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Question 1

3.34 out of 3.34 points

The personal distribution of income refers to the: Answer Selected Answer: way income is distributed among specific households or spending units. Correct Answer: way income is distributed among specific households or spending units. Response Feedback: Correct!

Question 2
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The functional distribution of income refers to the: Answer Selected Answer: distribution of income to basic resource classes, that is, wages, rents, interest, and profits Correct Answer: distribution of income to basic resource classes, that is, wages, rents, interest, and profits Response Feedback: Correct!

Question 3
3.34 out of 3.34 points

The distribution of income among individual households is known as: Answer

Selected Answer: the personal distribution of income. Correct Answer: the personal distribution of income. Response Feedback: Correct!

Question 4
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Economists define saving as: Answer Selected Answer: that part of after-tax income which is not consumed. Correct Answer: that part of after-tax income which is not consumed. Response Feedback: Correct!

Question 5
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Economists define durable goods as those products expected to last at least _____ year(s). Answer Selected Answer: 1 Correct Answer: 3 Response Feedback: Incorrect

Question 6
3.34 out of 3.34 points

In economics, a physical establishment such as a factory, farm, mine, store, or warehouse that performs one or more functions in fabricating and distributing goods is called a(n): Answer Selected Answer: plant Correct Answer: plant Response Feedback: Correct!

Question 7
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In economics, a group of firms that produce identical or similar products is called a(n): Answer Selected Answer: industry Correct Answer: industry Response Feedback: Correect!

Question 8
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In economics, an organization that employs resources to produce goods and services for profit and operates one or more plants is called a(n): Answer

Selected Answer: industry Correct Answer: firm Response Feedback: Incorrect

Question 9
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An industry is best defined as a group of firms that: Answer Selected Answer: produce identical or similar products. Correct Answer: produce identical or similar products. Response Feedback: Correct!

Question 10
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Which form of business enterprise accounts for the largest number of firms in the United States? Answer Selected Answer: proprietorship Correct Answer: proprietorship

Response Feedback:

Correct!

Question 11
3.33 out of 3.33 points

Which form of business enterprise accounts for the largest proportion of total output? Answer Selected Answer: corporations Correct Answer: corporations Response Feedback: Correct!

Question 12
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The Sherman Act of 1890 is an example of: Answer Selected Answer: government attempting to maintain competition. Correct Answer: government attempting to maintain competition. Response Feedback: Correct!

Question 13
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The U.S. Food Stamp program, which provides coupons that allow low-income individuals to buy food, is an illustration of: Answer

Selected Answer: the redistributional function of government Correct Answer: the redistributional function of government Response Feedback: Correct!

Question 14
3.33 out of 3.33 points

Government may lessen income inequality by: Answer Selected Answer: doing all of the above. Correct Answer: doing all of the above. Response Feedback: Correct!

Question 15
3.33 out of 3.33 points

As a proportion of domestic outputs, taxes in the United States: Answer Selected Answer: are lower than in most other industrially advanced countries Correct Answer: are lower than in most other industrially advanced countries Response Feedback: Correct!

Question 16
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The major source of tax revenue for the Federal government is: Answer Selected Answer: personal income taxes Correct Answer: personal income taxes Response Feedback: Correct!

Question 17
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The physical export of motorcycles from the United States to Mexico best illustrates a: Answer Selected Answer: trade flow Correct Answer: trade flow Response Feedback: Correct!

Question 18
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The physical import of DVD players to the United States from Japan best illustrates a: Answer Selected Answer:

trade flow Correct Answer: trade flow Response Feedback: Correct!

Question 19
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The spending by Americans while traveling in Europe best illustrates a: Answer Selected Answer: financial flow Correct Answer: financial flow Response Feedback: Correct!

Question 20
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The emigration of software designers from India to the United States best illustrates a(n) Answer Selected Answer: resource flow Correct Answer: resource flow Response Feedback: Correct!

Question 21

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The purchase by an American firm of the right to produce a prescription drug patented in Germany best illustrates a: Answer Selected Answer: technology flow Correct Answer: technology flow Response Feedback: Correct!

Question 22
0 out of 3.33 points

Which of the following statements is correct? Answer Selected Answer: The United States' exports and imports are larger absolutely and as a percentage of GDP than any other nation's. Correct Answer: The United States' exports and imports are absolutely larger than any other nation's, but the exports and imports of many other nations are a larger percentage of their GDPs. Response Feedback: Incorrect

Question 23
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The United States' most important trading partner in terms of dollar volume is: Answer

Selected Answer: Canada Correct Answer: Canada Response Feedback: Correct!

Question 24
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Which of the following countries has recently emerged as one of the world's top trading nations in terms of total trade volume? Answer Selected Answer: China Correct Answer: China Response Feedback: Correct!

Question 25
3.33 out of 3.33 points

According to the concept of comparative advantage, a good should be produced in that nation where: Answer Selected Answer: its domestic opportunity cost is least. Correct Answer: its domestic opportunity cost is least.

Response Feedback:

Correct!

Question 26
3.33 out of 3.33 points

If the equilibrium exchange rate changes so that it takes more dollars to buy a British pound, then: Answer Selected Answer: the dollar has depreciated in value. Correct Answer: the dollar has depreciated in value. Response Feedback: Correct!

Question 27
3.33 out of 3.33 points

If incomes rise rapidly in the United States and U.S. preferences for foreign goods strengthen, we would expect: Answer Selected Answer: the dollar to depreciate in value. Correct Answer: the dollar to depreciate in value. Response Feedback: Correct!

Question 28
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Protective tariffs are:

Answer Selected Answer: excise taxes or duties placed on imported products Correct Answer: excise taxes or duties placed on imported products Response Feedback: Correct!

Question 29
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Import quotas are: Answer Selected Answer: maximum limits on the quantity or total value of specific products imported to a nation. Correct Answer: maximum limits on the quantity or total value of specific products imported to a nation. Response Feedback: Correct!

Question 30
3.33 out of 3.33 points

Export subsidies are: Answer Selected Answer: government payments to domestic producers to enable them to charge lower prices and sell more goods in world markets

Correct Answer: government payments to domestic producers to enable them to charge lower prices and sell more goods in world markets Response Feedback: Correct!