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ECO 365T Wk 1 - Apply Summative Assessment Quiz

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ECO 365T Wk 1 - Apply Summative Assessment Quiz

Camille is at the candy store with Grandma Mary, who offers to buy her $10 worth of candy. If lollipops are $2 each and candy bars are $3 each, what combination of candy can Camille's Grandma Mary buy her?

Multiple Choice

  •      five lollipops and three candy bars
  •      two lollipops and two candy bars
  •      two lollipops and three candy bars
  •      four lollipop and one candy bars

 

 

Answer the question based on the following information: Suppose 30 units of product A can be produced by employing just labor and capital in the four ways shown below. Assume the prices of labor and capital are $2 and $3, respectively.

 

      Production Techniques

       1     2     3     4

Labor      4     3     2     5

Capital    2     3     5     1

 

Which technique is economically most efficient in producing A?

Multiple Choice

  •      2
  •      4
  •      1
  •      3

 

 

Which of the following statements about self-interest in a market system is false?

Multiple Choice

  •      In a market system, consumers are motivated by self-interest to seek the lowest prices for the products they want.
  •      Self-interest applies to businesses as they attempt to maximize their production costs.
  •      Self-interest of entrepreneurs implies seeking maximum profits or minimum losses.
  •      Self-interest usually motivates an individual to deliver something of value to others.

 

 

Suppose that Julia receives a $20 gift card for the local coffee shop, where she only buys lattes and muffins. If the price of a latte is $2 and the price of a muffin is $1, then we can conclude that Julia

Multiple Choice

  •      should only buy muffins.
  •      should only buy lattes.
  •      can buy 10 lattes or 20 muffins if she chooses to buy only one of the two goods.
  •      can buy 10 lattes and 20 muffins with her $20 gift card.

 

 

A nation can produce two products: tanks and autos. The table below is the nation's production possibilities schedule.

 

Production Possibilities

Product   A     B     C     D     E     F

Tanks      0     1     2     3     4     5

Autos      1,000      950  850  650  350  0

 

The marginal opportunity cost of the fourth unit of tanks is

Multiple Choice

  •      3 units of tanks.
  •      300 units of autos.
  •      350 units of autos.
  •      650 units of autos.

 

 

Assume that a consumer has a given budget or income of $12 and that she can buy only two goods, apples or bananas. The price of an apple is $1.50 and the price of a banana is $0.75. What is the slope of the budget line if the quantity of apples were measured on the horizontal axis and bananas on the vertical axis?

Multiple Choice

  •      −0.5
  •      −0.8
  •      −1.6
  •      −2

 

 

A nation can produce two products: tanks and autos. The table below is the nation's production possibilities schedule.

 

Production Possibilities

Product   A     B     C     D     E     F

Tanks      0     1     2     3     4     5

Autos      1,000      950  850  650  350  0

 

The total opportunity cost of three unit(s) of tanks is

Multiple Choice

  •      200 units of autos.
  •      350 units of autos.
  •      650 units of autos.
  •      1,000 units of autos.

 

 

Assume that a consumer has a given budget or income of $10 and that she can buy only two goods, apples or bananas. The price of an apple is $1.00 and the price of a banana is $0.50. If the consumer decides to buy 4 apples, how many bananas can she also buy with the remainder of her budget, assuming she exhausts her income?

 

Multiple Choice

  •      12 bananas
  •      5 bananas
  •      8 bananas
  •      15 bananas

 

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