Democracy essay discussion I am needing help in my American Government class. The essay discussion should have at least 200 words or more. I was hoping to

Democracy essay discussion I am needing help in my American Government class. The essay discussion should have at least 200 words or more. I was hoping to get this done today. I will have everything attached below. I loaded the book down below but the topic you could pull from ch. 8-10. C h a p t e r
1
Topic: Definition of Economics
Skill: Conceptual
Definition of Economics
5)
A)
B)
C)
D)
Topic: Incentives
Skill: Recognition
1)
A)
B)
C)
D)
An incentive
could be a reward but could not be a penalty.
could be a penalty but could not be a reward.
could be either a reward or a penalty.
is the opposite of a tradeoff.
Topic: Definition of Economics
Skill: Conceptual
6)
A)
B)
C)
D)
Topic: Definition of Economics
Skill: Recognition
The most fundamental economic problem is
security.
scarcity.
health.
the fact the United States buys more goods from
foreigners than we sell to foreigners.
Topic: Definition of Economics
Skill: Conceptual
7)
Topic: Definition of Economics
Skill: Conceptual
A)
B)
C)
D)
A)
Economics is best defined as the study of how
people, businesses, governments, and societies
choose abundance over scarcity.
make choices to cope with scarcity.
use their infinite resources.
attain wealth.
B)
C)
D)
Which is the most accurate definition of the study
of economics? Economics is the study of
the distribution of surplus goods to those in
need.
affluence in a morally bankrupt world.
the choices we make because of scarcity.
ways to reduce wants to eliminate the problem
of scarcity.
Answer: C
Answer: B
Topic: Microeconomics and Macroeconomics
Skill: Recognition
Topic: Definition of Economics
Skill: Conceptual
4)
A)
B)
C)
D)
As an economic concept, scarcity applies to
both money and time.
money but not time.
time but not money.
neither time nor money.
Answer: A
Answer: B
3)
Scarcity requires that people must
cooperate.
compete.
trade.
make choices.
Answer: D
Answer: C
2)
A)
B)
C)
D)
WHAT IS
ECONOMICS?
8)
Economists point out that scarcity confronts
neither the poor nor the rich.
the poor but not the rich.
the rich but not the poor.
both the poor and the rich.
A)
B)
C)
D)
Answer: D
Which of the following is a macroeconomic
topic?
The reasons for a rise in the price of orange
juice.
The reasons for the rise in average prices.
Why plumbers earn more than janitors.
Whether the army should buy more tanks or
more rockets.
Answer: B
1
2
CHAPTER 1
Topic: Microeconomics and Macroeconomics
Skill: Recognition
Topic: Microeconomics and Macroeconomics
Skill: Recognition
9) Which of the following is a microeconomic topic?
A) The reasons why Kathy buys less orange juice.
B) The reasons for a decline in average prices.
C) The cause of why total employment may decrease.
D) The effect of the government budget deficit on
inflation.
13) The analysis of the behavior of individual decision-making units is the definition of
A) microeconomics.
B) positive economics.
C) macroeconomics.
D) normative economics.
Answer: A
Topic: Microeconomics and Macroeconomics
Skill: Recognition
Answer: A
Topic: Microeconomics and Macroeconomics
Skill: Conceptual
10) Microeconomics focuses on all of the following
EXCEPT
A) the purchasing decisions that an individual consumer makes.
B) the effect of increasing the money supply on inflation.
C) the hiring decisions that a business makes.
D) the effect of an increase in the tax on cigarettes
on cigarette sales.
14) Which of the following topics would be studied
in a microeconomics course?
A) How a trade agreement between the United
States and Mexico affects both nations’ unemployment rates.
B) Comparing inflation rates across countries.
C) How rent ceilings impact the supply of apartments.
D) How a tax rate increase will impact total production.
