MODULE 1 - GRADED QUIZ_ CHAPTERS 1 & 2_ ECON 210 MICROECONOMICS

MODULE 1 - GRADED QUIZ_ CHAPTERS 1 & 2_ ECON 210 MICROECONOMICS Due Oct 20 at 11:59pm Points 100 Questions 25 Time Limit 60 Minutes Allowed Attempts 2 Instructions Graded Quiz Before the end of the module week, take the module quiz. The purpose of the quiz is to assess your mastery of the knowledge and skills presented in your assigned textbook readings. To prepare for the graded quiz, take the Module 1 - Practice Quiz: Chapters 1 & 2. Time Limit: The quiz contains 25 multiple choice questions, and you have 60 minutes to complete it. At the end of the time limit, the quiz will close and be automatically submitted for grading. You will get a notification pop-up approximately 10 seconds before time expires. If you leave the quiz for any reason, the timer will continue, and the quiz will automatically submit when the time is up. If you lose your Internet connection, you may reconnect and return to the quiz where you left off as long as time has not expired. If you encounter technical difficulties, please contact your instructor. Grading: Your quiz will be automatically graded so you will see scores right away. You will not be able to see your answers. Attempts: You may take the quiz twice, and the highest score becomes your final score. Attempt History Attempt Time Score KEPT Attempt 2 60 minutes 92 out of 100 LATEST Attempt 2 60 minutes 92 out of 100 Attempt 1 56 minutes 92 out of 100  Correct answers are hidden. Score for this attempt: 92 out of 100 Submitted Oct 20 at 7:32pm This attempt took 60 minutes. Question 1 4 / 4 pts Which of the following is an example of a positive economic statement? If you drop a ball from the top of a building, it will fall to the ground. The U.S. public should devote more resources to education. The poor should pay lower taxes and the rich should pay higher taxes. Soap operas should be taken off television. Question 2 4 / 4 pts Which of the following statements is false? Microeconomics is the branch of economics that deals with human behavior and choices as they relate to relatively small units-an individual, a firm, an industry, and a single market. Normative economics addresses what should be. Positive economics attempts to determine what is. Positive and normative economics both address what should be. Macroeconomics is the branch of economics that deals with human behavior and choices as they relate to highly aggregate markets. Question 3 4 / 4 pts How is scarcity related to competition? Scarcity is an effect of competition. Competition is an effect of scarcity. Scarcity produces disutility and competition produces utility. Both scarcity and competition are effects of a rationing device. Both scarcity and competition are effects of opportunity cost. Question 4 4 / 4 pts Which of the following is a normative macroeconomics statement? The increase in the nation's money supply helped push the nation's unemployment rate down in the short run. The local government ought to spend more on recreational facilities. The central bank should increase the nation's money supply. Ford Motor Company's new advertising campaign ended up hurting General Motors' sales. Question 5 4 / 4 pts Opportunity cost is the alternative forfeited when a choice is made. most recently considered least-valued most highly-valued most convenient Question 6 4 / 4 pts A three-word synonym for the term ceteris paribus is "it is proved." "in my opinion." "under this assumption." "nothing else changes." Question 7 4 / 4 pts Entrepreneurship is accumulated technical knowledge in using labor and capital. knowledge of the particular natural resources to be found in a given area. the talent for organizing the use of land, labor and capital, among other things. skill in influencing government regulators and legislators.