ECON 1010 Quiz Terms(Chapter 1)

Question 1 of 21

1

Economics is the _ the choices that individuals, businesses, governments, and entire societies make as they _, and the influences on those choices, and the arrangements that coordinate them.

Select one of the following:

social science that studies; settle disagreements
set of personal opinions about; settle disagreements
social science that studies; cope with scarcity
set of personal opinions about; cope with scarcity

Explanation

Question 2 of 21

1

Think about the following news items. Which items involve a microeconomic issue and which involve a macroeconomic issue?
A. An increase in the number of police on inner dash city streets will reduce the crime rate
B. Is Hulu Plus a better value for your money than Netflix question mark
C. 7 ways streaming music will change in 2017
D. An increase in the tax on cigarettes will decrease teenage smoking
Statement A involves a issue.
Statement B involves a issue.

Select one of the following:

micro; macro
micro; micro
macro; micro
macro ; macro

Explanation

Question 3 of 21

1

Think about the following news items. Which items involve a microeconomic issue and which involve a macroeconomic issue?
A. An increase in the number of police on inner dash city streets will reduce the crime rate
B. Is Hulu Plus a better value for your money than Netflix question mark
C. 7 ways streaming music will change in 2017
D. An increase in the tax on cigarettes will decrease teenage smoking
Statement C involves a issue.
Statement D involves a issue.

Select one of the following:

macro; micro
macro ; macro
micro ; macro
micro; micro

Explanation

Question 4 of 21

1

Fill the blank space to complete the text.

is a subject that studies how we can cope with scarcity

Explanation

Question 5 of 21

1

The what, how, and for whom questions in economics are questions about ______.

Select one of the following:

what incomes do we pay the people who produce the goods and services we consume, how do firms generate enough income to pay their employees, and who wants the goods and services that are produced
what goods and services do we produce in Canada and what goods and services do we buy from other countries, how do we ship goods and services into Canada from abroad, and who benefits from shipping goods into Canada
what goods and services do we produce, how do we use the factors of production to produce these goods, and who consumes the goods and services that are produced
what are the factors of production, how do we pay the factors of production, and who supplies the factors of production

Explanation

Question 6 of 21

1

Which of the following news headlines does not illustrate the potential for conflict between self-interest and the social interest?

Select one of the following:

Only an end to global warming can save the Great Barrier Reef
Chanel secured future
Emergency crisis in Ehiopia-worst drought in 50 years
Rainforest destruction rises in the Brazilian Amazon

Explanation

Question 7 of 21

1

Which one of the following news headlines definitely concerns the social interest?

Select one of the following:

E Coli Test Results Must be Posted on Beaches
Bill Gates Hires Assistant
Survivor' Renewed for Season 35
Starbucks Expands in China

Explanation

Question 8 of 21

1

For each news item below, indicate whether it involves a what, how, or for whom question.
"Consultants replacing high school counselors" involves a question.
"Health dash care professionals and drug companies say drug rebates should be available to everyone in need" involves a question

Select one of the following:

how; what
how; for whom
for whom; what
for whom; for whom

Explanation

Question 9 of 21

1

A choice on the margin is a choice that is made by comparing all the relevant ___ systematically and _.
Marginal cost is the _ that arises from one unit _ in an activity.
Marginal benefit is the _ that arises from one unit ___ in an activity.

Select one of the following:

alternatives; incrementally;
opportunity cost; increase;
benefit; increase
costs; incrementally;
total cost; decrease;
benefit; decrease
profits; totally;
total cost; increase;
opportunity cost; decrease
prices; incrementally;
opportunity cost; decrease;
revenue; increase

Explanation

Question 10 of 21

1

Explain what economists mean by rational choice.
A rational choice is _______.

Select one of the following:

always the right choice
best for the person making that choice in the short run but not in the long run
best for the person making that choice in the long run but not in the short run
one that compares costs and benefits and achieves the greatest benefit over cost for the person making the choice

Explanation

Question 11 of 21

1

Choose the statement that is correct.

Select one of the following:

It is a rational choice to live off campus instead of on campus when the cost of living in residence near the library is less than the cost of living with constant parties in residence.
It is a rational choice to quit university and train to become a plumber when the benefit you receive from working as a plumber exceeds the cost of becoming a plumber.
It is a rational choice to spend the weekend at home with your family when that is the decision that makes your parents the happiest.
It is never a rational choice to decide to enter the labour force immediately following high school.

Explanation

Question 12 of 21

1

Choose the correct statement.

