The Black Death Hit The Shores Of Europe - 983 Words

The Black Death hit the shores of Europe in October 1347. After a long a tough journey, through the Black Sea, twelve ships or Genoese docked at the Sicilian Port. Those who greeted the ships had a horrifying site of dead sailors and the sailors who were alive were greatly ill. It is said that the sailors had awful fevers, were not able to keep food down, and they were covered in black boils that oozed blood and puss. This is where the name Black Death came from. Although the ships were ordered to leave the port, the Black Death claimed the lives of over 20 million people, about one third of the continent’s population during that time, over the next five year.1 In October 1347, twelve ships arrived at the port of Messina in Sicily. This town was one of the stopping points of the trade route from the East that brought silks and spices through the Old Silk Road, then through Crimea, across the Black Sea and into Europe. However, this time there were no silks and spices. The port authorities found scarcely anyone on board. Those who were found on board, had black boils and everything that came out of their body smelled awful. The very presence of the sailors was said to â€Å"deem public health† and were ordered to leave the port.2 The Black Death has been thought to be a mixture of bubonic, septicemic and pneumonic plague. A plague is a disease that are carried by rodents and is endemic to a number of regions of the world. The plague bacillus lives in the bloodstream of smallShow MoreRelatedThe Black Death, Dulce N. Parra1533 Words   |  7 Pages The Black Death Dulce N. Parra Period 3 â€Æ' Through the years of 1347 and 1350, a terrible plague took over Europe. In those three years, the plague killed approximately 25 million people or one-third of Europe’s population. Not one family did not lose a family member to the plague. About one hundred people died daily, and mostly of them were never buried in a proper manner. Their bodies scattered the street of the city unclaimed. This plague was the Black Death, the most deadly natural disasterRead MoreWere the Dark Ages Really so Dark772 Words   |  4 Pagesdark? It was first used when people began to see a contrast between the brilliance of Europe during the time of Roman Empire, the â€Å"light† period, and the sudden deterioration during the centuries after the collapse of Rome. Throughout the time of Roman occupation in Europe, the European economy and culture were thriving. However, when the Empire collapsed in the first millennium AD, Roman influence throughout Europe began to dwindle considerably. The rapid drop in development of Roman ideology was notRead MoreEssay about black death1251 Words   |  6 Pages nbsp;nbsp;nbsp;nbsp;nbsp; Black Death nbsp;nbsp;nbsp;nbsp;nbsp; The people at the Messina Harbor , a port in Northeast Sicily , stood and watched as a Genoese fleet made its way to dock..(Gottfried 141-144). The people standing ashore could by no means conceive of the horror found on board of these ships. The crew had a disease the like of which no one had seen before in the history of western civilization. The harbor masters looked on in complete awe and terror and tried to quarantineRead MoreCause And Effects Of The Black Death1165 Words   |  5 PagesThe Black Death was one of the most devastating worldwide diseases in human history. The plague originated in central Asia and was brought to China by traders and Mongols from 1334-1347. Mongol protection of the trade may have caused the disease to spread along the â€Å"Silk Road† to Crimea. During a Mongol siege against Caffa in 1347, the Mongolian army began to die. The Mongols catapulted the dead bodies into the city where the fleas on the corpses were released into Caffa. In the year 1347, OctoberRead MoreAnalysis Of The Documentary The Plague 1558 Words   |  7 PagesPlague The Plague Documentary Review The documentary focused on the black plague. The plague was a deadly bacterial disease which devastated Middle Age society. The documentary showed how the disease originated, how it spread, and the effects of it on society then and after. The plague started in the east with the Mongols and moved to west through trade with the Europeans. It then spread through fleas on rats on merchant ships in Europe. The disease had beginning symptoms of just fever, chills, and highRead MoreThe Black Death Essay1812 Words   |  8 PagesThe Black Death This paper analyzes the documentary film Secrets of the dead-Mystery of the Black Death. This film discusses about the Black Death, a disease resulting from a combination of bubonic and pneumonic plague, which killed millions of Europeans during the Middle Ages. Researchers in this video clarify the origins of this pandemic/how it spread, the damage it caused on the whole European continent, the theory explaining how some people managed to escape the Black Death and theRead MoreEvents and Impact of Irish Potato Famine Essay982 Words   |  4 Pagespopulation have been left counting the cost of the potato famine which has crippled