Quiz
Econ
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Perguntas do quiz (37)
1Suppose y is measured on the vertical axis, x is on the horizontal axis, and the various combinations of x and y are shown by a nonvertical straight line. Which of the following must be true?
- AThere is a negative relation between a and y
- BThere is a positive relation between x and y
- CThere is a causal relation between x and y
- DIf the value of x is known, the value of y can be determined
- EThe value of y is independent of the value of x
2Scarcity
- AExists because people have wants that are unlimited relative to the availability of resources to satisfy those wants
- BApplies when a resource is not freely available
- CMeans that each society and each individual must make choices
- DExists in all societies
- EAll applicable
3Michigan has an abundant supply of fresh water. However an economist would consider it a scarce resource because
- Awater is necessary for humans physical survival
- BPollution will eventually destroy all life in the great lakes
- CWater is limited relative to people's unlimited wants
- DWater commands a very high price
- ENature can destroy water as well as create it
4If a business produces and sells only one unit of a good, its profit would be the
- APrice received for the good
- BPrice of the product minus the cost of the resources used to produce the product
- CReturn paid to the firms bank on its outstanding loans
- DPrice of the product minus the wages paid for the labor used to produce it
- EWages paid for the labor used to produce the product minus the price
5In economics, the term "marginal" usually refers to
- AA small change in an economic variable
- Ba low-quality product or resource
- CAn unimportant and irrelevent economic variable
- Dan all-or-nothing economic decision
- Ea footnote or minor point
6The economic behavior of individual decision makers and the determination of price and output in specific markets are both studied in
- AMicroeconomics
- BMacroeconomics
- CPositive Economics
- DNormative Economics
- EDisequilibrium Economics
7Economics employs a scientific methodology. In part, this means that
- AAll economic laws have been proven true by laboratory tests
- BThere is a single economic theory accepted by all economists
- CEconomic hypotheses are tested to determine their validity
- DAs the differencePersonal values never enter into economic policy recommendations
- EAssumptions are not necessary in economic science
8Which of the following is an an example of a positive statement?
- AWorkers with families should be paid at least the minimum wage
- BIf crime rates were reduced, the world would be a better place in which to live
- CMarginal tax rates should be reduced for individuals in the highest tax brackets.
- DAn increase in the price of gasoline will cause a reduction in the amount purchased.
- ECorrupt Politicians ought to be voted out of office
9Opportunity cost is defined
- Aonly in terms of money spent
- Bas the value of all alternatives not chosen
- Cas the value of the best alternative not chosen
- DAs the difference between the benefits of a choice and the benefits of the next best alternative
- EAs the difference between the benefits from a choice and the costs of that choice
10Expenses for room and board
- Aare opportunity costs of attending college, because they are subsidized by the government or by the college
- Bare opportunity costs of attending college since they involve cash expenditures
- Care opportunity costs of attending college if you are on scholarship, but not otherwise
- Dare not usually part of the opportunity cost of attending college, because you would have to live somewhere and eat something even if you didn't attend college
- EAre not usually part of the opportunity cost of attending college, because they are already included in room and board charges, and we wish to avoid double counting
11The law of comparative advantage says that
- Athe individual with the lowest opportunity cost of producing a particular good should produce it
- BComparative advantage exists only when one person has an absolute advantage in the production of two goods
- CWhoever has a comparative advantage in producing a good also has an absolute advantage in producing that good
- DWhoever has a absolute advantage in producing a good also has a comparative advantage in producing that good
- EGains from trade are possible only when one person has the comparative advantage in producing both goods
12If Sam can chop up more carrots per minute than Joe can, then
- AJoe has an absolute advantage in carrot chopping
- BJoe must have a comparative advantage in carrot chopping
- CSam has an absolute advantage in carrot chopping
- DSam must have a comparative advantage in carrot chopping
- Ewe can conclude nothing about absolute advantage
13In economics, specialization means
- Aproducing something using only one type of resource, such as labor
- Bproducing something using only one type of labor
- Cfocusing efforts on a particular product or a single task
- Dproducing only one unit of output
- Eproducing something using only one unit of a variable resource
14Society's production possibilities frontier
- Ahelps explain the immense complexity of the real economy
- Bdemonstrates that, although resources are scarce for individuals, there is no problem of scarcity for society as a whole
- Cis based on unrealistic assumptions and therefore has no value as an economic tool
- Dis based on simplifying assumptions, but is still useful for illustrating scarcity, opportunity cost, and economic growth
- Eis based on the assumption that technology is constantly changing
15Households act as suppliers when they provide
- Agoods and services to firms and governments
- Bresources to firms and governments
- Ctax payments to governments
- Dthe demand for only what firms supply or make available
- Emoney to firms in exchange for goods and services
16Households act as demanders when they demand
- Athat corporate executives and government officials be held accountable for their actions
- Bdividends from the stocks they hold
- Cinterest and capital gains from the bonds they hold
- Dgoods and services from firms and the government
- Epayment for the goods and services they sell to firms and governments
17The objective of the household is to
- Amaximize household wealth
- Bown as much land as possible
- Csave as much money as possible
- Dacquire as many goods as possible
- Emaximize utility
18Which of the following represents the largest source of income for U.S. households?
- Apersonal interest
- Bproprietor's income
- Cwages and salaries
- Drental income
- Etransfer payments
19Which of the following is an example of a durable good?
