ECON 312 Week 1 to 7 Quiz
ECON 312 Week 1 to 7 Quiz
ECON 312 Week 1 Quiz
1. (TCO 1) The general concern of economics is with the study of the
2. (TCO 1) The term scarcity in economics refers to the fact that
3. (TCO 1) Are the goods that businesses offer for "free" to consumers also free to society?
4. (TCO 1) Which is considered to be an economic resource by economists?
5. (TCO 1) If an economy is producing at a point inside a production possibilities curve, then
6. (TCO 1) Which would not be characteristic of a capitalist economy?
7. (TCO 1) The term dollar votes means
8. (TCO 1) The circular flow model
9. (TCO 1) In a market system, well-defined property rights are important because they
10. (TCO 1) Which is necessary to make a trade in a barter economy?
11. (TCO 1) Tammie makes $150 a day as a bank clerk. She takes off two days of work without pay to fly to another city to attend the concert of her favorite music group. calculations
12. (TCO 1) Identify some intrinsic qualities of capitalist and command economic systems. Identify two countries that practice each.
ECON 312 Week 2 Quiz
1. (TCO 2) Economists use the term "demand" to refer to
2. (TCO 2) Which of the following would not shift the demand curve for beef?
3. (TCO 2) Which of the following is most likely to be an inferior good?
4. (TCO 2) Which of the following would mostly likely increase the demand for gasoline?
5. (TCO 2) The supply curve shows the relationship between
6. (TCO 2) The price elasticity of demand is generally
7. (TCO 2) Suppose the price of local cable TV service increased from $16.20 to $19.80, and as a result, the number of cable subscribers decreased from 224,000 to 176,000.
8. (TCO 2) A firm can sell as much as it wants at a constant price. Demand is thus
9. (TCO 2) The demand schedules for such products as eggs, bread, and electricity tend to be
10. (TCO 2) The demand for autos is likely to be
ECON 312 Week 3 Quiz
1. (TCO 3) Which of the following constitutes an implicit cost to the Johnston Manufacturing Company?
2. (TCO 3) To economists, the main difference between the short run and the long run is that
3. (TCO 3) Which of the following industries most closely approximates pure competition?
4. (TCO 3) Which of the following statements applies to a purely competitive producer?
5. (TCO 3) Which of the following is correct?
6. (TCO 3) Barriers to entering an industry
7. (TCO 3) The restaurant, legal assistance, and clothing industries are each illustrations of
8. (TCO 3) Use your basic knowledge and your understanding of market structures to answer this question.
9. (TCO 3) Use your basic knowledge and your understanding of market structures to answer this question.
10. (TCO 3) If the four-firm concentration ratio for industry X is 80
11. (TCO 3) What is the LAW OF DIMINISHING RETURNS, and why is this law considered a short-run phenomenon?
ECON 312 Week 5 Quiz
1. (TCO 6) Fiscal policy refers to the
2. (TCO 6) Suppose that the economy is in the midst of a recession. Which of the following policies would most likely end the recession and stimulate output growth?
3. (TCO 6) The crowding-out effect of expansionary fiscal policy suggests that
4. (TCO 5) Which of the following would not shift the aggregate supply curve?
5. (TCO 6) Other things equal, a reduction in personal and business taxes can be expected to
6. (TCO 6) The MPC can be defined as that fraction of a
7. (TCO 6) Dissaving means
8. (TCO 5) Refer to the graph. Which of the following factors will shift AD1 to AD3?
9. (TCO 6) The multiplier is
10. (TCO 5) The American Recovery and Reinvestment Act of 2009 was implemented primarily to
11. (TCO 5) What effect would each of the following have on aggregate demand or aggregate
12. (TCO 6) Why do some economists believe that tax cuts are critical to help revive an economy experiencing a recession?
ECON 312 Week 7 Quiz
1. (TCO 8) Specialization and trade between individuals or between nations lead to:
2. (TCO 8) Suppose the United States sets a limit on the number of tons of sugar that can be imported each year.
3. (TCO 9) Which of the following is not included in the current account of a nation's balance of payments?
4. (TCO 9) If the dollar price of the yen rises, then
5. (TCO 9) In recent years, the United States has had large
6. (TCO 9) Answer the next question(s) on the basis of the following table which indicates the dollar price of libras,
7. (TCO 8) The primary gain from international trade is