1.

Pergunta 1

A key theme fundamental to all of economics is:

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We are a rich country but are simply not aware of it.

People have unlimited wants facing limited means to satisfy them.

There are unlimited resources.

There are limited wants.

2.

Pergunta 2

Opportunity cost is:

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the dollar payment for a product.

the benefit derived from a product.

the value of the best alternative forgone in making any choice.

about half of the monetary cost of a product.

3.

Pergunta 3

You have $1 to spend on a vending machine snack. A bag of chips will cost you $1 and the candy bar will also cost you $1. If you choose the bag of chips, the opportunity cost of buying the chips is:

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the enjoyment you would have received from the candy bar.

$1 plus the enjoyment you would have received from the candy bar.

$1.

$2 minus the enjoyment you received from the bag of chips.

4.

Pergunta 4

The local Taco Hut charges the same price for everything on its menu: $3 will buy a taco, a burrito, or nachos. You buy the taco and think that if you had not purchased the taco, you would have purchased the burrito. The opportunity cost of the taco is:

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your enjoyment of the burrito.

the $3 and your enjoyment of the burrito.

the $3.

the $3, your enjoyment of the burrito, and your enjoyment of the nachos.

5.

Pergunta 5

Say Sarah was choosing between three alternatives: working on her job that pays her $100; writing a term paper which she values at $80; or going out with a friend, which she values at $60. The opportunity cost of writing the term paper is:

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$100

$40

$160

$60

6.

Pergunta 6

Say you took an average of 20 minutes to answer an ECON problem, and 40 minutes to answer a MATH problem. If you had a limited time left to study, your best strategy would be to solve:

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It depends

only ECON problems

only MATH problems

7.

Pergunta 7

Which of the following demonstrates how people respond to incentives to make themselves better off?

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More students major in economics when they hear that salaries for economists are rising.

Students are encouraged to donate blood because it is the right thing to do.

Students and faculty are encouraged to wear college apparel to support the college athletic teams.

Students are assigned dorm rooms through a lottery system.

8.

Pergunta 8

Gains from trade arise because of:

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specialization in production.

individual choice.

specialization in consumption.

marginal analysis.

9.

Pergunta 9

Nate and Dylan are brothers. They have to mow the lawn and clean their rooms before they can go to the high school football game. Nate mows the lawn and Dylan picks up the rooms, and they make it to the football game on time. This statement best represents this economic concept:

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Markets usually lead to efficiency.

People usually exploit opportunities to make themselves better off.

One person's spending is another person's income.

There are gains from trade.

10.

Pergunta 10

One parent picks up the child from day care while the other parent goes to the grocery store and begins to make dinner. This is an example of which principle at work?

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Markets usually lead to efficiency.

There are gains from trade.

Markets move toward equilibrium.

Government policies can change spending.