1. Which of the following is the best definition of economics?
the study of how individuals and societies choose to use the scarce resources that nature and previous generations have provided
the study of how consumers spend their income
the study of how business firms decide what inputs to hire and what outputs to produce
the study of how the federal government allocates tax dollars
10 points
QUESTION 2
1. The reason that opportunity costs arise is that
an economy relies on money to facilitate exchange of goods and services.
resources are scarce
there are no alternative decisions that could be made.
people have limited wants.
10 points
QUESTION 3
1.
The process by which resources are transformed into useful forms is
capitalization.
consumption.
production.
allocation.
10 points
QUESTION 4
1. Which of the following would an economist classify as capital?
a $50 bill
a corporate bond
a post office employee
a guitar used by a musician
10 points
QUESTION 5
1. The production possibility frontier is a graph that shows
all the combinations of goods and services that are consumed over time if all of society’s resources are used efficiently.
the amount of goods and services consumed at various average price levels
the rate at which an economy’s output will grow over time if all resources are used efficiently.
all the combinations of goods and services that can be produced if all of society’s resources are used efficiently.
10 points
QUESTION 6
1.
According to the previous figure, the point where only hybrid cars are produced is
A
B
C
E
10 points
QUESTION 7
1. In input or factor markets,
consumers purchase products.
firms supply goods.
households supply resources.
households demand goods.
10 points
QUESTION 8
1. In an output market,
consumers purchase products
firms purchase resources.
households earn income.
land, labor and capital may be exchanged.
10 points
QUESTION 9
1. The “law of demand” implies that
as prices fall, demand increases.
as prices rise, demand increases.
as prices fall, quantity demanded increases.
as prices rise, quantity demanded increases.
10 points
QUESTION 10
1.
According to the previous figure, which of the following would be most likely to cause the demand for Dr. Pepper to shift from D0 to D1?
a increase in income, assuming that Dr. Pepper is a normal good
a decrease in the preferences of consumers for Dr. Pepper
undertake.a reduction in the price of sugar used to make Dr. Pepper
a decrease in the price of Dr. Pepper
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