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Econ 100 Unit 1

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Undergrad
Liz ALizaa
Quiz by Liz ALizaa, updated more than 1 year ago
Liz ALizaa
Created by Liz ALizaa over 7 years ago
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Resource summary

Question 1

Question
Economic freedom generally leads to
Answer
  • a higher standard of living
  • longer life expectancy
  • better education
  • a better living conditions
  • all of the above

Question 2

Question
Which of the following statements is true?
Answer
  • Goods are scarce for the poor but not for the rich
  • Goods are scarce for neither the poor nor the rich
  • Goods are scarce for both the poor and the rich
  • Goods are scarcer for the poor than for the rich
  • Goods are scarce for the rich but not for the poor

Question 3

Question
If you must make a choice about consuming two apples, three oranges, or one candy bar, the opportunity cost of the candy bar is
Answer
  • two apples and three oranges
  • the difference in the prices of the three options
  • two apples or three oranges, whichever you must prefer
  • three oranges
  • two apples

Question 4

Question
Opportunity cost is best defined as the
Answer
  • cost of a good less profits
  • money spent once a choice is made
  • sum of all alternatives given up when a choice is made
  • highest valued alternative given up when a choice is made
  • cost of capital resources used in the production of additional capital

Question 5

Question
Nicky makes $25,000 a year as a sales clerk. He then decides to quit his job to enter an MBA program full time (assume Nicky does not work in the summer or hold any part time jobs). His tuition, books, living expenses, and fees total $15,000 a year. Given this information, the annual total cost of Nicky's MBA studies is
Answer
  • $35,000
  • $40,000
  • $25,000
  • $10,000
  • $15,000

Question 6

Question
Which of the following is considered to be a physical capital?
Answer
  • Machinery
  • Stocks
  • Money
  • Bonds
  • Finished products

Question 7

Question
Oil found underground in Texas is an example of
Answer
  • an entrepeneur
  • a labor resource
  • land or natural resource
  • a capital resource
  • human capital

Question 8

Question
A person has a comparative advantage in producing a good if that person
Answer
  • can produce the good at a lower absolute cost than anyone else
  • can produce the good at a higher opportunity cost than anyone else
  • can do a better job than anyone else
  • spends less money in out of pocket expenses than anyone else
  • can produce the good at a lower opportunity cost than anyone else

Question 9

Question
Scenario 1.1 Alan and Brian work at a baseball and softball manufacturing plant. Alan can produce either 10 baseballs or 4 softballs in an hour. Brain can produce either 8 baseballs or 2 softballs in an hour. According to Scenario 1.1, the opportunity cost for Brian to produce 1 softball is
Answer
  • 2 1/2 baseballs
  • 2/3 baseball
  • 4 baseballs
  • 1/4 baseball
  • less than the opportunity cost for Alan to produce 1 softball

Question 10

Question
In figure 1.3, under utilization of resources is represented by point
Image:
6366fc43-4bd4-4781-8a15-c2a7e1a09ce9 (image/png)
Answer
  • A
  • B
  • C
  • D
  • E

Question 11

Question
Look at image
Image:
6afbde36-9e2e-4b55-a073-0fe2421e26e4 (image/png)
Answer
  • A
  • B
  • C
  • D
  • E

Question 12

Question
Look at image
Image:
553b70b7-32c8-4efe-b8cd-66a6a7340c5f (image/png)
Answer
  • A
  • B
  • C
  • D
  • E

Question 13

Question
Look at image
Image:
8ba5ed2b-0980-4195-99c4-e1f52e060318 (image/png)
Answer
  • A
  • B
  • C
  • D
  • E

Question 14

Question
Look at image
Image:
ba531ef3-6c92-4f14-98ff-81adaec775ea (image/png)
Answer
  • A
  • B
  • C
  • D
  • E

Question 15

Question
Look at image
Image:
7ebb9f96-33ce-4eb8-b3a1-6a670d47e459 (image/png)
Answer
  • A
  • B
  • C
  • D
  • E

Question 16

Question
Look at image
Image:
7fb20052-fb8b-4263-9cf4-dae6d117bd81 (image/png)
Answer
  • A
  • B
  • C
  • D
  • E

Question 17

Question
Look at image
Image:
86691b33-b8cf-421e-8449-8d71a5e460ef (image/png)
Answer
  • A
  • B
  • C
  • D
  • E

