1. What do economists mean when they state that a good is scarce?
d. The amount of the good that people would like to have exceeds the supply that is freely available from nature.
2. Economic choice and competitive behavior are the result of
d. scarcity.
3. Which one of the following states a central element of the economic way of thinking?
b. Incentives matter--if the personal cost of a choice increas, individuals will be less likely to choo it.
4. Which one of the following is a positive economic statement?
a. An increa in the price of butter caus consumers to buy less butter.
5. Economic analysis assumes that
水龙吟翻译d. changes in the personal benefits and costs associated with an activity will exert a predictable influence on human behavior.
6. Which of the following sayings best reflects the concept of opportunity cost?
b. "Time is money."
7. Which of the following defines the opportunity cost of production?
A. Using a resource in one capacity in production eliminates the ability to u it in another
8.Three basic decisions must be made by all economies. What are they?
c. what will be produced; how goods will be produced; for whom goods will be produced
乐成国际9. If a firm or a nation desires to maximize its output, each productive assignment should be carried out by tho persons who
出国留学培训b. have a comparative advantage in the productive activity.
10. Which of the following would most likely increa the demand for peanut butter?
nice to meet you什么意思a. a decrea in the price of bread, a good that is often ud with peanut butter
11. Economic profit is best defined as
c. the difference between the revenue from the sale of a product and the opportunity cost of the resources ud to produce it.
12. The long run is a time period of sufficient length to enable
d. Both a and c are correct.
13. "A reduction in gasoline prices caud the demand to increa. The lower prices led to an increa in demand for large cars, causing their prices to ri." The statements
c. contain one error; the lower gasoline prices would increa the quantity of gasoline demanded by consumers, not the demand for large cars.
14. When a price floor is above the equilibrium price,
b. quantity supplied will exceed quantity demanded.
15. If the market price of a good is less than the opportunity cost of producing it,
c. resources will flow away from production of the good, causing supply to decline with the passage of time. 家教价格
16. The price of chicken increas as the result of higher beef prices. This indicates that
a. chicken and beef are substitutes.
17. When a price floor is above the equilibrium price,
b. quantity supplied will exceed quantity demanded.
18. Rent control applies to about two-thirds of the private rental housing in New York City. Economic theory suggests that the below-equilibrium prices established by rent controls would
c. result in poor rvice and quality deterioration of many rental units.
19. Which of the following is the most likely result of an increa in the minimum wage?
d. a decrea in the employment of unskilled workers陌路人英文版
20. Which one of the following would most likely increa the demand for coffee?
c. an increa in the price of tea, a clo substitute
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21. A 10 percent increa in the price of sugar reduces sugar consumption by about 5 percent. The increa caus houholds to
a. spend more on sugar.
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22. If the price of gasoline fell, the market demand curve for automobile tires, a complement, would
a. shift to the right.
23. When economists say the demand for a product has incread, they mean that the
featherd. amount of the product that consumers are willing to purcha at various prices has incread.
24. If Sarah's income ris from $2,000 to $2,400 per month and, as a result, she purchas 40 percent more designer clothing, then her income elasticity for designer clothing is
c. 2.0.
25. If the price of apples ris from 50 cents to $1.50 and quantity demanded falls from 1000 to 900, then we can conclude that the price elasticity for apples is:
b. inelastic
26. If the price of gasoline goes up and Dan now buys fewer candy bars becau he has to spend more on gas, this would best be explained by the
b. income effect义务兵役
27. Which of the following would increa the likelihood that consumers might purcha a product?
d. All of the above are correct.
28. The law of diminishing returns
a. is reflected in the eventually rising marginal cost curve for the firm in the
short run.
29. Which of the following reprents a long-run adjustment?
c. construction of a new asmbly-line plant by an automobile manufacturer
