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HW 2 ECON

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Asayena Viengmany
Quiz by Asayena Viengmany, updated more than 1 year ago
Asayena Viengmany
Created by Asayena Viengmany almost 7 years ago
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Question 1

Question
Attending college is a case where the ________________ exceeds the monetary cost.
Answer
  • budget constraint
  • marginal analysis
  • opportunity cost
  • marginal utility

Question 2

Question
Along the production possibilities frontier, the most efficient point of production depicted is:
Image:
Screen Shot 2018 01 21 At 11.47.25 Am (binary/octet-stream)
Answer
  • Point B
  • Point C
  • Point D
  • All points on the production possibilities frontier are equally efficient

Question 3

Question
Most inefficient point depicted
Image:
Screen Shot 2018 01 21 At 11.47.25 Am (binary/octet-stream)
Answer
  • Point A
  • Point C
  • Point D
  • Point G

Question 4

Question
Scarcity exists because of:
Answer
  • the market mechanism
  • specialization and division of labor
  • the allocation of goods by prices
  • unlimited wants and limited resources

Question 5

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

Question 6

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

Question 7

Question
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:
Answer
  • 10 points on the economics exam
  • 8 points on the history exam
  • 7 points on the economics exam
  • 12 points on the economics exam

Question 8

Question
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 ___________.
Answer
  • allocative efficiency
  • production possibilites frontier
  • trade-offs
  • scarcity

Question 9

Question
Marginal thinking is best demonstrated by:
Answer
  • 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

Question 10

Question
The marginal benefit of a slice of pizza is the:
Answer
  • 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

Question 11

Question
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.
Answer
  • marginal utility
  • sunk costs
  • marginal analysis
  • budget constraints

Question 12

Question
At Point A in the production possibilities graph shown above, the economy:
Image:
Screen Shot 2018 01 21 At 12.35.32 Pm (binary/octet-stream)
Answer
  • 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.

Question 13

Question
Philosophers draw a distinction between ___________________, which describe the world as it is, and normative statements, which describe how the world should be.
Answer
  • negative statements
  • positive statments
  • tradeoffs
  • utilliarianism

Question 14

Question
The law of ____ explains why people and societies rarely make all-or-nothing choices.
Answer
  • consumption
  • marginal analysis
  • diminishing marginal utility
  • utility

Question 15

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

Question 16

Question
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:
Answer
  • 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).

Question 17

Question
The opportunity cost of an action:
Answer
  • 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.

Question 18

Question
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.
Answer
  • budget constraint
  • opportunity set
  • utility
  • production possibilities frontier

Question 19

Question
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.
Answer
  • opportunity set
  • consumption choice
  • time value of money
  • risk premium

Question 20

Question
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.
Answer
  • utility
  • opportunity cost
  • benefit analysis
  • marginal analysis
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