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Post-Test
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1
Which of the following is not one of the three coordinating tasks facing any economy?
A)What, and in what amounts, to produce.
B)How to produce it.
C)When to produce it.
D)For whom to produce it.
2
Shawna likes to download MP3s. Her favorite source for such music charges $10 per year. After paying that fee, Shawna can download MP3s for forty cents per song. Assume these are the only downloading costs Shawna faces. If she follows economic reasoning, she will continue downloading until her per-song marginal benefits
A)fall below $.40.
B)fall below $10.40.
C)fall below $.40 plus the $10 divided by the number of songs purchased.
D)rise above $.40.
3
Which of the following best illustrates the important economic principle of TANSTAAFL?
A)Voters demand the state legislature lower taxes and then discover tuition at public universities and fees at state parks increase sharply.
B)Consumers want a cheap supply of goods while preventing American jobs from being sent overseas.
C)Students demand more parking spaces and lower parking fees.
D)Parents want cheaper tuition and smaller classes.
4
Whatever you would be doing if you weren't studying economics right now represents
A)the average cost of studying economics.
B)the total cost of studying economics.
C)the sunk cost of studying economics.
D)the opportunity cost of studying economics.
5
Microeconomics focuses on
A)aggregate relationships.
B)individual choice.
C)business cycles.
D)the economy as a whole.
6
Which of the following statements is an example of positive economics?
A)Gas prices are too high.
B)More competition tends to lower prices.
C)Inflation should be kept below 2%.
D)The government ought to restrict imports.
7
Economic reasoning says you should continue doing something as long as
A)marginal benefits are greater than marginal costs.
B)total benefits are greater than total costs.
C)marginal benefits are greater than sunk costs.
D)marginal costs are greater than marginal benefits.
8
Laws, cultural norms, religious practices, and family structures
A)are not part of the dollars-and-cents world studied by economists.
B)have no impact on the economy.
C)are all examples of institutions of which economists must be aware.
D)are the same everywhere and can be safely ignored.
9
The invisible hand refers to
A)the price mechanism.
B)government intervention.
C)the role of business leaders in steering the economy.
D)a horror story once told by Adam Smith.
10
Human organs are not sold on the open market. Their rationing reflects
A)market forces.
B)the fact that such things are not governed by economic forces.
C)the invisible hand.
D)economic forces constrained by social and legal forces.





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