Tag: Economics – Others

22. In the circular flow, if taxes are greater than government expenditure, the economy will have
a deficit.
a trade deficit.
a recession.
a surplus.

All of these should be understood and appreciated about another society for a thorough cross-cultural analysis except:
Values
Symbols
Customs
Laws
Languages

True or False: Trade restrictions limiting the sale of more economical foreign goods in the United States are necessary to protect the prosperity of Americans. True False
True
False

Question 29If the power of the national government is dependent upon local unitssystem is said to be aconfederation.unitary system.federalist system.separation of powers.

The development process is usually accompanied by all these changes except
lower inequality
lower share of agricultural labor
lower infant mortality
higher literacy rates

Question 8Which of the following is NOT a characteristic of the changing world population?Getting more sedentary.Getting older.Becoming more urban.Becoming less informed.

Question 3An improvement in economic conditions would likely shift thesupply curve down and to the right and shift the demand curve forfunds up and to the right.truefalse

The four terms used to describe the characteristics of systems are: Homeostasis, equilibrium, disequilibrium, and steady state. The following definitions are true except:

Question 92In a tit-for-tat strategy, a playerstrikes first.waits to respond to cheating.holds to the “punishment” strategy indefinitely.responds immediately to cheating.

Question 19
An effective price floor will
force some firms in this industry to go out of business.
result in a product surplus.
result in a product shortage.
clear the market.