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ECON 130 Midterm 1 || with Errorless Solutions 100%.
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Efficiency in production refers to the situation where all but one of the following apply: A. Production can not be increased B. production of one good means forgoing some other good C. all given resources are fully employed D. production must be reduced correct answers D. production must be...

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  • August 18, 2024
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  • 2024/2025
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ECON 130 Midterm 1 || with Errorless Solutions 100%.
Efficiency in production refers to the situation where all but one of the following apply:
A. Production can not be increased
B. production of one good means forgoing some other good
C. all given resources are fully employed
D. production must be reduced correct answers D. production must be reduced

Which of the following is NOT one of the three factors of production?
A. Labor
B. Capital
C. Markets
D. Natural resources correct answers C. Markets

Which of the following describes a situation most closely related to microeconomics?
A. The government decides to cut taxes during a period of high unemployment.
B. The government reports that unemployment has increased over the past year.
C. Research finds that living standards have improved over the past decade.
D. A business firm decides to purchase new computers for its employees. correct answers D. A
business firm decides to purchase new computers for its employees.

Which of the following is NOT one of the three factors of production?
A. Labor
B. Capital
C. Money
D. Natural Resources correct answers C. Money

The process of seeking new technology and new forms of organization is known as
A. Capital
B. Entrepreneurship
C. Labor
D. Natural resources correct answers B. Entrepreneurship

The opportunity cost is
A. a) The cost of a good or service measured in terms of what it would cost to pursue the next
best alternative using these resources.
B. b) The price of a good or service.
C. c) The cost of the factors of production used to make the good or service.
D. d) The losses a business incurs when it produces a good or provides a service. correct answers
A. a) The cost of a good or service measured in terms of what it would cost to pursue the next
best alternative using these resources.

The branch of economics that focuses on the study of output, inflation, and unemployment is
known as:
A. Capital
B. Labor

, C. Macroeconomics
D. Microeconomics correct answers C. Macroeconomics

Suppose a friend is considering attending college, or going to work full time. The opportunity
cost of a college education would include:
A. Room and board
B. Forgone income
C. Personal expenses (food and incidentals)
D. All of the above correct answers B. Forgone income

If a point is under the Production-Possibility Frontier, then according to the concept of efficiency
it is
A. Efficient because any further movement will result in more of Good A but less of Good B.
B. Efficient because generally any point under the Production-Possibility Frontier is feasible to
produce.
C. Inefficient because more of Good A could have been produced without affecting the total
amount of Good B.
D. Neither efficient nor inefficient â€" depends on the nature of goods produced. correct answers
C. Inefficient because more of Good A could have been produced without affecting the total
amount of Good B

Efficiency in distribution means that goods and services are
A. Allocated such that it is not possible to make someone happier without causing someone
else's wants to be less satisfied.
B. Allocated to the poorest individuals first.
C. Allocated to individuals equally.
D. Allocated according to what is fair. correct answers A. Allocated such that it is not possible to
make someone happier without causing someone else's wants to be less satisfied

Consider the factors of production required to make a textbook. Which of the following factors is
an example of capital?
A. The printing press used to print the book.
B. The lumber used to make the paper.
C. The worker in charge of operating the printing press.
D. All of the above correct answers A. The printing press used to print the book.

Adam Smith contributed which ideas to economics?
A. Capital
B. Division of labor
C. Invisible hand
D. Both B and C correct answers D. Both B and C

A situation where people have unlimited wants but face limited resources is known as
A. Economic efficiency
B. Factors of production
C. Macroeconomics

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