Chapter 1_ Required Quiz__ Limits, Alternatives and Choices_ ECON-2010-Su16-Wilson
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Transcript of Chapter 1_ Required Quiz__ Limits, Alternatives and Choices_ ECON-2010-Su16-Wilson
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7/26/2019 Chapter 1_ Required Quiz__ Limits, Alternatives and Choices_ ECON-2010-Su16-Wilson
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6/16/2016 Chapter 1: Required Quiz:: Limits, Alternatives and Choices: ECON-2010-Su16-Wilson
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ECON-2010-Su16-WilsonQuizzesChapter 1: Required Quiz:: Limits, Alternatives and Choices
1
SUMMER 2016
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Chapter 1: Required Quiz:: Limits,
Alternatives and Choices
Due Aug 6 at 10:25pm Points 15
Questions30 Time Limit 60 Minutes
Allowed Attempts 2
Instructions
Attempt History
Attempt Time Score
LATEST Attempt 1 26 minutes 12.5 out of 15
Scorefor this attempt: 12.5out of 15
Submitted Jun 16 at 5:42pm
This attempt took 26 minutes.
Please complete the following Required Quiz. Thirty multiple choice
questions are included which are drawn from a test-bank pool. Youmay retake this quiz to solidify the chapter concepts as Canvas will
keep your best score. Your goal should be to score between 80-100
percent in preparation for the Midterm. Good Luck!
Take the Quiz Again
0 / 0.5 ptsQuestion 1
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7/26/2019 Chapter 1_ Required Quiz__ Limits, Alternatives and Choices_ ECON-2010-Su16-Wilson
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https://slcc.instructure.com/courses/360739/quizzes/801088 2
Refer to the diagram. Which of the following is a normative
statement?
Point C is superior to point B
because it is important to enhance the future of
society.
Correct Answer
Other things equal, the combination of outputs
represented by point D will result in more
rapid economic growth than will the combination
represented by point C.
You Answered
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https://slcc.instructure.com/courses/360739/quizzes/801088 3
incorrect
AACSB: Analytic
Blooms: Understand
Difficulty: 2 Medium
Learning Objective: 01-03 Distinguish
microeconomics from macroeconomics and positive
economics from normative economics.
Learning Objective: 01-06 Apply production
possibilities analysis increasing opportunity costs
and economic growth.
Topic: Positive and normative economics
Topic: Production possibilities model
Type: Graph
0.5 / 0.5 ptsQuestion 2
(Last Word) Which of the following has to do with the
problem of distinguishing cause and effect in economic
reasoning?
The post hoc, ergo
propter hoc fallacy.
Correct!
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correct
AACSB: Analytic
Accessibility: Keyboard Navigation
Blooms: Understand
Difficulty: 2 Medium
Learning Objective: 01-02 Describe the role of
economic theory in economics.
Topic: Theories, principles, and models
0.5 / 0.5 ptsQuestion 3
Answer the question on the basis of the following data:
The data indicate that:
consumers spend 90 percent of their after-tax
incomes.
Correct!
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correct
AACSB: Analytic
Blooms: Apply
Difficulty: 2 Medium
Learning Objective: 01-08 (Appendix) Understand
graphs curves and slopes as they relate to
economics.
Topic: Graphs and their meaning
Type: Table
0.5 / 0.5 ptsQuestion 4
Purposeful behavior means that:
people weigh costs and benefits to make
decisions.
Correct!
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correct
AACSB: Analytic
Accessibility: Keyboard Navigation
Blooms: Remember
Difficulty: 1 Easy
Learning Objective: 01-01 Define economics and
the features of the economic perspective.
Topic: Economic perspective
Topic: Economics
0.5 / 0.5 ptsQuestion 5
The problems of aggregate inflation and unemployment are:
major topics of macroeconomics.Correct!
correct
AACSB: Analytic
Accessibility: Keyboard Navigation
Blooms: Remember
Difficulty: 1 EasyLearning Objective: 01-03 Distinguish
microeconomics from macroeconomics and positive
economics from normative economics.
Topic: Microeconomics and macroeconomics
0.5 / 0.5 ptsQuestion 6
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7/26/2019 Chapter 1_ Required Quiz__ Limits, Alternatives and Choices_ ECON-2010-Su16-Wilson
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https://slcc.instructure.com/courses/360739/quizzes/801088 7
(Consider This) Consumers might leave a fast-food
restaurant without being served because:
they conclude that the marginal cost (monetary
plus time costs) exceeds the marginal benefit.
Correct!
correct
AACSB: Reflective Thinking
Accessibility: Keyboard Navigation
Blooms: Apply
Difficulty: 2 Medium
Learning Objective: 01-01 Define economics and
the features of the economic perspective.
