Mastersolution

Question 1 of 10 The branch of economics that examines the impact of choices on aggregates in the economy is: A. positive economics. B. normative economics. C. macroeconomics. D. microeconomics. Question 2 of 10 When we are forced to make choices we are facing the concept of: A. ceteris paribus. B. free goods. C. scarcity. D. the margin. Question 3 of 10 An economic system is the set of rules that define _______ and _______ . A. resources; prices B. who gets to vote; when elections will be held ...

Question 1 of 20 Economics is the study of: A. increasing the level of productive resources so there is maximum output in society. B. increasing the level of productive resources so there is a minimum level of income. C. how people, institutions, and society make choices under conditions of scarcity. D. the efficient use of scarce resources paid for at the minimum level of cost to consumers and businesses. Question 2 of 20 Which of the following is not a central focus of the "economic perspectiv...

Question 1 of 20 The representative firm in a purely competitive industry: A. Will always earn a profit in the short run B. May earn either an economic profit or a loss in the long run C. Will always earn an economic profit in the long run D. Will earn an economic profit of zero in the long run Question 2 of 20 An example of a monopolistically competitive industry would be: A. Steel B. Soybeans C. Electricity D. Retail clothing Question 3 of 20 Firms in an industry will not earn long-run economi...

Question 1 of 10 What is the status quo? A. a populist revolt that replaces the corrupt elites B. keeping things as is C. lack compassion for the underprivileged members of society D. supply side economic theory Question 2 of 10 A movement that starts from the bottom up rather than top down is called what? A. grassroots B. public interest C. direct D. trade association Question 3 of 10 Political action committees: A. are usually run by liberal Democrats. B. are the perfect example of the inheren...

Question 1 of 10 Which regulatory branch of the federal government has the greatest influence on policy for the mass media? A. Central Intelligence Agency B. Federal Election Commission C. Federal Communications Commission D. Ministry of Communications Question 2 of 10 Which statement about social and economic policy is the most accurate? A. Social and economic policies are clearly independent of each other. B. Being a free society, the U.S. only has economic policies and isn't involved in the ...

Question 1 of 40 5.0/ 5.0 Points Suppose, in the figure above that the rate regulator imposes price I. In response, the monopolist will: A. lower price and increase quantity, leading to increased consumer surplus. B. increase price and decrease quantity, leading to decreased consumer surplus. C. keep quantity the same and accept reduced profits. D. cease producing the good. Question 2 of 40 5.0/ 5.0 Points The Hawaii’s Keiki (Child) Care insurance program was halted because: A. the program...

Question 1 of 10 Which method of selection is used to choose civil servants? A. merit B. patronage C. seniority D. executive privilege Question 2 of 10 Which statement about Social Security is the most accurate? A. The program invests in primarily in stocks. B. Americans can opt out of the program and invest independently. C. Working Americans are part of Social Security whether they want or not, but they can still invest independently and privately in addition to Social Security. D. The program...

Question 1 of 10 The United States court system is best considered to be: A. populist B. presidential C. adversarial D. parliamentary Question 2 of 10 Congress plays a role in the federal courts that includes: A. Authorizing all federal courts below the Supreme Court. B. Approving the federal courts’ budget. C. Defining the jurisdiction of the federal courts. D. All of the above Question 3 of 10 Federal judges are nominated by the president and confirmed by: A. The Supreme Court B. The Vice Pr...

Question 1 of 10 Which of the following can a president do through executive order? A. Mandate a higher wage for federal employees. B. Require the Supreme Court to hear a case. C. Force Congress to repeal a law. D. Raise federal income taxes. Question 2 of 10 Which is a power of the president to determine immigration policy? A. Provide U.S. Immigration and Customs Enforcement with instructions and priorities for deportation of immigrants residing illegally in the U.S. B. Ignore a federal law if...

Question 1 of 10 What is main purpose of taxes? A. promote fairness B. modify citizen behavior C. provide funds to run the government D. subsidize jobs Question 2 of 10 What is the title of the presiding officer of the House of Representative? A. Majority Whip B. Majority Leader C. Chief Justice D. Speaker of the House Question 3 of 10 What is the filibuster? A. a procedure in the House to pass a proposed bill B. a procedure that takes advantage of the Senate's open debate rules to defeat or de...