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1.Economics is the study of
(a)how to distribute goods and services in as fair or just a manner as possible.
(b)how to become a successful businessperson.
(c)how to use limited resources to satisfy unlimited wants as fully as possible.
(d)how to create wants or "needs."
2.Which of the following is an example of "capital" as the term is used by economists as a resource?
(a)the stoves and other food preparation equipment in a restaurant
(b)minerals and other resources in their natural state
(c)money
(d)stocks and bonds owned by businesses and individuals
(e)the managers who run the company
3.If a nation can produce 400 units of civilian goods and 200 units of military goods or 300 units of civilian goods and 240 units of military goods
(a)the opportunity cost of 40 units of military goods is 60 units of civilian goods.
(b)the opportunity cost of 100 units of civilian goods is 60 units of military goods.
(c)the opportunity cost of 40 units of military goods is 100 units of civilian goods.
(d)the opportunity cost of 100 units of civilian goods is 200 units of military goods.
(e)the opportunity cost of 200 units of military goods is 100 units of civilian goods.
4.Economic growth would be depicted by
(a)an outward shift of the production possibilities curve.
(b)an inward shift of the production possibilities curve.
(c)movement from a point inside the production possibilities curve to a point on the curve.
(d)movement from a point on the production possibilities curve to a point outside the curve.
(e)movement along the production possibilities curve.
5.Given its present resource stock and existing techniques of production, an economy is capable of producing any combination of products
(a)on its production possibilities curve, but no combination inside or outside the curve.
(b)inside or outside its production possibilities curve, but no combination on the curve.
(c)inside its production possibilities curve, but no combination on or outside the curve.
(d)on or inside its production possibilities curve, but no combination outside the curve.
(e)on its production possibilities curve, but no combination outside the curve.
6."The federal government ought to spend more money on medical treatment for the poor and less on the military." This sentence is an example of
(a)a statement of fact.
(b)a descriptive statement.
(c)a normative judgement.
(d)a positive statement.
7.The fundamental economic problem is the fact that our wants exceed our capacity for satisfying those wants. True or false
8.Economics is the study of how to distribute an economy's output in a fair manner.True False
9.Economics is the study of how to completely satisfy our wants.True False
10.The opportunity cost of an action is the most valued alternative you give up to take that action.T F
(a)how to distribute goods and services in as fair or just a manner as possible.
(b)how to become a successful businessperson.
(c)how to use limited resources to satisfy unlimited wants as fully as possible.
(d)how to create wants or "needs."
2.Which of the following is an example of "capital" as the term is used by economists as a resource?
(a)the stoves and other food preparation equipment in a restaurant
(b)minerals and other resources in their natural state
(c)money
(d)stocks and bonds owned by businesses and individuals
(e)the managers who run the company
3.If a nation can produce 400 units of civilian goods and 200 units of military goods or 300 units of civilian goods and 240 units of military goods
(a)the opportunity cost of 40 units of military goods is 60 units of civilian goods.
(b)the opportunity cost of 100 units of civilian goods is 60 units of military goods.
(c)the opportunity cost of 40 units of military goods is 100 units of civilian goods.
(d)the opportunity cost of 100 units of civilian goods is 200 units of military goods.
(e)the opportunity cost of 200 units of military goods is 100 units of civilian goods.
4.Economic growth would be depicted by
(a)an outward shift of the production possibilities curve.
(b)an inward shift of the production possibilities curve.
(c)movement from a point inside the production possibilities curve to a point on the curve.
(d)movement from a point on the production possibilities curve to a point outside the curve.
(e)movement along the production possibilities curve.
5.Given its present resource stock and existing techniques of production, an economy is capable of producing any combination of products
(a)on its production possibilities curve, but no combination inside or outside the curve.
(b)inside or outside its production possibilities curve, but no combination on the curve.
(c)inside its production possibilities curve, but no combination on or outside the curve.
(d)on or inside its production possibilities curve, but no combination outside the curve.
(e)on its production possibilities curve, but no combination outside the curve.
6."The federal government ought to spend more money on medical treatment for the poor and less on the military." This sentence is an example of
(a)a statement of fact.
(b)a descriptive statement.
(c)a normative judgement.
(d)a positive statement.
7.The fundamental economic problem is the fact that our wants exceed our capacity for satisfying those wants. True or false
8.Economics is the study of how to distribute an economy's output in a fair manner.True False
9.Economics is the study of how to completely satisfy our wants.True False
10.The opportunity cost of an action is the most valued alternative you give up to take that action.T F