[Solved] ECO 204 QUIZZES Multiple Choice WEEK 1-4 QUIZ

ECO 204 QUIZZES Multiple Choice WEEK 1 QUIZ 10 9 Grade Details - All Questions Question 1. Question : If there is a need to increase the quantity and supply of oil, the most effective way to get it quickly is to improve technology. reduce the prices of the resources that produce oil. increase the price of oil. put a limit on the price of oil. ban imports. Points Received: 0 of 1 Comments: Question 2. Question : In what kind of economy is a central planning board or commission typically used to answer the basic economic questions? Traditional Supply Command Market Points Received: 1 of 1 Comments: Question 3. Question : Ceteris paribus, as applied in demand theory, means accounting for all possible simultaneous changes. holding constant all factors that affect demand except one. observing the real world. holding technology and resource prices constant. holding one input constant while changing the other input. Points Received: 1 of 1 Comments: Question 4. Question : When price changes, there is an opposite change in the quantity supplied. demand. supply. quantity demanded. level of technology and income. Points Received: 1 of 1 Comments: Question 5. Question : What will cause a change along the supply curve? The supplier's expectations The supplier's costs The price of the good The price of all other goods Points Received: 1 of 1 Comments: Question 6. Question : In economics, scarcity means that there are not sufficient resources to produce everything that people want. poverty will always exist. a country can never feed all of its citizens. the price of a good may increase more rapidly than the general price level. there is not enough of a particular good for people to buy all they want at the prevailing price. Points Received: 1 of 1 Comments: Question 7. Question : If left alone, a market-directed economy will invariably provide the correct economic choices. provide the correct economic choice in many but not all cases. protect consumers from monopoly. avoid the production problems encountered in command economies. disintegrate. Points Received: 1 of 1 Comments: Question 8. Question : Along with the other social sciences, economics is concerned with the behavior of human beings as individuals. the behavior of human beings in groups. the activities of international agencies. the laws of mathematics as they apply to decision making. the behavior of human beings both as individuals and in groups. Points Received: 1 of 1 Comments: Question 9. Question : The Wall Street Journal carried a story on a type of grocery store that operates with few services and limited use of attractive displays, but with lower prices than its competitors. This decision of the owners is a way of answering a question that every society must face. Which of the following is that question? What goods and services will be produced? How can we avoid inflation? How can we avoid a recession? Who will get the goods and services produced? How will the goods and services be produced? Points Received: 1 of 1 Comments: Question 10. Question : When economists make the assumption that wants are unlimited, they mean that most people want more of everything. are satisfied with what they have. want more of some goods, even if they don't want more of everything. don't care what they have. are greedy. Points Received: 1 of 1 Comments: Multiple Choice WEEK 3 QUIZ 10 9 Grade Details - All Questions Question 1. Question : A firm that owns a wheat farm, a grain elevator, a flour mill, a commercial bakery, and a grocery store chain is horizontally integrated. vertically integrated. a monopoly. an imperfect competitor. a conglomerate. Points Received: 1 of 1 Comments: Question 2. Question : The short run is less than six months. more than six months, but less than a year. in the short run, some productive resources may be fixed although some other resources may be varied. the period of time in which all the productive resources can be varied. the period of time in which all the inputs are fixed. Points Received: 1 of 1 Comments: Question 3. Question : An example of a horizontally integrated firm is one that owns several plants, each handling a different stage of production. produces a variety of goods and sells them in widely disparate markets. owns several plants, each manufacturing the same product. owns several plants in the same state. uses highly automated assembly line techniques. Points Received: 1 of 1 Comments: Question 4. Question : If Fred Morris buys wood and ivory every month to manufacture pianos in the plant he has leased for four years, he is operating in the long run. without a production function. in the short run. a vertically integrated firm. Points Received: 0 of 1 Comments: Question 5. Question : The long-run decision is to select the desired long-run AC curve. the desired short-run AC curve. the desired long-run MC curve. the desired quantity of labor to go with fixed capital. the plant size to go with the fixed quantity of labor. Points Received: 1 of 1 Comments: Question 6. Question : The cost of alternatives given up that do not carry dollar costs is not of interest to a business enterprise. assigned a dollar value and recorded as an explicit cost. considered an implicit cost. part of economic profits. Points Received: 1 of 1 Comments: Question 7. Question : Because of diminishing marginal product in the short run, a tripling of the total product (assuming input prices are constant) requires a tripling of marginal cost. a tripling of total cost. less than a tripling of total variable cost. increased average fixed cost. more than a tripling of total variable cost. Points Received: 1 of 1 Comments: Question 8. Question : Average fixed cost plus average variable cost equals marginal cost. total cost. average total cost. total variable cost. marginal fixed cost. Points Received: 1 of 1 Comments: Question 9. Question : In the short run, all inputs are variable. some inputs are variable and some are fixed. all inputs are fixed. the time period cannot exceed one year. Points Received: 1 of 1 Comments: Question 10. Question : The technical relationship between inputs and outputs, which is needed to understand the difference between the short run and the long run, is called technical efficiency. economic efficiency. a production function. a time and motion study. supply and demand. Points Received: 1 of 1 Comments: Multiple Choice WEEK 4 QUIZ 10 9 Grade Details - All Questions Question 1. Question : Along a downward-sloping monopoly demand curve, marginal revenue is greater than price. elasticity of demand is constant. marginal revenue decreases when price decreases. marginal revenue is equal to zero when price is equal to zero. Points Received: 1 of 1 Comments: Question 2. Question : A monopolist will have a marginal revenue curve that is identical to the demand curve. identical to the marginal cost curve. below the demand curve.