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Economics

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Quiz on Economics, created by Whitney Smith on 17/04/2014.
Whitney Smith
Quiz by Whitney Smith, updated more than 1 year ago
Whitney Smith
Created by Whitney Smith over 10 years ago
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Resource summary

Question 1

Question
The physical and mental talents people bring to production processes comprise the resourced called
Answer
  • labor
  • capital

Question 2

Question
Which of the following is a microeconomics topic?
Answer
  • The study of how prices are determined in the computer industry
  • The study of how prices are determined in the business world

Question 3

Question
What is the most prominent rationing device you will likely find at your campus bookstore?
Answer
  • Cow, Oxen, or Rice
  • Dollar Price

Question 4

Question
Economists believe that people's wants are
Answer
  • finite
  • infinite

Question 5

Question
Decision making "at the margin" means making a choice based on __________ of a decision.
Answer
  • comparing the additional benefits and costs
  • comparing the less benefits and additional costs

Question 6

Question
At the optimal level of an activity, the activity's marginal benefit must exceed the marginal cost of the activity.
Answer
  • equal the marginal cost of the activity
  • less than the marginal cost of the activity

Question 7

Question
Most states have instituted mandatory seatbelt laws to reduct traffic fatalities. An economist may point out that an unintended effect of these laws is
Answer
  • an increase in traffic, increasing fatalities
  • an increase in risky driving behavior, increasing fatalities.

Question 8

Question
Which of the following statements is false?
Answer
  • Elementary education at public schools is usually free.
  • Elementary education at private schools usually cost money.

Question 9

Question
The question of how a tax change might impact U.S. economic output is most closely associated with the suds of
Answer
  • microeconomics
  • macroeconomics

Question 10

Question
Opportunity cost is the ______________ alternative forfeited when a choice is made.
Answer
  • least likely valued
  • most highly-valued

Question 11

Question
Scarcity is defined as the condition in which
Answer
  • wants are infinite and recourses finite
  • wants are finite and resources infinite

Question 12

Question
A good provides __________ and a bad provides __________.
Answer
  • utility; disutility
  • disutility; utility

Question 13

Question
Which of the following statements is false?
Answer
  • To an economist, the resource capital consists of produced goods that can be turned into unproduced goods.
  • To an economist, the resource capital consists of unproduced goods that can be turned into produced goods.

Question 14

Question
Every time you make a _________, you incur a (an) _________.
Answer
  • decision; choice
  • choice; opportunity cost

Question 15

Question
The ____________ the opportunity cost of doing something, the ____________ likely a person will do that something.
Answer
  • higher; less/ lower; more
  • higher; more/ lower; less

Question 16

Question
What does it mean if a person makes a "decision at the margin"?
Answer
  • The person does not compare additional benefits but compares the additional costs when deciding what to do.
  • The person compares additional benefits and additional costs when deciding what to do.

Question 17

Question
What is likely to be an unintended effect of a rise in the minimum wage?
Answer
  • Some people lose their job.
  • Less jobs become open.

Question 18

Question
The student whose study habits are illustrated here will maximize the net benefits of studying when she has studied
Image:
nar001-1 (image/jpg)
Answer
  • 2 hours
  • 6 hours

Question 19

Question
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)
Answer
  • 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.
  • 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.

Question 20

Question
Which of the following is not one of the four broad categories of resources?
Answer
  • money
  • land

Question 21

Question
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
Answer
  • a downward-sloping curve that is bowed outward
  • an upward-sloping line that is bowed inward

Question 22

Question
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
Answer
  • 1 orange
  • 8 oranges

Question 23

Question
The PPF between goods X and Y will be a downward-sloping
Answer
  • curve that is bowed inward if decreasing opportunity cost exist.
  • curve that is bowed outward if increasing opportunity cost exist.
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