Select one of the following:

The opportunity cost of an activity you do not enjoy is zero.
The opportunity cost of doing more of an activity is the opportunity cost of the activity.
The opportunity cost of something is the highest-valued alternative that must be given up to get it.
The opportunity cost of an activity is constant, regardless of the time of day at which you pursue the activity.

Explanation

Question 13 of 21

1

Pam, Pru, and Pat are deciding how they will celebrate the New Year. Pam prefers to go on a cruise, is happy to go to Hawaii, but does not want to go skiing. Pru prefers to go skiing, is happy to go to Hawaii, but does not want to go on a cruise. Pat prefers to go to Hawaii or to take a cruise, but does not want to go skiing.

Their decision is to go to Hawaii.

What is the opportunity cost of the trip to Hawaii for each of them?

Select one of the following:

The opportunity cost for each of them is the airfare to Hawaii minus the cost of a cruise.
The opportunity cost for Pam and Pat is a cruise and for Pru it is skiing.
The opportunity cost for Pam and Pat is the airfare to Hawaii minus the cost of a cruise and for Pru, it's the airfare minus the cost of a ski trip.
The opportunity cost for each of them is the airfare to Hawaii.

Explanation

Question 14 of 21

1

Cost of Rio Olympics\

Brazilian federal, state, and local governments spent R$2.8 billion and private sponsors spend R$4.2 billion on 17 new Olympic facilities, 10 of which will be used for sporting events after the Olympics.

Select one of the following:

R$7.0 billion
the goods and services that would have been purchased with R$7.0 billion if the facilities were not built unless Rio hosted the Olympics
the goods and services that would have been purchased with R$4.2 billion. Government expenditure is never included in opportunity cost
the goods and services that would have been purchased with the R$2.8 billion if the Brazilian government would have spent this money anyway to give Brazilian athletes a place to train

Explanation

Question 15 of 21

1

Costs Soar for London Olympics
The regeneration of East London is set to add extra pound1.5 billion to taxpayers' bill.
The Times, London, July 6, 2006
Question is complete.

Read the news clip, then answer the following question.
Is the cost of regenerating East London an opportunity cost of hosting the 2012 Olympic Games?

The cost of regenerating East London an opportunity cost of hosting the 2012 Olympic Games .

Select one of the following:

is not; because regenerating East London is an unnecessary expense
is not; few people attending the 2012 Olympics will spend much time outside the Olympic venues
is; if the cost of the East London regeneration is equal to a significant percentage of the total amount spent by London taxpayers to host the 2012 Olympics
is; if the regeneration of East London would not occur unless London hosted the 2012 Olympics

Explanation

Question 16 of 21

1

When Costco opened a gas bar just off Highway 401, the neighbourhood was swamped with cars as drivers lined up to get the discount of 10 cents a litre.
The opportunity cost of a litre of gas is ______.

Select one of the following:

the amount of money that a consumer saves by buying gasoline at Costco
the time that you would have spent doing something other than lining up to buy a litre of gasoline
the 10 cent discount on a litre of gasoline
the pleasure that motorists receive from buying cheaper gasoline

Explanation

Question 17 of 21

1

An economic model is a description of some features of the economic world that includes _ features assumed necessary to explain the _facts.

Select one of the following:

only those; unobserved
all the; observed
only those; observed
all the; unobserved

Explanation

Question 18 of 21

1

To disentangle cause and effect, economists use economic models and use _______ to test the predictions of those models.

Select one of the following:

individuals, businesses, and governments
positive statements and normative statements
the what, how, and for whom questions
natural experiments, statistical investigations, and perform economic experiments

Explanation

Question 19 of 21

1

Indicate whether each of the following news items is a positive or a normative statement.
1. More police on inner dash city streets will lower the crime rate.
2. Netflix original programming is better than network TV shows.
3. The PlayStation is better than the XBox.
4. Work hours are too long.

Statement 1 is a statement, and statement 2 is a statement.

Select one of the following:

positive; positive
normative; normative
normative; positive
positive; normative

Explanation

Question 20 of 21

1

Indicate whether each of the following news items is a positive or a normative statement.
1. More police on inner dash city streets will lower the crime rate.
2. Netflix original programming is better than network TV shows.
3. The PlayStation is better than the XBox.
4. Work hours are too long.

Statement 3 is a statement, and statement 4 is a statement.

