02 Jun Question Economics is primarily the study of:
Question
Economics is primarily the study of:
A) how scarcity can be eliminated
B) how firms manipulate prices
C) how government influences resource allocation decisions
D) the problem of scarce resources relative to human wants
2
Suppose you have a $20 iTunes gift card with which you can buy (download) songs or videos. Songs cost $1.00 each and videos cost $2.00 each. The opportunity cost of one video:
A) increases as more videos are purchased
B) is $1.00
C) is constant and equal to ½ song
D) is constant and equal to 2 songs
3
You should decide to study an extra hour tonight
A) if the marginal cost of studying an extra hour exceeds its marginal benefit
B) if the marginal benefit of studying an extra hour exceeds its marginal cost
C) if you got a lower than expected grade on your last exam
D) because studying harder will improve your test scores
4
Answer the next question on the basis of the data given in the following production possibilities table:
Refer to the above table. These data indicate that increasing production of capital goods requires:
A) increasing sacrifices of consumer goods
B) decreasing sacrifices of consumer goods
C) constant sacrifices of consumer goods
D) no sacrifices of consumer goods
5
Consider the problem Marsha faces of how to allocate her weekly allowance between books and CDs. An increase in Marsha’s income will:
A) shift her budget line to the right
B) shift her budget line to the left
C) rotate her budget line, allowing her to buy more books but not more CDs
D) rotate her budget line, allowing her to buy more CDs but not more books
6
The negative slope of the production possibilities curve illustrates that:
A) some resources are always unemployed
B) when resources are fully employed, an economy can produce more of one thing only by producing less of something else
C) opportunity costs are constant
D) business can sell more when prices are low
7
A microeconomist would most likely study:
A) how consumers respond to a change in gasoline prices
B) the effects of an income tax reduction on the size of the national budget deficit
C) the effects of aggregate consumer debt on overall consumption spending
D) the relationship between the size of the money supply and the rate of inflation
8
Refer to the following:
Which of the points in the diagram is currently unattainable given the economy’s resources?
A) Point A
B) Point B
C) Point C
D) Point D
9
The fundamental problem of economics implies that:
A) governments must be relied upon to supply essential goods and services
B) inflation and unemployment are unavoidable
C) growing populations will deplete natural resources
D) individuals and communities must make choices among competing alternatives
10
Margaret decides to stay home and study for her exam rather than going out to a movie with her friends. Her dilemma is an example of:
A) the economic perspective
B) marginal analysis
C) opportunity cost
D) allocative efficiency
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