Question 12 pts
Which of the justices is necessary for the other justices?
Group of answer choices

Distributive Justice

Subsidiarity

Commutative Justice

Social Justice

Legal Justice

Flag question: Question 2

Question 22 pts
Which of the justices covers private property and fulfilling contractual obligations?
Group of answer choices

Legal Justice

Commutative Justice

Distributive Justice

Social Justice

General Justice

Redistributive Justice

Flag question: Question 3

Question 32 pts

The following is an example of what?

Spending time with a lonely grandparent.

Group of answer choices

General Justice

Commutative Justice

Social Justice

Legal Justice

Distributive Justice

Flag question: Question 4

Question 42 pts

What principle or justice has been ignored in the following scenario:

Your next door neighbors call the police at 12:01 AM, the moment the noise ordinance comes into effect, because your party is noisy. You have always been cooperative in the past.

Group of answer choices

Social Justice

Subsidiarity

Distributive Justice

Solidarity

Christian Charity

Legal Justice

Commutative Justice

Flag question: Question 5

Question 52 pts

The following is an example of which justice?

Alcoholics Anonymous meets with the goal of achieving sobriety in its members.

Group of answer choices

Commutative Justice

Social Justice

Distributive Justice

Redistributive Justice

Flag question: Question 6

Question 62 pts
An example of a spontaneous order is
Group of answer choices

Free Enterprise

Venezuela’s Economy

a socialist economy

a fascist economy

Flag question: Question 7

Question 72 pts
An example of a planned order is
Group of answer choices

Socialism

the English language

the Swiss economy

Free Enterprise

Flag question: Question 8

Question 82 pts
The collective or governmental ownership and administration of the means of production and distribution of goods is called:
Group of answer choices

Fascism

Capitalism

Socialism

Corporatism

Free Enterprise

Free Market

Flag question: Question 9

Question 92 pts
The technical economic term describing the telos of human action is
Group of answer choices

Beautitude

Utility

Consumer goods

Capital goods

Happiness

Flag question: Question 10

Question 102 pts
Where do economic means acquire their value?
Group of answer choices

Their cost of production

Their objective value

Their inherent value

The amount of labor required to produce the means

The end of which the means is meant to attain

Flag question: Question 11

Question 112 pts
Economics and praxeology study?
Group of answer choices

What men’s ends should be

What man’s ends are and have been, and how man has used means in order to attain them

Why men choose various ends

The formal implications of the fact that men use means to attain various chosen ends

How to use means to arrive at ends

Flag question: Question 12

Question 122 pts
An opportunity cost is
Group of answer choices

Why we cannot achieve all our opportunities

The next best alternative forgone

An objective cost

The summation of costs forgone

The aggregate of all alternative costs

Flag question: Question 13

Question 132 pts
Means are  and Ends are 

Flag question: Question 14

Question 142 pts
“The law of returns states that with the quantity of complementary factors held constant, there always exists some optimum amount of the varying factor.” Choose the concept which is a necessary implication of the definition above.
Group of answer choices

No answer text provided.

There is a maximum production point

No answer text provided.

Constant Returns to Scale

There is a minimum production point

Increasing Returns to Scale

Decreasing Returns to Scale

Flag question: Question 15

Question 152 pts
Subjective theory of value implies
Group of answer choices

That market prices are oppressing the proletariat

That all prices are a result of objective and inherent qualities of the good

That all prices in the market are equal to the costs of labor

That all prices in the market are equal to the costs of labor, capital, and nature

That all prices in the market result from consumer and producer preference

Flag question: Question 16

Question 162 pts
The law of Demand states that there exists:
Group of answer choices

A direct positive relationship between the relative price of the good and the quantity of that good supplied.

An inverse relationship between the relative price of the good and the quantity of the good supplied.

A direct positive relationship between the relative price of the good and the quantity of that good demanded.

An inverse relationship between the relative price of the good and the quantity of that good demanded.

Flag question: Question 17

Question 172 pts
Time is unlimited and therefore not a means.
Group of answer choices

No answer text provided.

False

No answer text provided.

True

Flag question: Question 18

Question 182 pts
Diminishing Marginal Utility is the notion that higher wants on the scale of wants (ends) are preferred greater than wants lower on the scale. Therefore, means which achieve higher wants are of greater utility than means achieving lower wants.
Group of answer choices

No answer text provided.

No answer text provided.

True

False

Flag question: Question 19

Question 192 pts
Risk with a probability distribution and can be insured. Uncertainty has no probability distribution and cannot be insured.
Group of answer choices

False

True

No answer text provided.

No answer text provided.

