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Week 1 Quiz Review
Test Description: This review was created to help you review for the Week 1 Quiz. It covers chapters 1, 1 appendix, and 2.
Instructions: Answer all questions to get your test result.
1) When using the economic perspective, economists view the world through the lens of:
A
Scarcity
B
Demand and Supply
C
Purposeful Behavior
D
Marginalism
2) If you decide to buy a new car, you must believe that the:
A
Marginal Cost of purchasing the car is greater than the Marginal Benefit derived by owning the car.
B
The rebate offered on the car would pay for the taxes.
C
Marginal Benefit of owning the car is greater than the Marginal Cost of purchasing the car.
D
The supply of cars available is less than the demand for cars.
3) In economics, we use the expression - there is no such thing as a free lunch - that means that:
A
You will have to buy that person lunch in the future, so the cost is just delayed.
B
The marginal benefit of going to the restaurant was less than the marginal cost.
C
You may get a free lunch, but someone had to pay for it.
D
You weren't hungry, so you didn't eat much.
4) A production possibilities model shows:
A
The prices of two goods and how much you can produce with your current budget.
B
The different costs of two goods.
C
The difference between what you can and can't afford.
D
The different combinations of goods that can be produced with a given set of resources.
5) A point inside the Production Possibilities Curve is:
A
Attainable and Efficient.
B
Unattainable and Inefficient.
C
Attainable and Inefficient.
D
Unattainable and Efficient.
6) A point on the Production Possibilities Curve is:
A
Unattainable and Efficient.
B
Attainable and Inefficient.
C
Unattainable and Inefficient.
D
Attainable and Efficient.
7) A movement along the Production Possibilities Curve would indicate:
A
The cost of one good has gone up relative to the other good.
B
Society has chosen to produce a different combination of goods.
C
Society ran out of the resources to produce one of the goods.
D
The economy is no longer running efficiently.
8) If the unemployment rate fell, what impact would that have on a nation's Production Possibility Curve?
A
The curve would have a new slope.
B
The curve would shift inward.
C
Nothing would happen to the curve, it would change where society was located.
D
The curve would shift outward.
9) What does a nation have to do to get more of one good?
A
Increase the prices of the current goods they are producing.
B
Give up some of the other good so that the resources are available to use.
C
They can't get more of one good. They have the maximum amount that they can.
D
Hire more people.
10) In the Production Possibility Curve, we show Economic Growth by:
A
Shifting the entire curve to the right.
B
Shifting the entire curve to the left.
C
Leaving the curve where it is and shifting the point where society is producing at to the right.
D
Leaving the curve where it is and shifting the point where society is producing at to the left.
11) The market system has lots of features, one of these is:
A
Opportunity Cost.
B
Competition.
C
The Circular Flow Model.
D
The command system.
12) Households in the Circular Flow Model:
A
Sell resources and buy goods.
B
Sell goods and buy resources.
C
Sell goods and resources.
D
Engage in Demand and Supply Activities.
13) In the circular flow model, households earn:
A
Wages and Salaries only.
B
Costs and Revenues.
C
Wages and Salaries, Rent, Interest, and Profits.
D
Labor, Land, Capital and Entrepreneurship.
14) In the Resource Market:
A
Money flows from Households to Businesses.
B
Money flows from Individuals to Banks.
C
Money flows from Businesses to Households.
D
Households buy resources and sell services.
15) What to produce in a Market Economy is ultimately determined by:
A
The profit that a business receives for its products.
B
The amount of money required to produce different items.
C
Producers.
D
Consumers through their dollar votes.
*select an answer for all questions
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