21) If a tax cut increases aggregate demand more than aggregate supply, real GDP ________ and the price level ________. A) increases; rises B) increases; falls C) decreases; rises D) decreases; falls E) increases; does not change 22) How could an expansionary fiscal policy increase real GDP and lower the price level? A) if aggregate supply decreases more than aggregate demand increases B) if […]

  31.              The JDS refers to: a.job design satisfaction b.the survey instrument used to measure the elements in the Job Characteristics Model c.the job design survey used to measure the degree of satisfaction with the job due to redesign efforts consistent with the job characteristics theory d.job enrichment, design of job, and satisfaction with the job 32.              The degree to which a job entails completion […]

  41) The natural rate hypothesis concludes that when the inflation rate increases, then in the long run there is A) an upward movement along the short-run Phillips curve. B) a downward movement along the short-run Phillips curve. C) an upward shift of the short-run Phillips curve. D) a downward shift of the short-run Phillips curve. E) no change at all in the short-run Phillips […]

  16.3   Monopoly and Competition Compared   1) Assume someone organizes all farms in the nation into a monopoly. What is the monopoly’s marginal cost curve? A) It is a horizontal line at the competitive industry’s price. B) It is a vertical line at the formerly competitive industry’s quantity. C) It is a vertical line at the monopoly’s chosen output level. D) It is the […]

    11) Which of the following goods is directly counted in GDP? A) the lettuce that Subway purchases for its sandwiches B) the bread that Subway purchases for its sandwiches C) a 12-inch Subway sandwich purchased by a student D) the plastic bags that Subway purchases to wrap its sandwiches   12) Which of the following transactions represents the purchase of a final good? […]

    44) The figure above shows the production possibilities frontiers for the United Kingdom and France. What is the opportunity cost of one bushel of wheat in France? A) 1/4 of a pound of fish B) 4 pounds of fish C) 1 pound of fish D) 100 pounds of fish E) 2 pounds of fish   45) The figure above shows the production possibilities […]

  21) The figure above shows the labor market in a region. If a minimum wage of $8 an hour is imposed, then the quantity of labor supplied is ________ and the quantity of labor demanded is ________. A) 60,000; 60,000 B) 80,000; 40,000 C) 40,000; 60,000 D) 60,000; 40,000 E) 40,000; 40,000 22) The figure above shows the labor market in a region. In […]

  51. (p. 110) Which of the following countries would have the most affinity (score highest) for collectivism (cohesive groups are honored and encouraged)?  A. Great Britain B. Australia C. Canada D. France E. Japan 52. (p. 111) The Uncertainty Avoidance Index measure the tolerance of _____ and _____ among members of a society.  A. social equality; inequality B. self-interest; collective interest C. uncertainty; ambiguity D. primary language; secondary language E. ritual; hierarchy 53. (p. 110-111) Emma Smith has just been hired as a […]

  61. (p. 170) Which of the following statements most accurately describes the impact of boycotts?  A. In general, these policies normally control and rectify situations that caused the boycotts. B. Boycotts are generally not very successful. C. Boycotts are illegal. D. The United Nations encourages boycotts as a means of settling a dispute as opposed to armed conflict. E. Boycotts are least effective against consumer goods. 62. (p. 174) Which of the following would NOT […]

  12.1   Perfectly Competitive Markets   1) Assume the market for organic produce sold at farmers’ markets is perfectly competitive. All else equal, as more farmers choose to produce and sell organic produce at farmers’ markets, what is likely to happen to the equilibrium price of the produce and profits of the organic farmers in the long run? A) The equilibrium price is likely to […]