ECO 405 Week 2 Quiz – Strayer NEW

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Chapter 01

Alleviating Human Misery: The Role Of Economic Reasoning

Multiple Choice Questions
 

1. The Fundamental Economic Problem Is
A. Inflation
B. That Resources Are Scarce Relative To Wants
C. Supply And Demand
D. How To Make More Money
E. Unemployment

2. Which Of The Follow Best Describes Human Wants And Desires? They
A. Are Unlimited In The Aggregate
B. Stop After A Person Attains The Things Necessary For Life
C. Do Not Include "Extras" Like Variety
D. Are Not Affected By What Others Have
E. Do Not Change Once We Attain Our Desired Set Of Goods

3. The Means For Satisfying Wants Are
A. Insatiable
B. Unlimited
C. Infinite
D. Scarce
E. Unavailable

4. Economic Reasoning Would Not Be Necessary If
A. Our Wants Were Limited
B. Resources Were Expansive
C. Scarcity Were Decreased
D. We Could Have Everything We Wanted
E. Politicians Were Better At Running The Economy

5. A Three-Year-Old Learns About The Fundamental Economic Problem When She
A. Gets Presents For Her Birthday
B. Is Punished For Drawing On The Walls
C. Has To Eat Green Beans For Dinner
D. Is Told She Can't Have A Toy At The Store
E. Watches Her Favorite Cartoon

6. Which Of The Following Is The Primary Goal Of An Economy?
A. Maximizing Economic Growth
B. Minimizing Unemployment
C. Minimizing The Effects Of Scarcity
D. Minimizing The National Debt
E. Maximizing Gdp

7. The Fundamental Economic Problem Involves
A. Overpopulation
B. Inflation And Unemployment
C. Scarce Resources And Unlimited Wants
D. Cheap Foreign Labor
E. Supply And Demand

8. Labor Resources Include
A. The Equipment Workers Use To Complete Their Work
B. Only Non-Management Personnel
C. Any Efforts Of A Person To Produce Goods
D. Only The Physical Efforts Of An Economy's People
E. All Of The Above

9. Which Of The Following Is An Example Of A Capital Resource?
A. A Firm's Employee
B. Money In A Firm's Bank Account
C. Agricultural Land
D. A Worker's Productivity
E. All Of The Above

10. Which Of The Following Is Not An Example Of A Capital Resource?
A. Forests
B. A Printing Press
C. Semi-Finished Materials
D. A Computer Technician
E. Inventories

11. The Know-How And The Means And Methods Of Production Available In An Economy Are Known As
A. Technology
B. Capital
C. Human Capital
D. Labor
E. Management

12. Which Of The Following Is Not A Capital Resource?
A. Land
B. Stocks And Bonds
C. Buildings
D. Tools
E. Mineral Deposits

 Questions 13 - 17 Refer To The Graph Below.
  

13. Given Production Possibilities Curve (A), Point N Suggests That
A. The Economy Is Attaining Full Employment, But Not Full Production
B. The Economy Is Attaining Full Production, But Not Full Employment
C. The Economy Is Using Its Available Resources Inefficiently
D. The Economy Is Attaining Both Full Employment And Full Production
E. Point N Is Unattainable

14. The Movement From Curve (A) To Curve (B) Suggests
A. A Movement From Unemployment To Full Employment
B. An Improvement In Capital Good Technology, But Not In Consumer Good Technology
C. An Improvement In Consumer Good Technology, But Not In Capital Good Technology
D. A Decline In The Total Output Of Society
E. The Society Becomes Worse Off

15. At Which Of The Following Points Is The Economy Producing Efficiently?
A. Q
B. G
C. N
D. B
E. E

16. If The Economy Were Producing Combination G Initially, The Cost Of Producing Additional Bd Units Of Capital Goods Is The Value Of
A. The Resources Used In Producing Od Of Capital Goods
B. The Resources Used In Producing Ef Of Consumer Goods
C. The Resources Used In Producing Oe Of Consumer Goods
D. Bd Units Of Capital Goods
E. Bd Units Of Consumer Goods

17. Given Production Possibilities Curve (B), Point Q
A. Can Be Reached Through An Improvement In Technology
B. Represents Some Degree Of Inefficiency In The Use Of Resources
C. Can Be Reached If The Birth Rate Is Reduced
D. Can Be Reached If The Output Of Consumer Goods Is Increased While The Output Of Capital Goods Is Reduced
E. Is Undesirable

18. The Bow Shape Of The Production Possibilities Curve Reflects
A. The Opportunity Cost Concept
B. The Concept Of Increasing Opportunity Costs
C. The Concept Of Diminishing Marginal Returns
D. The Marginal Social Cost/Marginal Social Benefit Principle
E. None Of The Above

19. A Production Possibilities Curve Represents All Of An Economy's Combinations For Production That Are
A. Possible
B. Efficient
C. Attainable
D. Inefficient
E. Desirable

20. If An Economy Is Experiencing Unemployment, It Is Operating At A Point
A. On Its Ppc
B. Below Its Ppc
C. Beyond Its Ppc
D. At The Horizontal Intercept Of Its Ppc
E. At The Vertical Intercept Of Its Ppc

21. A Point On A Country's Ppc That Can Not Be Reached, Given The Current Situation, Is
A. On Its Ppc
B. Below Its Ppc
C. Beyond Its Ppc
D. At The Horizontal Intercept Of Its Ppc
E. At The Vertical Intercept Of Its Ppc

 22. The Negative Slope Of A Ppc Illustrates
A. Limited Wants
B. Unlimited Wants
C. The Law Of Increasing Opportunity Cost