chapter 1_ required quiz__ limits, alternatives and choices_ econ-2010-su16-wilson

7/26/2019 Chapter 1_ Required Quiz__ Limits, Alternatives and Choices_ ECON-2010-Su16-Wilson

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6/16/2016 Chapter 1: Required Quiz:: Limits, Alternatives and Choices: ECON-2010-Su16-Wilson

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ECON-2010-Su16-WilsonQuizzesChapter 1: Required Quiz:: Limits, Alternatives and Choices

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Chapter 1: Required Quiz:: Limits,

Alternatives and Choices

Due Aug 6 at 10:25pm Points 15

Questions30 Time Limit 60 Minutes

Allowed Attempts 2

Instructions

Attempt History

Attempt Time Score

LATEST Attempt 1 26 minutes 12.5 out of 15

Scorefor this attempt: 12.5out of 15

Submitted Jun 16 at 5:42pm

This attempt took 26 minutes.

Please complete the following Required Quiz. Thirty multiple choice

questions are included which are drawn from a test-bank pool. Youmay retake this quiz to solidify the chapter concepts as Canvas will

keep your best score. Your goal should be to score between 80-100

percent in preparation for the Midterm. Good Luck!

Take the Quiz Again

0 / 0.5 ptsQuestion 1

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Refer to the diagram. Which of the following is a normative

statement?

Point C is superior to point B

because it is important to enhance the future of

society.

Correct Answer

Other things equal, the combination of outputs

represented by point D will result in more

rapid economic growth than will the combination

represented by point C.

You Answered

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incorrect

AACSB: Analytic

Blooms: Understand

Difficulty: 2 Medium

Learning Objective: 01-03 Distinguish

microeconomics from macroeconomics and positive

economics from normative economics.

Learning Objective: 01-06 Apply production

possibilities analysis increasing opportunity costs

and economic growth.

Topic: Positive and normative economics

Topic: Production possibilities model

Type: Graph

0.5 / 0.5 ptsQuestion 2

(Last Word) Which of the following has to do with the

problem of distinguishing cause and effect in economic

reasoning?

The post hoc, ergo

propter hoc fallacy.

Correct!

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correct

AACSB: Analytic

Accessibility: Keyboard Navigation

Blooms: Understand


Learning Objective: 01-02 Describe the role of

economic theory in economics.

Topic: Theories, principles, and models


Answer the question on the basis of the following data:

The data indicate that:

consumers spend 90 percent of their after-tax

incomes.

Correct!

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5/30



correct

AACSB: Analytic

Blooms: Apply


Learning Objective: 01-08 (Appendix) Understand

graphs curves and slopes as they relate to

economics.

Topic: Graphs and their meaning

Type: Table


Purposeful behavior means that:

people weigh costs and benefits to make

decisions.

Correct!

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correct

AACSB: Analytic


Blooms: Remember

Difficulty: 1 Easy

Learning Objective: 01-01 Define economics and

the features of the economic perspective.

Topic: Economic perspective

Topic: Economics


The problems of aggregate inflation and unemployment are:

major topics of macroeconomics.Correct!

correct

AACSB: Analytic


Blooms: Remember

Difficulty: 1 EasyLearning Objective: 01-03 Distinguish



Topic: Microeconomics and macroeconomics


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(Consider This) Consumers might leave a fast-food

restaurant without being served because:

they conclude that the marginal cost (monetary

plus time costs) exceeds the marginal benefit.

Correct!

correct

AACSB: Reflective Thinking


Blooms: Apply





Topic: Economics

0.5 / 0.5 pts

Question 7

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8/30



Refer to the tables. Opportunity costs of producing military

goods are:

smaller in Duckistan than Herbania.Correct!

correct


Blooms: Understand






Type: Table


A production possibilities curve shows:

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9/30



the maximum amounts of two goods that can be

produced, assuming the full use of available

resources.

Correct!

correct

AACSB: AnalyticAccessibility: Keyboard Navigation

Blooms: Remember

Difficulty: 1 Easy






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10/30



Refer to the diagram. The movement down the production

possibilities curve from pointAto point Esuggests that the

production of:

both bicycles and computers is subject to

constant opportunity costs.

You Answered

both bicycles and computers is subject to

increasing opportunity costs.

Correct Answer

incorrect


Blooms: UnderstandDifficulty: 2 Medium





Type: Graph


The slope of the typical production possibilities curve:

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11/30



increases as one moves southeast along the

curve.

Correct!

correct

AACSB: Analytic


Blooms: Understand







A nation's production possibilities curve is bowed out from

the origin because:

resources are not generally equally efficient in

producing every good.

Correct!

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12/30



correct

AACSB: Analytic


Blooms: Understand







Which of the following is a microeconomic statement?

The price of personal computers declined 4.7

percent last year.

Correct!

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correct



Blooms: Apply







Refer to the diagram. Which of the following is a positive

statement?

Because any society should stress economic

growth as its major goal, point D is

superior to point C.

You Answered

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14/30



Given its resources and technology, this society is

incapable of simultaneously producing 3 units of

tractors and 15 units of bread.