Answer: B
Answer: C
Topic: Microeconomics and Macroeconomics
Skill: Recognition
Topic: Microeconomics and Macroeconomics
Skill: Conceptual
11) In broad terms the difference between microeconomics and macroeconomics is that
A) they use different sets of tools and ideas.
B) microeconomics studies decisions of individual
people and firms and macroeconomics studies
the entire national economy.
C) macroeconomics studies the effects of government regulation and taxes on the price of individual goods and services whereas microeconomics does not.
D) microeconomics studies the effects of government taxes on the national unemployment rate.
15) Which of the following is a macroeconomic issue?
A) How a rise in the price of sugar affects the market for sodas.
B) How federal government budget deficits affect
interest rates.
C) What determines the amount a firm will produce.
D) The cause of a decline in the price of peanut
butter.
Answer: B
Answer: B
Topic: Microeconomics and Macroeconomics
Skill: Conceptual
12) Studying the determination of prices in individual
markets is primarily a concern of
A) positive economics.
B) negative economics.
C) macroeconomics.
D) microeconomics.
16) Which of the following is an issue in macroeconomics?
A) the purchasing decisions that an individual consumer makes
B) the effect of increasing the money supply on inflation
C) the hiring decisions that a business makes
D) the effect of an increase in the tax on cigarettes
on cigarette sales
Answer: D
Answer: B
Topic: Microeconomics and Macroeconomics
Skill: Recognition
WHAT IS ECONOMICS?
3
Topic: Microeconomics and Macroeconomics
Skill: Conceptual
Topic: What Goods and Services Are Produced?
Skill: Conceptual
17) Macroeconomic topics include
A) total, nationwide employment.
B) studying what factors influence the price and
quantity of automobiles.
C) studying the determination of wages and production costs in the software industry.
D) the impact of government regulation of markets.
21) U.S. producers decide to produce more compact
cars and fewer SUVs as the price of gasoline rises.
Producers are answering the ____ question.
A) “what”
B) “how”
C) “when”
D) “how many”
Answer: A
Answer: A
Topic: Microeconomics and Macroeconomics
Skill: Recognition
Topic: What Goods and Services Are Produced?
Skill: Conceptual
18) Macroeconomics is the branch of economics that
studies
A) prices of individual goods.
B) the way individual markets work.
C) the economy as a whole.
D) important, as opposed to trivial, issues.
22) The question “Should movies or compact discs be
produced?” is an example of the
A) “what” question.
B) “how” question.
C) “where” question.
D) “for whom” question.
Answer: C
Answer: A
Two Big Economic Questions
Topic: What Goods and Services Are Produced?
Skill: Conceptual
19) When an economy produces more houses and
fewer typewriters, it is answering the ____ question.
A) “what”
B) “how”
C) “where”
D) “for whom”
Answer: A
Topic: What Goods and Services Are Produced?
Skill: Conceptual
20) When firms in an economy start producing more
computers and fewer televisions, they are answering the ____ question.
A) “when”
B) “for whom”
C) “what”
D) “where”
Answer: C
Topic: Trends in Production
Skill: Recognition
23) Which of the following statements is correct?
A) The United States produces more goods than
services.
B) The United States produces more services than
goods.
C) The percentage of people producing goods in
the United States has steadily increased over the
last 60 years.
D) The United States produces an equal amount of
goods and services.
Answer: B
Topic: Trends in Production
Skill: Recognition
24) Which of the following is correct concerning production in the United States?
A) The percentage of people employed in farming
has decreased over the last 60 years.
B) The percentage of people employed in manufacturing has increased over the last 60 years.
C) The percentage of people employed in construction has increased over the last 60 years.
D) The percentage of people employed in services
has decreased over the last 60 years.
Answer: A
4
Topic: How Are Goods and Services Produced?
Skill: Conceptual
25) When China builds a dam using few machines
and a great deal of labor, it is answering the ____
question.
A) “what”
B) “how”
C) “where”
D) “for whom”
Answer: B
Topic: How Are Goods and Services Produced?
