points on the production possibilities frontier are ________.

a. inefficient

b. efficient

c. normative

d. none of the answer choices

e. unattainable

b. efficient...

Posted by Cleveland on August 29, 2024

Which of the following is not a factor of production?

a. Land

b. Labor

c. Capital

d. Money

e. All of the answer choices are factors of production.

d. Money...

Posted by Cleveland on August 29, 2024

Economic models are ________.

a. useless if they are simple

b. usually made of wood and plastic

c. created to duplicate reality

d. built with assumptions

d. built with assumptions...

Posted by Cleveland on August 29, 2024

In which of the following cases is the assumption most reasonable?

a. To address the impact of money growth on inflation, an economist assumes that money is strictly coins.

b. To address the impact of taxes on income distribution, an economist assumes that everyone earns the same income.

c. To estimate the speed at which a beach ball falls, a physicist assumes that it falls in a vacuum.

d. To address the benefits of international trade, an economist assumes that there are two countries, each producing two goods.

b) To address the benefits of international trade, an economist assumes that there are two countries, each producing two goods...

Posted by Cleveland on August 29, 2024

Which of the following statements regarding the circular-flow diagram is true?

a. The factors of production are owned by households.

b. If Alicia works for Apple and receives a paycheck, the transaction takes place in the market for goods and services.

c. If Apple sells a computer, the transaction takes place in the market for factors of production.

d. The factors of production are owned by firms.

e. None of the answer choices are correct.

a. The factors of production are owned by households....

Posted by Cleveland on August 29, 2024

Which of the following is most likely to produce scientific evidence about a theory?

a. An economist employed by the AFL/CIO doing research on the impact of trade restrictions on workers' wages

b. A tenured economist employed at a leading university analyzing the impact of bank regulations on rural lending

c. A lawyer employed by Toyota addressing the impact of air bags on passenger safety

d. A radio talk show host collecting data on how capital markets respond to taxation

b. A tenured economist employed at a leading university analyzing the impact of bank regulations on rural lending...

Posted by Cleveland on August 29, 2024

The scientific method requires that ________.

a. scientists use test tubes and have clean labs

b. scientists be objective

c. scientists use precision equipment

d. only incorrect theories are tested

e. only correct theories are tested

b. scientists be objective...

Posted by Cleveland on August 29, 2024

Productivity can be increased by ________.

a. raising union wages

b. raising minimum wages

c. restricting trade with foreign countries

d. improving the education of workers

d. improving the education of workers...

Posted by Cleveland on August 28, 2024

Which of the following is not part of the opportunity cost of going on vacation?

a. The money you spent on food

b. The money you could have made if you had stayed home and worked

c. The money you spent on a Broadway show

d. The money you spent on airline tickets

a. The money you spent on food...

Posted by Cleveland on August 28, 2024

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Questions and Answers
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