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Which of the following is a basic right under capitalism?


A) Freedom of collusion.
B) Freedom from taxation.
C) The right to vote.
D) The right to compete.

E) None of the above
F) A) and C)

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If a shortage exists in a market for a good,the price of that good will tend to fall.

A) True
B) False

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Due to the fundamental rights afforded to us by a free-market capitalistic system;persons are more willing to take calculated risks.

A) True
B) False

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One strength of a free-market economic system is that it emphasizes the fair and humane treatment of the less fortunate in society.

A) True
B) False

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High tax rates that put money into the government's coffers tend to slow spending,and ultimately slow the economy.

A) True
B) False

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The national deficit is the difference between our nation's exports and its imports.

A) True
B) False

Correct Answer

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Which of the following statements about government deficit spending is most accurate?


A) The federal government violates the law by running deficits because the U.S.Constitution requires the government to balance its budget each year.
B) Although the government used to run big deficits,it has consistently run surpluses since the late 1980s.
C) The government has used deficit spending to lower the national debt.
D) One reason the government has a hard time reducing deficits is that there is a great deal of pressure on the government to expand its spending each year.

E) B) and C)
F) A) and B)

Correct Answer

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Efforts by the Federal Reserve Bank the Fed) to control the money supply and interest rates are known as:


A) fiscal policy.
B) incomes policy
C) monetary policy
D) securities policy.

E) A) and B)
F) C) and D)

Correct Answer

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Macroeconomics is the economic perspective that looks at the operation of a nation's economy as a whole.

A) True
B) False

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A command economic system is characterized by:


A) Reliance on the forces of supply and demand to determine what is produced.
B) Reliance on the government to determine what is produced and who gets the output.
C) An extremely rapid rate of economic growth.
D) Freedom of choice and freedom of competition.

E) C) and D)
F) None of the above

Correct Answer

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If the quantity supplied in a market exceeds the quantity demanded,a shortage will exist.

A) True
B) False

Correct Answer

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____________ looks at the behavior of individual people and organizations in specific markets.


A) Macroeconomics
B) Finite economics
C) Microeconomics
D) Nanoeconomics

E) B) and C)
F) C) and D)

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As of 2010,total GDP in the United States was around $14 trillion.

A) True
B) False

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The consumer price index CPI)measures what is happening to prices at the wholesale level.

A) True
B) False

Correct Answer

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A problem with the CPI is that it measures the price changes of only food and clothing,while ignoring what happens to the prices of such important items as medical care and energy.

A) True
B) False

Correct Answer

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Economist Adam Smith's important contribution was an inquiry as to why some nations are wealthy,while others remain poor.

A) True
B) False

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To be classified as unemployed,a person must be at least 16 years old and trying to find a job within the past four weeks.

A) True
B) False

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Brain drain is the loss of the best and brightest people to other countries.

A) True
B) False

Correct Answer

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___________ exists when a large number of firms produce goods that are similar but are perceived by buyers as being different.


A) Perfect competition
B) Monopolistic competition
C) Oligopoly
D) A monopoly

E) None of the above
F) All of the above

Correct Answer

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Any output produced by U.S.firms is included in the value of U.S.GDP,even if the output was produced in a foreign country.

A) True
B) False

Correct Answer

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