- Aa cowboy
- Ba cherry pie
- Ca newspaper
- Da hand-held calculator
- Ea pencil
20In terms of the number of firms in the U.S. economy, the most common type of firm is the
- Acorporation
- Bpartnership
- Csole proprietorship
- Dnonprofit organization
- Elimited partnership corporation
21In what way is consumer demand different from consumer wants?
- ADemand is only for necessities
- BDemand is only for luxuries
- CDemand takes into account the ability to pay
- DConsumer wants are only for luxuries
- EConsumer wants are only for accessories
22The effect of a decrease in the price of personal computers, other things constant, is likely to be best represented by which of the following?
- AA leftward shift of the demand curve
- BA movement leftward along the demand curve
- CA rightward shift of the demand curve
- DA movement rightward along the demand curve
- EA rightward shift of the supply curve
23Which of the following will not shift the demand curve for movie tickets?
- AA change in the cost of babysitting services
- BA change in the price of movie tickets
- CA change in the quality of television programs
- DA change in the income of movie goers
- EA change in the number of consumers
24Which of the following is most likely to be an inferior good?
- AAirline Travel
- BRestaurant Meals
- CA subscription to the Wall Street Journal
- DSoft Drinks
- EUsed Clothing
25Sugar and honey are viewed as substitutes for each other in many cooking applications. If the price of sugar rises, we would expect the price of honey to
- AThe demand for honey to increase
- BThe demand for honey to decrease
- CThe quantity demanded of honey to decrease
- DThe price of honey to decrease
- EThe quantity demanded of honey to increase
26Assume that black beans and rice are staples in the diet of one particular family. How could you tell if these goods were complements, substitutes, or unrelated goods?
- AIf the price of black beans rose and the consumption of rice remained the same, they would be substitutes
- BIf the price of black beans rose and the consumption of rice increased, they would be substitutes
- CIf the price of black beans rose and the consumption of rice decreased, they would be complements
- DIf the price of black beans rose and the consumption of both goods remained the same, they would be complements
- EThere is no way to determine whether these goods are complements, substitutes, or unrelated goods
27Which of the following is true of an increase in quantity supplied of a given good?
- AIt is represented by a rightward shift in the supply curve
- BIt could result from a technological improvement
- CThe price of a key resource used to produce the good may have dereased
- DIt is caused by an increase in the price of the good
- EThe price of an alternative good has increased
28Which of the following would shift the supply curve for a product to the right?
- AAn increase in the price of a resource used in the goods production
- BThe expectation of a higher price in the near future
- CAn increase in the price of the product
- DAn increase in the price of an alternative good
- EAn improvement in the technology for producing the good
29If a surplus exists in the market for swimwear, an economist would predict that
- AThe price of swimwear will rise
- BProducers will increase the production of swimwear
- CThe supply of swimwear will increase
- DThe price of swimwear at retail outlets will begin to fall
- EBuyers will react to the surplus by increasing their demand for swimwear
30If there is a change in the market for jeans
- AProducers inventories will increase
- BThe price should begin to rise
- CThe demand curve will shift to restore equilibrium in the market
- DThe supply curve will shift to restore equilibrium in the market
- EProducers expect government to impose a price ceiling
31What is the effect of a reduction in the price of steel on the equilibrium price and quantity of automobiles?
- ABoth equilibrium price and equilibrium quantity rise
- BBothe equilibrium price and quantity fall
- CEquilibrium price rises and equilibrium quantity falls
- DEquilibrium price falls and equilibrium quantity rises
- EBoth equilibrium price and equilibrium quantity remain unchanged
32Two events occur simultaneously in the market for automobiles: (1) an improvement in assembly line technology and (2) the economy enters a recession (which decreases consumers' income). An economist would predict with certainty that
- AEquilibrium quantity will rise
- BEquilibrium quantity will fall
- CEquilibrium price will rise
- DEquilibrium price will fall
- EThe Equilibrium price will remain the same
33In which of the following situations will the effect upon the equilibrium price be indeterminate?
- ASupply decreases and demand increases
- BDemand decreases and supply increases
- CDemand remains constant and supply increases
- DSupply decreases and demand decreases
- ESupply remains constant and demand increases
34The price elasticity of demand helps determine the effect of price changes on a firm's
- AProperty Taxes
- BProfits
- CQuantity Supplied
- DRevenues
- ETotal Costs
35If a 10% increase in price leads to an 8% decrease in quantity demanded, demand is
- APerfectly Elastic
- BElastic
- CUnit Elastic
- DInelastic
- EPerfectly Inelastic
36Which of the following statements concerning utility is correct?
- AIt is possible to precisely measure the utility an individual receives from consuming a particular good or service
- BIt is always possible to determine whether Dalene or Juloy gets more utility from consuming two units of the same good
- CThe utility of goods can be measured while the same is not true for services
- DUtility is a subjective measure of satisfaction an individual receives from consuming a good or service
- EIt is only useful if there is no scarcity
37The reason that you don't drink five cups of coffee at breakfast is that
- AThe marginal utility of extra cups of coffee eventually diminishes
- BMost people cannot afford five cups
- CThe total utility of coffee rises as you consume more ups
- DThe price of coffee rises as you buy more cups
- EThe marginal satisfaction derived from cups of coffee remains constant
Informações
- Descrição
- Quiz sobre Econ, criado por Daniel Guyton em 11-02-2015.
- Autor
- Daniel Guyton
- Idioma
- English
- Visualizações
- 5
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