Skill: Conceptual
26) When a textile company keeps track of its inventory using a computer and its competitor uses a
spreadsheet and pencil, they are both answering
the ____ question.
A) “what”
B) “how”
C) “for whom”
D) “where”
Answer: B
Topic: Human Capital
Skill: Recognition
27) Human capital is
A) all capital owned by individuals, but not by corporations or governments.
B) all capital owned by individuals or corporations,
but not by governments.
C) machinery that meets or exceeds federal safety
standards for use by humans.
D) the skill and knowledge of workers.
Answer: D
Topic: Entrepreneurship
Skill: Recognition
28) Entrepreneurs do all of the following EXCEPT
A) organize labor, land, and capital.
B) come up with new ideas about what, how, when
and where to produce.
C) bear risk from business decisions.
D) own all the other resources.
Answer: D
CHAPTER 1
Topic: For Whom are the Goods and Services
Produced?
Skill: Conceptual
29)
A)
B)
C)
D)
To answer the “for whom” question, we study
the global economy.
income differences.
business cycles.
technological change.
Answer: B
Topic: For Whom are the Goods and Services
Produced?
Skill: Conceptual
30) The fact that people with higher incomes get to
consume more goods and services addresses the
____ question.
A) “for whom”
B) “when”
C) “where”
D) “how”
Answer: A
Topic: Factors of Production
Skill: Conceptual
31) Which of the following is NOT a factor of production?
A) the water used to cool a nuclear power plant.
B) the effort of farmers raising cattle.
C) the wages paid to workers.
D) the management skill of a small business owner.
Answer: C
Topic: Factors of Production
Skill: Conceptual
32) Which of the following is NOT a factor of production?
A) a new computer used by a small business owner.
B) the time worked by elementary school teachers.
C) a tractor used by a wheat farmer.
D) a share of stock issued by a firm.
Answer: D
Topic: Labor
Skill: Conceptual
33) An autoworker is considered ____ and earns
____.
A) labor; rent.
B) entrepreneurship; wages.
C) labor; wages.
D) capital; rent.
Answer: C
WHAT IS ECONOMICS?
5
Topic: Labor
Skill: Conceptual
Topic: How Tradeoff
Skill: Conceptual
34) Overtime worked by a JCPenney associate is considered ____ and earns ____.
A) labor; wages.
B) entrepreneurship; profit.
C) human capital; interest.
D) labor; profit.
38) The “how” tradeoff occurs when
A) a firm decides to produce refrigerators instead of
dishwashers.
B) a farm uses machinery to pick oranges instead of
employing migrant workers.
C) the government increases income taxes paid by
the rich.
D) we answer the macroeconomic question.
Answer: A
The Economic Way of Thinking
Topic: What Tradeoff
Skill: Conceptual
35) When a university decides to add to the football
stadium instead of adding to the baseball stadium,
it faces the
A) “what” tradeoff.
B) “how” tradeoff.
C) “for whom” tradeoff.
D) macroeconomic question.
Answer: B
Topic: For Whom Tradeoff
Skill: Conceptual
39) When the government decides to provide tax relief for small businesses while placing higher taxes
on large corporations, it is facing the
A) “what” tradeoff.
B) “how” tradeoff.
C) “for whom” tradeoff.
D) macroeconomic question.
Answer: A
Answer: C
Topic: What Tradeoff
Skill: Conceptual
Topic: Tradeoff and Opportunity Cost
Skill: Conceptual*
36) When a farmer decides to increase the amount of
acreage devoted to wheat and grow fewer acres of
soybeans, the farmer is facing the
A) “what” tradeoff.
B) “how” tradeoff.
C) “for whom” tradeoff.
D) microeconomic question.
Answer: A
Topic: How Tradeoff
Skill: Conceptual
37) When a photographer decides to use a digital
camera to take shots versus using film, the photographer is facing the
A) “what” tradeoff.
B) “how” tradeoff.
C) “for whom” tradeoff.
D) microeconomic question.
