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Chapter 02
Resource Utilization
Always
Sometimes
Never
2-1
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
The term "the affluent society" was coined by
Michael Harrington.
Karl Marx.
Adam Smith.
land.
money.
capital.
labor.
The United States' economy would be operating at full employment with labor unemployment
5; 95
5; 85
10; 95
10; 85
To get out of a recession, we must produce at some point beyond our production
possibilities frontier.
To have economic growth, we must push the production possibilities frontier inward.
2-2
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
In order to raise the rate of economic growth we would need to
The main reason the United States' standard of living is higher than that of India and China is
land.
labor.
capital.
money.
Unemployment.
Underemployment.
Greater efficiency.
Greater production.
2-3
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
The United States temporarily operated outside the production possibilities frontier in
1933.
1943.
1973.
1982.
A. J to K
B. K to L
C. L to M
D. M to N
2-5
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
16.
Assuming the inner curve is the United States' current production possibilities frontier, the
A. Point P
B. Point O
C. Point N
D. Point L
2-6
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
17.
Assuming the inner curve is the United States' current production possibilities frontier, points J,
N and K represent
2-7
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
18.
Assuming the inner curve is the United States' current production possibilities frontier, which of
the following points would eventually lead to the greatest level of economic growth?
A. Point J
B. Point N
C. Point K
D. Point P
2-8
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
19.
2-9
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
20.
2-10
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
21.
can increase the output of one good without decreasing the output of the other good.
scarcity
opportunity cost
price
2-11
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
People are forced to economize because of
competition.
pressure to conform.
scarcity.
2-13
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
28.
If an assumption is made that a society is operating on its production possibilities curve, an outward
governments must fund capital production and research out of tax revenues.
resources must be taken away from consumer goods to pay for capital goods.
those wealthy enough to invest in domestic industries may choose to invest abroad instead.
inside
outside
on
a society sacrifices an amount of one good for more of another along its production
possibility frontier.
If you own a building and you decide to use that building to open a restaurant,
there is no opportunity cost of using this building for a restaurant because you own it.
the only cost relevant to this decision is the price you paid for the building.
there is an opportunity cost of using this building for a restaurant because it could have
The income that could have been earned by working full-time instead of going to college.
The decline in the grades of a student athlete that occurs because she decides to spend more
The value of other things you could have done with the same time and money it cost you to
go to the movies.
The economic problem is essentially one of deciding how to make the best use of
Jeff's entertainment budget is divided between $8 movie tickets and $40 hockey tickets. The
five movies.
the talent to develop new products and processes and to organize production to make
unskilled labor.
Which of the following statements about the concept of opportunity cost is true?
The opportunity cost of a college education is measured by the payments for tuition and books.
The statement "By the time our grandchildren are born, scarcity will not be a problem" is
the profit that could have been earned from selling that truck.
the amount of other goods that could not be produced because productive resources were
A small economy produces only pizzas and jeans. If an economy is operating inside its production
it will be possible to produce more pizzas without decreasing the production of jeans.
the economy will be operating at a point outside its production possibilities curve.
If an economy is operating on its production possibility frontier, which of the following statements is
true?
A fall in the price of an input will enable the economy to produce outside the
Land
Money
Capital
Labor
2-19
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
The existence of unemployment can be illustrated on a production possibilities curve by a(n)
Which of the following will shift an economy's production possibilities curve outward?
An improvement in technology
if all the resources of an economy are in use, more of one good can be produced only if less of
an economy will automatically seek that level of output at which all of its resources are
employed.
the production of more of any one good will in time require smaller and smaller sacrifices
of other goods.
that in order to acquire more of one good, none of the alternative good must be given up.
that in order to acquire more of one good, some of the alternative good must be given up.
that any amount of goods could be produced by society if people worked harder.
various combinations of guns and butter that can be produced under conditions of 6
percent unemployment.
