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