Essentials of economics 10th edition free download

A larger number than imports for the United States. A negative number when calculating GDP. Goods and service that are shipped abroad. The goods and services purchased from foreign sources are: A. Imports are goods and services which are purchased from foreign sources. Imports: A.

Are goods and services sold to foreigners. Increase the value of GDP. Are a larger dollar value than exports for the United States. Equal exports in dollar value for most countries. We import more goods and service than we export. GDP is the sum of consumption, investment, government purchases, and: A. The factors of production. Capital stock. Exports are factored into GDP. Equal to the value of exports minus the value of imports. Positive if the U. A larger portion of GDP than investment. Always equal to zero.

The value of exports minus the value of imports equals net exports. Net exports measures the: A. Total dollar value of U. Dollar amount of imports. Quantity of goods produced abroad. Dollar value of exports minus the dollar value of imports. The decline in employment in the farm sector in the U. New technology that made it possible to grow more food with fewer workers.

An increase in the importance of the manufacturing sector. Competition from imported agricultural products. A decline in the amount of food consumption per person. New technology makes it possible to grow more food with fewer workers.

Construction and mining. The relative decline in manufacturing is due primarily to the rapid expansion of the service sector. Manufacturing, government, and services. Farming, international trade, and manufacturing. Services, government, and international trade. Services, farming, and construction. The service industry and the government generate over 70 percent of total output. About oneeighth of the output Americans produce is exported.

Currently, the U. A service economy. A manufacturing economy. An agricultural economy. A government economy. The trend for growth in the service industry is predicted to grow. Ninety-eight percent of net job growth between and will be in service industries. Which of the following sectors contributes the largest amount to the U.

The service sector generates over percent of total output. Which sector is expected to grow most rapidly for the United States in the future? Farming since Americans are getting fatter. Services since Americans have high relative incomes. Manufacturing since Americans demand more and more luxury items. Mining since Americans use a lot of natural resources. The service industry is predicted to contribute 98 percent of job growth in the next ten year.

Which of the following plays an increasingly important role in the U. International trade. Advances in communications and transportation technologies make international trade and investment easier. The growth of international trade for the United States has been enhanced by: A. An increase in trade barriers. Improved communication and transportation technologies.

A decline in the government and services sectors. An increase in domestic manufacturing. Money is not a factor of production. The factors of production: A. Are unlimited for the United States since the country is so wealthy. Include land, capital, and money.

Are the resource inputs used to produce goods and services. Include consumption, investment and government spending. The factors of production are: Land, Labor, Capital and Entrepreneurship.

Abundant factors of production. Labor-intensive production process. High levels of investment in human capital. High quality of capital. The high productivity of the U. Which of the following contribute to high levels of U. Labor-intensive production. Barriers to trade. Immigration restrictions. Capital intensive means: A. The production process uses a high ratio of capital to labor inputs.

The production process uses a high ratio of labor to capital inputs. The production process is inefficient because it requires too much capital. That there are fewer jobs for workers and the economy will begin to decline. The use of capital goods is at a higher level than the use of labor.

Learning Objective: Explain why the U. A capital-intensive production process: A. Reduces productivity because few workers are being employed. Is necessary if a country has few factors of production. Uses a high ratio of capital to labor inputs. Is used in poor countries. America invests each year in better plants and equipment. American production is described as capital intensive, which means that: A.

Foreign investment is relatively small. The ratio of machinery to labor is high. The ratio of labor to machinery is high. Government control of production processes is high. In the production of goods, more capital goods are used than labor.

Productivity measures: A. The dollar value of investment. Final goods minus intermediate goods. The total amount of goods produced in the United States. Productivity defines how much a worker is capable of producing.

Capital intensity of the production process. Investment in human capital. Scarcity of plant and equipment. America invests in better plants and equipment and educated workers. Which of the following does NOT contribute to an increase in productivity? Technological advances. High quantity of labor. Highly skilled labor. Quantity of workers does not contribute to an increase in productivity. It is the quality of the workers that is most important.

Education and job training are part of: A. Business investment spending. Consumer spending on durables since the impact is long lasting. Human capital investment. Factor mobility refers to: A. How easily factors of production can be reallocated. The quantity of resources a country has. How rapidly resources depreciate. The quality of the factors of production. Continuing ability to produce the goods and services that consumers demand also depends on the ability to reallocate resources from one industry to another.

When World War II ended some resources moved easily from the production of military goods to the production of consumer goods which is referred to in economics as: A. Production equality.

Capital adaptation. Resource flexibility. Factor mobility. Factor mobility is the agility in reallocating resources from one industry to another. The primary way to distinguish among corporations, partnerships, and proprietorships is by observing: A. Ownership characteristics. The size of the industry. The number of firms in each classification. The size of profits. A single proprietorship is a firm owned by one individual.

A partnership is owned by a small number of individuals. Sole proprietorships: A. Are each owned by many individual stockholders. Are owned by one individual. Account for most business sales and assets. Are the least common type of business firm. The characteristic of a proprietorship is one owner. Proprietorships: A. Dominate market transactions.

Are owned by many individual stockholders. Are known for their large assets. Are the most common type of business firm. In terms of numbers, the single proprietorship is the most common type of business firm in America. Most businesses in the U. In the United States, corporations: A. Are owned by one or two people. Corporations account for almost 90 percent of all business sales. Which of the following is NOT true about U.

The owners have limited liability for the actions of the company. They account for the majority of business sales. They are the most common type of business firm.

Proprietorships are the most common type of business firm. In the United States, government regulation is primarily designed to: A. Protect the environment through government ownership of natural resources. Prevent businesses from competing with each other. Protect labor, consumers, and the environment. Government lays the foundation for market transactions, protecting consumers, labor and the environment.

Which of the following is NOT viewed as a role for the U. Providing a legal framework for business. Owning the factors of production. Protecting consumers from exploitation. Protecting the environment. In a mixed economic system, the factors of production are owned by individuals. Limits environmental pollution.

Forbids the use of child labor. Sets a minimum wage. Follows a policy of laissez faire. If the government followed the doctrine of laissez faire hands off ; it would not be involved in the HOW to produce question. A monopoly is: A. A firm that produces the entire market supply of a particular good or service. Not likely to charge a high price because if it does consumers will switch to a different product. Rarely affected by government regulation since there is only one firm in the industry.

The most common type of U. A monopoly is a sole producer of a good and could dictate price, quality, and the quantity of the product. A firm that produces the entire market supply of a certain good or service is known as: A.

A competitive firm. An oligopoly. A monopsony. A monopoly. A monopoly is a sole producer of a good and could dictate price, quality and the quantity of the product. A market characterized as a monopoly: A. Prices tend to be lower and output tends to be higher. Output tends to be lower and prices tend to be higher.

Quality and output tend to be higher. Prices tend to be lower and quality tends to be higher. The term externalities refers to: A. Agile: Essentials of Team and Project Management. This perspective is evident throughout Essentials of Economics. The art and practice of strategic planning, effective problem solving, and lasting results. As in earlier editions, the eleventh edition strives to engage students by illustrating economics with examples of applied economy theory found in real-world institutions, policy debates, and global developments.

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