Answer: B
40)
A)
B)
C)
D)
Because we face scarcity, every choice involves
money
the question “what.”
giving up something for nothing.
an opportunity cost
Answer: D
Topic: Opportunity Cost
Skill: Recognition
41) The term used to emphasize that making choices
in the face of scarcity involves a cost is
A) substitution cost.
B) opportunity cost.
C) utility cost.
D) accounting cost.
Answer: B
Topic: Opportunity Cost
Skill: Recognition
42) The loss of the highest-valued alternative defines
the concept of
A) marginal benefit.
B) scarcity.
C) entrepreneurship.
D) opportunity cost.
Answer: D
6
CHAPTER 1
Topic: Opportunity Cost
Skill: Recognition
Topic: Opportunity Cost
Skill: Conceptual
43)
A)
B)
C)
D)
47) During the summer you have made the decision
to attend summer school, which precludes you
from working at your usual summer job in which
you normally earn $6,000 for the summer. Your
tuition cost is $3,000, books and supplies cost
$300, and room and board cost $1,000. The opportunity cost of attending summer school is
A) $10,300.
B) $6,000.
C) $4,300.
D) $3,300.
Opportunity cost means
the accounting cost minus the marginal cost.
the highest-valued alternative forgone.
the accounting cost minus the marginal benefit.
the monetary costs of an activity.
Answer: B
Topic: Opportunity Cost
Skill: Recognition
44)
A)
B)
C)
D)
The opportunity cost of any action is
all the possible alternatives forgone.
the highest-valued alternative forgone.
the time required but not the monetary cost.
the monetary cost but not the time required.
Answer: B
Topic: Opportunity Cost
Skill: Recognition
45) The opportunity cost of something you decide to
get is
A) all possible alternatives that you give up to get it.
B) the highest valued alternative you give up to get
it.
C) the lowest valued alternative you give up to get
it.
D) the amount of money you pay to get it.
Answer: B
Topic: Opportunity Cost
Skill: Conceptual
46)
A)
B)
C)
D)
The ultimate cost of any choice is
the dollars expended.
the highest-valued alternative forgone.
the after-tax cost.
what someone else would be willing to pay.
Answer: B
Answer: A
Topic: Opportunity Cost
Skill: Conceptual
48) On Saturday morning, you rank your choices for
activities in the following order: go to the library,
work out at the gym, have breakfast with friends,
and sleep late. Suppose you decide to go to the library. Your opportunity cost is
A) working out at the gym, having breakfast with
friends, and sleeping late.
B) working out at the gym.
C) zero because you do not have to pay money to
use the library.
D) not clear because not enough information is
given.
Answer: B
Topic: Opportunity Cost
Skill: Conceptual
49) You decide to take a vacation and the trip costs
you $2,000. While you are on vacation, you do
not report to work where you could have earned
$750. The opportunity cost of the vacation is
A) $2,000.
B) $750.
C) $2,750.
D) $1,250
Answer: C
WHAT IS ECONOMICS?
7
Topic: Opportunity Cost
Skill: Conceptual
Topic: Opportunity Cost
Skill: Conceptual
50) When an action is chosen, the highest-valued
alternative NOT chosen is called the
A) implicit cost.
B) explicit cost.
C) accounting cost.
D) opportunity cost.
54) Which of the following is NOT an example of an
opportunity cost?
A) By spending Thursday night studying for an
economics exam, a student was unable to complete a homework assignment for calculus class.
B) Because David used all of his vacation time to
paint his house, he was unable to visit the Caribbean last year.
C) Because Mary is now being paid a higher wage,
she can afford to buy a new car even though she
is moving into a bigger apartment.
D) By choosing to attend college, Jean was not able
to continue working as an electrician; as a result,
she gave up more than $85,000 in earnings
while she was in college.
Answer: D
Topic: Opportunity Cost
Skill: Conceptual
51) The term “opportunity cost” points out that
A) there may be such a thing as a free lunch.