Select one of the following:

positive; normative
normative; normative
positive; positive
normative; positive

Explanation

Question 21 of 21

1

How is economics used as a policy tool?
Economics is used as a policy tool when economists _______.

Select one of the following:

work to predict the outcome of normative statements
predict the effects of all the changes occurring in the economy at the same time
advise governments on normative goals for the economy
model different economic proposals proposed by government

	Created by Muhammad Khan over 5 years ago

Reviewing the ones I got wrong.

ECON 1010 Quiz Terms(Chapter 1)

ECON 1010 Quiz Terms(Chapter 1)

Question 1 of 21

Economics is the​ _____ the choices that​ individuals, businesses,​ governments, and entire societies make as they​ _____, and the influences on those​ choices, and the arrangements that coordinate them.

Select one of the following:

Explanation

Question 2 of 21

Select one of the following:

Explanation

Question 3 of 21

Select one of the following:

Explanation

Question 4 of 21

Fill the blank space to complete the text.

is a subject that studies how we can cope with scarcity

Explanation

Question 5 of 21

The what​, how​, and for whom questions in economics are questions about​ ______.

Select one of the following:

Explanation

Question 6 of 21

Which of the following news headlines does not illustrate the potential for conflict between​ self-interest and the social​ interest?

Select one of the following:

Explanation

Question 7 of 21

Which one of the following news headlines definitely concerns the social​ interest?

Select one of the following:

Explanation

Question 8 of 21

Select one of the following:

Explanation

Question 9 of 21

A choice on the margin is a choice that is made by comparing all the relevant​ _____ systematically and​ _____. Marginal cost is the​ _____ that arises from one unit​ _____ in an activity. Marginal benefit is the​ _____ that arises from one unit​ _____ in an activity.

Select one of the following:

Explanation

Question 10 of 21

Explain what economists mean by rational choice. A rational choice is​ _______.

Select one of the following:

Explanation

Question 11 of 21

Choose the statement that is correct.

Select one of the following:

Explanation

Question 12 of 21

Choose the correct statement.

Select one of the following:

Explanation

Question 13 of 21

Select one of the following:

Explanation

Question 14 of 21

Cost of Rio Olympics\ Brazilian​ federal, state, and local governments spent​ R$2.8 billion and private sponsors spend​ R$4.2 billion on 17 new Olympic​ facilities, 10 of which will be used for sporting events after the Olympics.

Select one of the following:

Explanation

Question 15 of 21

Select one of the following:

Explanation

Question 16 of 21

When Costco opened a gas bar just off Highway​ 401, the neighbourhood was swamped with cars as drivers lined up to get the discount of 10 cents a litre. The opportunity cost of a litre of gas is​ ______.

Select one of the following:

Explanation

Question 17 of 21

An economic model is a description of some features of the economic world that includes​ _____ features assumed necessary to explain the​ _____facts.

Select one of the following:

Explanation

Question 18 of 21

To disentangle cause and​ effect, economists use economic models and use​ _______ to test the predictions of those models.

Select one of the following:

Explanation

Question 19 of 21

Select one of the following:

Explanation

Question 20 of 21

Select one of the following:

Explanation

Question 21 of 21

How is economics used as a policy​ tool? Economics is used as a policy tool when economists​ _______.

Select one of the following:

Explanation

Economics is the _ the choices that individuals, businesses, governments, and entire societies make as they _, and the influences on those choices, and the arrangements that coordinate them.

The what, how, and for whom questions in economics are questions about ______.

Which of the following news headlines does not illustrate the potential for conflict between self-interest and the social interest?

Which one of the following news headlines definitely concerns the social interest?

A choice on the margin is a choice that is made by comparing all the relevant ___ systematically and _.
Marginal cost is the _ that arises from one unit _ in an activity.
Marginal benefit is the _ that arises from one unit ___ in an activity.

Explain what economists mean by rational choice.
A rational choice is _______.

Cost of Rio Olympics\

Brazilian federal, state, and local governments spent R$2.8 billion and private sponsors spend R$4.2 billion on 17 new Olympic facilities, 10 of which will be used for sporting events after the Olympics.

When Costco opened a gas bar just off Highway 401, the neighbourhood was swamped with cars as drivers lined up to get the discount of 10 cents a litre.
The opportunity cost of a litre of gas is ______.

An economic model is a description of some features of the economic world that includes _ features assumed necessary to explain the _facts.

To disentangle cause and effect, economists use economic models and use _______ to test the predictions of those models.

How is economics used as a policy tool?
Economics is used as a policy tool when economists _______.