Correct Answer

incorrect

AACSB: Analytic

Blooms: Understand


Learning Objective: 01-03 Distinguishmicroeconomics from macroeconomics and positive





Topic: Positive and normative economics


Type: Graph


The point on the production possibilities curve that is most

desirable can be found by:

comparing marginal benefits and marginal costs.

Correct!

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correct


Blooms: Remember

Difficulty: 1 Easy






Suppose that a fully employed economy produces only two

goods, hamburgers and flat-panel TVs. If the economy is

currently producing more than the optimal quantity of

hamburgers, then to attain the optimal allocation of

resources it should:

produce more TVs and fewer hamburgers.Correct!

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16/30



correct

AACSB: Analytic


Blooms: Analyze

Difficulty: 3 Hard






The scarcity problem:

persists because economic wants exceed

available productive resources.

Correct!

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17/30



correct

AACSB: Analytic


Blooms: Understand


Learning Objective: 01-04 Explain the individual's

economizing problem and how trade-offs

opportunity costs and attainable combinations can

be illustrated with budget lines.

Topic: Individual's economizing problem-budget

lines


Kara was out jogging and, despite being tired, decided to

run one more mile. Based on her actions, economists would

conclude that Kara:

decided that the marginal benefit of running onemore mile would outweigh the cost of the

additional mile.

Correct!

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18/30



correct



Blooms: Apply





Topic: Economics


A production possibilities curve illustrates:

scarcity.Correct!

correct

AACSB: Analytic


Blooms: Understand

Difficulty: 2 MediumLearning Objective: 01-06 Apply production





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19/30



Which of the following statements is correct?

The value of the dependent variable is determined

by the value of the independent variable.

Correct!

correct

AACSB: Analytic


Blooms: Remember

Difficulty: 1 Easy

Learning Objective: 01-08 (Appendix) Understand

graphs curves and slopes as they relate to

economics.

Topic: Graphs and their meaning


Which of the following is nota main function of the

entrepreneur?

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To make routine pricing decisions.Correct!

correct

AACSB: Analytic


Blooms: Remember

Difficulty: 1 Easy

Learning Objective: 01-05 List the categories of

scarce resources and delineate the nature of

society's economizing problem.

Topic: Society's economizing problem


Refer to the diagram. The concept of opportunity cost is

best represented by the:

move from B on PP1 to

C on PP1.

Correct!

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21/30



correct

AACSB: AnalyticBlooms: Understand


Learning Objective: 01-07 Explain how economic

growth and international trade increase

consumption possibilities.

Topic: Unemployment, growth, and the future

Type: Graph


Which of the following statements pertains to

macroeconomics?

National income grew by 2.7 percent last year.Correct!

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22/30



correct


Blooms: Understand







Refer to the diagram. The movement from curve ato

curvebcould be explained by an increase in the quantity

and/or quality of society's productive resources.

TrueCorrect!

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correct


Blooms: Apply






Type: Graph


Economic theories:

are generalizations based on a careful observation

of facts.

Correct!

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24/30



correct

AACSB: Analytic


Blooms: Remember

Difficulty: 1 Easy

Learning Objective: 01-02 Describe the role of

economic theory in economics.

Topic: Theories, principles, and models


The marginal benefit curve is:

downsloping because successive units of a

specific product yield less and less extra benefit.

Correct!

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25/30



correct

AACSB: Analytic


Blooms: Remember

Difficulty: 1 Easy






Refer to the diagram. The combination of computers and

bicycles shown by point F:

is unattainable given currently available resources

and technology.

You Answered

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26/30



is attainable but implies that the economy is not

using all its resources.

Correct Answer

incorrect

AACSB: Analytic

Blooms: Understand





Topic: Production possibilities modelType: Graph


Marginal analysis means that decision makers compare the

extra benefits with the extra costs of a specific choice.

TrueCorrect!

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correct

AACSB: Analytic


Blooms: Remember

Difficulty: 1 Easy




Topic: Economics


Refer to the tables. Suppose that the amount and quality of

resources are the same in both countries. We can conclude

that:

Herbania is technologically superior to Duckistan

in producing civilian goods.

Correct Answer

Duckistan is technologically better than Herbania

at producing military goods.

You Answered

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28/30



incorrect


Blooms: Understand






Type: Table


Refer to the diagram. Given production possibilities curve a,

the combination of civilian and war goods indicated by

pointX is unattainable to this economy.

FalseCorrect!

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29/30



correct


Blooms: Apply


Learning Objective: 01-06 Apply productionpossibilities analysis increasing opportunity costs



Type: Graph


Refer to the budget line shown in the diagram. The absolute

value of the slope of the budget line is:

PC/PD.

Correct!

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30/30


correct

AACSB: AnalyticBlooms: Apply

Difficulty: 3 Hard

Learning Objective: 01-04 Explain the individual's

economizing problem and how trade-offs

opportunity costs and attainable combinations can

be illustrated with budget lines.

Topic: Individual's economizing problem-budget

lines

Type: Graph

Quiz Score: 12.5out of 15

Last Attempt Details:

Time: 26 minutes

Current Score: 12.5 out of 15

Kept Score: 12.5 out of 15

1 More Attempt available

Take the Quiz Again

(Will keep the highest of all your scores)

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chapter 1_ required quiz__ limits, alternatives and choices_ econ-2010-su16-wilson

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