англ 101-150

. Left alone, a ~ will not provide enough public goods. It is difficult to prove that, on balance, the ~ sector is more or less efficient than the ~ sector. We often use the term ~ when referring to the economy of modern “market” system because of the governmental ~ in facilitating, modifying and correcting the operation of this system.

• market system, public, private, mixed capitalism, role.

• mixed capitalism, public, private, market system, role

• mixed capitalism, public, private, role, market system

• public, private, market system, mixed capitalism, role

• none above

In a market economy, the question of which products will be made is decided by ~ , and whether those products will continue to be made depends on ~. The concept of equity deals with the question of who gets ~ and who gets ~.

• consumer demand, consumer satisfaction, more, less.

• demand, satisfaction, more, less

• consumer, demand, consumer, satisfaction, more, less

• more, less, consumer demand, consumer satisfaction.

• none above.

A ~ schedule shows how much of a good individuals are able and willing to buy at ~ prices during a given period of time. A ~ schedule shows how much of a product suppliers are willing and able to supply at every ~ price during a given period.

• demand, various, supply, possible

• supply, demand, various, possible

• demand, supply, possible, various

• demand, supply, various, possible.

• none above

The heart of the economic problem is how to

• use scarce resources for competing ends.

• keep inflation down and employment up.

• distribute income throughout the society to generate a greater demand for consumer goods.

• achieve equity in the distribution of goods and services.

• none above.

In our economic system, the distribution of goods and services follows

• distribution of income.

• full employment

• technological advances

• a drop in unemployment

• none above

In an economy that is utilizing its resources at less than full capacity, any increase in employment of these resources will

• move the level of production closer to the frontier.

• result in a more equitable distribution of output

• increase the economy’s allocative efficiency.

• shift the production-possibilities frontier to the right.

• none above

Fundamental to economics is the principle that there is an opportunity cost to devoting resources to a particular product unless there is

• unemployment or underemployment

• full employment

• operation of the economy on the production-possibilities frontier.

• a potential for unrest on the employment front

• none above

Failure to achieve full employment is most apparent when the underutilized resource is

• land
• labour

• entrepreneurship.

• capital
• none above

Which of the following is not true of inflation? It

• necessarily reduces the standard of living

• may generate problems of equity.

• may have an uneven effect on the redistribution of income.

• results from excessive demand for consumer products.

• none above.

In an economic model, the production-possibilities frontier indicates

• possible combinations of various products that an economy can produce with its existing resources

• whether an economy is growing

• how efficient an economy is.

• combinations of various products that provide equal satisfaction.

• none above