their harvest and left many starving to death. The British government must shoulder the blame after an ineffective, slow and lacklustre effort to support the farmers and improve conditions. The famine itself started in September 1845 when leaves on potato plants turned black and curled, then rotted, seemingly as a result of fog which had wafted across the fields. This meant that potatoes then Read MoreThe Black Death Of The Plague2265 Words   |  10 Pageswaste to western Europe, killing millions. In Italy, nearly a third of the population died; in England, half. The plague was a looming presence, always in the back of people’s minds. The symptoms of the Black Death caused great strife for westerners. Giovanni Boccaccio, an Italian writer and poet, described the symptoms he saw during the first outbreak of the plague: â€Å"Not such were they as in the East, where an issue of blood from the nose was a manifest sign of inevitable death; but in men a womenRead MoreThe Effects of MTV on American Culture Essay3119 Words   |  13 Pagesthe network, the transformation from simply just music television to inappropriate reality shows, and the promotion of inappropriate content. Historically, MTV was created and first aired on television August 1, 1981. The first words spoken on the hit series were by one of MTV’s creators, John Lack: â€Å"Ladies and gentlemen, rock and roll. Because the network initially began as a program in which video jockeys aired free music videos, the first ever video to be shown was â€Å"Video Killed the Radio Star†Read MoreThe Reconstruction Er Jim Crow Laws2695 Words   |  11 Pagestwentieth century had seen. Starting in the early twentieth century, beaches in Chicago became segregated. On a hot summer day on the 27th of July in 1919, a young black man by the name Eugene Williams went to Chicago’s Twenty-ninth Street Beach with a group of friends, â€Å"The 29th Street beach was for whites, the 25th Street beach for blacks.† While swimming, Williams floated past the imaginary line that segregated the whites from the African-Americans. White bystanders were outraged that Williams had

William Shakespeare s Romeo And Juliet - 1623 Words

2016 is a long way away from the ancient 1595; from the way humans travel to the way they have their homes set up, things have drastically changed. No more do we count on a wooden boat to take a month to bring a shipment from one place to another, but now have airplanes that take a day. People do occasionally go back to the originals, even though it is not necessary. That is how Romeo and Juliet by William Shakespeare is; people read the old tale even though we do not need to. The reason we go so far back to read these works of art is because William Shakespeare had a huge influence on writing, making it almost necessary for people to read his literary style and how it has evolved into the literature of today. His story Romeo and†¦show more content†¦Romeo and Juliet, written about 421 years ago, no longer has a hold on so many readers because of how outdated the play is to today’s literature. A reason for this outcome is the writing style; no one speaks in iamb ic pentameter, even in Shakespeare’s time the public did not speak this way. The Queen herself spoke closely to how we speak in today’s age, but with different word choice due to the vast difference in time from then to now. â€Å"My loving people, we have been persuaded by some, that are careful of our safety. . .† (Queen Elizabeth 1588). How the Queen spoke is easy to understand, and is not as stressed as Shakespeare portrays royalty to speak in his play. When Prince comes out of his castle to stop a feud he says, â€Å" Rebellious subjects, enemies of peace,/ profaners of this neighbor-stained steel. . .† (1.1.81-90). His way of speaking is different than how real people speak, again making it more difficult to understand if not knowledgeable on the phrases and words used by Shakespeare. Yes, knowing more difficult words and how people wrote in the past is an important part of learning literature, but not everyone has the interest to complete t his task, especially most high school students. The difficult language Shakespeare used in his writing made creating a play, like Romeo and Juliet, take longer than a piece normally would since iambic

Econ 1a free essay sample

