Question: Hyperinflation usually occurs as a result of excess borrowing by a government.
Answer Options:
True
False
Answer: True
Question: Deflation is likely to make a country’s trade deficit smaller.
Answer Options:
True
False
Answer: True
Question: When part-time workers switch to full-time work, the unemployment rate remains unchanged.
Answer Options:
True
False
Answer: True
Question: An economy at full employment can still have substantial frictional unemployment.
Answer Options:
True
False
Answer: True
Question: The primary function of an economy is to
Answer Options:
A. Employ workers.
B. Allocate resources.
C. Generate profits.
D. Collect taxes.
Answer: B. Allocate resources.
Question: In a pure market economy, which of the following institutions is assumed to own all of the resources?
Answer Options:
A. Firms
B. Households
C. Government
D. Banks
Answer: B. Households
Question: Mr. Scholes has 2 hobbies, astronomy and stock trading. He keeps meticulous records for both. One day he notices two sheets of paper he left sitting side-by-side on his desk earlier. One tracks the timing of sunspot activity, the other tracks the highs and lows of the stock market. As he stares at the pages, a pattern seems to emerge. The stock market always seems to crash one year after sunspot activity reaches its maximum. As a result, he comes to the conclusion that intense solar activity causes markets to crash. This is an example of
Answer Options:
A. Prediction.
B. Induction.
C. Deduction.
D. Obfuscation.
Answer: B. Induction.
Question: Which of the following statements is most correct?
Answer Options:
A. Successful economies run a budget surplus.
B. Traditional economies rely largely on government to allocate resources.
C. Positive statements reflect value judgments.
D. Institutions play an important role in how resources are allocated.
Answer: D. Institutions play an important role in how resources are allocated.
Question: The Governor of South Dakota recently noticed that home heating costs rise whenever people start wearing heavy winter coats. To protect the citizens of South Dakota from higher heating bills, she decides to ban the wearing of parkas in the state. This is an example of
Answer Options:
A. Normative analysis.
B. The fallacy of composition.
C. Mistaking correlation for causation.
D. Excessive abstraction.
Answer: C. Mistaking correlation for causation.
Question: Which of the following does it take to disprove a theory?
Answer Options:
A. A strong logical counterargument
B. Empirical evidence to the contrary
C. A deeply held belief that the theory isn’t true
D. A vote of the majority
Answer: B. Empirical evidence to the contrary
Question: Bruce runs a small company that manufactures chainsaws and shotguns for S-Mart. His current opportunity cost of another shotgun is 0.125 chainsaws. What is the current opportunity cost of another chainsaw for Bruce?
Answer Options:
A. 8 shotguns
B. There isn’t enough information to answer this question.
C. 12.5 shotguns
D. 0.125 shotguns
Answer: A. 8 shotguns
Thought for 57 seconds
Sure, here are the Biology questions 1 to 25 formatted as you requested: