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HW 2 ECON

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Frage 1 von 20

1

Attending college is a case where the ________________ exceeds the monetary cost.

Wähle eine der folgenden:

budget constraint
marginal analysis
opportunity cost
marginal utility

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Frage 2 von 20

1

Along the production possibilities frontier, the most efficient point of production depicted is:

Wähle eine der folgenden:

Point B
Point C
Point D
All points on the production possibilities frontier are equally efficient

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Frage 3 von 20

1

Most inefficient point depicted

Wähle eine der folgenden:

Point A
Point C
Point D
Point G

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Frage 4 von 20

1

Scarcity exists because of:

Wähle eine der folgenden:

the market mechanism
specialization and division of labor
the allocation of goods by prices
unlimited wants and limited resources

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Frage 5 von 20

1

Gomer decides to spend an hour playing basketball rather than studying. His opportunity cost is:

Wähle eine der folgenden:

nothing, because he enjoys playing basketball more than studying.
the increase in skill he obtains from playing basketball for that hour.
the benefit to his grades from studying for an hour
nothing, because he had a free pass into the sports complex to play basketball.

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Frage 6 von 20

1

The opportunity cost of attending university is likely to include all except which of the following?

Wähle eine der folgenden:

the cost of haircuts received during the school term
the income you forgo in order to attend classes
tuition fees
the cost of required textbooks

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Frage 7 von 20

1

Possibility A Economics History
I 94 76
II 87 84
III 77 91
A student has only a few hours to prepare for two different exams tomorrow morning. The above table shows alternative possible exam outcomes with three alternative uses of the student's time. The opportunity cost of scoring an 84 on the history exam rather than 76 is:

Wähle eine der folgenden:

10 points on the economics exam
8 points on the history exam
7 points on the economics exam
12 points on the economics exam

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Frage 8 von 20

1

The choice on a production possibilities set that is socially preferred, or the choice on an individual’s budget constraint that is personally preferred, will display ___________.

Wähle eine der folgenden:

allocative efficiency
production possibilites frontier
trade-offs
scarcity

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Frage 9 von 20

1

Marginal thinking is best demonstrated by:

Wähle eine der folgenden:

choosing to spend one more hour studying economics because you think the improvement in your score on the next quiz will be worth the sacrifice of time.
deciding to never purchase a coat made with animal skins or furs
acquiring the information relevant to a choice before making that choice
measuring all of the costs of a meal against all of the benefits when deciding whether to order a second milkshake

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Frage 10 von 20

1

The marginal benefit of a slice of pizza is the:

Wähle eine der folgenden:

total amount that a consumer is willing to pay for a whole pizza, divided by the number of slices
difference between the value of the slice to the consumer and the price of the slice
maximum amount that a consumer is willing to pay for the slice
price of the slice of pizza

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Frage 11 von 20

1

The lesson of __________ is to forget about the money that is irretrievably gone and instead to focus on the marginal costs and benefits of future options.

Wähle eine der folgenden:

marginal utility
sunk costs
marginal analysis
budget constraints

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Frage 12 von 20

1

At Point A in the production possibilities graph shown above, the economy:

Wähle eine der folgenden:

is not using its resources efficiently
is using its resources efficiently while producing clothing but no food.
is using its resources efficiently while producing food but no clothing.
is using its resources efficiently to produce both food and clothing.

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Frage 13 von 20

1

Philosophers draw a distinction between ___________________, which describe the world as it is, and normative statements, which describe how the world should be.

Wähle eine der folgenden:

negative statements
positive statments
tradeoffs
utilliarianism

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Frage 14 von 20

1

The law of ____ explains why people and societies rarely make all-or-nothing choices.

Wähle eine der folgenden:

consumption
marginal analysis
diminishing marginal utility
utility

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Frage 15 von 20

1

Which of the following would most likely shift the production possibilities curve inward?

Wähle eine der folgenden:

an increase in the number of hours factories are in use
a decrease in the average number of hours worked per week as the labor force chooses to enjoy more leisure time
an increase in the production of capital goods
technological progress

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Frage 16 von 20

1

The leader of a federal political party made the following campaign promise: “My administration will increase national defense without requiring sacrifices elsewhere in the economy.” The promise can be kept if:

Wähle eine der folgenden:

A. the economy moves along the production possibilities in the direction of a greater quantity of defense.
B. the economy moves from a point inside the production possibilities curve toward a point on the production possibilities curve.
C. the production possibilities frontier shifts outward due to an improvement in technology.
D. either b) or c) occurs, but not as a result of a).

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Frage 17 von 20

1

The opportunity cost of an action:

Wähle eine der folgenden:

can be determined by considering both the benefits that flow from as well as the monetary costs incurred as a result of the action.
can be determined by adding up the bills incurred as a result of the action.
can be objectively determined only by economists.
is a subjective valuation that can be determined only by the individual who chooses the action.

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Frage 18 von 20

1

In deciding how many hours to work, Beulah will make a choice that maximizes her _______; that is, she will choose according to her preferences for leisure time and income.

Wähle eine der folgenden:

budget constraint
opportunity set
utility
production possibilities frontier

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Frage 19 von 20

1

The model that economists use for illustrating the process of individual choice in a situation of scarcity is the budget constraint, sometimes also called the _______________, a diagram which shows what choices are possible.

Wähle eine der folgenden:

opportunity set
consumption choice
time value of money
risk premium

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Frage 20 von 20

1

Most real-world choices are not about getting all of one thing or another, instead, most choices involve _________________, which involves comparing the benefits and costs of choosing a little more or a little less of a good.

Wähle eine der folgenden:

utility
opportunity cost
benefit analysis
marginal analysis

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