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Chapter1/TheTenPrinciplesofEconomics

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Chapter1/TheTenPrinciplesofEconomics?

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Chapter1

TenPrinciplesofEconomics

MULTIPLECHOICE

1. Economicsdealsprimarilywiththeconceptof

 a. poverty.

 b. scarcity.

 c. change.

 d. power.

2. Whichofthefollowinggoodsbestmeetsthedefinitionofscarcity?

 a. air

 b. woodinaforest

 c. waterintheocean

 d. waterinacity

3. Economicsisdefinedas

 a. thestudyofbusiness.

 b. thestudyofhowsocietymanagesitsscarceresources.

 c. thestudyofcentralplanning.

 d. thestudyofgovernmentregulation.

4. WhichofthefollowingisNOTamajorareaofstudyforeconomists?

 a. howpeoplemakedecisions

 b. howpeopleinteractwitheachother

 c. howforcesandtrendsaffecttheoveralleconomy

 d. howcountrieschoosenationalleaders

5. Theadage,“Thereisnosuchthingasafreelunch,”means:

 a. Togetsomethingwelike,weusuallyhavetogiveupanotherthingwelike.

 b. Evenpeopleonwelfarehavetopayforfoodthesedays.

 c. Thecostoflivingisalwaysincreasing.

 d. Allcostsaremeasuredindollars.

6. Whengovernmentpoliciesarebeingdesigned,

 a. equityandefficiencygoalsareusuallyindependentofeachother.

 b. thereisusuallyatradeoffbetweenequityandefficiency.

 c. equitycanusuallybeachievedwithoutanefficiencyloss.

 d. increasingefficiencyusuallyresultsinmoreequity.

7. Ineconomics,thecostofsomethingis

 a. theout-of-pocketexpenseofobtainingit.

 b. whatyougiveuptogetit.

 c. alwaysmeasuredinunitsoftime.

 d. alwayshigherthanpeoplethink.

8. Theopportunitycostofgoingtocollegeis

 a. thetotalspentonfood,clothing,books,transportation,tuition,lodging,andotherexpenses.

 b. zeroforstudentswhoarefortunateenoughtohavealloftheircollegeexpensespaidbysomeoneelse.

 c. thevalueofthebestopportunityastudentgivesuptoattendcollege.

 d. zero,sinceacollegeeducationwillallowastudenttoearnalargerincomeaftergraduation.

9. Thetermwhichmeanswhatevermustbegivenuptoobtainanitemis

 a. efficiency.

 b. externality.

 c. opportunitycost.

 d. marketfailure.

10. Peoplemakedecisionsatthemarginby

 a. followingtradition.

 b. comparingcostsandbenefits.

 c. experience.

 d. calculatingdollarcosts.

11. Amarginalchangeis

 a. along-termtrend.

 b. alarge,significantadjustment.

 c. achangefortheworse.

 d. asmallincrementaladjustment.

12. Whichofthefollowingisthebestexampleofamarginalchange?

 a. Markgraduatesfromcollegeandtakesajob.Hisincomeincreasesfrom$10,000peryearto$50,000peryear.

 b. ThepriceofhousingrisesinSeattleby25%inoneyear.

 c. Kimworksatthecollegebookstore.Shegetsaraisefrom$5.15perhourto$5.20perhour.

 d. AdroughthitstheupperMidwestandthepriceofwheatincreasesfrom$4.00perbushelto$8.00perbushel.

13. Youhavespent$500purchasingandrepairinganoldcarwhichyouexpecttosellfor$800oncetherepairsarecomplete.Youdiscoverthatyouneedanadditionalpart,whichwillcost$400,includinglabor,inordertocompletetherepairs.Youcansellthecarasitisnowfor$300. Whatshouldyoudo?

 a. Youshouldcompletetherepairsandsellthecar.

 b. Youshouldcutyourlossesandtakethe$300.

 c. Youshouldneversellsomethingforlessthanitcosts.

 d. Itdoesn'tmatterwhichactionyoutake;theoutcomeisthesameeitherway.

14. Economistsunderstandthatpeoplerespondto

 a. thewishesofpolicymakers.

 b. incentives.

 c. threatsmorethanrewards.

 d. taxbreaks,butnottaxhikes.

15. Whichofthefollowingisimportantforpolicymakerstoconsiderwhendesigningpublicpolicy?

 a. thepossibilitythatpoliciesmightchangebehavior

 b. thedirecteffectofpolicies

 c. theindirecteffectofpolicies

 d. alloftheabove

16. Tradecanbenefitafamily

 a. byallowingthefamilytobuyagreatervarietyofgoodsandservicesatalowercost.

 b. byallowingeachpersontospecializeintheactivitiesheorshedoesbest.

 c. aandb

 d. onlyifthefamilyisnotineconomiccompetitionwithotherfamilies.

17. Whichisthemostaccuratestatementabouttrade?

 a. Trademakessomenationsbetteroffandothersworseoff.

 b. Tradecanmakeeverynationbetteroff.

 c. Tradingforagoodcanmakeanationbetteroffonlyifthenationcannotproducethatgood.

 d. Tradehelpsrichnationsandhurtspoornations.

18. Whichofthefollowingisthebeststatementaboutmarkets?

 a. Marketsareusuallyagoodwaytoorganizeeconomicactivity.

 b. Marketsareusuallyinferiortocentralplanningasawaytoorganizeeconomicactivity.

 c. Marketsareflawedandarethereforenotanacceptablewaytoorganizeeconomicactivity.

 d. Marketsareagoodwaytoorganizeeconomicactivityindevelopednations,butnotinless-developednations.

