ECON 1580 Intro to Economics Questions and answered solutions
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Course
ECON 1580
Institution
ECON 1580
According to the textbook, economics is a:
A/an ________ does not pose the problem of scarcity; one use of the good is not an alternative to another use
Water is considered a scarce goods rather than a free good because
The Case in Point on the oil extraction suggests that one reason oil ...
ECON 1580 Intro to Economics Questions and answered solutions According to the textbook, economics is a: (correct answers) Social Science A/an ________ does not pose the problem of scarcity; one use of the good is not an alternative to another use. (correct answers) free good Water is considered a scarce goods rath er than a free good because: (correct answers) It has alternative uses. The Case in Point on the oil extraction suggests that one reason oil may become more costly is that: ( correct answers) we will have to give up more and more valuable alternatives to e xtract oil. The opportunity cost of something is: (correct answers) what is given up to acquire it The BEST example of making a choice at the margin is: (correct answers) a coffee drinker drinking another cup of coffee The study of a single firm and how it determines prices would fall under: (correct answers) microeconomics Each of the following statements about the use of models in the study of economics is true EXCEPT: (correct answers) models fit the observers facts exactly Suppose you observe that the sun sets every evening after the six o'clock business report. If you conclude that the six o'clock business report makes the sun set, you are guilty of the fallacy of: (correct answers) false clause An example of a normative statement is: ( correct ans wers) Everyone in the country needs to be covered by national health insurance Resources from nature that can be used to to produce other goods and services are called: (correct answers) natural resources Increasing the level of education in the United S tates will: (correct answers) lead to workers possessing greater human capital Technology is: ( correct answers) knowledge that can be applied to the production of goods and services. A person who seeks to earn profits by finding ways to organize factors of production is called a/an: (correct answers) Entrepreneur In this exhibit (Guns and Butter), the combination of guns and butter at point H: (correct answers) cannot be attained given the level of technology and the factors of production available . If the production possibilities curve were a straight line sloping down from left to right, this would suggest that: (correct answers) no factor of production has any particular comparative advantage over other resources . When moving along a production po ssibilities curve, the opportunity cost to society of getting more of the good on the horizontal axis: (correct answers) is measured by the amount of the other good that must be given up. Efficient production implies that it is: (correct answers) not poss ible to produce more of one good without producing less of another good . In market capitalism: ( correct answers) factors of production are privately owned and decisions are made privately. Government's role of taxing some citizens and transferring income to others is considered: (correct answers) redistributing income. The law of demand implies that: (correct answers) consumers will, all other things unchanged, buy more at lower prices. A decrease in the price of eggs, all other things unchanged, will r esult in a/an: ( correct answers) greater quantity of eggs demanded. The price of oranges falls. What happens in the market for apples, which are a substitute for oranges? (correct answers) The equilibrium price and quantity fall. After graduation from co llege you will receive a substantial increase in your income from a new job. If you decide that you will purchase more T -bone steak and less hamburger, then for you hamburger would be considered a/an: (correct answers) inferior good The primary difference between a change in supply and a change in the quantity supplied is: (correct answers) a change in quantity supplied is a movement along the supply curve, and a change in supply is a shift of the supply curve. If the price of a commodity increases as the result of increased demand, you would expect the: (correct answers) quantity supplied to increase. In this exhibit (demand and supply curves), the highest price per unit that buyers would be willing to pay for 250 units is: (correct answers) $10 In this exhibit (demand and supply curves), a price of $25 per unit will result in: ( correct answers) surplus of 200 units If the price in the market for a commodity is above the market equilibrium price, the: (correct answers) quantity supplied exceeds the quan tity demanded. A market shortage occurs if the: (correct answers) equilibrium price is above the market price If the price of chocolate -covered peanuts decreases from $1.10 to $0.90 and the quantity demanded does not change, this indicates that, if other things are unchanged, the price elasticity of demand is: (correct answers) 0
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