PRE-ASSESSMENT: MICROECONOMICS PJKO
Attempt #3
Status: Passed
1.
Which concept relates to limited resources?
YOUR CORRECT
ANSWER ANSWER
Scarcity
Deflation
Choice
Specialization
2.
What does fresh water costing more than gas exemplify?
YOUR CORRECT
ANSWER ANSWER
Scarcity
Deflation
Excess demand
Opportunity cost
3.
Which characteristic is a part of a market economy?
YOUR CORRECT
ANSWER ANSWER
Hereditary customary roles
Government-created mandate
Private property rights
Past family traditions
4.
A student has been working extra hours at a part-time job and is debating subtracting an hour from work for extra studying.
When is this student making this decision, according to economists?
YOUR CORRECT
ANSWER ANSWER
At the apex
At the margin
At the point of no return
At the opportunity point
5.
Which factor of production are power tools, hammers, steel, and other building materials examples of?
YOUR CORRECT
ANSWER ANSWER
A natural resource
A human resource
Capital
Entrepreneurship
6.
Which economic assertion is described by a statement of fact?
YOUR CORRECT
ANSWER ANSWER
All other things unchanged
Fallacy of false cause
Positive statements
Normative statements
7.
, Figure 1: Production Possibilities Frontier
Classify point B with the appropriate distinction.
YOUR CORRECT
ANSWER ANSWER
Efficient
Attainable
Inefficient
Unattainable
8.
Figure 2: Production Possibilities Frontier
Which statement represents economic growth?
YOUR CORRECT
ANSWER ANSWER
The production possibilities frontier shifts outward.
The production possibilities frontier that exhibits the most growth contains point B.
The production possibilities frontier shifts inward.
The production possibilities frontier that exhibits the most growth contains point E.
9.
Based on the chart, which country has comparative advantage in which good?
YOUR CORRECT
ANSWER ANSWER
Romania has comparative advantage in wine, and Bulgaria in tools.
Bulgaria has comparative advantage in both wine and tools.
Romania has comparative advantage in both wine and tools.
Bulgaria has comparative advantage in wine, and Romania in tools.
10.
Choice of Output Produced Each Day
Country Can Produce Either/orMachine PartsBottles of Olive Oil
Romania 5 25
Bulgaria 10 30
Based on this chart, how many bottles of olive oil does each machine part in Romania cost?
YOUR CORRECT
ANSWER ANSWER
0.2
5
Attempt #3
Status: Passed
1.
Which concept relates to limited resources?
YOUR CORRECT
ANSWER ANSWER
Scarcity
Deflation
Choice
Specialization
2.
What does fresh water costing more than gas exemplify?
YOUR CORRECT
ANSWER ANSWER
Scarcity
Deflation
Excess demand
Opportunity cost
3.
Which characteristic is a part of a market economy?
YOUR CORRECT
ANSWER ANSWER
Hereditary customary roles
Government-created mandate
Private property rights
Past family traditions
4.
A student has been working extra hours at a part-time job and is debating subtracting an hour from work for extra studying.
When is this student making this decision, according to economists?
YOUR CORRECT
ANSWER ANSWER
At the apex
At the margin
At the point of no return
At the opportunity point
5.
Which factor of production are power tools, hammers, steel, and other building materials examples of?
YOUR CORRECT
ANSWER ANSWER
A natural resource
A human resource
Capital
Entrepreneurship
6.
Which economic assertion is described by a statement of fact?
YOUR CORRECT
ANSWER ANSWER
All other things unchanged
Fallacy of false cause
Positive statements
Normative statements
7.
, Figure 1: Production Possibilities Frontier
Classify point B with the appropriate distinction.
YOUR CORRECT
ANSWER ANSWER
Efficient
Attainable
Inefficient
Unattainable
8.
Figure 2: Production Possibilities Frontier
Which statement represents economic growth?
YOUR CORRECT
ANSWER ANSWER
The production possibilities frontier shifts outward.
The production possibilities frontier that exhibits the most growth contains point B.
The production possibilities frontier shifts inward.
The production possibilities frontier that exhibits the most growth contains point E.
9.
Based on the chart, which country has comparative advantage in which good?
YOUR CORRECT
ANSWER ANSWER
Romania has comparative advantage in wine, and Bulgaria in tools.
Bulgaria has comparative advantage in both wine and tools.
Romania has comparative advantage in both wine and tools.
Bulgaria has comparative advantage in wine, and Romania in tools.
10.
Choice of Output Produced Each Day
Country Can Produce Either/orMachine PartsBottles of Olive Oil
Romania 5 25
Bulgaria 10 30
Based on this chart, how many bottles of olive oil does each machine part in Romania cost?
YOUR CORRECT
ANSWER ANSWER
0.2
5