C. Mexico and Brazil. D. Cuba and North Korea. 4. Of the following countries, which one best exhibits the characteristics of a market economy? A. Canada. B. Cuba. C. North Korea. D. China. 5. The French term laissez-faire means: A. there is no free lunch. B. let it be. C. circular flow. D. public ownership. 6. An economic system: A. requires a grouping of private markets linked to one another. B. is a particular set of institutional arrangements and a coordinating mechanism used to respond to the economizing problem. C. requires some sort of centralized authority (such as government) to oordinate economic activity. D. is a plan or scheme that allows a firm to make money at some other firms expense. 7. The term laissez-faire suggests that: A. land and other natural resources should be privately owned, but capital should be publicly owned. B. land and other natural resources should be publicly owned, but capital should be privately owned. C. government should not interfere with the operation of the economy. D. government action is necessary if the economy is to achieve full employment and full production. 8. Economic systems differ according to which two main characteristics? A. Who owns the factors of production, and the methods used to coordinate economic activity. B. The technology used in production, and the quantity and quality of natural resources. C. How goods are produced, and who gets them. D. The political system in place, and the degree of scarcity facing the economy. 9. Command systems are also known as: A. market systems. B. pure capitalism. C. laissez-faire capitalism. D. communism. 10. A fundamental difference between the command system and the market system is that, in command systems: A. the division of output is decided by central planning rather than by individuals operating freely through markets. B. all economic decisions are made by the government, whereas there is no government in a market system. C. scarcity does not exist, whereas it does in a market system. D. money is not used, whereas it is in a market system. 11. Which of the following is not a characteristic of the market system? A. private property. B. freedom of enterprise. C. government ownership of major industries. D. competition in product and resource markets. 12. Which of the following is a fundamental characteristic of the market system? A. property rights. B. central planning by government. C. unselfish behavior. D. government-set wages and prices. 3. Property rights are important because they: A. ensure an equal distribution of income. B. encourage cooperation by improving the chances of mutually agreeable transactions. C. guarantee that any exchange will make all parties better off than prior to the exchange. D. allow the government to control how resources are allocated. 14. Private property: A. discoura ges cooperation because people dont want to part with what they own. B. discourages innovation, as people are often afraid to risk losing their own property. C. encourages owners to maintain or improve their property, so as to preserve or enhance value. D. does everything indicated by the other answers. 15. Copyrights and trademarks are examples of: A. capital goods. B. human capital. C. property rights. D. public goods. 16. The regulatory mechanism of the market system is: A. self-interest. B. private property. C. competition. D. specialization. 17. Broadly defined, competition involves: A. private property and freedom of expression. B. independently acting buyers and sellers and freedom to enter or leave markets. C. increasing opportunity costs and diminishing marginal utility. D. capital goods and division of labor. 18. Competition means that: A. sellers can manipulate market price by causing product scarcities. B. there are independently-acting buyers and sellers in each market. C. a product can be purchased at a number of different prices. D. there is more than one seller in a market. 19. The division of labor means that: A. labor markets are geographically segmented. B. unskilled workers outnumber skilled workers. C. workers specialize in various production tasks. D. each worker performs a large number of tasks. 20. Specialization in production is important primarily because it: A. results in greater total output. B. llows society to avoid the coincidence-of-wants problem. C. allows society to trade by barter. D. allows society to have fewer capital goods. 21. Specialization-the division of labor-enhances productivity and efficiency by: A. allowing workers to take advantage of existing differences in their abilities and skills. B. avoiding the time loss involved in shifting from one production task to another. C. allowi ng workers to develop skills by working on one, or a limited number, of tasks. D. all of the means identified in the other answers. 22. Specialization in production is economically beneficial primarily because it: A. llows everyone to have a job which they like. B. permits the production of a larger output with fixed amounts of resources. C. facilitates trade by bartering. D. guarantees full employment. 23. On the basis of the above information it can be said that: A. no coincidence of wants exists between any two states. B. a coincidence of wants exists between Michigan and Washington. C. a coincidence of wants exists between Texas and Washington. D. a coincidence of wants exists between Michigan and Texas. 24. On the basis of the above information and assuming trade occurs between the three states we can expect: A. Washington to exchange apples with Texas and receive money in return. B. Washington to exchange apples with Michigan and receive money in return. C. Texas to exchange lettuce with Michigan and receive autos in return. D. Texas to trade lettuce directly for Washington apples. 