Another random document with
no related content on Scribd:
many instances the lack of teachers is greater in those
provinces which are most thickly populated and whose people
are most highly civilized. …
"While most of the small towns have one teacher of each sex,
in the larger towns and cities no adequate provision is made
for the increased teaching force necessary; so that places of
30,000 or 40,000 inhabitants are often no better off as
regards number of teachers than are other places in the same
province of but 1,500 or 2,000 souls. The hardship thus
involved for children desiring a primary education will be
better understood if one stops to consider the nature of the
Philippine 'pueblo,' which is really a township, often
containing within its limits a considerable number of distinct
and important villages or towns, from the most important of
which the township takes its name. The others, under distinct
names, are known as 'barrios,' or wards. It is often quite
impossible for small children to attend school at the
particular town which gives its name to the township on
account of their distance from it. …
2. Reading.
3. Writing.
8. Rules of deportment.
9. Vocal music.'
EDUCATION: Russia:
Student troubles in the universities.
EDUCATION: Tunis:
Schools under the French Protectorate.
{195}
----------EGYPT: Start--------
EGYPT:
Recent Archæological Explorations and their result.
Discovery of prehistoric remains.
Light on the first dynasties.
EGYPT: A. D. 1885-1896.
Abandonment of the Egyptian Sudan to the Dervishes.
Death of the Mahdi and reign of the Khalifa.
Beginning of a new Anglo-Egyptian movement for
the recovery of the Sudan.
The expedition to Dongola.
{196}
On the 21st of March, the Sirdar left Cairo for Assouan and
Wady Halfa, and various Egyptian battalions were hurried up
the river. Meantime, the forces already on the frontier had
moved forward and taken the advanced post of the Dervishes, at
Akasheh. From that point the Sirdar was ready to begin his
advance early in June, and did so with two columns, a River
Column and a Desert Column, the latter including a camel corps
and a squadron of infantry mounted on camels, besides cavalry,
horse artillery and Maxim guns. Ferket, on the east bank of
the Nile, 16 miles from Akasheh, was taken after hard fighting
on the 7th of June, many of the Dervishes refusing quarter and
resisting to the death. They lost, it was estimated, 1,000
killed and wounded, and 500 were taken prisoners. The Egyptian
loss was slight. The Dervishes fell back some fifty miles, and
the Sirdar halted at Suarda during three months, while the
railroad was pushed forward, steamers dragged up the cataracts
and stores concentrated, the army suffering greatly, meantime,
from an alarming epidemic of cholera and from exhausting
labors in a season of terrific heat. In the middle of
September the advance was resumed, and, on the 23d, Dongola
was reached. Seeing themselves outnumbered, the enemy there
retreated, and the town, or its ruins, was taken with only a
few shots from the steamers on the river. "As a consequence of
the fall of Dongola every Dervish fled for his life from the
province. The mounted men made off across the desert direct to
Omdurman, and the foot soldiers took the Nile route to Berber,
always being careful to keep out of range of the gunboats,
which were prevented by the Fourth Cataract from pursuing them
beyond Merawi."
C. Hoyle,
The Egyptian Campaigns, new and revised edition,
to December, 1899, chapter 70-71.
EGYPT: A. D. 1895.
New anti-slavery law.
EGYPT: A. D. 1897.
Italian evacuation of Kassala, in the eastern Sudan.
EGYPT: A. D. 1897-1898.
The final campaigns of the Anglo-Egyptian conquest
of the Eastern Sudan.
Desperate battles of the Atbara and of Omdurman.
A. S. White,
The Expansion of Egypt,
pages 383-384
(New York: New Amsterdam Book Company).
"The honour of the fight [at Omdurman] must still go with the
men who died. Our men were perfect, but the dervishes were
superb—beyond perfection. It was their largest, best, and
bravest army that ever fought against us for Mahdism, and it
died worthily of the huge empire that Mahdism won and kept so
long. Their riflemen, mangled by every kind of death and
torment that man can devise, clung round the black flag and
the green, emptying their poor, rotten, homemade cartridges
dauntlessly. Their spearmen charged death at every minute
hopelessly. Their horsemen led each attack, riding into the
bullets till nothing was left but three horses trotting up to
our line, heads down, saying, 'For goodness' sake, let us in
out of this.' Not one rush, or two, or ten—but rush on rush,
company on company, never stopping, though all their view that
was not unshaken enemy was the bodies of the men who had
rushed before them. A dusky line got up and stormed forward:
it bent, broke up, fell apart, and disappeared. Before the
smoke had cleared, another line was bending and storming
forward in the same track.
{198}
"But the people! We could hardly see the place for the people.
We could hardly hear our own voices for their shrieks of
welcome. We could hardly move for their importunate greetings.
They tumbled over each other like ants from every mud heap, from
behind every dung-hill, from under every mat. … They had been
trying to kill us three hours before. But they salaamed, none
the less, and volleyed, 'Peace be with you' in our track. All
the miscellaneous tribes of Arabs whom Abdullahi's fears or
suspicions had congregated in his capital, all the blacks his
captains had gathered together into franker
slavery—indiscriminate, half-naked, grinning the grin of the
sycophant, they held out their hands and asked for backsheesh.
Yet more wonderful were the women. The multitude of women whom
concupiscence had harried from every recess of Africa and
mewed up in Baggara harems came out to salute their new
masters. There were at least three of them to every man. Black
women from Equatoria and almost white women from Egypt,
plum-skinned Arabs and a strange yellow type with square, bony
faces and tightly-ringleted black hair, … the whole city was a
huge harem, a museum of African races, a monstrosity of
African lust."
G. W. Steevens,
With Kitchener to Khartum,
chapter 32-34
(copyright, Dodd, Mead & Company, quoted with permission).
"Anyone who has not served in the Sudan cannot conceive the
state of devastation and misery to which that unfortunate
country has been brought under Dervish rule. Miles and miles
of formerly richly cultivated country lies waste; villages are
deserted; the population has disappeared. Thousands of women
are without homes or families. Years must elapse before the
Sudan can recover from the results of its abandonment to
Dervish tyranny; but it is to be hoped and may be confidently
expected, that in course of time, under just and upright
government, the Sudan may be restored to prosperity; and the
great battle of September will be remembered as having
established peace, without which prosperity would have been
impossible; and from which thousands of misguided and wretched
people will reap the benefits of civilization."
E. S. Wortley,
With the Sirdar
(Scribner's Magazine, January, 1899).
EGYPT: A. D. 1898.
The country and its people after 15 years
of British occupation.
"The British occupation has now lasted for over fifteen years.
During the first five, comparatively little was accomplished,
owing to the uncertain and provisional character of our
tenure. The work done has been done in the main in the last
ten years, and was only commenced in earnest when the British
authorities began to realise that, whether we liked it or not,
we had got to stay; and the Egyptians themselves came to the
conclusion that we intended to stay. … Under our occupation
Egypt has been rendered solvent and prosperous; taxes have
been largely reduced; her population has increased by nearly
50 per cent.; the value and the productiveness of her soil has
been greatly improved; a regular and permanent system of
irrigation has been introduced into Lower Egypt, and is now in
the course of introduction into Upper Egypt; trade and
industry have made giant strides; the use of the Kurbash
[bastinado] has been forbidden; the Corvée has been
suppressed; regularity in the collection of taxes has been
made the rule, and not the exception; wholesale corruption has
been abolished; the Fellaheen can now keep the money they
earn, and are better off than they were before; the landowners
are all richer owing to the fresh supply of water, with the
consequent rapid increase in the saleable price of land;
justice is administered with an approach to impartiality;
barbarous punishments have been mitigated, if not abolished;
and the extraordinary conversion of Cairo into a fair
semblance of a civilised European capital has been repeated on
a smaller scale in all the chief centres of Egypt. To put the
matter briefly, if our occupation were to cease to-morrow, we
should leave Egypt and the Egyptians far better off than they
were when our occupation commenced.
E. Dicey,
Egypt, 1881 to 1897
(Fortnightly Review, May, 1898).
{199}
Spectator,
April 15, 1899.