[{"id":214289,"question":"Suppose the demand curve for a good shifts rightward, causing the equilibrium price to increase this increase in the price of the good results in.","choices":[{"text":"A rightward shift of the supply curve","value":"A"},{"text":"An increase in quantity supplied","value":"B"},{"text":"A leftward shift of the supply curve","value":"C"},{"text":"A leftward movement along the supply curve","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":214288,"question":"To determine the total demand for all consumers sum the quantity each consumer demands.","choices":[{"text":"At a given price","value":"A"},{"text":"At all prices and then sum this amount across all consumers","value":"B"},{"text":"Both a and b will generate the same total demand","value":"C"},{"text":"None of the above","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":214287,"question":"If government regulations prohibit the production of a particular good the demand curve for that good will most likely.","choices":[{"text":"Shift leftward","value":"A"},{"text":"Shift rightward","value":"B"},{"text":"Remain unchanged","value":"C"},{"text":"Disappear","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":214286,"question":"An increases in the demand curve for orange juice would be illustrated as a.","choices":[{"text":"Leftward shift of the demand curve","value":"A"},{"text":"Right ward shift of the demand curve","value":"B"},{"text":"Movement up along the demand curve","value":"C"},{"text":"Movement down along the demand curve","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":214285,"question":"If the price of automobiles were to decrease substantially the demand curve for public transpiration would most likely.","choices":[{"text":"shift rightward","value":"A"},{"text":"Shift leftward","value":"B"},{"text":"Remain unchanged","value":"C"},{"text":"Remain unchanged while quantity demanded would change","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":214284,"question":"If the price of automobile were to decrease substantially the demand curve for automobiles would most likely.","choices":[{"text":"shift rightward","value":"A"},{"text":"Shift left eard","value":"B"},{"text":"Remain unchanged","value":"C"},{"text":"Become steeper","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":214283,"question":"As the price of a good increases, the change in the quantity demanded can be shown by","choices":[{"text":"Shifting the demand curve leftward","value":"A"},{"text":"Shifting the demand curve rightward","value":"B"},{"text":"Moving down along the same demand curve","value":"C"},{"text":"Moving up long the same demand curve","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":214282,"question":"Holding all other factors constant consumers demand more of a good the","choices":[{"text":"Higher its price","value":"A"},{"text":"Lower its price","value":"B"},{"text":"Steeper the downward slope of the demand curve","value":"C"},{"text":"Steeper the upward slope of the demand curve","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":214281,"question":"Which of the following is an example of a normative statement.","choices":[{"text":"Since this good is bad for you, you should not consume it.","value":"A"},{"text":"this good is bad for you","value":"B"},{"text":"If you consume this good you will get sick","value":"C"},{"text":"People usually get sick after consuming this good","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":214280,"question":"Most Microeconomic models assume that decision makers wish to.","choices":[{"text":"Make themselves as well off as possible","value":"A"},{"text":"Act selfishly","value":"B"},{"text":"Not cooperate with others","value":"C"},{"text":"None of the above","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":214279,"question":"Economists tend to judge a model based upon","choices":[{"text":"the realty of its assumptions","value":"A"},{"text":"The accuracy of its predications","value":"B"},{"text":"Its simplicity","value":"C"},{"text":"Its complexity","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":214278,"question":"The purpose of making assumptions in economic model building is to.","choices":[{"text":"Force the model to yield the correct answer","value":"A"},{"text":"Minimize the amount of work an economist must do","value":"B"},{"text":"simplify the model while keeping important details.","value":"C"},{"text":"Express the relationship mathematically.","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":214277,"question":"If export's are a constant proportion of GNP such that E = 18 GNP, find the level of imports that would represent a zero trade balance when GNP = 10,000","choices":[{"text":"180","value":"A"},{"text":"555","value":"B"},{"text":"1,800","value":"C"},{"text":"5,555","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":214276,"question":"Prohibiting a trade between two people","choices":[{"text":"Will promote economic efficiency","value":"A"},{"text":"Probably Will inhibit productive efficiency","value":"B"},{"text":"Might be necessary if resources are to be put to their most highly valued uses","value":"C"},{"text":"Will have no effect on other persons.","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":214275,"question":"Trade based on comparative advantage assures that.","choices":[{"text":"Only the strongest suvrive","value":"A"},{"text":"Some people are rich and others are poor","value":"B"},{"text":"Each item is produced using the least amount of time needed to produce it","value":"C"},{"text":"Each item is produced at as low a cost possible in terms of other things given up","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":214274,"question":"according to factor price equalization theorem, if country A is labor abundant then once