25. Given the above information and assuming trade occurs between the three states we can expect: A. that there is no means by which Michigan can obtain lettuce while specializing in the production of autos. B. that money will not be needed to accomplish the desired exchanges. C. money to flow counterclockwise from Michigan to Texas to Washington. D. money to flow clockwise from Michigan to Washington to Texas. 26. Barter: A. is the major means of exchange in centrally planned economies. B. accounts for over 30 percent of the dollar volume of all exchange in the U. S. economy. C. entails the exchange of goods for goods. D. is used to circumvent the problem of a lack of coincidence of wants among potential buyers and sellers. 27. The coincidence of wants problem associated with barter refers to the fact that: A. for exchange to occur each seller must have a product that some buyer wants. B. money must be used as a medium of exchange or trade will never occur. C. specialization is restricted by the size or scope of a market. D. buyers in resource markets and sellers in product markets can never engage in exchange. 28. The use of money contributes to economic efficiency because: A. governmental direction of the production and distribution of output can be avoided by using money. B. roundabout production could not occur without the availability of money. C. it is necessary for the creation of capital goods. D. it promotes specialization by overcoming the problems with barter. 29. The presence of market failures implies that: A. oney is not an effective tool for exchange in a market system. B. there is an active role for government, even in a market system. C. individuals and firms should strive to be self-sufficient rather than specialize. D. command systems are superior to market systems in the allocation of resources. 30. Which of the following characteristics is least unique to a market system? A. private ownership of property resources B . competition among buyers and sellers pursuing monetary returns C. the widespread use of money D. freedom of enterprise and choice 31. Which of the following is one of the Five Fundamental Questions? A. Which products will be in scarce supply and which in excess supply? B. Who should appoint the head of the central bank? C. How much should society save? D. What goods and services will be produced? 32. If competitive industry Z is making substantial economic profit, output will: A. fall in industry Z, and firms will likely leave the market. B. fall in all industries except industry Z. C. expand in industry Z, as more resources will move to that industry. D. expand in industry Z, but no new firms will enter the market. 33. From societys point of view the economic function of profits and losses is to: A. romote the equal distribution of real assets and wealth. B. achieve full employment and price level stability. C. contribute to a more equal distribution of income. D. reallocate resources from less desired to more desired uses. 34. In a market economy a significant change in consumers desire for product X will: A. alter the profits or losses received by suppliers of product X. B. c ause a reallocation of scarce resources. C. cause some industries to expand and others to contract. D. do all of these. 35. Economic profits in an industry suggest the industry: A. can earn more profits by increasing product price. B. should be larger to better satisfy consumers desire for the product. C. has excess production capacity. D. is the size that consumers want it to be. 36. Economic profits and losses: A. are both considered by economists to be a part of production costs. B. are essential to the reallocation of resources from less desired to more desired goods. C. have no influence on the composition of domestic output. D. equalize the distribution of income in the long run. 37. If consumer desire for product X increases, all of the following will occur except: A. an increase in the profits of industry X. B. n increase in the quantity of resources employed by industry X. C. an increase in the output of industry X. D. a decrease in the quantity of resources employed in industry X. 38. An increase in consumer desire for strawberries is most likely to: A. increase the number of strawberry pickers needed by farmers. B. reduce the supply of strawberries. C. reduce the number of people willing to pick stra wberries. D. reduce the need for strawberry pickers. 39. If competitive industry Y is incurring substantial losses, output will: A. expand as resources move toward industry Y. B. contract as resources move toward industry Y. C. contract as resources move away from industry Y. D. expand as resources move away from industry Y. 40. The economic function of profits and losses is to: A. bring about a more equal distribution of income. B. signal that resources should be reallocated. C. eliminate small firms and reduce competition. D. tell government which industries need to be subsidized. 41. If a competitive industry is neither expanding nor contracting, we would expect: A. total revenue to be zero. B. economic profits to be zero. C. total opportunity cost to be zero. D. more resources to flow to that industry. 