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Multiple Choice: The Study of Economics

Autor:   •  October 31, 2015  •  Essay  •  640 Words (3 Pages)  •  430 Views

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1.[pic 1] Multiple Choice: The study of economics arises due to

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Points:0.5

Question

The study of economics arises due to

Answer

scarcity

greed

money

resources

  • [pic 3]Multiple Choice: Every society faces economic trade-...

2.[pic 4] Multiple Choice: Every society faces economic trade-...

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Points:0.5

Question

Every society faces economic trade-offs. this means

Answer

not everyone can have enough goods to survive

some people live better than others do

producing more of one good means less of another good can be produced.

society's output cannot be made available to all.

  • [pic 6]Multiple Choice: Which of the following is a positiv...

3.[pic 7] Multiple Choice: Which of the following is a positiv...

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Points:0.5

Question

Which of the following is a positive economic statement?

Answer

The number of work visas should not be limited by the government

The government should subsidize solar power for homeowners.

The minimum wage law causes unemployment.

People should not buy imported fruits and vegetables.

  • [pic 9]Multiple Answer: ------ occurs when economic bene...

4.[pic 10] Multiple Answer: ------ occurs when economic bene...

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Question

------

occurs when economic benefits are distributed fairly.

Answer

Allocative efficiency

scarcity

Productive efficiency

Equity

  • [pic 12]Multiple Choice: Because marginal productivity of fa...

5.[pic 13] Multiple Choice: Because marginal productivity of fa...

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Points:1

Question

Because marginal productivity of factors of productions is diminishing, production possibilities frontier is......

Answer

Convex towards origin

Concaved towards origin

Straight line

there is no correct answer

  • [pic 15]Multiple Choice: Hala can bake either a combination o...

6.[pic 16] Multiple Choice: Hala can bake either a combination o...

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Points:1

Question

Hala can bake either a combination of 35 tarts and 75 cupcakes or a combination of 50 tarts and 45 cupcakes. If she now bakes 35 tarts and 75 cupcakes, what is the opportunity cost of baking an additional unit of tarts (when she bakes 50 tarts instead of 35 tarts)?

Answer

2 cupcakes

5 cupcakes

30 cupcakes

45 cupcakes

  • [pic 18]Multiple Choice: An example of a factor of productio...

7.[pic 19] Multiple Choice: An example of a factor of productio...

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Points:0.5

Question

An example of a factor of production is

Answer

a car produced by an auto manufacturer

the automobiles exported by an auto manufacturer

An advertisement about an auto manufacturer

a worker hired by an auto manufacturer

  • [pic 21]Multiple Choice: Which of the following will not shif...

8.[pic 22] Multiple Choice: Which of the following will not shif...

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Points:0.5

Question

Which of the following will not shift the demand curve for a good?

Answer

a decrease in the price of a substitute good

an increase in population

an increase in consumer incomes

an increase in the price of the good

  • [pic 24]Multiple Choice: Which of the following would cause a...

9.[pic 25] Multiple Choice: Which of the following would cause a...

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Points:0.5

Question

Which of the following would cause an increase in the equilibrium price and decrease in the equilibrium quantity of watermelon?

Answer

A rightward shift in the demand curve.

A leftward shift in the demand curve.

A leftward shift in the supply curve.

A rightward shift in the supply curve.

  • [pic 27]Multiple Choice: Technological change causes .......

10.[pic 28] Multiple Choice: Technological change causes .......

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Points:0.5

Question

Technological change causes .......

Answer

A rightward shift in the demand curve

A rightward shift in the supply curve

A leftward shift in the demand curve

A leftward shift in the supply curve

...

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