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Multiple Choice Quiz
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1
Economics is primarily the study of:
A)how scarcity can be eliminated
B)how firms manipulate prices
C)how government influence resource allocation decisions
D)the problem of scarce resources relative to human wants
2
Macroeconomics mainly focuses upon:
A)the economy as a whole
B)international trade and foreign exchange markets
C)specific product and resource markets
D)individual consumers and producers
3
The production possibilities curve:
A)shows all combinations of goods that society most desires
B)indicates that any combination of goods lying outside the curve is attainable
C)separates all combinations of two goods that can be produced from those that cannot
D)is bowed in toward the origin
4
Moving from left to right, the typical production possibilities curve has:
A)an increasingly steep negative slope
B)a decreasingly steep negative slope
C)an increasingly steep positive slope
D)a constant and negative slope
5
According to economists, human wants will never be fulfilled completely because:
A)people are greedy
B)productive resources are scarce
C)people are not capable of fully rational thought
D)people's wants are manipulated by advertising
6
Economic theory suggests that purposeful behavior and economic growth will eventually solve the problem of scarcity.
A)True
B)False
7
In studying economic principles, economists make use of:
A)both the economic perspective and the scientific method
B)the economic perspective but not the scientific method
C)the scientific method but not the economic perspective
D)neither the scientific method nor the economic perspective
8
Suppose you have a $20 iTunes gift card with which you can buy (download) songs or videos. Songs cost $1.00 each and videos cost $2.00 each. The opportunity cost of one video:
A)increases as more videos are purchased
B)is $1.00
C)is constant and equal to ½ song
D)is constant and equal to 2 songs
9
Purposeful behavior and marginal analysis:
A)explain why there is "no free lunch"
B)are part of the economic perspective
C)are relevant in short-term but not long-term analysis
D)explain the "fallacy of composition"
10
Two rational individuals will always make the same choices when faced with the same circumstances.
A)True
B)False





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