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MSSU ECON 0201 Quiz 1 (2014)

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Question;Review Test Submission: Quiz 1ContentInstructions You have 30 minutes to finsih before it will submit. You can take the quiz twice and the highest score will be the one that counts. The questions will come from a random set so they will not be the same on both quizzes. If you feel you have a question that was not covered in these chs or your answer is better than the one marked as correct let me know via email and I will consider it.Question 10 out of 5 points Exhibit 1-2Point X YA 10 100B 20 115C 30 135D 40 165 Refer to Exhibit 1-2. Based on the data provided in this table, what type of relationship exists between variables X and Y? Answers: inverse direct independent There is no relationship between variables X and Y.Question 25 out of 5 points "If you hadn't gone to dinner with your friends, you would have stayed home and surfed the Internet." It follows that Answers: surfing the Internet is the opportunity cost of having dinner with your friends. the price of having dinner with your friends is more than the price you would have had to pay to surf the Internet. the opportunity cost of having dinner with your friends is lower than the opportunity cost of surfing the Internet. it is less costly to surf the Internet than to have dinner with your friends.Question 35 out of 5 points In most societies, dollar price acts as the main rationing device. If dollar price weren't the main rationing device, would there still be a need for some rationing device to take its place? Answers: No, because with dollar price there would be no scarcity, although shortages would still exist. Yes, because there is a need for a rationing device as long as scarcity exists. Yes, because there is a need for a rationing device as long as the world's population is so large. No, because dollar price creates scarcity and without money price scarcity wouldn't exist. none of the aboveQuestion 45 out of 5 points Economists believe that people's wants are Answers: finite. infinite. irrational. unimportant because needs are more important than wants.Question 55 out of 5 points Ceteris paribus means Answers: one variable too many. the correct relationship specified. assuming economic motives. all other things held constant or nothing else changes.Question 65 out of 5 points Attempts to determine "what is" are part of __________ economics. Answers: positive normative positive and normative neither positive nor normativeQuestion 75 out of 5 points The condition in an economy that makes a "rationing device" a necessity is the fact that Answers: the economy is organized around free markets. the economy is centrally planned by the government. scarcity exists. there are fewer types of goods than there are people in the economy.Question 85 out of 5 points The opportunity cost of attending college is Answers: the money one spends on college tuition, books, and so forth. the highest valued alternative one forfeits to attend college. the least valued alternative one forfeits to attend college. equal to the salary one will earn when one graduates from college.Question 95 out of 5 points Why do societies need rationing devices? Answers: Because people have too many needs and not enough wants. Because price exists. Because scarcity exists. Because people have opportunity costs.Question 105 out of 5 points The coordinates of point A are 300 units of X and 40 units of Y. The coordinates of point B are 280 units of X and 30 units of Y. With X on the horizontal axis and Y on the vertical axis, the slope of the line between points A and B is Answers: + 0.50 + 2.00 + 0.33 - 2.00 - 0.50Question 115 out of 5 points Exhibit 2-1Refer to Exhibit 2-1. The PPF illustrates Answers: constant opportunity costs between guns and butter. that guns are more important than butter. increasing opportunity costs between guns and butter. the opportunity cost of one unit of guns is four units of butter. none of the aboveQuestion 125 out of 5 points If a production possibilities frontier (PPF) is concave outward, it follows that Answers: opportunity costs are constant between two goods. the opportunity cost (of producing the good on the horizontal axis) rises as more of the good is produced. the opportunity cost (of producing the good on the horizontal axis) falls as more of the good is produced. the opportunity cost (of producing the good on the horizontal axis) first rises and then falls as more of the good is produced. none of the aboveQuestion 135 out of 5 points Suppose the economy goes from a point on its production possibilities frontier (PPF) to a point below that PPF. Assuming that the PPF has not shifted, this could be due to a gain of resources. a loss of resources. technological improvement in the production of both goods. an increase in unemployment of some resources.Question 145 out of 5 points What is the reason for the law of increasing opportunity costs? Answers: There is no reason: it is just one of the laws of economics. Resources have varying abilities and those with lower opportunity costs of producing a good will be used to produce it before resources with higher opportunity costs produce it. The price of a good rises as more of it is demanded. As more of a good is produced, the taxes applied to the production of the good rise. c and dQuestion 155 out of 5 points Exhibit 2-9Alex AdamGood A Good B Good A Good B0 300 0 16025 225 30 12050 150 60 8075 75 90 40100 0 120 0 Refer to Exhibit 2-9. For Adam, the opportunity cost of producing one unit of good A is ____________ unit(s) of good B. Answers: 3.00 0.33 0.75 1.33Question 165 out of 5 points Exhibit 2-4Refer to Exhibit 2-4. The opportunity cost of moving from point A to point B is Answers: 60,000 copiers. 40,000 copiers. 20,000 copiers. 20,000 fax machines. 40,000 fax machines.Question 175 out of 5 points A society is productive inefficient when Answers: it produces at a point inside or below its PPF. it does not produce the maximum output with its given resources and technology. it can produce more of one good without giving up some of another good. both a and b all of the aboveQuestion 185 out of 5 points Economic growth causes the PPF to Answers: shift leftward. shift rightward. remain constant. go from a straight line to a curve.Question 190 out of 5 points Which of the following statements is true? Answers: In a world of efficiently used scarce resources, more of one good necessarily means less of some other good. The law of increasing opportunity costs assumes that all people have the same ability to produce goods. Efficiency implies that it is impossible to get more of one good without getting less of another. Even if a country has unemployed resources, it can still be operating on its production possibilities frontier (PPF). a and cQuestion 205 out of 5 points Exhibit 2-6Refer to Exhibit 2-6. Which graph depicts society's choice to produce more of good X and less of good Y?Answers: (1) (2) (3) (4) none of the above

 

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