ECO 365T Wk 1 - Apply Summative Assessment Quiz (2021 New)

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ECO 365T Wk 1 - Apply Summative Assessment Quiz (2021 New)

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.