Flag question: Question 20

Question 202 pts
Entrepreneurs
Group of answer choices

bear uncertainty

manage small businesses

are CEOs

bear risk and can insure losses

Flag question: Question 21

Question 212 pts
Coke and Pepsi are
Group of answer choices

Substitute goods

Inferior goods

Complementary goods

Normal goods

Flag question: Question 22

Question 222 pts
Peanut butter and jelly are
Group of answer choices

Normal goods

Complementary goods

Substitute goods

Inferior goods

Flag question: Question 23

Question 232 pts

Comparative and Absolute advantage:

Assume Crusoe and Friday wish to maximize their production.

 

1 Coconut                  1 Fish

Crusoe            30 min                        25 min

Friday             20 min                        20 min

Who has the absolute advantage?

Group of answer choices

No answer text provided.

Crusoe

No answer text provided.

Friday

Flag question: Question 24

Question 242 pts

Comparative and Absolute advantage:

Assume Crusoe and Friday wish to maximize their production.

 

1 Coconut                  1 Fish

Crusoe            30 min                        25 min

Friday             20 min                        20 min

Considering comparative advantage, who would produce what?

Group of answer choices

Crusoe produces coconuts and Friday produces Fish

Both produce Coconuts

Crusoe produces fish and Friday Coconuts

Both Produce Fish

Flag question: Question 25

Question 252 pts
Law of One Price is brought about through
Group of answer choices

Mimickry

Arbitrage

Buying High and Selling Low

Innovation

Flag question: Question 26

Question 262 pts
Innovation, ceteris paribus,
Group of answer choices

results in supply curves for other goods shifting leftward

results in demand curves for other goods shifting leftward

results in demand curves for other goods shifting rightward

results in supply curves for other goods shifting leftward

Flag question: Question 27

Question 272 pts
Mimickry, ceteris paribus, affects other goods in what manner?
Group of answer choices

The demand curves for other goods shift rightward and become more inelastic

The demand curves for other goods shift rightward and become more elastic

The demand curves for other goods shift leftward and become more elastic

The demand curves for other goods shift leftward and become more inelastic

Flag question: Question 28

Question 282 pts
A sales tax on cigarettes is administered—a tax on buyers, i.e. buyers legally pay the tax. The demand curve for cigarettes is more inelastic than the supply curve.  Who actually pays the tax?
Group of answer choices

The Buyers pay a majority of the tax.

The Buyers pay the entire tax.

Since the Buyers legally pay the tax they pay the entire tax.

The Sellers/Suppliers pay a majority of the tax.

Flag question: Question 29

Question 292 pts
A price ceiling prevents prices from
Group of answer choices

Going below a set price

Equaling a set price

Going above or below a set price

Going above a set price

Flag question: Question 30

Question 302 pts
A price floor prevents prices from
Group of answer choices

Going below a set price

Equaling a set price

Going above a set price

Going above or below a set price

Flag question: Question 31

Question 312 pts
The USSR and other communist countries fixed prices for many goods.  Fixed prices prevent prices from
Group of answer choices

Going below a set price

Going above or below a set price

Equaling a set price

Going above a set price

Flag question: Question 32

Question 322 pts
When does exchange occur?
Group of answer choices

When the two goods are worth the same amount

When you prefer the good that I have, and I prefer the good that you have.

When the cost of production is less than the sale price

When the objective value of the good is higher than the sale price

Flag question: Question 33

Question 332 pts
Cell phones are discovered to cure cancer, what happens to the supply OR demand for cellphones?
Group of answer choices

The supply for cell phones shifts rightward

The supply for cell phones shifts leftward

The demand for cell phones shifts leftward

The demand for cell phones shifts rightward

Flag question: Question 34

Question 342 pts
The price of Pepsi decreases, what happens to the supply OR demand curve for Coke?
Group of answer choices

The demand curve shifts rightward

The supply curve shifts leftward

The supply curve shifts rightward

The demand curve shifts leftward

Flag question: Question 35

Question 352 pts
Milk becomes more expensive, an input for butter.  What happens to the supply OR demand curve for butter?
Group of answer choices

The demand curve shifts leftward

The supply curve shifts rightward

The supply curve shifts leftward

The demand curve shifts rightward

Flag question: Question 36

Question 362 pts
The price of peanut butter increases, what happens to the demand OR supply curve of jelly?  (Think of a peanut butter jelly sandwich)
Group of answer choices

The demand curve shifts leftward

The supply curve shifts leftward

The demand curve shifts rightward

The supply curve shifts rightward

Flag question: Question 37

Question 372 pts
When entrepreneurs engage in arbitrage they disequilibrate markets.
Group of answer choices

True

False

No answer text provided.