42. The competitive market system: A . encourages innovation because government provides tax breaks and subsidies to those who develop new products or new productive techniques. B. discourages innovation because it is difficult to acquire additional capital in the form of new machinery and equipment. C. discourages innovation because firms want to get all the profits possible from existing machinery and equipment. D. encourages innovation because successful innovators are rewarded with economic profits. 43. In a market economy the distribution of output will be determined primarily by: A. consumer needs and preferences. B. the quantities and prices of the resources that households supply. C. government regulations that provide a minimum income for all. D. a social consensus as to which distribution of income is most equitable. 44. The most efficient combination of resources in producing a given output is the combination that: A. comes closest to using the same quantities of land, labor, capital, and entrepreneurial ability. B. can be obtained for the smallest money outlay. C. uses the smallest total quantity of all resources. D. conserves most on the use of labor. 45. Firms are motivated to minimize production costs because: A. t is the most environmentally friendly way to produce goods. B. least-cost production techniques use the smallest total quantity of resources. C. competitive pressures in the market will drive out higher-cost producers. D. the government provides tax credits and subsidies to low-cost producers. Answer the next question(s) using the following data which show all available tech niques for producing 20 units of a particular commodity: 46. Refer to the above data. In view of the indicated resource prices, the economically most efficient production technique(s) is (are) technique(s): A. #1. B. #2 and #4. C. #3. D. #1 and #3. 47. Refer to the above data. Assuming that the firm is motivated by self-interest and that the 20 units which can be produced with each technique can be sold for $2 per unit, the firm will: A. realize an economic profit of $10. B. realize an economic profit of $4. C. not earn any economic profit. D. shutdown rather than incur a loss by producing. 48. Refer to the above data. If a new production technique is developed that enables a firm to produce 20 units of output with 3 units of land, 3 of labor, 1 of capital, and 2 of entrepreneurial ability, this technique would: A. not be adopted because, although it reduces production costs, it does not increase profit. B. be adopted because it would lower production costs and increase economic profit. C. not be adopted because it entails higher production costs than other available techniques. D. be adopted, even though economic profits would be reduced slightly. Answer the next question(s) on the basis of the following information: Suppose 30 units of product A can be produced by employing just labor and capital in the four ways shown below. Assume the prices of labor and capital are $2 and $3 respectively. 9. Refer to the above information. Which technique is economically most efficient in producing A? A. I B. II C. III D. IV 50. Refer to the above information. If the price of product A is $0. 50, the firm will realize: A. an economic profit of $4. B. an economic profit of $2. C. an economic profit of $6. D. a loss of $3. 51. In a competitive market economy firms select the least-cost production techniqu e because: A. such choices will result in full employment of available resources. B. to do so will maximize the firms profits. C. this will prevent new firms from entering the industry. D. dollar voting by consumers mandates such a choice. 52. The market systems answer to the fundamental question What will be produced? is essentially: A. Goods and services that are profitable. B. Low cost goods and services. C. Goods and service that can be produced using large amounts of capital. D. Goods and services that possess lasting value. 53. The market systems answer to the fundamental question How will the goods and services be produced? is essentially: A. With as much machinery as possible. B. Using the latest technology. C. By exploiting labor. D. Using the least-cost production techniques. 54. The market systems answer to the fundamental question Who will get the goods and services? is essentially: A. Those willing and able to pay for them. B. Those who physically produced them. C. Those who most need them. D. Those who get utility from them. 55. The market systems answer to the fundamental question How will the system accommodate change? is essentially: A. Through government leadership and direction. B. Through the guiding function of prices and the incentive function of profits. C. Through training and retraining programs. D. Through trial and error. 