Topic: Economic perspective
Topic: Economics
0.5 / 0.5 pts
Question 7
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https://slcc.instructure.com/courses/360739/quizzes/801088 8
Refer to the tables. Opportunity costs of producing military
goods are:
smaller in Duckistan than Herbania.Correct!
correct
AACSB: Reflective Thinking
Blooms: Understand
Difficulty: 2 Medium
Learning Objective: 01-06 Apply production
possibilities analysis increasing opportunity costs
and economic growth.
Topic: Production possibilities model
Type: Table
0.5 / 0.5 ptsQuestion 8
A production possibilities curve shows:
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the maximum amounts of two goods that can be
produced, assuming the full use of available
resources.
Correct!
correct
AACSB: AnalyticAccessibility: Keyboard Navigation
Blooms: Remember
Difficulty: 1 Easy
Learning Objective: 01-06 Apply production
possibilities analysis increasing opportunity costs
and economic growth.
Topic: Production possibilities model
0 / 0.5 ptsQuestion 9
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7/26/2019 Chapter 1_ Required Quiz__ Limits, Alternatives and Choices_ ECON-2010-Su16-Wilson
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https://slcc.instructure.com/courses/360739/quizzes/801088 10
Refer to the diagram. The movement down the production
possibilities curve from pointAto point Esuggests that the
production of:
both bicycles and computers is subject to
constant opportunity costs.
You Answered
both bicycles and computers is subject to
increasing opportunity costs.
Correct Answer
incorrect
AACSB: Reflective Thinking
Blooms: UnderstandDifficulty: 2 Medium
Learning Objective: 01-06 Apply production
possibilities analysis increasing opportunity costs
and economic growth.
Topic: Production possibilities model
Type: Graph
0.5 / 0.5 ptsQuestion 10
The slope of the typical production possibilities curve:
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increases as one moves southeast along the
curve.
Correct!
correct
AACSB: Analytic
Accessibility: Keyboard Navigation
Blooms: Understand
Difficulty: 2 Medium
Learning Objective: 01-06 Apply production
possibilities analysis increasing opportunity costs
and economic growth.
Topic: Production possibilities model
0.5 / 0.5 ptsQuestion 11
A nation's production possibilities curve is bowed out from
the origin because:
resources are not generally equally efficient in
producing every good.
Correct!
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correct
AACSB: Analytic
Accessibility: Keyboard Navigation
Blooms: Understand
Difficulty: 2 Medium
Learning Objective: 01-06 Apply production
possibilities analysis increasing opportunity costs
and economic growth.
Topic: Production possibilities model
0.5 / 0.5 ptsQuestion 12
Which of the following is a microeconomic statement?
The price of personal computers declined 4.7
percent last year.
Correct!
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correct
AACSB: Reflective Thinking
Accessibility: Keyboard Navigation
Blooms: Apply
Difficulty: 2 Medium
Learning Objective: 01-03 Distinguish
microeconomics from macroeconomics and positive
economics from normative economics.
Topic: Microeconomics and macroeconomics
0 / 0.5 ptsQuestion 13
Refer to the diagram. Which of the following is a positive
statement?
Because any society should stress economic
growth as its major goal, point D is
superior to point C.
You Answered
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Given its resources and technology, this society is
incapable of simultaneously producing 3 units of
tractors and 15 units of bread.
Correct Answer
incorrect
AACSB: Analytic
Blooms: Understand
Difficulty: 2 Medium
Learning Objective: 01-03 Distinguishmicroeconomics from macroeconomics and positive
economics from normative economics.
Learning Objective: 01-06 Apply production
possibilities analysis increasing opportunity costs
and economic growth.
Topic: Positive and normative economics
Topic: Production possibilities model
Type: Graph
0.5 / 0.5 ptsQuestion 14
The point on the production possibilities curve that is most
desirable can be found by:
comparing marginal benefits and marginal costs.
Correct!
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correct
AACSB: AnalyticAccessibility: Keyboard Navigation
Blooms: Remember
Difficulty: 1 Easy
Learning Objective: 01-06 Apply production
possibilities analysis increasing opportunity costs
and economic growth.
Topic: Production possibilities model
0.5 / 0.5 ptsQuestion 15
Suppose that a fully employed economy produces only two
goods, hamburgers and flat-panel TVs. If the economy is
currently producing more than the optimal quantity of
hamburgers, then to attain the optimal allocation of
resources it should:
produce more TVs and fewer hamburgers.Correct!
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correct
AACSB: Analytic
Accessibility: Keyboard Navigation
Blooms: Analyze
Difficulty: 3 Hard
Learning Objective: 01-06 Apply production
possibilities analysis increasing opportunity costs
and economic growth.
