Question 1 Which position would Adam Smith most likely support during a congress
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Question 1 Which position would Adam Smith most likely support during a congressional debate on tax reform? (5 points)
-Income taxes should be decreased to the same rate for everyone.
-Income taxes should be abolished and replaced with a national sales tax.
-Income taxes should be increased regardless of ability to pay.
-Income taxes should be reduced to a minimal level and be based on ability to pay.
Question 2 Marx would most likely support a plan for (5 points)
-government ownership of most production
-creating a worldwide free trade agreement
-eliminating income taxes on the wealthy
-income taxes based on ability to pay
Question 3 The government determines prices for goods and services in a (5 points)
-market economy
-traditional economy
-demand economy
-command economy
Question 4 Which of the following describes a developing nation? (5 points)
-A command economy with a low Human Development Index
-A mixed economy with a high Human Development Index
-A market economy with a high per capita income
-A market economy with trillion-dollar gross domestic product
Question 5 A nation has a high Human Development Index and a high gross domestic product. Which of the following factors might result in classification of the nation as developing rather than developed? (5 points)
-A high per capita income
-A command economy
-Mechanization of farms
-A full market economyn
Question 6 Which of the following economic goals focuses on equal opportunities for education? (5 points)
-Equity
-Freedom
-Growth
-Security
Question 7 Marcel takes out student loans and works part time to put himself through college. In time, he earns an advanced medical degree and goes to work in an understaffed city -hospital. Marcel's economic decisions benefit the goal of efficiency by (5 points)
-making his own job-related decisions
-paying back loans to reduce the debt
-contributing to the nation's productivity
-taking advantage of equal opportunities
Question 8 Two countries produce milk and dairy products efficiently. Neither has an absolute advantage. However, Country A exports milk to Country B, and Country A imports cotton from Country B. Which of the following is inferred? (5 points)
-The opportunity cost of producing milk is lower for Country A.
-The opportunity cost of producing cotton is higher for Country B.
-Country A has a natural resource advantage in cotton.
-Country B has a natural resource advantage in milk.
Question 9 Worker hours to produce one unit of natural gas Worker hours to produce one unit of oil Brazil 4 9 Argentina 2 10 Mexico 3 7 United States 1 6 According to the chart, which -country has the comparative advantage in oil production? (5 points)
-Brazil
-Mexico
-Argentina
-United States
Question 10 The United States can manufacture books at a much more rapid pace than manufacturers in Indonesia. Which of the following is a reason? (5 points)
-Indonesia, as a developed country, has a highly paid and experienced workforce.
-Indonesia, as a developing country, has a less advanced manufacturing infrastructure.
-The United States, as a developing country, has a high comparative advantage in manufacturing.
-The United States, as a developed country, has a lower cost of living than Indonesia.
Question 11 A group of nations establishes a free-trade zone. What is the most likely effect? (5 points)
-Cost of trade increases
-Exports decrease
-Imports decrease
-Trade increases
Question 12 The United States may have a tariff on cotton products from China in order to (5 points)
-prevent Chinese manufacturers from losing profit because of low prices
-protect the business of the American cotton growers and manufacturers
-stop trade due to political disagreement on economic policy
-promote sales in the United States of cotton products from China
Question 13 A Chinese international salesperson hoping to increase exports to the U.S. may worry about inflation of the U.S. dollar because the inflation may (5 points)
-increase the United States' supply of Chinese products
-decrease tariffs on Chinese products sold to the United States
-increase taxes on the United States' products sold to China
-reduce the United States' demand for Chinese products
Question 14How would a strong U.S. dollar impact the trade of grain produced in the United States? (5 points)
-U.S. grain exports decrease
-U.S. grain exports increase
-U.S. grain imports decrease
-U.S. grain imports stagnate
Question 15 Which of these can be a result of inflation? (5 points)
-Businesses grow cautious about spending
-The government has to cut spending
-The price of household items increases
-Workers benefit from a lower cost of living
Question 16 If the inflation rate increases faster than their income, people will most likely (5 points)
-use a higher proportion of their incomes on basic needs
-spend a lower proportion of their incomes on basic needs
-get more goods and services for less money
-obtain less goods and services for less money Flag this Question
Question 17 To increase your standard of living, your wages must (5 points)
-rise faster than the inflation rate
-rise more slowly than the inflation rate
-keep pace with the inflation rate
-have a negative inflation rate
Question 18 Look at the map showing the European Union (EU) and its free-trade agreement (FTA) countries. Which is true about most current EU free-trade agreements? (5 points)
-The European Union's free-trade agreements are with all of the most developed nations in the world.
-The European Union's free-trade agreements include agreements with both developed and developing nations.
-The European Union's free-trade agreements focus on nations with access to overland trade routes.
-The European Union's free-trade agreements focus on the Southern Hemisphere, as distant countries have access to goods not grown in Europe.
Explanation / Answer
1. Income taxes should be reduced to a minimal level and be based on ability to pay.
2. government ownership of most production
3. command economy
4. A command economy with a low Human Development Index
5. A command economy
plz ask rest question in another post
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