Mizz Karam3lz
New member
Question 1
Which of the following is not one of the basic economic questions?
What to produce?
How to produce?
Where to produce?
For whom to produce?
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Question 2
Production of a new brand of shoes is an example of
where to produce.
for whom to produce.
what to produce.
how to produce.
Question 3
Which situation best illustrates the basic economic questions?
Your friend decides to bake cookies and give them to friends.
Your friend decides to bake cookies and eat them all himself.
Your friend goes to the store and purchases cookies for herself from the bakery section.
Your friend bakes cookies with ingredients specified by a recipe and sells them to neighbors.
Question 4
[
You choose to complete your homework rather than watch television so that you can earn a good grade. You made the choice with the lowest
opportunity cost.
demand.
scarcity.
benefit.
Question 5 (Multiple Choice Worth 5 points)
[01.03]A synonym for scarcity is
abundance.
rarity.
fright.
reduction.
Question 6 (Multiple Choice Worth 5 points)
[01.03]In a week you could read 2 books or see 4 movies. The opportunity cost of choosing to read 1 book is
1 book.
2 books.
1 movie.
2 movies.
Question 7 (Multiple Choice Worth 5 points)
[01.04, 01.06]When “bell-bottom” pants became fashionable in the 1970s, the demand curve for bell-bottoms
shifted to the left.
shifted to the right.
stayed the same.
became equal to zero.
Question 8 (Multiple Choice Worth 5 points)
[01.04, 01.06]When Hurricane Katrina shut down many oil refineries, the supply curve for oil
shifted to the left.
shifted to the right.
stayed the same.
became equal to zero.
Question 9 (Multiple Choice Worth 5 points)
[01.06]Equilibrium price is the
point where supply and demand meet.
average price for all brands of the same product.
price the government sets for a product.
price charged for products of equal quality.
Question 10 (Multiple Choice Worth 5 points)
[01.04, 01.06]Looking from left to right on a graph, the slope of demand
curves upward.
curves downward.
remains horizontal.
is equal to zero.
Question 11 (Multiple Choice Worth 5 points)
[01.05, 01.06]
Use the above graph to answer the following question.
An increase in supply would result in a shift of the
red line to the left.
red line to the right.
blue line to the left.
blue line to the right.
Question 12 (Multiple Choice Worth 5 points)
[01.06]
Use the above graph to answer the following question.
Starting at Point S, movement to which point would indicate an increase in price?
N
O
R
S
Question 13 (Multiple Choice Worth 5 points)
[01.07]Which of the following is not a function of money?
It makes trading goods and services more efficient.
It helps us express the value of a good or service.
It gives society a national symbol of pride.
It provides a way to store value, or “purchasing power.”
Question 14 (Multiple Choice Worth 5 points)
[01.07]Which of the following is an example of currency?
$100 bills
stock dividends
traveler’s checks
savings bonds
Question 15 (Multiple Choice Worth 5 points)
[01.07]United States paper money is “backed” by
the gold standard.
government stores of valuables.
guarantees of foreign investors.
public and government acceptance.
Which of the following is not one of the basic economic questions?
What to produce?
How to produce?
Where to produce?
For whom to produce?
--------------------------------------------------------------------------------
Question 2
Production of a new brand of shoes is an example of
where to produce.
for whom to produce.
what to produce.
how to produce.
Question 3
Which situation best illustrates the basic economic questions?
Your friend decides to bake cookies and give them to friends.
Your friend decides to bake cookies and eat them all himself.
Your friend goes to the store and purchases cookies for herself from the bakery section.
Your friend bakes cookies with ingredients specified by a recipe and sells them to neighbors.
Question 4
[
You choose to complete your homework rather than watch television so that you can earn a good grade. You made the choice with the lowest
opportunity cost.
demand.
scarcity.
benefit.
Question 5 (Multiple Choice Worth 5 points)
[01.03]A synonym for scarcity is
abundance.
rarity.
fright.
reduction.
Question 6 (Multiple Choice Worth 5 points)
[01.03]In a week you could read 2 books or see 4 movies. The opportunity cost of choosing to read 1 book is
1 book.
2 books.
1 movie.
2 movies.
Question 7 (Multiple Choice Worth 5 points)
[01.04, 01.06]When “bell-bottom” pants became fashionable in the 1970s, the demand curve for bell-bottoms
shifted to the left.
shifted to the right.
stayed the same.
became equal to zero.
Question 8 (Multiple Choice Worth 5 points)
[01.04, 01.06]When Hurricane Katrina shut down many oil refineries, the supply curve for oil
shifted to the left.
shifted to the right.
stayed the same.
became equal to zero.
Question 9 (Multiple Choice Worth 5 points)
[01.06]Equilibrium price is the
point where supply and demand meet.
average price for all brands of the same product.
price the government sets for a product.
price charged for products of equal quality.
Question 10 (Multiple Choice Worth 5 points)
[01.04, 01.06]Looking from left to right on a graph, the slope of demand
curves upward.
curves downward.
remains horizontal.
is equal to zero.
Question 11 (Multiple Choice Worth 5 points)
[01.05, 01.06]
Use the above graph to answer the following question.
An increase in supply would result in a shift of the
red line to the left.
red line to the right.
blue line to the left.
blue line to the right.
Question 12 (Multiple Choice Worth 5 points)
[01.06]
Use the above graph to answer the following question.
Starting at Point S, movement to which point would indicate an increase in price?
N
O
R
S
Question 13 (Multiple Choice Worth 5 points)
[01.07]Which of the following is not a function of money?
It makes trading goods and services more efficient.
It helps us express the value of a good or service.
It gives society a national symbol of pride.
It provides a way to store value, or “purchasing power.”
Question 14 (Multiple Choice Worth 5 points)
[01.07]Which of the following is an example of currency?
$100 bills
stock dividends
traveler’s checks
savings bonds
Question 15 (Multiple Choice Worth 5 points)
[01.07]United States paper money is “backed” by
the gold standard.
government stores of valuables.
guarantees of foreign investors.
public and government acceptance.