ECO 365T Wk 1 - Practice: The Fundamentals of Economics Quiz

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ECO 365T Wk 1 - Practice: The Fundamentals of Economics Quiz

Complete the Week 1 The Fundamentals of Economics Quiz in McGraw-Hill Connect®. These are randomized questions. 

Note: You have unlimited attempts available to complete practice assignments. The highest scored attempt will be recorded. These assignments have earlier due dates, so plan accordingly. Grades must be transferred manually to eCampus by your instructor. Don't worry, this might happen after the due date.

The opportunity cost of an action is always equal to:

the next-best alternative for the resources used to undertake the action.

the things you could have done instead of the action you chose to undertake.

the time you give up to undertake the action.

the money you give up to undertake the action.

Economic reasoning is based on the premise that:

all decisions or actions are costless.

all decisions or actions have a cost associated with them.

only non-economic decisions or actions have a cost associated with them.

only economic decisions or actions have a cost associated with them.

The fish in the ocean are what type of market resource

Land

Capital

Entrepreneurial ability

Labor

Which of the following scenarios most accurately reflects the concept of scarcity

The steak Henry did not buy because he is a vegetarian.

The Smith Household produces an average of three bags of trash a week.

Sienna enjoys viewing flowers in the city garden during her walk.

Brett is a farmer with an open field on which he can plant either soybeans or corn.

Bob, the owner of a local deli in town, needs to purchase something that economists would label as "capital" to help him produce sandwiches. Which of the following is an example of capital

Ham for the sandwiches

An additional worker

A new idea that automates the making of sandwiches

A meat slicer to cut ham for sandwiches

In the circular flow model of the market system, households

Multiple Choice

buy products and resources.

sell products and resources.

buy products and sell resources.

sell products and buy resources.

Use the following graph of the market for milk to answer the question below.

In this market, the equilibrium price is _______ and equilibrium quantity is _______.

Multiple Choice

$28 per gallon; 150 million gallons

$1.00 per gallon; 35 million gallons

$1.50 per gallon; 30 million gallons

$1.50 per gallon; 28 million gallons

Use the following graph to answer the question below.

At a quantity of 130, marginal benefit equals ______ and marginal cost equals _____.

Multiple Choice

$1.60, $0.50

$1.00, $1.00

$0.50, $1.60

$1.60, $1.60