19. Inamarketeconomy,

 a. firmsdecidewhomtohireandwhattoproduce.

 b. profitandself-interestguidethedecisionsoffirmsandhouseholds.

 c. householdsdecidewhichfirmstoworkforandwhattobuywiththeirincomes.

 d. alloftheabove

20. The“invisiblehand”directseconomicactivitythrough

 a. prices.

 b. massmedia.

 c. subliminalmessages.

 d. governmentregulations.

21. Whenthegovernmentpreventspricesfromadjustingnaturallytosupplyanddemand,

 a. itstabilizestheeconomy.

 b. itadverselyaffectstheallocationofresources.

 c. theimprovementinequityjustifiesthereductioninefficiency.

 d. thereduceduncertaintyassociatedwithfixedpricesisworthmorethanthecostinlowerefficiency.

22. Thetermmarketfailurerefersto

 a. afirmwhichisforcedoutofbusinessbecauseoflosses.

 b. anunsuccessfuladvertisingcampaign.

 c. asituationinwhichcompetitionamongfirmsbecomesruthless.

 d. asituationinwhichthemarketonitsownfailstoallocateresourcesefficiently.

23. Thetwobestreasonsforagovernmenttointerveneinamarketare

 a. toraiserevenuesandtopromotestability.

 b. topromoteequityandtoraiserevenues.

 c. topromoteefficiencyandtoraiserevenues.

 d. topromoteequityandtopromoteefficiency.

24. Anexampleofanexternalityis

 a. theimpactofbadweatherontheincomeoffarmers.

 b. theimpactofthepersonalincometaxonaperson'sabilitytopurchasegoodsandservices.

 c. theimpactofpollutionfromafactoryonthehealthofpeopleinthevicinityofthefactory.

 d. theimpactofincreasesinhealthcarecostsonthehealthofindividualsinsociety.

25. Marketpowerrefersto

 a. therelativeimportanceofamarkettotheoveralleconomy.

 b. theabilityofapersonorgroupofpeopletosuccessfullymarketnewproducts.

 c. thepowerofthegovernmenttoregulateamarket.

 d. thepowerofasingleperson（orsmallgroupofpeople）toundulyinfluencemarketprices.

26. Uponwhatdoesacountry'sstandardoflivingdepend?

 a. itsabilitytoproducegoodsandservices

 b. theamountofgoldandsilverthecountryhas

 c. theaverageamountofmoneyindividualsinthecountryhave

 d. itsabilitytoprotectitsworkersfromforeigncompetition

27. IftheaverageincomeofanAmericanishigherthantheaverageincomeofanItalian,itismostlikelybecause

 a. laborunionsaremoreaggressiveintheUnitedStatesthaninItaly.

 b. theUnitedStateshasamoreindustrialeconomythanItaly.

 c. thereismorecompetitionintheUnitedStatesthaninItaly.

 d. productivityishigherintheUnitedStatesthaninItaly.

28. Largeorpersistentinflationisalmostalwayscausedby

 a. inefficiency.

 b. lowproductivity.

 c. foreigncompetition.

 d. growthinthequantityofmoney.

29. Thetradeoffbetweeninflationandunemploymentiscalled

 a. theLaffercurve.

 b. theLorenzcurve.

 c. theDemandcurve.

 d. thePhillipscurve.

30. Between1929and1933,theU.S.economywentfromasituationoffullemploymenttooneof25%unemployment.Whatdoyouassumehappenedtoprices?

 a. Priceswereunaffected.

 b. Pricesfellandtheeconomyexperienceddeflation.

 c. Pricesroseandtheeconomyexperiencedinflation.

 d. Itisimpossibletoguesswhathappenedtopricesfromtheinformationgiven.

TRUE/FALSE

31. Scarcitymeansthatsocietyhaslesstoofferthanpeoplewishtohave.32. Individualsfacetradeoffs,butsocietiesdonot.33. Equitymeanseveryoneintheeconomyshouldreceiveanequalshareofthegoodsandservicesproduced.34. Ineconomicpolicymaking,thereisoftenaconflictbetweenthegoalofefficiencyandthegoalofequity.35. Formoststudents,tuitionisthesinglelargestcostofattendingcollege.36. Theopportunitycostofsomethingiswhatyougiveuptogetit.37. Amarginalchangeisasmallincrementaladjustmenttoanexistingplanofaction.38. Ininternationaltrade,ifonepartygains,theotherpartyloses.39. Amarketeconomycannotpossiblyproduceasociallydesirableoutcomebecauseindividualsaremotivatedbytheirownselfishinterests.40. ThePhillipsCurveshowstheshort-runtradeoffbetweeninflationandeconomicgrowth.

SHORTANSWER

APPLICATION/SCENARIO

41. Givethreeexampleseachofhouseholdandsocietaldecisionsregardingtheallocationofresources.

ANSWER:

Forhouseholds,exampleswouldincludesuchthingsaswhofeedsthecat,whotakesoutthegarbage,whofixesmeals,whorunserrands,etc.Forsociety,exampleswouldincludesuchthingsaswhowillproducefood,whowillproducecomputers,howlandwillbeallocatedtoproducefood,locatehousing,andfactories,useforrecreation,etc.

42. Whatwouldhappentothestudyofeconomicsifscarcitydisappeared?

ANSWER