Who is considered to be one of the most famous economists of all time?

Question 1 options:

Adam Smith

Alfred Knopf

John Locke

Benjamin Franklin

Question 2 Which of the following best describes the idea of the division of labor?

Question 2 options:

None of the provided answers is correct.

It is when a good or a service is divided into many tasks that are performed by different workers.

This explains the differences between 'blue collar' and white collar' employees.

The worker works on each task in turn, thereby dividing the labor.

Question 3 Regarding voting in democratic societies, which of the following is a 'public good'?

Question 3 options:

casting your vote by mail

voting early and voting often

being able to choose not to vote

informed voting

Question 4 What two properties are needed to make 'goods' public?

Question 4 options:

Low competition and a captive market

Nonrivalry and nonexcludability

Supply and demand

A strong economy and a Bullish stock market

Question 5

From those listed below, which one best describes what Microeconomics is all about?

Question 5 options:

It is all about how public goods are bought and sold.

It is all about selling surplus goods in a down economy.

It is all about inflation.

It is all about scarcity.

Question 6

Who are the two types of actors in the economy?

Question 6 options:

Consumers and producers

Republicans and Democrats

Managers and workers

Technical and nontechnical employees

Question 7

Which of the following is not one of the three fundamental questions of Microeconomics and what drives the economy?

Question 7 options:

What should those goods and services cost?

What goods and services should be produced?

How to produce those goods and services?

Who gets the goods and services?

Question 8

In relation to the previous question, what is the one key variable that answers the three fundamental questions about Microeconomics and what drives the economy?

Question 8 options:

Demand

Supply

Prices

None of the answers provided is correct.

Question 9

Which of the following best describes positive economics?

Question 9 options:

It is the way things could be

It is when the economy is doing very well

It is a key indicator of how much money consumers are spending

It is the way things are

Question 10

Which of the following is used by economists as an example of a perfectly competitive market?

Question 10 options:

NAFTA

eBay

QVC

The Stock Market

Question 11

The following section is True/False. Do not read more into each statement or question than what is written.

Goods that we purchase are considered private goods, which means we can do whatever we want with them within the limits of the law.

Question 11 options: True False

Question 12

According the reading, nonrivalry exists when one person's consumption of a good directly reduces or diminishes another person's opportunity for consumption.

Question 12 options: True False

Question 13

Former President Theodore Roosevelt's comment that you had to be able to do what you can, with what you have, where you are would be a good way to describe Microeconomics.

Question 13 options: True False

Question 14

Since water is more important to sustaining life than diamonds, the twin forces of supply and demand dictate that water be just as expensive as diamonds.

Question 14 options: True False

Question 15

The decision by eBay to shut down the 5-million-dollar kidney sale was an example of normative economics.

Question 15 options: True False