简答题The most important reason why households and societies face many decisions is that _______. A、resources are scarce B、goods and services are not scarce C、incomes fluctuate with business cycles D、people, by nature, tend to disagree简答题Large or persistent inflation is almost always caused by ______. A、excessive government spending B、excessive growth in the quantity of money C、foreign competition D、higher-than-normal levels of productivity简答题Government policies can change the costs and benefits that people face. Those policies have the potential to ______. A、alter people’s behavior B、alter people’s decisions at the margin C、produce results that policymakers did not intend. D、All of the above are correct.简答题For markets to work well, there must be ______. A、market power B、a central planner C、property rights D、abundant, not scarce, resources简答题Inflation is the primary determinant of a country's living standards.简答题Which of the following is NOT generally regarded by economists as a legitimate reason for the government to intervene in a market? A、To promote efficiency. B、To promote equality. C、To enforce property rights. D、To protect an industry from foreign competition.简答题Liu spends an evening studying instead of going to a movie. The opportunity cost to him of studying is ______. A、the improvement in his grades from studying for the evening B、the improvement in his grades from studying minus the enjoyment from the movie C、the enjoyment he would have received if he had gone to the movie D、zero. Since Liu chose to study rather than to go to a movie, the value of studying must have been greater than the value of watching the movie简答题It costs a company 50,009 if it produces an additional beach towel. If the company produces 5,000 beach towels then ______. A、its average cost is greater than its marginal cost B、its average cost and its marginal cost are equal C、its average cost is less than its marginal cost D、there is insufficient information to compute average and marginal costs简答题Causes of market failure include ______. A、externalities and market power B、market power and incorrect forecasts of consumer demand C、externalities and foreign competition D、incorrect forecasts of consumer demand and foreign competition简答题Which of the following firms is most likely to have market power? A、A grocery store in a metropolitan area, B、A gas station in a suburb, C、A pub in a college town. D、The only hotel in a rural area.简答题When the government redistributes income from the wealthy to the poor, ______. A、efficiency is improved, but equality is not B、both wealthy people and poor people benefit directly. C、people work less and produce fewer goods and services D、the government collects more revenue in total简答题Shane receives 100. Finally he decides on Option B. The opportunity cost of this decision is ______. A、the value to Shane of the option he would have chosen had Option B not been available B、the value to Shane of Options A, C and D combined C、100简答题Economists are particularly adept at understanding that people respond to ______. A、laws B、incentives C、punishments more than rewards D、rewards more than punishments简答题The income of a typical worker in a country is most closely linked to which of the following? A、Population. B、Productivity. C、Market power. D、Government policies.简答题Inflation measures the increase in the quantity of goods and services produced from each hour of a worker's time.简答题The short-run tradeoff between inflation and unemployment implies that, in the short run, ______. A、a decrease in the growth rate of the quantity of money will be accompanied by an increase in the unemployment rate B、an increase in the growth rate of the quantity of money will be accompanied by an increase in the unemployment rate C、policymakers are able to reduce the inflation rate and, at the same time, reduce the unemployment rate D、policymakers can influence the inflation rate, but not the unemployment rate简答题Which of the following words and phrases best captures the notion of equality? A、Minimum waste. B、Maximum benefit. C、Sameness. D、Efficiency.简答题Laws that restrict the smoking of cigarettes in public places are examples of government intervention that is intended to reduce A、efficiency B、equality C、externalities D、productivity简答题The slow growth of U.S. incomes during the 1970s and 1980s can best be explained by ______. A、unstable economic conditions in Eastern Europe B、increased competition from abroad C、a decline in the rate of increase in U.S. productivity D、a strong U.S. dollar abroad, hurting U.S. exports简答题The amount of goods and services produced from each unit of labor input is called _____. A、opportunity cos B、productivity C、externality D、marginal benefit