Test Bank Solutions For M: Economics, The Basics 4th Edition By Mandel PDF

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Test Bank, Solutions Manual, ebook, CONNECT Assignments and Learn Smart Quizzes for M: Economics, The Basics 4th Edition By Mike Mandel
ISBN10: 126022676X , ISBN13: 9781260226768...

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Assignment Print View

5/19/2020

1.

Award: 10.00 points

Technological change is a key force in shaping today's economy.

 

True False

There are three main forces shaping today's economy: technological change, globalization, and the evolution of financial markets. References True / False

2.

Difficulty: 1 Easy

Learning Objective: 01-02 Identify three of the main forces shaping todays economy.

Award: 10.00 points

Globalization is the increasing exchange of goods, services, ideas, and people within a country.

 

True False

Globalization is the increasing exchange of goods, services, ideas, and people among, not within, countries. References True / False

https://ezto.mheducation.com/hm.tpx

Difficulty: 1 Easy

Learning Objective: 01-02 Identify three of the main forces shaping todays economy.

1 /4

5/19/2020

3.

Assignment Print View

Award: 10.00 points

Technological change is the only reason for globalization.

 

True False

Technological change by itself is not enough to explain the pull of globalization. Most people accept that being open to the global economy brings enormous advantages. References True / False

4.

Difficulty: 1 Easy

Learning Objective: 01-02 Identify three of the main forces shaping todays economy.

Award: 10.00 points

A laissez-faire economy has minimal government regulations or laws affecting the economy.

 

True False

A laissez-faire economy has few or no government regulations or laws. References True / False

Difficulty: 2 Medium Learning Objective: 01-03 Explain the debate over the role of government in the economy.

5/19/2020

5.

Assignment Print View

Award: 10.00 points

History suggests that economic competition is the most consistent force for economic growth and progress.

 

True False

A company has a much stronger incentive to innovate and to produce a better and cheaper product if it knows that its rival is trying to take its customers. References True / False

6.

Difficulty: 2 Medium Learning Objective: 01-03 Explain the debate over the role of government in the economy.

Award: 10.00 points

Deregulation includes reducing governmental control over some aspects of private industry, while increasing control of others.

 

True False

Deregulation is the process of reducing government control over markets. References True / False

Difficulty: 2 Medium Learning Objective: 01-03 Explain the debate over the role of government in the economy.

5/19/2020

7.

Assignment Print View

Award: 10.00 points

The gross domestic product is the dollar value of all goods and services produced by the economy.

 

True False

Gross domestic product is the dollar value of the total output of a national economy over a one-year period. References True / False

8.

Difficulty: 1 Easy

Learning Objective: 01-04 Define economics and discuss how prosperity is measured.

Award: 10.00 points

Most economists agree on the amount of government intervention necessary in an economy.

 

True False

Many leading economic theories lead to different answers to the question about the amount and type of government intervention that is necessary for the proper functioning of an economy. References True / False

Difficulty: 1 Easy

Learning Objective: 01-05 Name some key disagreements in economics.

5/19/2020

9.

Assignment Print View

Award: 10.00 points

A centrally planned economy encourages investment and innovation.

 

True False

Centrally planned economies seem to do poorly in the long run. Top-down management reduces insecurity, but at the cost of reducing incentives to innovate and make improvements. References True / False

10.

Difficulty: 2 Medium Learning Objective: 01-03 Explain the debate over the role of government in the economy.

Award: 10.00 points

Economics is the study of how individuals, businesses, and governments make decisions and trade-offs in the face of scarce resources.

 

True False

Economics is the study of how individuals, businesses, and governments make decisions and trade-offs in the face of scarce resources. References True / False

Difficulty: 1 Easy

Learning Objective: 01-04 Define economics and discuss how prosperity is measured.

5/19/2020

11.

Assignment Print View

Award: 10.00 points

Technological change has always been the most critical factor in raising living standards, even going as far back as the development of the

  steam

engine.



iPod.



microprocessor.



fluorescent light.

From the development of the steam engine, the automobile, and electricity through the creation of computers and the Internet, technological change has been the most critical factor in raising living standards. References Multiple Choice Difficulty: 1 Easy

12.

Learning Objective: 01-02 Identify three of the main forces shaping todays economy.

Award: 10.00 points

Globalization is the exchange of



workers and jobs



communications

  goods, services, ideas, and

among countries.

people

 money and other financial assets Globalization is the increasing exchange of goods, services, ideas, and people among countries. References Multiple Choice Difficulty: 1 Easy

Learning Objective: 01-02 Identify three of the main forces shaping todays economy.

5/19/2020

13.

