final exam econ 101

docx

School

Regent University *

*We aren’t endorsed by this school

Course

101

Subject

Economics

Date

Jan 9, 2024

Type

docx

Pages

Uploaded by SuperSquid3068

Attempt History Attempt Time Score LATEST Attempt 1 6 minutes 92 out of 100 Correct answers are hidden. Score for this quiz: 92 out of 100 Submitted Dec 16 at 4:58pm This attempt took 6 minutes. Question 1 4 / 4 pts Ruler that Marco Polo wrote about who was the first one known to use paper (fiat) money: Sir Thomas Gresham J.B. Say Adolph Hitler Queen Victoria Great Khan Question 2 4 / 4 pts When it comes to discussing labor as a good that is bought and sold in a free market: Employers are the buyers and workers are the sellers. Consumers of the goods produced are the buyers and employers are the sellers. Workers are the buyers and employers are the sellers.

Labor is not bought and sold in the free market Question 3 4 / 4 pts Interest rates exist because because all people love to save money for future use because most people would prefer to spend money today rather than wait to spend it a year from now because bankers are greedy because the Federal Reserve mandates a certain interest rate Question 4 4 / 4 pts What is a bear market? When stock market prices are generally rising When stock market prices are generally falling When the European stock exchanges are rising faster than the American exchanges When the American stock exchanges are rising faster than the European exchanges Incorrect Question 5 0 / 4 pts Which of the following is NOT a part of the legacy of mercantilism?

Government planned and directed economies Free trade Colonialism Tariffs Absolute Monarchy Question 6 4 / 4 pts Whose theories are most often appealed to by labor unions to justify their actions? Adam Smith Frederic Bastiat Jean Baptist Say Karl Marx Friedrich Hayek Question 7 4 / 4 pts Where and when was the most complete example of free enterprise the world has ever known? The fifteenth century in Italy and France

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

The nineteenth century in North Africa The nineteenth century in the U.S. and Great Britain The nineteenth century in East Asia The twentieth century in the U.S. Question 8 4 / 4 pts Commercial banks are ones that handle loans and deposits, while banks of issue are allowed to print currency. What bank system is the only bank of issue in the United States? The National Bank System The State Bank System Regions Bank System The Swiss Bank System The Federal Reserve System Question 9 4 / 4 pts Which of the following is a strategy that labor unions use to increase the wage rate paid to its members? attempting to price low skilled workers out of the market by promoting minimum wage laws attempting to eliminate competition of foreign workers by encouraging tariff impositions

lobbying Congress for special privilege legislation to limit the choices of capital owners all of the three choices listed are strategies of labor unions E. none of the three choices listed are strategies of labor unions Question 10 4 / 4 pts Which is a necessary precondition for free enterprise? Mercantilism Licensing and regulation Large amounts of public property Private property Question 11 4 / 4 pts Which of the following is a natural obstacle to trade? Protective tariff Import quota The cost of transporting goods All of the listed choices are natural obstacles to trade Question 12

4 / 4 pts Which of the following is NOT an example of how the factory system has been used in our institutions today? Hospitals Schools Home based businesses Assembly lines Question 13 4 / 4 pts Which of the following will occur if the government attempts to keep the price of a product below its market-clearing price? Sellers will not offer as much of the good for sale as buyers would like to buy resulting in a shortage of the good. Sellers will offer more of the good for sale than buyers wish to purchase resulting in a surplus of the good. Consumers will be made much better off because they will be able to buy all of the good that they want at a lower price. Sellers will eventually make them available free for everyone. Question 14 4 / 4 pts Which of the following is NOT a necessary part of the definition of charity. The giver must give voluntarily

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

The giver must expect nothing in return The receiver must be deserving The giver must be the owner of what is given Question 15 4 / 4 pts Which of the following best describes “economy of scale”? Producing large quantities of something makes the cost per unit for each additional unit produced much less because the largest costs were the startup costs When government cuts back on regulation on a large scale When government sets prices on a large scale When government sets wages on a large scale When the market is allowed to be free on a large scale Question 16 4 / 4 pts Which of these would tend to most effectively lower the price of goods while ensuring that enough is produced to meet the market demand? price fixing regulations

monetary inflation competition Question 17 4 / 4 pts The term “public theft” is used to describe what? government redistribution of wealth insider stock trading a mugging on a public street black market selling of goods Incorrect Question 18 0 / 4 pts True or False: New shares of stock being issued by an American corporation may be initially purchased through the New York Stock Exchange. True False Question 19 4 / 4 pts Which of the following best describes the boom-bust cycle (also called the business cycle)? Economic downturns are caused by too little consumer spending.

