Which BEST explains why Sub-Saharan Africa has a lower population density than other regions?

Low productivity of agricultural lands

Which of the following BEST describes a perfectly competitive market?

Participants understand the market price

Africanization policies attempted to

industrialize national economies

The tragedy of the commons highlights the

problems with overusing public goods

Kwame Nkrumah pursued large public investment projects to

Reduce dependence on commodity exports

African rulers MOST likely participated in the Atlantic slave trade to

Strengthen their political position

Compared to accounting costs, economic costs include

Opportunity costs related to production

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AcDec Econ Comprehensive

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Econ Prep

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Questions 31

Answers

1
If Michael added some unsold bikes to inventory, then what would happen to GDP?
Consumption increases
Net Exports Increase
Investments Increase
Net Imports Decrease
2
Which BEST explains why Sub-Saharan Africa has a lower population density than other regions?
Lack of natural resources
Low productivity of agricultural lands
Harsh climate zones
Unstable political institutions
3
Which of the following concepts MOST affects total revenue?
Imports
Elasticity
Equilibrium
Comparative Advantange
4
Which of the following BEST describes a perfectly competitive market?
Suppliers directly interact with their distributors
Consumers dictate the price of the good
Participants understand the market price
Supply curves are inelastic
5
Africanization policies attempted to
Raise foreign capital
industrialize national economies
Force Europeans to grant independence
implement neoliberal reforms
6
Supply tends to be more elastic when
producer surpluses exceed consumer surpluses
the velocity of money is high
market exit is easy
interest rates are low
7
Scarcity primarily causes consumers to
call for price reductions
save money
look for better jobs
evaluate opportunity costs
8
Which of the following regions has the HIGHEST GDP per capita?
East Asia and the Pacific
Sub-Saharan Africa
North America
The European Union
9
The tragedy of the commons highlights the
market power of the private sector
limitations on fiscal policy
inefficiencies of the public sector
problems with overusing public goods
10
Expansions describe a(n)
Feature of price elasticity
Period of economic activity
Characteristic of production cycles
Method of increasing the money supply
11
Which of the companies MUST have their rates approved by public agencies in the US?
Electronic firms
Internet service providers
Pharmaceutical companies
Electric power companies
12
Which of the factors has contributed MOST to rising levels of production in the US?
political changes
population expansion
financial efficiencies
leveraged currency
13
To which of the following quantities is GDP equivalent?
production
average interest rate
the velocity of money
unemployment rates
14
Which of the countries has the HIGHEST GDP per capita?
India
Brazil
China
Mexico
15
A firm will primarily experience diminishing returns with increases in its
fixed costs
loan amounts
money supply
total production
16
According to the law of demand, demand increases when
nominal GDP rises
savings remain stable
interest rates increase
market prices fall
17
Economics MOST focuses on how individuals
Participate in market demand
Allocate scare resources
develop economic institutions
Make systems efficient
18
Assume a rapid decrease in pineapple production does NOT change pricing. This supply is
unit inelastic
perfectly elastic
unit elastic
perfectly inelastic
19
The Berg Report primarily critiqued African
Monetary institutions
Political systems
Banking practices
Interventionist policies
20
Kwame Nkrumah pursued large public investment projects to
Reduce dependence on commodity exports
Establish a national monetary system
End reliance on foreign debt
Attract foreign investment
21
Which of the following mechanisms could create a monopoly?
Price floors
Copyright laws
Tax decreases
Money supply increases
22
What is the MOST common form of imperfect competition?
cartels
monopoly
oligophy
monopolistic competition
23
Which principle asserts the importance of the private market in resolving externalities?
Coase Theorem
Varian Rule
Say's Law
Okun's Law
24
Which institution does tax revenue PRIMARILY benefit?
Governments
Trade Organizations
Banks
Markets
25
Capital goods play an important role in the
rise of monopoly markets
Production of other goods
Capital flow model of the economy
Calculation of real GDP
26
European indirect rule in Africa occurred in part due to
reforms imposed by international associations
The Atlantic slave trade
the Pan-African Congresses
small colonial administrations
27
How did the rise of Islam MOST promote a unified trading network?
It spread a common language
It promoted a unified political system
It provided important economic treatises
It ended military raids
28
Microeconomics focuses on the
role of money markets
fluctuations of economic cycles
development of fiscal policy
operation of specific markets
29
Which of the following examples is a highly organized market?
New York Stock Exchange
Wall Street
The Mall of America
Amazon
30
African rulers MOST likely participated in the Atlantic slave trade to
Prevent European colonization
Stop Christian missionary activity
Strengthen their political position
Spread their religion
31
Compared to accounting costs, economic costs include
Fixed costs related to future investments
Marginal costs produced by firms
Variable costs determined by consumers
Opportunity costs related to production

AcDec Econ Comprehensive Flashcards | StudBud