Assignment Print View

Award: 10.00 points

Which of the following is not part of an economy's financial markets?

 The residential mortgage  The stock

market

market

 Banks and brokerage firms   Political action

committees

Financial markets are the parts of the economy connected with borrowing, investing, or transferring money. References Multiple Choice Difficulty: 1 Easy

14.

Learning Objective: 01-02 Identify three of the main forces shaping todays economy.

Award: 10.00 points

In a centrally planned economy, decisions are made by

 private businesses.  large

corporations.

 low-level government 

employees.

top-level government officials.

Most economic activities in a centrally planned economy are controlled by the government. References Multiple Choice Difficulty: 2 Medium Learning Objective: 01-03 Explain the debate over the role of government in the economy.

5/19/2020

15.

Assignment Print View

Award: 10.00 points

In recent years, China and India have prospered economically by introducing

 more central 

planning.

greater government intervention.

 a stronger central 

bank.

more competition through markets.

Developing countries such as China and India have prospered by introducing more elements of a U.S. style economy, including more competition, start-ups of new companies, and much less top-down management by the government. References Multiple Choice Difficulty: 2 Medium Learning Objective: 01-03 Explain the debate over the role of government in the economy.

5/19/2020

16.

Assignment Print View

Award: 10.00 points

Governments generally take responsibility for

 deciding what is produced by most businesses.  determining the moral

code.

  making sure the economy remains healthy.

 the purchasing decisions of households. The government issues money, insures bank deposits, and regulates the banks and the financial system to maintain a healthy economy. References Multiple Choice Difficulty: 2 Medium Learning Objective: 01-03 Explain the debate over the role of government in the economy.

17.

Award: 10.00 points

Over the past 30 years, most countries have moved in the direction of less intervention by government, a process known as

 central   

planning.

economic competition. deregulation. marginalization.

Deregulation is the process of reducing government control over industries. References Multiple Choice Difficulty: 1 Easy

Learning Objective: 01-03 Explain the debate over the role of government in the economy.

5/19/2020

18.

Assignment Print View

Award: 10.00 points

Historically, the most consistent force for economic growth and progress has been



government regulation.

 the gross domestic  

product.

technology integration. economic competition.

History suggests that economic competition is the most consistent force for growth and progress. References Multiple Choice Difficulty: 2 Medium Learning Objective: 01-03 Explain the debate over the role of government in the economy.

19.

Award: 10.00 points

The gross domestic product is calculated by adding up the

 value of all goods and services produced by domestic companies abroad.  number of all tangible goods produced in a domestic economy.   value of all goods and services produced within the

nation.

 value of services produced domestically and goods produced overseas. Gross domestic product is the dollar value of the total output of an economy, based on final goods and services produced in a year. References Multiple Choice Difficulty: 1 Easy

https://ezto.mheducation.com/hm.tpx

Learning Objective: 01-04 Define economics and discuss how prosperity is measured.

10/ 41

5/19/2020

20.

Assignment Print View

Award: 10.00 points

Poorer countries started to develop economically when they

  

pretended the rest of the world didn't exist. began to produce what the rest of the world wanted. raised tariffs on imported goods, such as steel and aluminum.

 protected domestic manufacturing

jobs.

Incomes in countries such as Korea, China, and India started rising at a rapid rate only when they focused on producing what the rest of the world wanted. The rest of the answer choices are examples of "pulling up the drawbridge," which usually causes countries to fall behind. References Multiple Choice Difficulty: 1 Easy

21.

Learning Objective: 01-02 Identify three of the main forces shaping todays economy.

Award: 10.00 points

A laissez-faire economy has

 a large amount of government regulation.  a centrally planned economy.  rules that promote social equality. 

very little government regulation of the economy.

A laissez-faire economy has few government regulations or laws. References Multiple Choice Difficulty: 2 Medium Learning Objective: 01-03 Explain the debate over the role of government in the economy.

https://ezto.mheducation.com/hm.tpx

11 /4

5/19/2020

22.

Assignment Print View

Award: 10.00 points

Top-down management of an economy by the government generally

 produces exceptional results in economic growth.  creates incentives and opportunities for businesses to expand.  

causes significant increases in GDP.

leads to low rates of economic growth.

Top-down management reduces insecurity, but at the cost of reducing incentives to innovate and make improvements. References Multiple Choice Difficulty: 2 Medium Learning Objective: 01-03 Explain the debate over the role of government in the economy.

23.

Award: 10.00 points

Which of the following is not a monetary measure of economic prosperity?

 Annual household  

income

Household consumption Life expectancy

 Gross domestic

product

There are several different monetary ways to measure economic prosperity such as gross domestic product, data on wages and benefits, annual household income, and household consumption. References Multiple Choice Difficulty: 1 Easy

Learning Objective: 01-04 Define economics and discuss how prosperity is measured.