Question 18

Question
Look at image
Image:
d6c45a38-aef1-4930-b791-194fcea658c5 (image/png)
Answer
  • A
  • B
  • C
  • D
  • E

Question 19

Question
Look at image
Image:
a021cb71-ccf8-44b3-a15d-8354ef62f4ef (image/png)
Answer
  • A
  • B
  • C
  • D
  • E

Question 20

Question
Look at image
Image:
ea8d0690-a84c-44cc-8276-dd50a62ccc95 (image/png)
Answer
  • A
  • B
  • C
  • D
  • E

Question 21

Question
Look at image
Image:
c18473be-466d-4981-82c6-ae76a8e07883 (image/png)
Answer
  • A
  • B
  • C
  • D
  • E

Question 22

Question
Look at image
Image:
a874228c-3cfe-4eca-9457-63a18bf71096 (image/png)
Answer
  • A
  • B
  • C
  • D
  • E

Question 23

Question
Look at image
Image:
f92a4ad7-e2cd-45a9-b5af-6b257314fe32 (image/png)
Answer
  • A
  • B
  • C
  • D
  • E

Question 24

Question
Look at image
Image:
32af8f12-6ae2-432f-9839-0d6f0c31ceb6 (image/png)
Answer
  • A
  • B
  • C
  • D
  • E

Question 25

Question
Look at image
Image:
f7569ed4-5f18-4879-bc89-104f5dda206e (image/png)
Answer
  • A
  • B
  • C
  • D
  • E

Question 26

Question
Look at image
Image:
580a6ddf-b8c5-4049-a32f-64f5987ab452 (image/png)
Answer
  • A
  • B
  • C
  • D
  • E

Question 27

Question
Look at image
Image:
7e74f471-61f9-493c-9405-61ab0b71e98b (image/png)
Answer
  • A
  • B
  • C
  • D
  • E

Question 28

Question
Look at image
Image:
dfad6286-290b-48ca-b616-b85ff735cb79 (image/png)
Answer
  • A
  • B
  • C
  • D
  • E

Question 29

Question
Look at image
Image:
753fc90e-e55c-4a21-8b24-197fdad1745a (image/png)
Answer
  • A
  • B
  • C
  • D
  • E

Question 30

Question
Look at image
Image:
23704982-c6c8-4813-b46b-de3dcc6836e7 (image/png)
Answer
  • True
  • False

Question 31

Question
Look at image
Image:
e1b8d750-1036-4c52-81c6-37914533dd0e (image/png)
Answer
  • A
  • B
  • C
  • D
  • E

Question 32

Question
Look at image
Image:
8cad2962-c744-4982-9b3b-98e2d0d942f5 (image/png)
Answer
  • A
  • B
  • C
  • D
  • E

Question 33

Question
Look at image
Image:
01d9eb8c-3bef-42bb-99ba-10c438870207 (image/png)
Answer
  • A
  • B
  • C
  • D
  • E

Question 34

Question
Look at image
Image:
92692a4e-d7d2-4a25-b9a4-6ab84c00e474 (image/png)
Answer
  • A
  • B
  • C
  • D
  • E

Question 35

Question
Look at image
Image:
ad91e3be-32f3-484c-b04a-ff126080ad4f (image/png)
Answer
  • A
  • B
  • C
  • D
  • E

Question 36

Question
Look at image
Image:
311c0daf-ad3b-4a91-9e26-edb6da3d0b48 (image/png)
Answer
  • A
  • B
  • C
  • D
  • E

Question 37

Question
Look at image
Image:
e98bed13-d1ee-4678-a087-89e50b1575e8 (image/png)
Answer
  • A
  • B
  • C
  • D
  • E

Question 38

Question
Look at image
Image:
e413ba02-4301-4f66-8522-e9267b196207 (image/png)
Answer
  • A
  • B
  • C
  • D
  • E

Question 39

Question
Look at image
Image:
222c11a9-7e0f-429d-99ea-1981db56eb57 (image/png)
Answer
  • A
  • B
  • C
  • D
  • E

Question 40

Question
Look at image
Image:
eafbcd7c-5703-4c21-a894-64618956f1d8 (image/png)
Answer
  • A
  • B
  • C
  • D
  • E
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