Topic: Production possibilities model
0.5 / 0.5 ptsQuestion 16
The scarcity problem:
persists because economic wants exceed
available productive resources.
Correct!
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correct
AACSB: Analytic
Accessibility: Keyboard Navigation
Blooms: Understand
Difficulty: 2 Medium
Learning Objective: 01-04 Explain the individual's
economizing problem and how trade-offs
opportunity costs and attainable combinations can
be illustrated with budget lines.
Topic: Individual's economizing problem-budget
lines
0.5 / 0.5 ptsQuestion 17
Kara was out jogging and, despite being tired, decided to
run one more mile. Based on her actions, economists would
conclude that Kara:
decided that the marginal benefit of running onemore mile would outweigh the cost of the
additional mile.
Correct!
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correct
AACSB: Reflective Thinking
Accessibility: Keyboard Navigation
Blooms: Apply
Difficulty: 2 Medium
Learning Objective: 01-01 Define economics and
the features of the economic perspective.
Topic: Economic perspective
Topic: Economics
0.5 / 0.5 ptsQuestion 18
A production possibilities curve illustrates:
scarcity.Correct!
correct
AACSB: Analytic
Accessibility: Keyboard Navigation
Blooms: Understand
Difficulty: 2 MediumLearning Objective: 01-06 Apply production
possibilities analysis increasing opportunity costs
and economic growth.
Topic: Production possibilities model
0.5 / 0.5 ptsQuestion 19
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7/26/2019 Chapter 1_ Required Quiz__ Limits, Alternatives and Choices_ ECON-2010-Su16-Wilson
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6/16/2016 Chapter 1: Required Quiz:: Limits, Alternatives and Choices: ECON-2010-Su16-Wilson
https://slcc.instructure.com/courses/360739/quizzes/801088 19
Which of the following statements is correct?
The value of the dependent variable is determined
by the value of the independent variable.
Correct!
correct
AACSB: Analytic
Accessibility: Keyboard Navigation
Blooms: Remember
Difficulty: 1 Easy
Learning Objective: 01-08 (Appendix) Understand
graphs curves and slopes as they relate to
economics.
Topic: Graphs and their meaning
0.5 / 0.5 ptsQuestion 20
Which of the following is nota main function of the
entrepreneur?
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7/26/2019 Chapter 1_ Required Quiz__ Limits, Alternatives and Choices_ ECON-2010-Su16-Wilson
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https://slcc.instructure.com/courses/360739/quizzes/801088 20
To make routine pricing decisions.Correct!
correct
AACSB: Analytic
Accessibility: Keyboard Navigation
Blooms: Remember
Difficulty: 1 Easy
Learning Objective: 01-05 List the categories of
scarce resources and delineate the nature of
society's economizing problem.
Topic: Society's economizing problem
0.5 / 0.5 ptsQuestion 21
Refer to the diagram. The concept of opportunity cost is
best represented by the:
move from B on PP1 to
C on PP1.
Correct!
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7/26/2019 Chapter 1_ Required Quiz__ Limits, Alternatives and Choices_ ECON-2010-Su16-Wilson
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https://slcc.instructure.com/courses/360739/quizzes/801088 21
correct
AACSB: AnalyticBlooms: Understand
Difficulty: 2 Medium
Learning Objective: 01-07 Explain how economic
growth and international trade increase
consumption possibilities.
Topic: Unemployment, growth, and the future
Type: Graph
0.5 / 0.5 ptsQuestion 22
Which of the following statements pertains to
macroeconomics?
National income grew by 2.7 percent last year.Correct!
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7/26/2019 Chapter 1_ Required Quiz__ Limits, Alternatives and Choices_ ECON-2010-Su16-Wilson
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https://slcc.instructure.com/courses/360739/quizzes/801088 22
correct
AACSB: AnalyticAccessibility: Keyboard Navigation
Blooms: Understand
Difficulty: 2 Medium
Learning Objective: 01-03 Distinguish
microeconomics from macroeconomics and positive
economics from normative economics.
Topic: Microeconomics and macroeconomics
0.5 / 0.5 ptsQuestion 23
Refer to the diagram. The movement from curve ato
curvebcould be explained by an increase in the quantity
and/or quality of society's productive resources.
TrueCorrect!
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https://slcc.instructure.com/courses/360739/quizzes/801088 23
correct
AACSB: Reflective Thinking
Blooms: Apply
Difficulty: 2 Medium
Learning Objective: 01-06 Apply production
possibilities analysis increasing opportunity costs
and economic growth.