56. The market systems answer to the fundamental question How will the system promote progress? is essentially: A. Through government funded research programs. B. Through redistribution of income to promote greater equality. C. Through training and retraining programs. D. Through the profit potential that encourages development of new technology. 57. The advent of DVDs has virtually demolished the market for videocassettes. This is an example of: A. creative destruction. B. derived demand. C. apital accumulation. D. the difference between normal and economic profits. 58. Consumer sovereignty refers to the: A. fact that resource prices are higher than product prices in capitalistic economies. B. idea that the pursuit of self-interest is in the public interest. C. idea that the decisions of producers must ultimately conform to consumer demands. D. fact that a Federal agency exists to protect consumers from harmful and defective products. 59. The dollar votes of consumers ultimately determine the composition of output and the allocation of resources in a market economy. This statement best describes the concept of: A. derived demand. B. consumer sovereignty. C. the invisible hand. D. market failure. 60. Which of the following is not one of the five fundamental questions? A. What prices will be charged for goods and services? B. Who will get the goods and services? C. What goods and services will be produced? D. How will the system promote progress? 61. Consumer sovereignty means that: A. buyers can dictate the prices at which goods and services will be purchased. B. advertising is ineffective because consumers already know what they want. C. uyers control the quality of goods and services through regulatory agencies. D. buyers determine what will be produced based on their dollar votes for the goods and services offered by sellers. 62. Which of the following best describes the invisible-hand concept? A. The desires of resource suppliers and producers to further their own self-interest will automatically further the public interest. B. The non-substi tutability of resources creates a conflict between private and public interests and calls for government intervention. C. The market system is the best system for overcoming the scarce resources-unlimited wants problem. D. Central direction by the government will improve resource allocation in a capitalistic economy. 63. The invisible hand refers to the: A. fact that the U. S. tax system redistributes income from rich to poor. B. notion that, under competition, decisions motivated by self-interest promote the social interest. C. tendency of monopolistic sellers to raise prices above competitive levels. D. fact that government controls the functioning of the market system. 64. The invisible hand concept suggests that: A. market failures imply the need for a national economic plan. B. ig businesses are inherently more efficient than small businesses. C. the competitiveness of a capitalistic market economy invariably diminishes over time. D. assuming competition, private and public interests will coincide. 65. Two major virtues of the market system are that it: A. allocates resources efficiently and allows economic freedom. B. results in an equitable personal distribution of income and always maintains full employment. C. results in price level stability and a fair personal distribution of income. D. eliminates discrimination and minimizes environmental pollution. 66. The market system: A. produces considerable inefficiency in the use of scarce resources. B. effectively harnesses the incentives of workers and entrepreneurs. C. is not consistent with freedom of choice in the long run. D. has slowly lost ground to emerging command systems. 67. According to the concept of the invisible hand, if Susie opens and operates a profitable childcare center, then: A. government should regulate the business to ensure quality. B. the profit Susie earns indicates that she is overcharging for her services. C. she has served societys interests by providing a desired good or service. D. his demonstrates that consumer sovereignty is not present in this market. 68. The invisible hand promotes societys interests because: A. individuals pursuing their self-interest will try to produce goods and services that people in society want and are willing to purchase. B. individuals will produce goods for others out of concern for their fellow human beings. C. it makes sure that everyone wins fro m competition in the market. D. government regulation pushes business into producing the right mix of goods and services. 69. The coordination problem in the centrally planned economies refers to the idea that: A. lanners had to direct required inputs to each enterprise. B. the price level and the level of employment were inversely related. C. the immediate effect of more investment was less consumption. D. exports had to be equal to imports for a central plan to work. 70. Under central planning, some group has to decide how to get the necessary inputs produced in the right amounts and delivered to the right places at the right time. This is a nearly impossible task without markets and profits. This quotation best identifies the: A. incentive problem under central planning. B. oordination problem under central planning. C. self-sufficiency dilemma under communism. D. resource over-commitment problem under communism. 