Question 1 of 10 1 Points Which word or phrase best identifies the fundamental focus of economics A Consumption B Choice C Inflation D Money Reset Selection Question 2 of 10 1 Points Which of the following questions would be asked by a microeconomist A What determines the unemployment rate B How is money created C What will happen to the price of textbooks this year D Will overall prices for goods and services rise this year Reset Selection Question 3 of 10 1 Points Which of the following statements is TRUE A You decide to forgo partying for two hours to study for an upcoming economics exam The enjoyment you would have received from partying is an example of an incentive B Your professor presents data showing that economics majors develop skills valuable in many sectors and argues that they earn a relatively higher income than other majors Your professor is presenting you with the opportunity cost of majoring in economics C When economists assume people are rational, they are assuming that people do not make choices that knowingly make them worse off Reset Selection Question 4 of 10 1 Points Why is the shape of the production possibilities frontier (PPF) often curved instead of straight A Typically, some resources are better suited for producing one good than another, which means that there are diminishing returns when moving such resources away from producing what they are best suited for B The productive efficiency of an economy decreases as it moves from left to right along the PPF C Because the production possibilities frontier is based on the productive capabilites, and of a nation overall, rather than the productive capacity of an individual D To take a potential sunk cost into account, the PPF is curved to distribute the burden of the sunk cost based on allocative effieciency Reset Selection Question 5 of 10 1 Points A farmer produces both beans and corn on her farm If it takes 2 acres of land to grow 200 bushels of corn and 4 acres of land to grow 200 bushels of beans, then her opportunity cost of 1 bushel of beans is A 0 5 bushels of corn B 1 bushels of corn C 1 5 bushels of corn D 2 bushels of corn Reset Selection Question 6 of 10

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Question 1 of 10 1 Points Which word or phrase best identifies the fundamental focus of economics? A.Consumption B.Choice C.Inflation D.Money Reset Selection Question 2

Question 1 of 10

1 Points

Which word or phrase best identifies the fundamental focus of economics?

A.Consumption
B.Choice
C.Inflation
D.Money

Reset Selection

Question 2 of 10

1 Points

Which of the following questions would be asked by a microeconomist?

A.What determines the unemployment rate?
B.How is money created?
C.What will happen to the price of textbooks this year?
D.Will overall prices for goods and services rise this year?

Reset Selection

Question 3 of 10

1 Points

Which of the following statements is TRUE?

A.You decide to forgo partying for two hours to study for an upcoming economics exam. The enjoyment you would have received from partying is an example of an incentive.
B.Your professor presents data showing that economics majors develop skills valuable in many sectors and argues that they earn a relatively higher income than other majors. Your professor is presenting you with the opportunity cost of majoring in economics.
C.When economists assume people are rational, they are assuming that people do not make choices that knowingly make them worse off.

Reset Selection

Question 4 of 10

1 Points

Why is the shape of the production possibilities frontier (PPF) often curved instead of straight?

A.Typically, some resources are better suited for producing one good than another, which means that there are diminishing returns when moving such resources away from producing what they are best suited for.
B.The productive efficiency of an economy decreases as it moves from left to right along the PPF.
C.Because the production possibilities frontier is based on the productive capabilites, and of a nation overall, rather than the productive capacity of an individual.
D.To take a potential sunk cost into account, the PPF is curved to distribute the burden of the sunk cost based on allocative effieciency.

Reset Selection

Question 5 of 10

1 Points

A farmer produces both beans and corn on her farm. If it takes 2 acres of land to grow 200 bushels of corn and 4 acres of land to grow 200 bushels of beans, then her opportunity cost of 1 bushel of beans is: