Economics 10th Edition Boyes Test Bank

Economics 10th Edition Boyes Test

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Economics 10th Edition Boyes Test Bank

1. Given that resources can be allocated by the government, the market, a random process, or on a first-come first-serve
basis, which of the following statements is true?
a. The market system is not entirely fair but it creates incentives to increase supplies and improve standards of
living.
b. The random process of allocation allows individuals to acquire purchasing power and enhances the value of
the resources that they own.
c. Since the government system does not distinguish between those who have income and those that do not,
government allocation of resources is the most efficient.
d. There will be no shortages under the first-come first-serve basis of allocation.
e. A random process of allocation is fair in the sense that everyone gains and there are no losers.
ANSWER: a

2. Which of the following statements is not true about a market system?

a. The market system provides an incentive to consumers to acquire purchasing ability.
b. The market system magnifies the problem of scarcity of goods and services.
c. The market system provides an incentive for allocating resources.
d. The market system provides an incentive to improve the quality of goods produced.
e. The market system provides everything everyone wants to consume.
ANSWER: b

3. _______ ensure that resources are allocated to where they are most highly valued.
a. Communist governments
b. Consumers
c. Suppliers
d. Non-governmental organizations
e. Markets
ANSWER: e

4. Margaret can use her quarterly savings to buy a teakwood study table for her room or spend it on a small Christmas
party with her family. The _____ cost of her enjoyment at the Christmas party would then equal the forgone utility of the
study table.
a. transaction
b. exchange
c. opportunity
d. direct
e. sunk
ANSWER: c

5. Money exchanges are more efficient than barter because:

a. money exchanges do not require a double coincidence of wants.
b. the government guarantees the value of money.
c. money usually has an intrinsic value.
d. money is backed by a physical commodity.
e. opportunity costs are higher with barter trades.
ANSWER: a

6. Most markets involve the use of money for transactions because:

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 a. goods and services can be exchanged more easily with money than without it.
b. goods and services cannot be exchanged without money.
c. using money requires a double coincidence of wants.
d. the transaction costs of using money are very high.
e. the value of money remains same across countries over time.
ANSWER: a

7. Barter can best be defined as:

a. the direct exchange of one good for money.
b. the direct exchange of money for a good.
c. the direct exchange of goods and services without the use of money.
d. the direct exchange of labor services for wages.
e. the payment of interest on a savings account.
ANSWER: c

8. The term barter refers to exchanges made:

a. only with the use of money.
b. without the use of money.
c. outside the U.S. economy.
d. only in underdeveloped countries.
e. within countries in a monetary union.
ANSWER: b

9. Barter requires a double coincidence of wants. This means that:

a. at least two traders must demand a commodity.
b. any two traders involved in a transaction must have money.
c. each trader must demand at least two commodities.
d. either of the two traders involved in a transaction must have money.
e. when two traders are involved in a transaction each trader must want what the other has to offer.
ANSWER: e

10. The exchange of goods and services directly without money is called:
a. creative destruction.
b. barter.
c. arbitration.
d. currency trade.
e. illegal trade.
ANSWER: b

11. Other things remaining the same, an individual demand schedule shows the various quantities of a good:
a. that a person wants and is able to purchase at alternative prices.
b. that are demanded with a change in the quantity demanded of a substitute good.
c. that a person is able to purchase at alternative income levels.
d. that are demanded at various levels of utility.
e. that are demanded by the market at various prices.
ANSWER: a
12. Identify the correct statement.
a. Demand is the total quantity of a product that people are willing, even if unable, to purchase at a given price.
b. Demand for a product is the same as the quantity demanded of a product.
c. Demand represents the different quantities of a good or service that provides consumers the same amount of
utility.
d. Demand is the quantity of a product that people are willing and able to purchase at different prices.
e. Demand is the quantity of a product that producers are willing to produce at a particular price.
ANSWER: d

13. The amount of a product that people are willing and able to purchase at a specific price is referred to as the:
a. demand.
b. quantity demanded.
c. law of demand.
d. consumption function.
e. purchasing power.
ANSWER: b

14. According to the law of demand, if the price of movie rentals decreases, ceteris paribus,:
a. the demand for movie rentals would increase.
b. the quantity demanded of movie rentals would decrease.
c. the quantity demanded of movie rentals would increase.
d. the demand for movie rentals would decrease.
e. the quantity demanded of movie rentals would not change.
ANSWER: c

15. Which of the following statements correctly defines the law of demand?
a. The lower the price of a commodity, the lower the quantity demanded of that commodity.
b. As the price of a commodity increases, the quantity demanded of that commodity also increases.
c. The lower the price of a commodity, the greater the quantity demanded of that commodity.
d. The lower the price of a commodity, the greater the quantity supplied of that commodity.
e. The quantity demanded of a particular good decreases with an increase in the price of a substitute good.
ANSWER: c

16. Which of the following determines the quantity demanded of a commodity?

a. The income levels of consumers
b. The price of the commodity
c. The prices of related commodities
d. The number of buyers
e. Consumers’ expectations
ANSWER: b

17. The downward slope of the demand curve is attributed to:

a. the inverse relationship between price and quantity demanded.
b. the direct relationship between income and quantity demanded.
c. the direct relationship between price and quantity demanded.
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The Project Gutenberg eBook of Elegy in Autumn
 This ebook is for the use of anyone anywhere in the United
States and most other parts of the world at no cost and with
almost no restrictions whatsoever. You may copy it, give it away
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eBook.

Title: Elegy in Autumn

In memory of Frank Dempster Sherman

Author: Clinton Scollard

Release date: August 22, 2023 [eBook #71471]

Language: English

Original publication: New York: Frederick Fairchild Sherman,

1917

Credits: Charlene Taylor, David E. Brown, and the Online

Distributed Proofreading Team at https://www.pgdp.net
(This file was produced from images generously made
available by The Internet Archive/American Libraries.)

*** START OF THE PROJECT GUTENBERG EBOOK ELEGY IN

AUTUMN ***
ELEGY IN AUTUMN

IN MEMORY OF
Frank Dempster Sherman

BY
Clinton Scollard

new york
Frederic Fairchild Sherman
mcmxvii
Copyright, 1917, by
Clinton Scollard
ELEGY IN AUTUMN
 I
Brother in song, you who have gone before
Along far incommunicable ways,
Leaving me here upon this mortal shore,
A bondman to the tyrant nights and days,
Across the distance, hail!
Though Time may sever, and we meet no more,
Yet what shall Time avail!
 II
’Twas Autumn when we first set hand to hand,
And eye to eye, in loyal comradeship;
Drowsed with a draught of Beauty seemed the land,
As it had raised a golden cup to lip;
But you embodied Spring,
Its harvest hopes, its deeds in joyance planned,
Its brave adventuring.
 III
I can recall your buoyance,—can recall
The star-sown hours beneath the Cambridge trees,
When o’er us wheeled the bright processional
Of bold Orion and the Pleiades,
And how we strolled along
Laughterful, and oblivious to all
Save the sweet thrall of Song.
 IV
Youth has its visions and its fervors; yours
Were lovingly enlinked with Poesy;
You dreamed the dream that many an one allures,
The vernal dream where life is harmony.
And though the years estranged
Your full allegiance, something still assures
My heart you never changed.
 V
What merriment was ours those shut-in nights
When Winter, clamorous at the casement, cried!
What dear association, what delights
As we in friendly emulation vied,
While Aspiration’s cruse
Was brimmed for us, beholding on dim heights
The presence of the Muse!
 VI
And then there opened wider paths to tread
When Love, with Song, beguiled you on and on,
While Art around your feet unfaltering shed
Its luminous light, irradiant as the dawn;
Though you saw many part
From deities long worshipped, you were wed
Inalienably to Art.
 VII
What though the rigid chains of circumstance
Oft held you in the trammels of the town,
Your heart went woodward where the fairies dance
What time the moon its silvery sheen sifts down.
You loved the reeds and rills,
The sea, the shore, their glamour and romance,
And all the climbing hills.
 VIII
And when you made escape, and sensed the wild
Aromas beat about you, when you fared
By tracks unwonted, like an unleashed child
You gleefully your gay abandon shared.
Care from your shoulders thrown,
You seemed an Ariel spirit, long exiled,
Come back unto its own.
 IX
With gracious Memory again I go
To tread with you where meads are green and gold,
Where upland slopes are strewn with daisy-snow,
And bee-balm torches light the flocks to fold,
And willow branches wave
Above Oriskany, singing far below
Its liquid summer stave.
 X
Now south we sail where stormy currents meet
Round the wind-harassed cape of Hatteras,
Beyond whose beacons, when the tides retreat,
The wide sea-mirror is like burnished glass;
There, ’mid the drowsy calms,
As Ponce de Leon did of yore, we greet
The tall Floridian palms.
 XI
Here down the live-oak aisles ’tis ours to stray
With wraiths of many a stern conquistador,
Those vanished warriors of an elder day
When gray San Marco bore the brunt of war;
Here we in revery lean
Upon the ramparts beetling o’er the bay,
And watch the shifting scene;—
 XII
The boats that dip and dart like living things,
Seeking the open sea beyond the bar;
The graceful gulls with sunlight on their wings
Up the Matanzas soaring fleet and far
Where inlets deep beguile;
And o’er the waters undulant shimmerings
The low coquina isle.
 XIII
Then, at the drooping of the twilight hour,
We wander in the ancient plaza where
We breathe the attar of the jasmine flower
Like incense on the altar of the air;
And list, as music swells
Down drifting from the old cathedral tower,
The arpeggio of the bells.
 XIV
We linger by the sea-wall while the tide
Below us murmurs like a sad refrain,
Bearing from outer ocean reaches wide
The lore and legend of the Spanish main,
Nor leave that spot serene
Till Sleep, as with the mantle of the bride,
Wraps fair Saint Augustine.
 XV
Days dedicate to rapturous things were these;
It was as though Youth came again, and brought
Past aims, past ardors and past ecstasies,
And toward the shrine of Beauty turned our thought.
And there were after times
Of exultation, prismic harmonies,
When hours ran by in rhymes.
 XVI
Once, ’mid cathedral Carolinian pines,
We saw the Springtide, at its radiant birth,
Kindle to fragrant gold the coiling vines,
And make a garden of the wakened earth;
And every morning heard
Within the treetops, melody linked with mirth,
The hidden mocking-bird.
 XVII
And while the cardinal through the waving bredes
Of pendulous moss swift flitted like a flame,
Back flooded to our minds the illustrious deeds,
Emblazoned on the honor-scroll of Fame,
When Liberty was won,
Hearkening the Ashley whisper to its reeds
The name of Marion.
 XVIII
From Gloucester cliffs and brown Nantucket dunes
The mountains lured you, and the mountain star;
For us the Woodland sang its lyric runes
Where’er we followed it, or near or far,
In sun or shadow cool,
Or loitered through long languorous afternoons
By Dian’s darkling pool.
 XIX
Far up the valley Wittenberg’s vast form,
Its summit beckoning, with you I view,
And above sweeping slopes where wild bees swarm
Glimpse timid deer at dawn and fall of dew;
Through Panther Kill we roam,
And mark the purple streamers of the storm
Ascend behind the Dome.
 XX
And, too, in bookmen’s mines of dusty ore
Ever shall I remember how we delved,
Plucking from out the musty treasure-store
Rich rarities within the darkness shelved,
Elated if we found
Leaves that some name we long had honored bore
In frayed morocco bound.
 XXI
Thus, step by step, we trod adown the years,
Thus, side by side, with ne’er a break between;
We shared our laughter and we shared our tears,
Nor deemed inexorable Fate might intervene
To sever the strong cord
That bound us, Fate with its “abhorrèd shears,”
That is man’s over-lord.
 XXII
You that in Autumn came, in Autumn went;
How vain to say the mourning word! how vain
To beat the bars of that arbitrament
That metes to mortals pleasurement or pain!
How vain!—how vain!—and yet
We beat upon them, and we only gain
The poignance of regret!