No answer text provided.

Flag question: Question 38

Question 382 pts
When entrepreneurs bring an innovation to market they equilibrate markets.
Group of answer choices

False

No answer text provided.

True

No answer text provided.

Flag question: Question 39

Question 392 pts
Joe Kowalski owns a company making an accounting profit of 6% per year. The return from a money-market account in a fully insured bank is 5%. What is Joe Kowalski’s economic profit?
Group of answer choices

-1%

6%

11%

1%

5%

Flag question: Question 40

Question 402 pts
The difference between a tariff and a quota is
Group of answer choices

A tariff is a tax on imported goods, while a quota sets a fixed limit on the import of some good.

The effects of both tariffs and quotas are the same, their differences are unsubstantial

Tariffs are constitutional and quotas are unconstitutional

A tariff sets a fixed limit on the import of some good, while a quota is a tax on imported goods

Flag question: Question 41

Question 412 pts
The availability of substitutes determines the elasticity of the demand curve.
Group of answer choices

No answer text provided.

No answer text provided.

True

False

Flag question: Question 42

Question 422 pts
Demand and supply curves are more elastic over the long-run, than in the short-run.
Group of answer choices

True

False

No answer text provided.

No answer text provided.

Flag question: Question 43

Question 432 pts
The demand curve for Apples is more elastic than the demand curve for Gala Apples.
Group of answer choices

True

False

No answer text provided.

No answer text provided.

Flag question: Question 44

Question 442 pts
The demand curve for water is more elastic than the demand curve for diamonds.
Group of answer choices

No answer text provided.

No answer text provided.

False

True

Flag question: Question 45

Question 452 pts
The demand curve for packages of 1000 apples is more inelastic than the demand curve for packages of 5 apples.
Group of answer choices

No answer text provided.

False

No answer text provided.

True

Flag question: Question 46

Question 462 pts
At the initial price of 20$, the quantity is 100. When the price rises to 30$, the quantity demanded falls to 90.  What is the elasticity?

Flag question: Question 47

Question 472 pts
At the initial price of 20$, the quantity is 100. When the price rises to 30$, the quantity demanded falls to 90.  Is the demand curve inelastic or elastic?
Group of answer choices

Elastic

Inelastic

Perfectly Inelastic

Perfectly Elastic

Unit-Elastic

Flag question: Question 48

Question 482 pts
With a perfectly elastic demand curve, a small decrease in Q will result in a proportionally large increase in P and an increase in Revenue.
Group of answer choices

Maybe

True

False

No answer text provided.

Flag question: Question 49

Question 492 pts
In order to increase car production, car companies will pay the same cost per unit of steel. Therefore the supply curve for cars is
Group of answer choices

Inelastic

Unit-Elastic

No answer text provided.

Elastic

Flag question: Question 50

Question 502 pts
The price of oil drops 90$, but oil refineries cannot shut down or quickly lessen production in the short-run lest they damage their equipment.  They will have to slowly lessen production. The supply curve for oil is
Group of answer choices

Perfectly elastic

Elastic

Perfectly inelastic

Inelastic

Unit-Elastic

Flag question: Question 51

Question 512 pts
The supply curve of gold in the world is more _________ than the supply curve of gold for Belmont NC.
Group of answer choices

unit-elastic

elastic

No answer text provided.

inelastic

Flag question: Question 52

Question 522 pts
At an initial price of 70$, the quantity supplied is 100 units.  Then the price moves to 110$ and quantity supplied is 110 units. Is the supply curve inelastic or elastic?
Group of answer choices

Inelastic

Elastic

Unit-Elastic

No answer text provided.

Flag question: Question 53

Question 532 pts
An example of a price floor is
Group of answer choices

The minimum wage

Anti-price gouging laws

A law declaring the price of a loaf of bread to be a 1$

Rent control

Flag question: Question 54

Question 542 pts
An example of a price ceiling is
Group of answer choices

Rent control

A law declaring the price of a loaf of bread to be a 1$

The minimum wage

The lowest the price of milk may go is 2$ a gallon

Flag question: Question 55

Question 552 pts
An example of a fixed price is
Group of answer choices

A law declaring the price of a loaf of bread to be a 1$

Rent control

A neighboring country floods our country with cheap steel to keep prices low

The minimum wage

Flag question: Question 56

Question 562 pts
A price ceiling set below the market price will result in
Group of answer choices

Shortages

Surpluses

No Effect

Both shortages and surpluses

Flag question: Question 57

Question 572 pts
A price ceiling set above the market price will result in
Group of answer choices

