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Quiz 3
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1
The two major features of the economic perspective are:
A)purposeful behavior and marginal analysis
B)normative and positive analysis
C)benefit and cost
D)consumers and producers
2
A nation's production possibilities curve is "bowed out" from the origin because:
A)resources are not perfectly adaptable to production of alternative goods
B)capital goods and consumer goods utilize the same production technology
C)resources are scarce relative to human wants
D)opportunity costs are decreasing
3
A microeconomist would most likely study:
A)how consumers respond to a change in gasoline prices
B)the effects of an income tax reduction on the size of the national budget deficit
C)the effects of aggregate consumer debt on overall consumption spending
D)the relationship between the size of the money supply and the rate of inflation
4
Refer to the following:
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Which of the points on the production possibilities curve in the diagram is currently unattainable given the economy's resources?
A)Point A
B)Point B
C)Point C
D)Point D
5
The fundamental problem of economics implies that:
A)governments must be relied upon to supply essential goods and services
B)inflation and unemployment are unavoidable
C)growing populations will deplete natural resources
D)individuals and communities must make choices among competing alternatives
6
"Rational self-interest is the same as selfishness."
A)True
B)False
7
When an economist concludes that there is not enough of some activity, the economist is suggesting that:
A)the marginal benefit of the activity exceeds its marginal cost
B)the cost of the activity has increased
C)the benefit of the activity has decreased
D)the marginal cost of the activity exceeds its marginal benefit
8
In the equation y = a + bx, where y is the dependent variable and x is the independent variable, the slope of line is given by:
A)a
B)b
C)y/x
D)a/b
9
Suppose you can purchase milk for $3 a gallon or eggs for $1.50 per dozen. Your opportunity cost of a gallon of milk is:
A)one dozen eggs
B)two dozen eggs
C)one half dozen eggs
D)$1.50
10
Margaret decides to stay home and study for her exam rather than going out with her friends to a movie. Her dilemma is an example of:
A)the economic perspective
B)marginal analysis
C)allocative efficiency
D)opportunity cost





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