Test
Economics
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Preguntas del test (23)
1The physical and mental talents people bring to production processes comprise the resourced called
- Alabor
- Bcapital
2Which of the following is a microeconomics topic?
- AThe study of how prices are determined in the computer industry
- BThe study of how prices are determined in the business world
3What is the most prominent rationing device you will likely find at your campus bookstore?
- ACow, Oxen, or Rice
- BDollar Price
4Economists believe that people's wants are
- Afinite
- Binfinite
5Decision making "at the margin" means making a choice based on __________ of a decision.
- Acomparing the additional benefits and costs
- Bcomparing the less benefits and additional costs
6At the optimal level of an activity, the activity's marginal benefit must exceed the marginal cost of the activity.
- Aequal the marginal cost of the activity
- Bless than the marginal cost of the activity
7Most states have instituted mandatory seatbelt laws to reduct traffic fatalities. An economist may point out that an unintended effect of these laws is
- Aan increase in traffic, increasing fatalities
- Ban increase in risky driving behavior, increasing fatalities.
8Which of the following statements is false?
- AElementary education at public schools is usually free.
- BElementary education at private schools usually cost money.
9The question of how a tax change might impact U.S. economic output is most closely associated with the suds of
- Amicroeconomics
- Bmacroeconomics
10Opportunity cost is the ______________ alternative forfeited when a choice is made.
- Aleast likely valued
- Bmost highly-valued
11Scarcity is defined as the condition in which
- Awants are infinite and recourses finite
- Bwants are finite and resources infinite
12A good provides __________ and a bad provides __________.
- Autility; disutility
- Bdisutility; utility
13Which of the following statements is false?
- ATo an economist, the resource capital consists of produced goods that can be turned into unproduced goods.
- BTo an economist, the resource capital consists of unproduced goods that can be turned into produced goods.
14Every time you make a _________, you incur a (an) _________.
- Adecision; choice
- Bchoice; opportunity cost
15The ____________ the opportunity cost of doing something, the ____________ likely a person will do that something.
- Ahigher; less/ lower; more
- Bhigher; more/ lower; less
16What does it mean if a person makes a "decision at the margin"?
- AThe person does not compare additional benefits but compares the additional costs when deciding what to do.
- BThe person compares additional benefits and additional costs when deciding what to do.
17What is likely to be an unintended effect of a rise in the minimum wage?
- ASome people lose their job.
- BLess jobs become open.
18The student whose study habits are illustrated here will maximize the net benefits of studying when she has studied
- A2 hours
- B6 hours
19Refer to this exhibit. If the student whose study habits are illustrated here is currently studying for 8 hours she should
- Aincrease the number of hours she is studying because the marginal benefits for 8 hours will be more than the marginal cost of doing so.
- Bcut 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.
20Which of the following is not one of the four broad categories of resources?
- Amoney
- Bland
21If 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
- Aa downward-sloping curve that is bowed outward
- Ban upward-sloping line that is bowed inward
22Consider 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
- A1 orange
- B8 oranges
23The PPF between goods X and Y will be a downward-sloping
- Acurve that is bowed inward if decreasing opportunity cost exist.
- Bcurve that is bowed outward if increasing opportunity cost exist.
Información
- Descripción
- Test sobre Economics, creado por Whitney Smith el 17/04/2014.
- Autor
- Whitney Smith
- Idioma
- English
- Visitas
- 205
- Valoración
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