71. Because the outputs of many industries are the inputs to other industries, the failure of any single industry to fulfill the output quantities specified in the central plan caused a chain-reaction of adverse repercussions on production. This quotation best identifies the: A. incentive problem under central planning. B. self-sufficiency dilemma under communism. C. resource over-commitment problem under communism. D. coordination problem under central planning. 72. The incentive problem under communist central planning refers to the idea that: A. planners had to direct required inputs to each enterprise. B . workers, managers, and entrepreneurs could not personally gain by responding to shortages or surpluses or by introducing new and improved products. C. the immediate effect of more investment was less consumption. D. exports had to be equal to imports for a central plan to work. 73. Suppose that an individual sees a tremendous opportunity to produce and sell a new product, but dismisses the idea because there is no way to exploit this opportunity for personal gain. This situation best identifies the: A. coordination problem under communist central planning. B. self-sufficiency dilemma under communism. C. asymmetric information problem under communism. D. incentive problem under communist central planning. 74. Innovation lagged in the centrally planned economies because: A. there was too much domestic business competition. B. there was too much competition from foreign firms. C. enterprises resisted innovation in fear that their production targets would be raised. D. exports had to equal imports for the plan to work. 75. The fact that the major indicator of enterprise success in the Soviet Union and pre-reform China was the quantity of output implied that: A. product quality was neglected. B. production costs were minimized. C. product-mix met consumer needs. D. technological advance was too rapid. 76. Enterprise managers and workers in the Soviet Union often resisted innovations in production methods because: A. production targets were often increased when innovation occurred. B. there was a chronic shortage of computers. C. workers could not be reallocated geographically. D. innovations ordinarily increased dependence on world markets. 7. If products were in short or surplus supply in the Soviet Union: A. price and profit signals eliminated those shortages and surpluses. B. price and profit signals intensified those shortages and surpluses. C. producers would not react because no price or profit signals occurred. D. the planners would immediately adjust production to achieve equilibrium. 78. In wha t type of business do the owners bear no personal financial responsibility for the companys debts and obligations? A. Partnerships. B. Corporations. C. Sole proprietorships. D. In all of the businesses listed in the other answers. 9. The simple circular flow model shows that: A. households are on the buying side of both product and resource markets. B. businesses are on the selling side of both product and resource markets. C. households are on the selling side of the resource market and on the buying side of the product market. D. businesses are on the buying side of the product market and on the selling side of the resource market. 80. The two basic markets shown by the simple circular flow model are: A. capital goods and consumer goods. B. free and controlled. C. product and resource. D. household and business. 81. In the resource market: A. businesses borrow financial capital from households. B. businesses sell services to households. C. households sell resources to businesses. D. firms sell raw materials to households. 82. In the simple circular flow model: A. households are buyers of resources. B. businesses are sellers of final products. C. households are sellers of final products. D. there are real flows of goods, services, and resources, but not money flows. 83. Refer to the above diagram. Flow (1) represents: A. wage, rent, interest, and profit income. B. land, labor, capital, and entrepreneurial ability. C. goods and services. D. consumer expenditures. 84. Refer to the above diagram. Flow (2) represents: A. wage, rent, interest, and profit income. B. land, labor, capital, and entrepreneurial ability. C. goods and services. D. consumer expenditures. 85. Refer to the above diagram. Flow (3) represents: A. wage, rent, interest, and profit income. B. land, labor, capital, and entrepreneurial ability. C. goods and services. D. consumer expenditures. 86. Refer to the above diagram. Flow (4) represents: A. wage, rent, interest, and profit income. B. land, labor, capital, and entrepreneurial ability. C. oods and services. D. consumer expenditures. 