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Quiz von Whitney Smith, aktualisiert more than 1 year ago
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Erstellt von Whitney Smith
vor mehr als 10 Jahre
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Frage 1
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The physical and mental talents people bring to production processes comprise the resourced called
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labor
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capital
Frage 2
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Which of the following is a microeconomics topic?
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The study of how prices are determined in the computer industry
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The study of how prices are determined in the business world
Frage 3
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What is the most prominent rationing device you will likely find at your campus bookstore?
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Cow, Oxen, or Rice
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Dollar Price
Frage 4
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Economists believe that people's wants are
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finite
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infinite
Frage 5
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Decision making "at the margin" means making a choice based on __________ of a decision.
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comparing the additional benefits and costs
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comparing the less benefits and additional costs
Frage 6
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At the optimal level of an activity, the activity's marginal benefit must exceed the marginal cost of the activity.
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equal the marginal cost of the activity
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less than the marginal cost of the activity
Frage 7
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Most states have instituted mandatory seatbelt laws to reduct traffic fatalities. An economist may point out that an unintended effect of these laws is
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an increase in traffic, increasing fatalities
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an increase in risky driving behavior, increasing fatalities.
Frage 8
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Which of the following statements is false?
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Elementary education at public schools is usually free.
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Elementary education at private schools usually cost money.
Frage 9
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The question of how a tax change might impact U.S. economic output is most closely associated with the suds of
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microeconomics
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macroeconomics
Frage 10
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Opportunity cost is the ______________ alternative forfeited when a choice is made.
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least likely valued
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most highly-valued
Frage 11
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Scarcity is defined as the condition in which
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wants are infinite and recourses finite
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wants are finite and resources infinite
Frage 12
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A good provides __________ and a bad provides __________.
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utility; disutility
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disutility; utility
Frage 13
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Which of the following statements is false?
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To an economist, the resource capital consists of produced goods that can be turned into unproduced goods.
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To an economist, the resource capital consists of unproduced goods that can be turned into produced goods.
Frage 14
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Every time you make a _________, you incur a (an) _________.
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decision; choice
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choice; opportunity cost
Frage 15
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The ____________ the opportunity cost of doing something, the ____________ likely a person will do that something.
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higher; less/ lower; more
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higher; more/ lower; less
Frage 16
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What does it mean if a person makes a "decision at the margin"?
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The person does not compare additional benefits but compares the additional costs when deciding what to do.
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The person compares additional benefits and additional costs when deciding what to do.
Frage 17
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What is likely to be an unintended effect of a rise in the minimum wage?
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Some people lose their job.
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Less jobs become open.
Frage 18
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The student whose study habits are illustrated here will maximize the net benefits of studying when she has studied
Image:
nar001-1 (image/jpg)
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2 hours
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6 hours
Frage 19
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Refer to this exhibit. If the student whose study habits are illustrated here is currently studying for 8 hours she should
Image:
nar001-1 (image/jpg)
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increase the number of hours she is studying because the marginal benefits for 8 hours will be more than the marginal cost of doing so.
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cut back on the number of hours she is studying because the marginal benefit of studying for 8 hours is less than the marginal cost of doing so.
Frage 20
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Which of the following is not one of the four broad categories of resources?
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money
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land
Frage 21
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If increasingly more units of good Y must be given up as each successive unit of good X is product, then the PPF for these two goods is
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a downward-sloping curve that is bowed outward
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an upward-sloping line that is bowed inward
Frage 22
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Consider two points on the PPF: point A, at which there are 50 oranges and 100 apricots, and point B, at which there are 51 oranges and 98 apricots. If the economy is currently at point B, the opportunity cost of moving to point A is
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1 orange
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8 oranges
Frage 23
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The PPF between goods X and Y will be a downward-sloping
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curve that is bowed inward if decreasing opportunity cost exist.
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curve that is bowed outward if increasing opportunity cost exist.
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