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ECON 1010 Quiz Terms(Chapter 1)
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Questions in this quiz (21)
1Economics 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.
- Asocial science that studies; settle disagreements
- Bset of personal opinions about; settle disagreements
- Csocial science that studies; cope with scarcity
- Dset of personal opinions about; cope with scarcity
2Think 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.- Amicro; macro
- Bmicro; micro
- Cmacro; micro
- Dmacro ; macro
3Think 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.- Amacro; micro
- Bmacro ; macro
- Cmicro ; macro
- Dmicro; micro
4[blank_start]Economic[blank_end] is a subject that studies how we can cope with scarcity
- AEconomic
5The what, how, and for whom questions in economics are questions about ______.
- Awhat 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
- Bwhat 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
- Cwhat 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
- Dwhat are the factors of production, how do we pay the factors of production, and who supplies the factors of production
6Which of the following news headlines does not illustrate the potential for conflict between self-interest and the social interest?
- AOnly an end to global warming can save the Great Barrier Reef
- BChanel secured future
- CEmergency crisis in Ehiopia-worst drought in 50 years
- DRainforest destruction rises in the Brazilian Amazon
7Which one of the following news headlines definitely concerns the social interest?
- AE Coli Test Results Must be Posted on Beaches
- BBill Gates Hires Assistant
- CSurvivor' Renewed for Season 35
- DStarbucks Expands in China
8For 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- Ahow; what
- Bhow; for whom
- Cfor whom; what
- Dfor whom; for whom
9A 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.- Aalternatives; incrementally;
opportunity cost; increase;
benefit; increase - Bcosts; incrementally;
total cost; decrease;
benefit; decrease - Cprofits; totally;
total cost; increase;
opportunity cost; decrease - Dprices; incrementally;
opportunity cost; decrease;
revenue; increase
- Aalternatives; incrementally;
10Explain what economists mean by rational choice.
A rational choice is _______.- Aalways the right choice
- Bbest for the person making that choice in the short run but not in the long run
- Cbest for the person making that choice in the long run but not in the short run
- Done that compares costs and benefits and achieves the greatest benefit over cost for the person making the choice
11Choose the statement that is correct.
- AIt 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.
- BIt 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.
- CIt is a rational choice to spend the weekend at home with your family when that is the decision that makes your parents the happiest.
- DIt is never a rational choice to decide to enter the labour force immediately following high school.
12Choose the correct statement.
- AThe opportunity cost of an activity you do not enjoy is zero.
- BThe opportunity cost of doing more of an activity is the opportunity cost of the activity.
- CThe opportunity cost of something is the highest-valued alternative that must be given up to get it.
- DThe opportunity cost of an activity is constant, regardless of the time of day at which you pursue the activity.
13Pam, 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?- AThe opportunity cost for each of them is the airfare to Hawaii minus the cost of a cruise.
- BThe opportunity cost for Pam and Pat is a cruise and for Pru it is skiing.
- CThe 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.
- DThe opportunity cost for each of them is the airfare to Hawaii.
14Cost 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.- AR$7.0 billion
- Bthe goods and services that would have been purchased with R$7.0 billion if the facilities were not built unless Rio hosted the Olympics
- Cthe goods and services that would have been purchased with R$4.2 billion. Government expenditure is never included in opportunity cost
- Dthe 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
15Costs 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 ______.- Ais not; because regenerating East London is an unnecessary expense
- Bis not; few people attending the 2012 Olympics will spend much time outside the Olympic venues
- Cis; 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
- Dis; if the regeneration of East London would not occur unless London hosted the 2012 Olympics
16When 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 ______.- Athe amount of money that a consumer saves by buying gasoline at Costco
- Bthe time that you would have spent doing something other than lining up to buy a litre of gasoline
- Cthe 10 cent discount on a litre of gasoline
- Dthe pleasure that motorists receive from buying cheaper gasoline
17An economic model is a description of some features of the economic world that includes _____ features assumed necessary to explain the _____facts.
- Aonly those; unobserved
- Ball the; observed
- Conly those; observed
- Dall the; unobserved
18To disentangle cause and effect, economists use economic models and use _______ to test the predictions of those models.
- Aindividuals, businesses, and governments
- Bpositive statements and normative statements
- Cthe what, how, and for whom questions
- Dnatural experiments, statistical investigations, and perform economic experiments
19Indicate 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.- Apositive; positive
- Bnormative; normative
- Cnormative; positive
- Dpositive; normative
20Indicate 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.- Apositive; normative
- Bnormative; normative
- Cpositive; positive
- Dnormative; positive
21How is economics used as a policy tool?
Economics is used as a policy tool when economists _______.- Awork to predict the outcome of normative statements
- Bpredict the effects of all the changes occurring in the economy at the same time
- Cadvise governments on normative goals for the economy
- Dmodel different economic proposals proposed by government
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- Description
- Reviewing the ones I got wrong.
- Author
- Muhammad Khan
- Language
- English
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