When central banks inflate the money supply it promotes an artificial economic boom that cannot be maintained. Economic recessions result from cuts in government spending. The business cycle can be eliminated by sound central planning. Question 20 4 / 4 pts When Bob has a lower opportunity cost for mowing a lawn than Jim has, Bob is said to have what? a comparative privilege a comparative advantage a real advantage a direct advantage Question 21 4 / 4 pts When the government is obligated to bail out fractional reserve banks when they are facing collapse, what negative consequence will this have? (choose all that are correct.) Many bank depositors will not do the due diligence needed to determine the soundness of a bank before depositing their money there. The banks will engage in riskier banking practices than they otherwise would have. It gives banks that practice fractional reserve banking an overwhelming advantage over banks who would adopt other kinds of practices that might be more sound.

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

It potentially drains the U.S. gold reserves. Question 22 4 / 4 pts In his farewell address to the nation, George Washington advocated for: Protectionist tariffs Strict import quotas to protect domestic industry Building a wall along the Mexican border Unilateral free enterprise to promote peaceful international relationships Question 23 4 / 4 pts Setting a minimum price that can be charged for a good can be said to be setting a: Price floor Going price Equilibrium price natural price Price ceiling Question 24 4 / 4 pts

Monetary inflation tends to redistribute wealth in the country in what ways? from stable, solid citizens who are cautious savers to the prodigal who do not tend to save for their future from the prodigal to the thrifty from the government to the citizenry from large businesses to employees Question 25 4 / 4 pts When you make a choice to do or get something with some of your resources, the highest valued alternative that you gave up to proceed with your choice is called what? division of labor doctrine of limits specialization opportunity cost Quiz Score: 92 out of 100 Previous Next

Related Documents

Screenshot 2023-12-16 4.20.35 PM.png

Screenshot 2023-12-16 4.20.10 PM.png

Screenshot 2023-12-16 4.21.04 PM.png

Screenshot 2023-12-16 4.21.11 PM.png

Screenshot 2023-12-16 4.20.19 PM.png

UNIT 4 IDRL 215 EXAM PREP.docx

18.png

20.png

Bobst_ArynFix3_M04.docx

disc10.docx

23a4 p1 g05 Scor.xlsx

Christelle Badillo Case 3.docx

Recommended textbooks for you

Principles of Economics 2e

Economics

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:OpenStax

Managerial Economics: Applications, Strategies an...

Economics

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:Cengage Learning

Managerial Economics: A Problem Solving Approach

Economics

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Cengage Learning

Microeconomics: Principles & Policy

Economics

ISBN:9781337794992

Author:William J. Baumol, Alan S. Blinder, John L. Solow

Publisher:Cengage Learning

Economics Today and Tomorrow, Student Edition

Economics

ISBN:9780078747663

Author:McGraw-Hill

Publisher:Glencoe/McGraw-Hill School Pub Co

Micro Economics For Today

Economics

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Cengage,

SEE MORE TEXTBOOKS

Recommended textbooks for you

Principles of Economics 2e
Economics
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:OpenStax
Managerial Economics: Applications, Strategies an...
Economics
ISBN:9781305506381
Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Cengage Learning
Microeconomics: Principles & Policy
Economics
ISBN:9781337794992
Author:William J. Baumol, Alan S. Blinder, John L. Solow
Publisher:Cengage Learning
Economics Today and Tomorrow, Student Edition
Economics
ISBN:9780078747663
Author:McGraw-Hill
Publisher:Glencoe/McGraw-Hill School Pub Co
Micro Economics For Today
Economics
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Cengage,