5/19/2020

24.

Assignment Print View

Award: 10.00 points

Besides the gross domestic product, another measure of how well an economy is doing is

  annual household

income.

 government tax rates.  presidential popularity

polls.

 publications in economic journals. There are several different ways to measure economic prosperity such as gross domestic product, data on wages and benefits, annual household income, and household consumption. References Multiple Choice Difficulty: 1 Easy

25.

Learning Objective: 01-04 Define economics and discuss how prosperity is measured.

Award: 10.00 points

Which of the following countries is not among the 10 largest economies in the world?



Israel



China



Brazil



India

See Figure 1.1 in the text; it shows the GDPs for the 10 largest economies in the world. References Multiple Choice Difficulty: 1 Easy

Learning Objective: 01-04 Define economics and discuss how prosperity is measured.

5/19/2020

26.

Assignment Print View

Award: 10.00 points

Which of the following is part of the U.S. economy’s safety net?

  Social

Security

 Blue Cross and Blue Shield  Church-affiliated soup kitchens  Private health insurance The U.S. safety net consists of government programs such as Social Security, Medicare, Medicaid, unemployment insurance, food stamps, housing subsidies, and tax credits for low-income wage earners. References Multiple Choice Difficulty: 1 Easy

27.

Learning Objective: 01-04 Define economics and discuss how prosperity is measured.

Award: 10.00 points

Which of the following is an example of a technological change that is transforming an industry?



Filet mignon

 Ralph Lauren clothing   Electric

scooters

 Starbucks

coffee

Technological change is an improvement in knowledge that increases the quantity and range of goods and services that the economy can deliver. References Multiple Choice Difficulty: 1 Easy

Learning Objective: 01-02 Identify three of the main forces shaping todays economy.

5/19/2020

28.

Assignment Print View

Award: 10.00 points

Financial markets do not include which of the following?



Banks

 Stock markets  Government regulatory 

agencies

Nonprofit organizations

Financial markets encompass all parts of the economy that have to do with borrowing, investing, or transferring money. References Multiple Choice Difficulty: 1 Easy

29.

Learning Objective: 01-02 Identify three of the main forces shaping todays economy.

Award: 10.00 points

Federal taxes have which of the following effects on the economy?



If taxes are increased, the economy expands due to a balanced budget.

 If taxes are decreased, businesses will invest the difference back into the economy. 

There is no definitive agreement on the effect.

 Lower federal taxes will cause budget surpluses. Some economists believe that higher rates of taxation are preferable, while others believe that tax levels should be lower. References Multiple Choice Difficulty: 1 Easy

Learning Objective: 01-05 Name some key disagreements in economics.

5/19/2020

30.

Assignment Print View

Award: 10.00 points

Over the past 30 years, most countries have moved toward

 more government regulation of the 

economy.

less government regulation of the economy.

 planned central

economies.

 closing the economy to

imports.

Countries that have prospered economically generally have leaned toward less government intervention in the economy. References Multiple Choice Difficulty: 2 Medium Learning Objective: 01-03 Explain the debate over the role of government in the economy.

31.

Award: 10.00 points

Deregulation in the United States began with what industries in the 1970s?

 The oil industry and the postal service  The automobile and food service industries  The agricultural and telecommunications industries 

The airline and trucking industries

President Jimmy Carter started reducing government control over the airline and trucking industries in the late 1970s. References Multiple Choice Difficulty: 2 Medium Learning Objective: 01-03 Explain the debate over the role of government in the economy.

5/19/2020

32.

Assignment Print View

Award: 10.00 points

For the United States, one important benefit of foreign trade is

 less domestic

competition.

 higher tax revenues from tariffs.  reality checks in the economy.   access to cheaper goods and

services.

For rich countries like the United States, the primary benefit of trade is access to cheaper goods and services. References Multiple Choice Difficulty: 1 Easy

33.

Learning Objective: 01-02 Identify three of the main forces shaping todays economy.

Award: 10.00 points

An example of a company that uses financial markets to raise money is

 a local television news website.  your local carryout restaurant.   Ford Motor

Company.

 the Social Security Administration. Ford Motor Company raises money by issuing stocks in the stock market. References Multiple Choice Difficulty: 1 Easy

Learning Objective: 01-02 Identify three of the main forces shaping todays economy.

5/19/2020

34.

Assignment Print View

Award: 10.00 points

The stock market hit bottom in early 2009, and over the next 10 years, average stock market prices

 

continued to fall. tripled in value.

 remained roughly

stable.

...