Econ 111 - Refresher
40 Questions
| Total Attempts: 93
A refresher for the upcoming test for Economics
Questions and Answers
- 1.Economics is the study of the allocation of free goods.
- A.
True
- B.
False
- 2.Which of these is NOT a factor of production?
- A.
Event
- B.
Land
- C.
Labor
- D.
Capital
- 3.Which BEST defines equity in the definition of economics?
- A.
Is the allocation of resources based on the need.
- B.
Is the equal allocation of resources to both poor and rich.
- C.
Everyone is a common recipient of the resources of the society.
- D.
All human beings are subject to same amount of resources.
- 4.Identify the economic system in this situation:The governement of Soseqsui controls all the resources and has the capacity to manipulate these resources, and the government has the capacity to allocate it on what they deem just.
- 5.Identify the economic system in this situation:Vyanaira owns a bakeshop and she also has a coffee shop. Marcus runs his own chain of restaurants. Eyricka works as a chemical engineer on a meat processing shop. No one forced them to do these things.
- 6.Identify the economic system in this situation:The government of Natpretti is giving the people of Fhackhers their own area of land, the inhabitants of Fhackers has the liberty to do what they want with it.
- 7.The etymology of the word economics means "household management".
- A.
True
- B.
False
- 8.It is the cost of something which you give up to get it.
- 9.Two scopes of economics include microeconomics and;
- 10.On a normal day, Racelle spends 3 gold bars for breakfast and 5 gold bars for lunch and she goes home for dinner. On one day Racelle's mother said she must eat dinner outside the house so she spends 6 gold bars for dinner that day. How much is the marginal cost?
- 11.Inflation is the increase of the individual level of price.
- A.
True
- B.
False
- 12.Identify the analysis used in the observation:The economic status of Crimea as of today is at its critical levels, for they lost connection to Kiev, Crimea's lifeline to the Ukraine economy.
- 13.Identify the analysis used in the observation:The Crimean people immediately chose to side with Russia because the Crimean inhabitants are attracted to the promises given by the Russian government.
- 14.In a Circular Flow Diagram the one that provides resources to the INPUT MARKET is the:
- A.
Household
- B.
Firm
- C.
Output Market
- D.
Input Market
- 15.In a Circular Flow Diagram the one that provides resources to the OUTPUT MARKET is the:
- A.
Firm
- B.
Household
- C.
Output Market
- D.
Input Market
- 16.The inferior goods are known as giffen goods, the status symbol goods are known as
- 17.Is the number of consumers' want that they can afford
- 18.Demand Curve and Supply Curve are graphical illustrations and Demand Schedule and Supply Schedule are tabular illustrations.
- A.
True
- B.
False
- 19.It is the sum of all individual demands
- 20.If the price of a product increases the demand;
- 21.If a price of a veblen good increases the demand;
- 22.If the price of a giffen good decreases the demand;
- 23.If the income of the person increases the demand for the inferior product;
- 24.If the price of the complement decreases, the demand for the product;
- 25.It is the number of the producers' willingness to produce.
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