Topic: Production possibilities model
Type: Graph
0.5 / 0.5 ptsQuestion 24
Economic theories:
are generalizations based on a careful observation
of facts.
Correct!
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7/26/2019 Chapter 1_ Required Quiz__ Limits, Alternatives and Choices_ ECON-2010-Su16-Wilson
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https://slcc.instructure.com/courses/360739/quizzes/801088 24
correct
AACSB: Analytic
Accessibility: Keyboard Navigation
Blooms: Remember
Difficulty: 1 Easy
Learning Objective: 01-02 Describe the role of
economic theory in economics.
Topic: Theories, principles, and models
0.5 / 0.5 ptsQuestion 25
The marginal benefit curve is:
downsloping because successive units of a
specific product yield less and less extra benefit.
Correct!
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7/26/2019 Chapter 1_ Required Quiz__ Limits, Alternatives and Choices_ ECON-2010-Su16-Wilson
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https://slcc.instructure.com/courses/360739/quizzes/801088 25
correct
AACSB: Analytic
Accessibility: Keyboard Navigation
Blooms: Remember
Difficulty: 1 Easy
Learning Objective: 01-06 Apply production
possibilities analysis increasing opportunity costs
and economic growth.
Topic: Production possibilities model
0 / 0.5 ptsQuestion 26
Refer to the diagram. The combination of computers and
bicycles shown by point F:
is unattainable given currently available resources
and technology.
You Answered
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7/26/2019 Chapter 1_ Required Quiz__ Limits, Alternatives and Choices_ ECON-2010-Su16-Wilson
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https://slcc.instructure.com/courses/360739/quizzes/801088 26
is attainable but implies that the economy is not
using all its resources.
Correct Answer
incorrect
AACSB: Analytic
Blooms: Understand
Difficulty: 2 Medium
Learning Objective: 01-06 Apply production
possibilities analysis increasing opportunity costs
and economic growth.
Topic: Production possibilities modelType: Graph
0.5 / 0.5 ptsQuestion 27
Marginal analysis means that decision makers compare the
extra benefits with the extra costs of a specific choice.
TrueCorrect!
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7/26/2019 Chapter 1_ Required Quiz__ Limits, Alternatives and Choices_ ECON-2010-Su16-Wilson
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https://slcc.instructure.com/courses/360739/quizzes/801088 27
correct
AACSB: Analytic
Accessibility: Keyboard Navigation
Blooms: Remember
Difficulty: 1 Easy
Learning Objective: 01-01 Define economics and
the features of the economic perspective.
Topic: Economic perspective
Topic: Economics
0 / 0.5 ptsQuestion 28
Refer to the tables. Suppose that the amount and quality of
resources are the same in both countries. We can conclude
that:
Herbania is technologically superior to Duckistan
in producing civilian goods.
Correct Answer
Duckistan is technologically better than Herbania
at producing military goods.
You Answered
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https://slcc.instructure.com/courses/360739/quizzes/801088 28
incorrect
AACSB: Reflective Thinking
Blooms: Understand
Difficulty: 2 Medium
Learning Objective: 01-06 Apply production
possibilities analysis increasing opportunity costs
and economic growth.
Topic: Production possibilities model
Type: Table
0.5 / 0.5 ptsQuestion 29
Refer to the diagram. Given production possibilities curve a,
the combination of civilian and war goods indicated by
pointX is unattainable to this economy.
FalseCorrect!
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7/26/2019 Chapter 1_ Required Quiz__ Limits, Alternatives and Choices_ ECON-2010-Su16-Wilson
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https://slcc.instructure.com/courses/360739/quizzes/801088 29
correct
AACSB: Reflective Thinking
Blooms: Apply
Difficulty: 2 Medium
Learning Objective: 01-06 Apply productionpossibilities analysis increasing opportunity costs
and economic growth.
Topic: Production possibilities model
Type: Graph
0.5 / 0.5 ptsQuestion 30
Refer to the budget line shown in the diagram. The absolute
value of the slope of the budget line is:
PC/PD.
Correct!
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7/26/2019 Chapter 1_ Required Quiz__ Limits, Alternatives and Choices_ ECON-2010-Su16-Wilson
30/30
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correct
AACSB: AnalyticBlooms: Apply
Difficulty: 3 Hard
Learning Objective: 01-04 Explain the individual's
economizing problem and how trade-offs
opportunity costs and attainable combinations can
be illustrated with budget lines.
Topic: Individual's economizing problem-budget
lines
Type: Graph
Quiz Score: 12.5out of 15
Last Attempt Details:
Time: 26 minutes
Current Score: 12.5 out of 15
Kept Score: 12.5 out of 15
1 More Attempt available
Take the Quiz Again
(Will keep the highest of all your scores)
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