B) not all individuals will make the most of life’s
opportunities because some will fail to achieve
their goals.
C) executives do not always recognize opportunities
for profit as quickly as they should.
D) any decision regarding the use of a resource involves a costly choice.
Answer: D
Topic: Opportunity Cost
Skill: Conceptual
52) During the next hour John can play basketball,
watch television, or read a book. The opportunity
cost of reading a book
A) is how much the book cost when it was purchased.
B) is the value of playing basketball if John prefers
that to watching television.
C) is the value of playing basketball and the value
of watching television.
D) equals how much John enjoys the book.
Answer: B
Topic: Opportunity Cost
Skill: Conceptual
53) Misty has the option of purchasing one of three
products: Brand A, Brand B, or Brand C. Each
costs ten dollars. If she decides that Brand A
meets her needs best, then the opportunity cost of
this decision is
A) Brand B plus Brand C.
B) twenty dollars.
C) Brand A.
D) Brand B or Brand C, depending on which is
considered the highest-value alternative forgone.
Answer: D
Answer: C
Topic: Opportunity Cost
Skill: Conceptual
55) From 8 to 11 p.m., Sam can either attend a basketball game, a hockey match or the symphony.
Suppose that Sam decides to attend the hockey
match and thinks to herself that if she did not go
to the match she would go to the symphony.
Then the opportunity cost of attending the
hockey match is
A) going to the symphony and the basketball game.
B) going to the symphony.
C) going to the basketball game.
D) three hours of time.
Answer: B
Topic: Opportunity Cost
Skill: Analytical
56) When the government chooses to use resources to
build a dam, these sources are no longer available
to build a highway. This choice illustrates the
concept of
A) a market mechanism.
B) macroeconomics.
C) opportunity cost.
D) a fallacy of composition.
Answer: C
8
CHAPTER 1
Topic: Marginal Benefit/Marginal Cost
Skill: Recognition
57) Marginal benefit is the benefit
A) that your activity provides to someone else.
B) of an activity that exceeds its cost.
C) that arises from the secondary effects of an activity.
D) that arises from an increase in an activity.
Answer: D
Topic: Marginal Benefit
Skill: Recognition
58) The benefit that arises from an increase in an activity is called
A) the marginal benefit.
B) the marginal cost.
C) opportunity cost.
D) an incentive.
Answer: A
Topic: Marginal Cost
Skill: Recognition
59)
A)
B)
C)
D)
Marginal cost is the cost
that your activity imposes on someone else.
that arises from an increase in an activity.
of an activity that exceeds its benefit.
that arises from the secondary effects of an activity.
Answer: B
Topic: Marginal Benefit/Marginal Cost
Skill: Conceptual*
60) Laura is a manager for HP. When Laura must
decide whether to produce a few additional printers, she is choosing at the margin when she compares
A) the total revenue from sales of printers to the total cost of producing all the printers.
B) the extra revenue from selling a few additional
printers to the extra costs of producing the
printers.
C) the extra revenue from selling a few additional
printers to the average cost of producing the additional printers.
D) HP’s printers to printers from competing companies, such as Lexmark.
Answer: B
Economics: A Social Science
Topic: Positive and Normative
Skill: Recognition
61)
A)
B)
C)
D)
In economics, positive statements are about
the way things ought to be.
the way things are.
macroeconomics, not microeconomics.
microeconomics, not macroeconomics.
Answer: B
Topic: Positive and Normative
Skill: Recognition
62)
A)
B)
C)
D)
A positive statement is
about what ought to be.
about what is.
the result of a model’s normative assumptions.
valid only in the context of a model with simple
assumptions.
Answer: B
Topic: Positive and Normative
Skill: Recognition
63)
A)
B)
C)
D)
A positive statement is
about what ought to be.
about what is.
always true.
one that does not use the ceteris paribus clause.
Answer: B
Topic: Positive and Normative
Skill: Recognition
64) A positive statement
A) is an affirmi…
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