Solved > MULTIPLE CHOICEQUESTIONS ON Ecomnomisc 1) Economics is best:268219 …

MULTIPLE CHOICEQUESTIONS ON Ecomnomisc

1) Economics is best defined as the study of:

A) financial decision-making.

B) how consumers make purchasing decisions.

C) choices made by people faced with scarcity.

D) inflation, unemployment, and economic growth.

2) Scarcity can best be defined as a situation in which:

A) there are no buyers willing to purchase what sellers haveproduced.

B) there are not enough goods to satisfy all of the buyersdemands.

C) resources are limited in quantity and can be used indifferent ways.

D) there is more than enough money to satisfy consumerswants.

3) Which of the following is NOT a factor of production?

A) money

B) human capital

C) physical capital

D) labor

4) Printing presses, forklifts and assembly plants are examplesof which factor of production?

A) physical capital

B) human capital

C) entrepreneurship

D) labor

5) Ceteris paribus is the Latin expression meaning:

A) other variables are held fixed.

B) let buyer beware.

C) think at the margin.

D) for every action there is an equal and opposite reaction.

6) When Bob has to give up lunch in order to have a fancydinner, the economic principle that is highlighted by his situationis the:

A) marginal principle.

B) spillover principle.

C) principle of opportunity cost.

D) reality principle.

16) The additional cost resulting from a small increase in someactivity is called the:

A) opportunity cost.

B) marginal benefit.

C) marginal cost.

D) diminishing returns of the activity.

17) The principle that individuals and firms pick the activitylevel where the incremental benefit of that activity equals theincremental cost of that activity is known as the:

A) marginal principle.

B) principle of opportunity cost.

C) principle of diminishing returns.

D) spillover principle.

18) If a consumer can buy four DVDs for $44 and five DVDs for$50, then the marginal cost of the fifth DVD is:

A) $10.

B) $50.

C) $11.

D) $6.

19) If a consumer can buy four pizzas for $24 and five pizzasfor $25, then the marginal cost of the fifth pizza is:

A) $25.

B) $5.

C) $6.

D) $1.

22) Adamsonia and Smithsonia are two countries that both producetea and coffee. The two countries have similar resource bases.Adamsonia can either produce 3000 tea or 6000 coffee. Smithsoniacan either produce 2000 tea or 5000 coffee. In the state ofautarky, Smithsonia consumed 1000 tea. Assuming Smithsonia used allher resources available during the state of autarky, how muchcoffee was she able to consume?

A) 2000

B) 1000

C) 5000

D) 2500

23) Adamsonia and Smithsonia are two countries that both producetea and coffee. The two countries have similar resource bases.Adamsonia can either produce 3000 tea or 6000 coffee. Smithsoniacan either produce 2000 tea or 5000 coffee. In the state ofautarky, Adamsonia was producing 2000 tea and in the state ofautarky Smithsonia was producing 2500 coffee. If the two countriesbegin to trade based on the theory of comparative advantage, (usinga price of 2.25 coffee per tea), and if Adamsonia wishes to remainat 2000 tea, how many bags of coffee would Smithsonia consume aftertrade?

A) 2250

B) 5000

C) 2750

D) 2500

24) Adamsonia and Smithsonia are two countries that both producetea and coffee. The two countries have similar resource bases.Adamsonia can either produce 3000 tea or 6000 coffee. Smithsoniacan either produce 2000 tea or 5000 coffee. In the state ofautarky, Adamsonia was producing 2000 tea and in the state ofautarky Smithsonia was producing 2500 coffee. If the two countriesbegin to trade based on the theory of comparative advantage, (usinga price of 2.25 coffee per tea), and if Adamsonia wishes to remainat 2000 tea, how many bags of coffee would Adamsonia consume aftertrade?

A) 2250

B) 2750

C) 5000

D) 2500

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