ECN 2110 Week 1 Quiz| Assignment Help | Baker College
- Baker College / ECN 2110
- 18 Mar 2021
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- Accounting & Economics Assignment Help / Microeconomics
ECN 2110 Week 1 Quiz| Assignment Help | Baker College
Module 1A Quiz
Question 1
In countries like _____________ the command economy
predominates.
o
China and Vietnam
o
Cuba and North Korea
o
South Africa and Kenya
o
Germany and France
Question 2
In the first chapter of The Wealth of Nations, Smith
introduces the idea of the __________, which means the way in which the work
required to produce a good or service is divided into a number of tasks that
are performed by different workers.
o
division of labor
o
interconnected economy
o
task economy
o
modern economy
Question 3
Which of the following best describes a fiscal
policy tool?
o
government spending
o
bank lending
o
financial capital markets
o
household spending
Question 4
Macroeconomic topics do not usually include:
o
the profit maximizing decisions of an
individual manufacturer.
o
the rate of inflation.
o
the rate of unemployment.
o
economic growth.
Question 5
In the circular flow diagram model:
o
households receive income from
businesses in exchange for providing inputs and use that income to buy goods
and services from businesses.
o
businesses receive revenues from
households in exchange for providing goods and services and use those revenues
to buy inputs from households.
o
households receive revenue for selling
goods and services to businesses, and use that revenue to buy inputs from businesses.
o
Both (a) and (b) are correct.
Question 6
Attending college is a case where the
________________ exceeds the monetary cost.
o
budget constraint
o
marginal analysis
o
opportunity cost
o
marginal utility
Question 7
Why is there scarcity?
o
Because the opportunity set determines
this.
o
Because theory dictates it.
o
Because our unlimited wants exceed our
limited resources
o
Because human wants are limited.
Question 8
"If I didn't have class tonight, I would save
the $4 campus parking fee and spend four hours at work where I earn $10 per
hour." The opportunity cost of attending class this evening is:
o
$0
o
$4
o
$40
o
$44
Question 9
Most choices involve _________________, which
involves comparing the benefits and costs of choosing a little more or a little
less of a good.
o
utility
o
marginal analysis
o
the budget constraint
o
consumption
Question 10
The model that economists use for illustrating the
process of individual choice in a situation of scarcity is the
_________________, sometimes also called the opportunity set, a diagram which
shows what choices are possible.
o
consumption set
o
budget constraint
o
original budge
o
income cap
Question 11
The downward slope of the demand curve again
illustrates the pattern that as _____________ rises, ______________ decreases.
o
quantity demanded, price
o
quantity supplied, quantity demanded
o
price, quantity demanded
o
price, quantity supplied
Question 12
Economists refer to the relationship that a higher
price leads to a lower quantity demanded as the _____________________.
o
income gap
o
market equilibrium
o
law of demand
o
price model
Question 13
Refer to Figure 3-1. Using the graph above and
beginning on D1, a shift to D2 would indicate a(n):
o
increase in quantity demanded.
o
decrease in quantity demanded.
o
increase in demand.
o
decrease in demand.
Question 14
If new manufacturers enter the computer industry,
then (ceteris paribus):
o
the supply curve shifts to the left.
o
the supply curve shifts to the right.
o
the demand curve shifts to the left.
o
some established manufacturers must exit
the industry.
Question 15
Andy views beer and pizza as complements to one
another. If the price of pizza decreases, economists would expect:
o
Andy's demand for pizza to increase.
o
Andy's demand for pizza to decrease.
o
Andy's quantity of pizza demanded to
decrease.
o
Andy's demand for beer to increase.
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