ECON312 Week 1 Quiz New (2019) – 20 Questions – Full Score – Study Guide – Perfect Solution

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Problem Statement

1. The distinction between microeconomics and macroeconomics is
a. that microeconomics examines the beach, while macroeconomics looks at the sand, individual rocks, and shells, so to speak.
b. so clear-cut that every topic can be readily labeled as either macro or micro.
c. that microeconomics studies the behavior of individual consumers, workers, and firms, while macroeconomics studies the economy as a whole.
d. that microeconomics seeks to obtain an overview, while macroeconomics observes the details of individual components.

2. The term “other things equal” means that
a. the associated statement is normative.
b. many variables affect the variable under consideration.
c. a number of relevant variables are assumed to be constant.
d. when variable X increases, so does related variable Y.

3. The statement in a newspaper that “consumer prices rose last month by 1 percent, and if this trend continues, the annual rate of inflation will be 12 percent for the year” is an example of
a. a normative economic statement.
b. a positive economic statement. Correct
c. microeconomic analysis.
d. rational self-interest.

4. The typical production possibilities curve is
a. an upsloping line that is bowed out from the origin.
b. a downsloping line that is bowed in toward the origin.
c. a downsloping line that is bowed out from the origin.
d. a straight upsloping line.

5. Which of the following is the best synonym for “marginal” in economics?
a. scarce
b. additional
c. basic
d. minor

6.
ECON312_Quiz1_Q6

Refer to the diagram. The movement from curve a to curve c suggests an improvement in civilian goods technology but not in war goods technology.
a. True
b. False

7. A country can achieve some combination of goods outside its production possibilities curve by
a. idling some of its resources.
b. specializing and engaging in international trade.
c. buying the debt (bonds and stocks) of foreign nations.
d. producing more capital goods and fewer consumer goods.

8. The four factors of production are
a. land, labor, capital, and money.
b. land, labor, capital, and entrepreneurial ability.
c. labor, capital, technology, and entrepreneurial ability.
d. labor, capital, entrepreneurial ability, and money.

9. The distinction between microeconomics and macroeconomics is
a. that microeconomics examines the beach, while macroeconomics looks at the sand, individual rocks, and shells, so to speak.
b. so clear-cut that every topic can be readily labeled as either macro or micro.
c. that microeconomics studies the behavior of individual consumers, workers, and firms, while macroeconomics studies the economy as a whole.
d. that microeconomics seeks to obtain an overview, while macroeconomics observes the details of individual components.

10. (Consider This) At fast-food restaurants
a. consumers enjoy complete and accurate information.
b. decisions are usually made by trial and error. Incorrect
c. decisions entail comparisons of marginal costs and marginal benefits.
d. benefits always exceed costs.

11. In a market system, the distribution of goods and services among consumers is largely determined by
a. the willingness and ability of consumers to pay the prices.
b. whoever needs the goods and services the most.
c. whoever has the closest connection to firms and the government.
d. a random factor that is almost impossible to predict.

12. If people tried to produce most of what they need on their own, then this would lead to a more efficient use of the economy’s resources.
a. True
b. False

13. In a command system,
a. self-interest motivates and commands each business firm’s decisions and actions.
b. the head of each family decides and commands what to do with the family’s resources.
c. a government-appointed planning board makes production and allocation decisions.
d. market traders command what outputs are produced and how they are allocated.

14. Which of the following is not a typical characteristic of a market system?
a. private property
b. freedom of enterprise
c. government ownership of most property resources
d. competition in product and resource markets

15. International specialization and trade
a. has to be done on a barter system.
b. often requires the exchange of currencies.
c. does not illustrate the division of labor.
d. requires active government regulation.

16. Which of the following best describes the “invisible hand” concept?
a. Ample regulation of business by the government will maximize the public’s best interests.
b. The market system works best when resources are free to move from one use to another.
c. The problem of scarcity can best be overcome in a system of mixed capitalism.
d. Self-interest in a market system will automatically promote the public interest as well.

17. An economic system
a. requires a grouping of private markets linked to one another.
b. is a particular set of institutional arrangements and a coordinating mechanism used to respond to the economizing problem.
c. requires some sort of centralized authority (such as government) to coordinate economic activity.
d. is a plan or scheme that allows a firm to make money at some other firm’s expense.

18. An important aspect of the market system is that producers and consumers always have to consider the public interest in making production and consumption decisions.
a. True
b. False

19. A market system is characterized by the private ownership of resources and the use of prices to coordinate economic activity.
a. True
b. False

20. The economies of North Korea and Cuba are
a. similar in that they are both basically command systems.
b. similar in that they are both basically market systems.
c. different in that North Korea has a command system, while Cuba has a market system.
d. different in that Cuba has a command system, while North Korea has a market system.

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