ECON 251 EXAM 1 QUESTIONS AND ANSWERS
Which of the following news headlines does not deal with scarcity? - Answers -netflix
stock soars to new high
Economics _______. - Answers -a subject that studies choices
Which of the following illustrates
scarcity? - Answers -Megan wants to buy a CD that costs $25 but has only $10 to
spend.
Which of the following is an example of an
incentive? - Answers -all conference volunteers would be offered free lunch on all three
days
Economics is the _____ the choices that individuals, businesses, governments, and
entire societies make as they _____, and the influences on those choices, and the
arrangements that coordinate them. - Answers -social science that studies; cope with
scarcity
Which of the following examples describes
microeconomics? - Answers -people prefer buying iphones over nokia phones
Which of the following examples describes
macroeconomics? - Answers -The U.S. unemployment rate has increased by 0.4
percent.
Capital accumulation is the _____, including _____ capital. - Answers -
All of the following are consequences of scarcity faced by people in the United States
except deciding _______. - Answers -whether a tomato is a fruit or a vegetable
______ earns ______. - Answers -jeff bezos; profit
Which one of the following news headlines definitely concerns the social interest? -
Answers -e coli results must be posted on beaches
The
what,
how,
and for whom questions in economics are questions about ______. - Answers -what
goods and services do we produce, how do we use the factors of production to produce
these goods, and who consumes the goods and services that are produced
, Factors of production are grouped into four categories, which are _______. - Answers -
land, labor, capital, and entrepreneurship
______ is an example of ______. - Answers -bus driver; labor
a movie star
is an example of the factor of production_______ - Answers -labor
A tradeoff is _______. - Answers -giving up one thing to get something else
Pam, Pru, and Pat are deciding how they will celebrate the New Year.
Pam prefers to go on a cruise, is happy to go to Hawaii, but does not want to go skiing.
Pru prefers to go skiing, is happy to go to Hawaii, but does not want to go on a cruise.
Pat prefers to go to Hawaii or to take a cruise but does not want to go skiing. - Answers
-Pam, Pat, and Pru face a tradeoff.
A choice on the margin is a choice that is made by comparing all the relevant _____
systematically and _____. - Answers -alternatives; incrementally;
Marginal cost is the _____ that arises from one unit _____ in an activity. - Answers -
opportunity cost; increase;
Marginal benefit is the _____ that arises from one unit _____ in an activity. - Answers -
benefit; increase
Rational choice is a choice that uses the available resources to _____ of the person
making the choice. - Answers -best achieve the objective
The benefit of something is the _____.
Benefit is determined by preferences - by what a person _____ and the intensity of
those feelings. - Answers -gain or pleasure it brings;
likes and dislikes
Which of the following is the opportunity cost of attending a ball game? - Answers -The
things you would have bought with what you spent on the ticket and bus fare getting to
the game plus the things you would alternatively have done with your time.
The cost of regenerating East London ______ an opportunity cost of hosting the 2012
Olympic Games ______. - Answers -is; if the regeneration of East London would not
occur unless London hosted the 2012 Olympics
which of the following statements are normative:
1- we ought to have a cure for cancer
2- people who buy weekly lottery tickets win a prize at least once a year
Which of the following news headlines does not deal with scarcity? - Answers -netflix
stock soars to new high
Economics _______. - Answers -a subject that studies choices
Which of the following illustrates
scarcity? - Answers -Megan wants to buy a CD that costs $25 but has only $10 to
spend.
Which of the following is an example of an
incentive? - Answers -all conference volunteers would be offered free lunch on all three
days
Economics is the _____ the choices that individuals, businesses, governments, and
entire societies make as they _____, and the influences on those choices, and the
arrangements that coordinate them. - Answers -social science that studies; cope with
scarcity
Which of the following examples describes
microeconomics? - Answers -people prefer buying iphones over nokia phones
Which of the following examples describes
macroeconomics? - Answers -The U.S. unemployment rate has increased by 0.4
percent.
Capital accumulation is the _____, including _____ capital. - Answers -
All of the following are consequences of scarcity faced by people in the United States
except deciding _______. - Answers -whether a tomato is a fruit or a vegetable
______ earns ______. - Answers -jeff bezos; profit
Which one of the following news headlines definitely concerns the social interest? -
Answers -e coli results must be posted on beaches
The
what,
how,
and for whom questions in economics are questions about ______. - Answers -what
goods and services do we produce, how do we use the factors of production to produce
these goods, and who consumes the goods and services that are produced
, Factors of production are grouped into four categories, which are _______. - Answers -
land, labor, capital, and entrepreneurship
______ is an example of ______. - Answers -bus driver; labor
a movie star
is an example of the factor of production_______ - Answers -labor
A tradeoff is _______. - Answers -giving up one thing to get something else
Pam, Pru, and Pat are deciding how they will celebrate the New Year.
Pam prefers to go on a cruise, is happy to go to Hawaii, but does not want to go skiing.
Pru prefers to go skiing, is happy to go to Hawaii, but does not want to go on a cruise.
Pat prefers to go to Hawaii or to take a cruise but does not want to go skiing. - Answers
-Pam, Pat, and Pru face a tradeoff.
A choice on the margin is a choice that is made by comparing all the relevant _____
systematically and _____. - Answers -alternatives; incrementally;
Marginal cost is the _____ that arises from one unit _____ in an activity. - Answers -
opportunity cost; increase;
Marginal benefit is the _____ that arises from one unit _____ in an activity. - Answers -
benefit; increase
Rational choice is a choice that uses the available resources to _____ of the person
making the choice. - Answers -best achieve the objective
The benefit of something is the _____.
Benefit is determined by preferences - by what a person _____ and the intensity of
those feelings. - Answers -gain or pleasure it brings;
likes and dislikes
Which of the following is the opportunity cost of attending a ball game? - Answers -The
things you would have bought with what you spent on the ticket and bus fare getting to
the game plus the things you would alternatively have done with your time.
The cost of regenerating East London ______ an opportunity cost of hosting the 2012
Olympic Games ______. - Answers -is; if the regeneration of East London would not
occur unless London hosted the 2012 Olympics
which of the following statements are normative:
1- we ought to have a cure for cancer
2- people who buy weekly lottery tickets win a prize at least once a year