Both shortages and surpluses

Shortages

Surpluses

No Effect

Flag question: Question 58

Question 582 pts
A price floor set below the market price will result in
Group of answer choices

Shortages

No Effect

Surpluses

Both surpluses and shortages

Flag question: Question 59

Question 592 pts
The USSR sets the price of milk at 5 rubles for the entire USSR—regions with differing demands and supplies of milk. The fixed price will result in:
Group of answer choices

Both Surpluses and Shortages

Shortages

Surpluses

No Effect

Flag question: Question 60

Question 602 pts
A minimum wage of 50$ would result in
Group of answer choices

No Effect

A surplus of labor

A shortage of labor

Increased living standard for all Americans

Flag question: Question 61

Question 612 pts
A minimum wage increase of 2$ will likely
Group of answer choices

Result in equally more unemployment in the long run and short run

Result in little to no unemployment in the short-run, but more unemployment in the long-run

Result in more unemployment in the short-run, but little to no more unemployment in the long-run

have no effect ever

Flag question: Question 62

Question 622 pts
The minimum wage is increased by 2$.  Town A and B are exactly the same in every way, except Town A is rife with crime and Town B has no crime.  Both populations are made up of unskilled and uneducated labor. Which town will be affected and how?
Group of answer choices

The minimum wage increase will increase unemployment in both towns equally.

There will be no effect

The minimum wage increase will increase the unemployment rate in town B more than town A

The minimum wage increase will increase the unemployment rate in town A more than town B

Flag question: Question 63

Question 632 pts
When rent controlled is imposed what is one of the effects?
Group of answer choices

Current tenants will invest in becoming owners

Owners will invent new fines, fees, or simply expect bribes in lieu of their decreased rent

Current owners will expand units available for rent

More people will become owners of property

Flag question: Question 64

Question 642 pts
A famine is when there is a shortage of food.  During famines we expect prices to increase, since the supply has shifted to the left.  Citizens are outraged at the high prices for food and demand the government lower prices.  What will happen to the current shortage of food if the government imposes a maximum price below the current famine market price, ceteris paribus?
Group of answer choices

The shortage will lessen, but still exist

Entrepreneurs will import goods to less the crisis and bring down prices

A surplus will occur

The shortage will become worse

Flag question: Question 65

Question 652 pts
Farmers have had a bumper crop and surplus (supply moves rightward) and prices are dropping.  The farming lobby gets government to impose a minimum price.  What will happen to the surplus of crop?
Group of answer choices

A shortage will occur

The surplus will end

The surplus will continue

Farmers will be able to sell all their food

Flag question: Question 66

Question 662 pts
Consider the elasticity of demand for electricity. The politicians decide to create a tax on a coal-fire utility company providing electricity. The utility company buys a very small portion of the coal on the market. Ceteris paribus, who pays the tax?
Group of answer choices

Most of the tax will be paid by consumers

The entire tax will paid by consumers

The entire tax will be paid by the producer

Most of the tax will be paid by the producer

Flag question: Question 67

Question 672 pts

Product: Electricity

A subsidy is given to the producers of electricity  What are the effects?

 

 

Group of answer choices

Competition will be lessened, the price will decrease, and consumers will receive most of the subsidy

Competition will increase, the price will increase, and producers will receive most of the subsidy

Competition will lessen, the price will lessen, and consumers will receive most of the subsidy

Competition will lessen, the price will lessen, and producers will receive most of the subsidy

Competition will increase, the price will lessen, and consumers will receive most of the subsidy

Competition will lessen, the price will increase, and consumers will receive most of the subsidy

Flag question: Question 68

Question 682 pts
A tariff is imposed. Who wins? Who loses? Multiple Answers.
Group of answer choices

Foreign producers lose and foreign consumers win

Domestic producers lose and domestic consumers win

Domestic producers win and domestic consumers lose

Foreign producers win and foreign consumers lose

Flag question: Question 69

Question 692 pts
Why is economic calculation impossible in the socialist commonwealth?
Group of answer choices

Lack of central planning

Perverse incentives

Lack of private property

Lack of statistics

Flag question: Question 70

Question 702 pts

Product: Education

Consider the elasticity of demand for education by parents for their children. Assume education firms (schools) can easily enter the market and there is not a big increase in the price of inputs.

A voucher (subsidy) is given to the consumers of education.  What are the effects?

Group of answer choices

Competition will increase, the price will increase, and consumers will receive most of the subsidy

Competition will increase, the price will decrease, and consumers will receive most of the subsidy

Competition will decrease, the price will increase, and consumers will receive most of the subsidy

Competition will increase, the price will increase, and producers will receive most of the subsidy