ECON 2301 Week 1 Quiz

ECON 2301 Week 1 Quiz | Assignment Help | Central Texas College

Question 1

Fundamentally, economics deals with                             

Question 2

What term refers to the idea that society has limited resources and therefore cannot produce all the goods and services people wish to have?                                   

Question 3

Which of the following is an important cause of inflation in an economy?                                                  

Question 4

Laws that restrict the smoking of cigarettes in public places are examples of government intervention that is intended to reduce                                  

Question 5

College-age athletes who drop out of college to play professional sports                            

Question 6

Assume for the United States that the opportunity cost of each airplane is 50 cars. Which of these pairs of points could be on the United States' production possibilities frontier?                               

Question 7

Figure 3-10

Alice and Betty’s Production Possibilities in one 8-hour day.

Alice’s Production Possibilities Frontier Betty’s Production Possibilities Frontier

Refer to Figure 3-10. If point A represents Alice’s production and point B represents Betty’s production,                                   

Question 8

A production possibilities frontier is bowed outward when                            

Question 9

Suppose the U.S. and Japan can both produce airplanes and televisions and the U.S. has a comparative advantage in the production of airplanes while Japan has a comparative advantage in the production of televisions. Also suppose the U.S. has an absolute advantage in the production of both airplanes and televisions. The U.S. should                                  

Question 10

A country that currently does not trade with other countries could benefit by