ECON 2001 Week 1 Quiz (Chapters 1 & 2)
Question 1 | 10 / 10 points |
The branch of economics that examines the impact of choices on aggregates in the economy is:
Question options:
positive economics. | |||
normative economics. | |||
macroeconomics. | |||
microeconomics. | |||
Question 2 | 10 / 10 points |
When we are forced to make choices we are facing the concept of:
Question options:
ceteris paribus. | |||
free goods. | |||
scarcity. | |||
the margin. | |||
Question 3 | 10 / 10 points |
An economic system is the set of rules that define _______ and _______ .
Question options:
resources; prices | |||
who gets to vote; when elections will be held | |||
market prices; factors of production | |||
how an economy’s resources are to be owned; how decisions about the resources are to be made | |||
Question 4 | 10 / 10 points |
In a market capitalist economy:
Question options:
factors of production are owned privately and decisions about their use are basically made by individuals. | |||
factors of production are owned by the government but decisions about their use are made privately. | |||
private ownership exists but decisions about resource allocation are usually made centrally by the government. | |||
there is no role for the government. | |||
Question 5 | 10 / 10 points |
The branch of economics that examines the choices of consumers and firms is:
Question options:
positive economics. | |||
normative economics. | |||
macroeconomics. | |||
microeconomics. | |||
Question 6 | 10 / 10 points |
Scarcity in economics means:
Question options:
not having sufficient resources to produce all the goods and services we want. | |||
the wants of people are limited. | |||
there must be poor people in rich countries. | |||
economists are clearly not doing their jobs. | |||
Question 7 | 10 / 10 points |
The basic concern of economics is:
Question options:
to keep business firms from losing money. | |||
to prove that capitalism is better than socialism. | |||
to study the choices people make. | |||
to use unlimited resources to produce goods and services to satisfy limited wants. | |||
Question 8 | 10 / 10 points |
Whenever a choice is made:
Question options:
the value of all the other choices that could have been made is called opportunity cost. | |||
normative economics is encountered. | |||
the problem of “all other things unchanged” results. | |||
the opportunity cost of that choice is value of the next best alternative | |||
Question 9 | 10 / 10 points |
Economics is different from other social sciences because it gives special emphasis to the study of ______; it is similar to other social sciences because they are all concerned with the study of _______.
Question options:
unlimited resources; economic systems | |
human interactions; limited resources | |
opportunity costs; choices | |
social behavior; scarcity | |
PPC 1 |
Question 10 | 10 / 10 points |
(Exhibit: Production Possibilities Curve-Military and Civilian Goods) A movement from point G to H on Curve 1 would:
Question options:
require giving up military goods in order to get more civilian goods. | |||
indicate that, in this economy, there is no scarcity. | |||
require giving up civilian goods to get more military goods. | |||
require greater efficiency in the production of civilian goods. | |||
Question 11 | 10 / 10 points |
(Exhibit: Production Possibilities Curve-Military and Civilian Goods) If an economy is at point U, and its production possibilities curve is Curve 1, this would indicate that:
Question options:
resources are fully employed. | |||
economic growth has taken place. | |||
there is inefficiency and/or unemployment. | |||
the economy is maximizing its economic objectives. | |||
Question 12 | 10 / 10 points |
(Exhibit: Production Possibilities Curve-Military and Civilian Goods) If the economy is represented by Curve 1, then:
Question options:
point E is unattainable at the present time. | |
point G is superior to point H. | |
point H is superior to point G. | |
factors of production are not being used efficiently. | |
PPS 1 |
Question 13 | 10 / 10 points |
(Exhibit: Production Possibilities Schedule) If the economy is producing at alternative X, the opportunity cost to it of producing at Y instead of X is _______ units of consumer goods per period.
Question options:
0 | |||
6 | |||
8 | |||
14 | |||
Question 14 | 10 / 10 points |
(Exhibit: Production Possibilities Schedule) If an economy is producing at alternative W, the opportunity cost to it of producing at X is _______ unit(s) of consumer goods per period.
Question options:
0 | |||
1 | |||
4 | |||
18 | |||
Question 15 | 10 / 10 points |
(Exhibit: Production Possibilities Schedule) A move from alternative Y to alternative X would:
Question options:
result in greater unemployment. | |||
decrease potential growth. | |||
increase potential growth. | |||
result in greater underemployment. | |||
Attempt Score: 150 / 150 – 100 % |
Overall Grade (highest attempt): 150 / 150 – 100 |