umuc-econ203-homework-1

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Chapter 1_ a command economy

Question 1 1
/ 1 point

In countries like _____________ the command economy
predominates.

a) Germany
and France

b) Cuba and
North Korea

c) China and
Vietnam

d) South
Africa and Kenya

Chapter 1_market-oriented economy

Question 2 1
/ 1 point

Because of their relatively small national economies, which
of the following is most likely considered to be the most important factor for
Belgium, Korea, and Canada to take full advantage of specialization?

a) command
economy

b) division
of labour

c) economies
of scale

d) international
trade

Chapter 1_Black market

Question 3 1
/ 1 point

Which of the following best denotes the reason for the
existence of substantial black markets?

a) a
market-oriented economy

b) a command
economy

c) government
laws and rules

d) the
microeconomy

Chapter 1_type of market

Question 4 1
/ 1 point

In the ______________, households receive goods and services
and pay firms for them.

a) labor
market

b) savings
market

c) goods and
services market

d) financial
capital market

Chapter 1_Specialization

Question 5 1
/ 1 point

_____________ – a term referring to the fact that for many
goods, as the level of production increases, the average cost of producing each
individual unit declines.

a) Specialization

b) Economies
of scale

c) Division
of labor

d) Skill

Chapter 1 _The circular flow diagram

Question 6 1
/ 1 point

In the circular flow diagram model:

a) households
receive income from businesses in exchange for providing inputs and use that
income to buy goods and services from businesses.

b) businesses
receive revenues from households in exchange for providing goods and services
and use those revenues to buy inputs from households.

c) households
receive revenue for selling goods and services to businesses, and use that
revenue to buy inputs from businesses.

d) Both (a)
and (b) are correct.

Chapter 2 _positive statements_ppf

Question 7 1
/ 1 point

Philosophers draw a distinction between positive statements,
which describe the world as it is, and ___________________s, which describe how
the world should be.

a) opportunity
cost

b) trade-off

c) budget
constraint

d) normative
statement

Chapter 2_scarcity

Question 8 1
/ 1 point

Scarcity exists because of:

a) specialization
and division of labor.

b) the
allocation of goods by prices

c) the
market mechanism.

d) unlimited
wants and limited resources.

Chapter 2 _opportunity costs

Question 9 1
/ 1 point

The opportunity cost of an action:

a) is a
subjective valuation that can be determined only by the individual who chooses
the action.

b) can be
determined by adding up the bills incurred as a result of the action.

c) can be
objectively determined only by economists.

d) can be
determined by considering both the benefits that flow from as well as the
monetary costs incurred as a result of the action.

Chapter 2_opportunity cost problems

Question 10 1
/ 1 point

“If I didn’t have class tonight, I would save the $4
campus parking fee and spend four hours at work where I earn $10 per
hour.” The opportunity cost of attending class this evening is:

a) $0

b) $40

c) $44

d) $4

Chapter 2 _budget constraint

Question 11 1
/ 1 point

The slope of the _________________ is determined by the
relative price of the two goods, which is calculated by taking the price of one
good and dividing it by the price of the other good.

a) personal
preference

b) utility
level

c) budget
constraint

d) opportunity
set

Chapter 2 _ The marginal benefit

Question 12 1
/ 1 point

The marginal benefit of a slice of pizza is the:

a) difference
between the value of the slice to the consumer and the price of the slice.

b) price of
the slice of pizza

c) total
amount that a consumer is willing to pay for a whole pizza, divided by the
number of slices

d) maximum
amount that a consumer is willing to pay for the slice.

Chapter 2 _utility

Question 13 1
/ 1 point

The lesson of __________ is to forget about the money that’s
irretrievably gone and instead to focus on the marginal costs and benefits of
future options.

a) budget
constraints

b) sunk
costs

c) marginal
analysis

d) marginal
utility

Chapter 2 _marginal utility

Question 14 1
/ 1 point

The law of ____________________________ explains why people
and societies rarely make all-or-nothing choices.

a) utility

b) diminishing
marginal utility

c) marginal
analysis

d) consumption

Chapter 2 _opportunity cost _sunk costs

Question 15 1
/ 1 point

In many cases, it is reasonable to refer to the
________________ as the price.

a) budget
constraint

b) sunk cost

c) budget
constraint

d) opportunity
cost

Chapter 2 _opportunity costs_budget constrains

Question 16 1
/ 1 point

In deciding how many hours to work, Beulah will make a
choice that maximizes her _______; that is, she will choose according to her
preferences for leisure time and income.

a) utility

b) budget
constraint

c) opportunity
set

d) production
possibilities frontier

Chapter 2 _law of diminishing marginal utility

Question 17 1
/ 1 point

The choice on a production possibilities set that is
socially preferred, or the choice on an individual’s budget constraint that is
personally preferred, will display _____________________.

a) allocative
efficiency

b) scarcity

c) the
production possibilities frontier

d) trade-offs

Chapter 2 problems

Question 18 1
/ 1 point

The slope of the _________________ is determined by the
relative price of the two goods, which is calculated by taking the price of one
good and dividing it by the price of the other good.

a) Opportunity
cost

b) production
possibilities frontier

c) productive
efficiency

d) budget
constraint

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