87. In terms of the circular flow diagram, households make expenditures in the _____ market and receive income through the _____ market. A. product; financial B. resource; product C. product; resource D. capital; product 88. In terms of the circular flow diagram, businesses obtain revenue through the _____ market and make expenditures in the _____ market. A. product; financial B. resource; product C. product; resource D. capital; product 89. Households and businesses are: A. both buyers in the resource market. B. both sellers in the product market. C. ellers in the resource and product markets respectively. D. sellers in the product and resource markets respectively. 90. Refer to the above diagram. Arrows (1) and (2) represent: A. goods and resources respectively. B. money incomes and output respectively. C. output and money incomes respectively. D. resources and goods respectively. 91. Refer to the above diagram. Arrows (3) and (4) represent: A. goods and services respectively. B. incomes and consumer expenditures respectively. C. resources and goods respectively. D. consumer expenditures and income respectively. 92. Refer to the above diagram. Arrows (1) and (3) are associated with: A. the money market. B. the resource market. C. the product market. D. international trade. 93. Which of the following best illustrates the circular flow model in action? A. Bobbie goes to work and builds cars, and uses the income she receives to buy food at the grocery store. B. Evan buys a new couch; the owner of the furniture store uses some of the money from the sale to pay her supplier, and uses the rest to take her family out to dinner. C. Boeing experiences a surge in orders for new airplanes, prompting the company to hire more workers. D. All of these answers illustrate the workings of the circular flow model. 94. (Consider This) In 1975, McDonalds introduced its Egg McMuffin breakfast sandwich, which remains popular and profitable today. This longevity illustrates the idea of: A. opportunity cost. B. upsloping supply. C. consumer sovereignty. D. specialization. 95. (Consider This) In 2000, McDonalds introduced its McSalad Shaker, which failed to catch on with the public and was subsequently dropped from the menu. This failure illustrates the idea of: A. consumer sovereignty. B. technological change. C. downsloping demand. D. specialization. 6. (Consider This) Since World War II: A. North Koreas command economy has significantly outperformed South Koreas market economy. B. South Koreas command economy has significantly outperformed North Koreas market economy. C. North Koreas market economy has significantly outperformed South Koreas command economy. D. South Koreas market economy has significantly outperformed North Koreas command economy. 97. (Consider This) North Koreas command economy: A. is one of the few remaining command economies. B. has grown much faster than South Korea since the two countries were divided after World War II. C. produces a per capita GDP of nearly $25,000. D. has undergone significant market reforms and is now one of the fastest growing economies. 98. (Last Word) According to economist Donald Boudreaux, the worlds tens of billions of individual resources get arranged productively: A. because government has become highly effective at central planning. B. because private property encourages people to consider the alternative uses of their resources and select those that provide the most rewards. C. because people tend to be creative and orderly. D. through random trial and error. 99. Last Word) According to economist Donald Boudreaux: A. private property eliminates the possibility that resource arrangements will be random. B. the market system threatens to do irreparable harm to the worlds ecosystem. C. arranging resources under the market system is much like shuffling a deck of cards. D. the market system works wondrously for advanced industrial nations but not for developing nations. 100. Market economies use capital goods because they improve productive efficiency. True False 101. Money functions as a medium of exchange by eliminating the need for a coincidence of wants. True False 102. Consumer sovereignty means that legislation now protects the rights of consumers to dispose of their incomes as they see fit. True False 103. Specialization may expand total output even though the individuals involved may have identical abilities. True False 104. The wants of consumers are expressed in the product market with dollar votes. True False 105. Costs can be defined as total payments made to workers, land owners, and capital suppliers less payments to the entrepreneur for organizing and combining the other resources used to produce a good. True False 106. Continued losses in an industry will cause some firms to reduce output or eventually leave the industry. True False 107. The guiding function of prices tends to keep resources flowing toward their most highly valued uses. True False 108. The invisible hand refers to the many indirect controls that the Federal government imposes in a market system. True False 109. Central planning in the Soviet Union and pre-reform China emphasized the expansion of the production of consumer goods to raise the domestic standard of living. True False 110.