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Mircoeconomics 2302 Assessment Quiz 2

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Question;Question 1 (6063065):_________ production involves the human resource called Labor.Correct answer(s): MostSomeAllNone of the above________________________________________Question 2 (6063082): Thomas Malthus predicted that economic activity would evolve in cycles of ___________________.Correct answer(s): inflation and deflationmisery and catastropheglobal warming and ice agesnatural sunspots ________________________________________Question 3 (6063109): What is the opportunity cost of moving from B back to A?Correct answer(s): 2 units of clothing4 units of clothing9 computers6 computers________________________________________Question 4 (6063107): What is the benefit of moving from B to C?Correct answer(s): 3 units of clothing9 units of clothing2 computers4 computers________________________________________Question 5 (6063070): The ability of people to conceive an idea (innovate), bring together resources, and take the risk when starting a business are all part of ________________.Correct answer(s): ConsumptionInvestmentEntrepreneurshipNone of the above ________________________________________Question 6 (6063077): In the Wealth of Nations, the distribution of income and wealth was explained by the concept of ______________________.Correct answer(s): war and imperialismaccumulating gold and silverproductivity (output per worker)the money multiplier ________________________________________Question 7 (6063106): In the graph above, the point D represents values resulting in ____________.Correct answer(s): inflation efficiencyunemploymentgrowth________________________________________Question 8 (6063103): A shift in a PPC/PPF to the right (or outward) illustrates Growth which may be generated by __________________ (better utilizing existing resources) or by acquiring more resources over time.Correct answer(s): working overtimeincreasing importsimproved Technologyusing first (or low) gear ________________________________________Question 9 (6063085): ____________ argued that capitalism would lead to socialism and then to communism as armies of unemployed workers would force economic change.Correct answer(s): Thomas MalthusRobert OwenKarl MarxDavid Ricardo________________________________________Question 10 (6063099): ______________ is when a resource is not fully utilized, such as your when your Economics professor has to sweep the streets as a primary job.Correct answer(s): Under-employmentUnemploymentInflationEconomic Efficiency ________________________________________Question 11 (6063090): In America during the early 1900?s Labor Unoins became an economic force as the role of workers became fundamental for economic ___________. Correct answer(s): growthinflationrecessiondeflation ________________________________________Question 12 (6063057): __________ efficiency is gaining the most output to maximize consumer utility with a given amount of input. Correct answer(s): ProductiveIndustrialEconomicHuman________________________________________Question 13 (6063062): The Standard of Living of a nation is determined by the __________ available and how they are used. Correct answer(s): quarks or quirksonly quirks, not quarksresources or factorsonly quarks, not quirks ________________________________________Question 14 (6063093): _____________ of concepts is one important means of understanding Economics. Correct answer(s): DigitizingNono-engineeringVisualizationMastication ________________________________________Question 15 (6063075): The evolution toward the ________________ system occurred in a gradual process as societies adapted to new technologies and the need for skilled labor.Correct answer(s): MarketUtopianFantasyEuro-centricQuestion 1 (6063067): The ability of people to produce is determined by their ____________________.Correct answer(s): skillknowledge trainingAll the above ________________________________________Question 2 (6063059): ___________ efficiency is gaining the most output with a given amount of input, but not relating output to consumer utility.Correct answer(s): EconomicProductiveIndustrialHuman ________________________________________Question 3 (6063092): Workers formed unions and eventually these were recognized as a legal entity having the right of _________________.Correct answer(s): habeus corpuscollective bargaininga fair trialmultiple votes ________________________________________Question 4 (6063087): ___________ economics led to the creation of the communist state in Russia.Correct answer(s): SmithianOwenianOprahMarxist________________________________________Question 5 (6063077): In the Wealth of Nations, the distribution of income and wealth was explained by the concept of ______________________.Correct answer(s): war and imperialismaccumulating gold and silverproductivity (output per worker)the money multiplier ________________________________________Question 6 (6063101): A shift in a PPC/PPF to the______________ illustrates Growth which may be generated by better utilizing existing resources (improved Technology) or by acquiring more resources over time.Correct answer(s): left (or inward)right(or outward)first (or low) gearnone of the above ________________________________________Question 7 (6063110): What is the benefit of moving from B back to A?Correct answer(s): 2 units of clothing4 units of clothing9 computers3 computers________________________________________Question 8 (6063106): In the graph above, the point D represents values resulting in ____________. Correct answer(s): inflation efficiencyunemploymentgrowth________________________________________Question 9 (6063083): __________________ theory did not take into account the advancement of technology and systems changes.Correct answer(s): Thomas Malthus?Robert Owen?sKarl Marx?sDavid Ricardo?s ________________________________________Question 10 (6063069): The ability of people to conceive an idea (innovate), bring together resources, and take _________ when starting a business are all part of Entrepreneurship.Correct answer(s): obscene profitbig lossesthe risknone of the above ________________________________________Question 11 (6063107): What is the benefit of moving from B to C? Correct answer(s): 3 units of clothing9 units of clothing2 computers4 computers________________________________________Question 12 (6063093): _____________ of concepts is one important means of understanding Economics. Correct answer(s): DigitizingNono-engineeringVisualizationMastication ________________________________________Question 13 (6063100): Under-employment is when a resource is not fully utilized, such as when _____________________________________________.Correct answer(s): your Economics professor cannot find even a street sweeping jobc. or d. belowan office building stands 80% emptya computer network runs at only 50% of capacity ________________________________________Question 14 (6063073): The transition away from ___________________ systems began as the manor life yielded to the city life in the 17th and 18th centuries in Europe.Correct answer(s): Fantasy and UtopianMarket and AutocraticCommand and MarketTraditional and Autocratic ________________________________________Question 15 (6063061): The _____________ of a nation is determined by the resources available and how they are used. Correct answer(s): SovereigntiesStandard of LivingQuarksQuirks

 

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