Quiz: Introduction To Economics Questions!
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It doesn’t matter what topic you’re dealing with, whether it’s something you have a great interest in or something you find boring but thinks will come in handy, everybody starts in the same place when they take on a brand-new subject – chapter one! In the following quiz, we’ll be doing just that as we take a look at some chapter one questions with regards to the study of economics!
- 1.Scarcity implies that the allocation scheme chosen by society can:
- A.
Not make more of any one good
- B.
Always make more of any good
- C.
Typically make more of a good but at the expense of making less of another
- D.
Always make more of all goods simultaneously
- 2.A production possibilities frontier is a simple model of:
- A.
Scarcity and allocation
- B.
Prices and output
- C.
Production and costs
- D.
Inputs and outputs
- 3.The underlying reason that there are unattainable points on a production possibilities frontier diagram is that there:
- A.
Is government
- B.
Are always choices that have to be made
- C.
Is a scarcity of resources within a fixed level of technology
- D.
Is unemployment of resources
- 4.The underlying reason production possibilities frontiers are likely to be bowed out (rather that linear) is:
- A.
Choices have consequences
- B.
There are always opportunity costs
- C.
Some resources and people can be better used producing one good rather than another
- D.
There is always some level of unemployment
- 5.The optimization assumption suggests that people make:
- A.
Irrational decisions
- B.
Unpredictable decisions
- C.
Decisions to make themselves as well off as possible
- D.
Decisions without thinking very hard
- 6.Imagine an economist ordering pizza by the slice. WHen deciding how many slices to oder she would pick that number where the enjoyable of the ___equals the enjoyment she could get from using the money on another good.
- A.
First slice
- B.
Last slice
- C.
Average slice
- D.
Total number of slices
- 7.Of course, all individual students are better off if they get better grades. If you were to conclude that all students would be better off if everyone received a "A" you would:
- A.
Have fallen victim to the fallacy of scarcity
- B.
Be right
- C.
Have fallen victim to the fallacy of composition
- D.
Be mistaking correlation with causation
- 8.If you were to conclude, after carefully examining data and using proper evaluation techniques, that a tax credit for attending college benefits the poor more than a tax deduction (of equal total cost to the government) would, you would have engaged in ___ analysis to reach that conclusion.
- A.
Negative
- B.
Positive
- C.
Normative
- D.
Creative
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