trade opens.","choices":[{"text":"Wages and rents should fall in A","value":"A"},{"text":"Wages and rents should rise in A","value":"B"},{"text":"Wages should rise and rents should fall in A","value":"C"},{"text":"Wages should fall and rents should rise in A","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":214273,"question":"Small nations with more than one major trading partner lend to peg the value of their currencies to.","choices":[{"text":"gold","value":"A"},{"text":"silver","value":"B"},{"text":"a single currency","value":"C"},{"text":"a basket of currencies","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":214272,"question":"Small nations whose trade and financial relationships are mainly with a single partner tend to utilize.","choices":[{"text":"Pegged exchange rates","value":"A"},{"text":"Freely floating exchanged rates","value":"B"},{"text":"Managed floating exchange rates","value":"C"},{"text":"Crewing exchange rates.","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":214271,"question":"Which exchange rate system does not require monetary reserves for official exchange rate intervention.","choices":[{"text":"Floating exchange rates","value":"A"},{"text":"Pegged exchange rates","value":"B"},{"text":"Managed floating exchange rates","value":"C"},{"text":"Dual exchange rates","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":214270,"question":"Which exchange rate mechanism calls for frequent redefining of the par value by small amounts to remove payments disequilibrium.","choices":[{"text":"Dual exchange rates","value":"A"},{"text":"Adjustable pegged exchange rates","value":"B"},{"text":"Managed floating exchange rates","value":"C"},{"text":"Crawling pegged exchange rates.","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":214269,"question":"Which exchange rate mechanism is intended to insulates the balance of payments from short term capital movements while providing exchange rate stability for commercial transactions.","choices":[{"text":"Dual exchange rates","value":"A"},{"text":"Managed floating exchange rates","value":"B"},{"text":"Adjustable pegged exchange rates","value":"C"},{"text":"Crawling pegged exchange rates.","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":214268,"question":"The exchange rate system that best characterizes the present international monetary arrangement used by industrialized countries is.","choices":[{"text":"Freely fluctuating exchange rates","value":"A"},{"text":"Adjustable pegged exchange rates","value":"B"},{"text":"Managed floating exchange rate.","value":"C"},{"text":"Pegged or fixed exchange rates","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":214267,"question":"The balance of trade can only worsen if income_______ relative to absorption","choices":[{"text":"Increases","value":"A"},{"text":"Decreases","value":"B"},{"text":"Does not change","value":"C"},{"text":"None of the above","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":214266,"question":"The balance of trade can only worsen if income________ relative to absorption","choices":[{"text":"Increases","value":"A"},{"text":"Decreases","value":"B"},{"text":"Adjustment mechanism","value":"C"},{"text":"Currency contract period","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":214265,"question":"the_____________ analysis considers the ability of domestic and foreign prices to adjust to devaluation in the short run.","choices":[{"text":"Pass through","value":"A"},{"text":"Absorption","value":"B"},{"text":"Adjustment mechanism","value":"C"},{"text":"currency contract period","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":214264,"question":"The asset market approach is most helpful in explaining.","choices":[{"text":"Why exchange rate remain quite stable","value":"A"},{"text":"Why government change their money supplies","value":"B"},{"text":"Long term exchange rate movements","value":"C"},{"text":"Short term exchange rate movements","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":214263,"question":"Exchange rate overshooting often occur because.","choices":[{"text":"Domestic prices adjust slowly to shifts in demand","value":"A"},{"text":"Military spending increases during military's confects","value":"B"},{"text":"Elasticities are smaller in the long run than the short run","value":"C"},{"text":"Elasticities are smaller in the short run than the long run.","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":214262,"question":"When the price of foreign currency the exchange is above the equilibrium level.","choices":[{"text":"an excess supply of that currency exists in the foreign exchange market.","value":"A"},{"text":"an excess demand for that currency exists in the foreign exchange market","value":"B"},{"text":"The supply of foreign exchange shifts outward to the right","value":"C"},{"text":"the supply of foreign exchange shifts backward to the left","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":214261,"question":"When the price of foreign currency exchange is above the equilibrium level.","choices":[{"text":"An excess demand for that currency exists in the foreign exchange market.","value":"A"},{"text":"An excess supply of the currency exists in the foreign exchange market","value":"B"},{"text":"The demadn for foreign exchange shifts outward to the right","value":"C"},{"text":"The demand for foreign exchange shifts backward to the left.","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":214260,"question":"The relationship between the exchange rate ad the prices of tradable goods is known as the.","choices":[{"text":"Purchasing power parity theory","value":"A"},{"text":"Asset markets theory","value":"B"},{"text":"Monetary theory","value":"C"},{"text":"Balance of payments theory","value":"D"},{"value":"E"}],"correctAnswer":1}]