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ECO 365T Wk 1 - Practice Knowledge Check (2021 New)

ECO 365T Wk 1 - Practice Knowledge Check (2021 New) PLDZ-16127 Free
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ECO 365T Wk 1 - Practice Knowledge Check (2021 New)

In deciding whether to study for an economics quiz or go to a concert, one is confronted by the idea(s) of

Multiple Choice

  •      scarcity and opportunity costs.
  •      money and real capital.
  •      complementary economic goals.
  •      full production.

 

 

Which of the following does not foster innovation and technological advance?

Multiple Choice

  •      competition in markets
  •      freedom of choice and enterprise
  •      self-interest and personal rewards
  •      fear and avoidance of risk

 

 

The distinction between microeconomics and macroeconomics is

Multiple Choice

  •      that microeconomics examines the beach, while macroeconomics looks at the sand, individual rocks, and shells, so to speak.
  •      so clear-cut that every topic can be readily labeled as either macro or micro.
  •      that microeconomics studies the behavior of individual consumers, workers, and firms, while macroeconomics studies the economy as a whole.
  •      that microeconomics seeks to obtain an overview, while macroeconomics observes the details of individual components.

 

 

The following table illustrates alternative production techniques for producing 18 widgets that can be sold for $1 each for a total revenue of $18.

 

ResourcePrice Per Unit of resource     Techniques (# of Units of Each Resource Required)

              A     B     C     D

Labor      $ 2   3     2     1     2

Land       1     2     1     3     1

Capital    4     1     2     2     3

Entrepreneurship    3     1     2     1     1

 

If the price of labor increases from $2 to $3, then the results of using Technique C will change from an economic

Multiple Choice

  •      loss of $2 to a loss of $1.
  •      profit of $2 to a profit of $1.
  •      profit of $1 to a profit of $2.
  •      loss of $1 to a loss of $2.

 

 

Microeconomics is concerned with

Multiple Choice

  •      the aggregate or total levels of income, employment, and output.
  •      a detailed examination of specific economic units that make up the economic system.
  •      positive economics, but not normative economics.
  •      establishing an overall view of the operation of the economic system.

 

 

Assume the price of product Y (the quantity of which is on the vertical axis) is $15 and the price of product X (the quantity of which is on the horizontal axis) is $3. Also assume that money income is $60. The absolute value of the slope of the resulting budget line is

Multiple Choice

  •      5.
  •      1/5.
  •      4.
  •      20.
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