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1. Which of the following expresses the most nearly correct cause-effect explanation?

A. Scarcity implies that choices have to be made; when people make choices they incur costs.

B. When people make choices, they incur costs, which creates scarcity.

C. Because people incur costs, they will make choices, which leads to scarcity.

D. Scarcity implies that costs will be made and choices regretted.

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2. Which statement is correct?

A. Economic theories cannot be tested.

B. Economic theories do not need to be tested.

C. Economic theories are abstractions from reality.

D. Economic theories are always true in the real world.

3. A three-word synonym for the term ceteris paribus is

A. “nothing else changes.”

B. “in my opinion.”

C. “it is proved.”

D. “under this assumption.”

4. Economists use the ceteris paribus assumption in order to

A. make their analyses easier for them to conduct.

B. designate what they believe is the correct relationship between two variables.

C. explain why people sometimes consume more of a good when its price rises.

D. explain why those things that come first do not necessarily cause those things that come later.

5. The study of an economy's price level is explicitly a part of

A. macroeconomics.

B. microeconomics.

C. positive economics.

D. normative economics.

6. Which of the following is a positive economic statement?

A. We should raise the minimum wage in order to provide a decent wage for more people.

B. Consumers bought fewer cars when the relative price of cars increased.

C. The budget deficit has been declining in recent years.

D. b and c

7. Deciding at the margin is __________ an all-or-nothing decision.

A. consistent with

B. inconsistent with

C. the same as making

D. conditioned upon making

8. "If you hadn't gone to dinner with your friends, you would have stayed home and "surfed" the Internet." It follows that

A. surfing the Internet is the opportunity cost of having dinner with your friends.

D. it is less costly to surf the Internet than to have dinner with your friends.

9. The economist says, "The data show that interest rates rose soon after the budget deficit increased in size. This proves that a rising budget deficit causes higher interest rates." This economist should

A. be believed, because the evidence supports what he says.

B. not be believed, because he has committed the fallacy of composition.

C. not be believed, because he has assumed that association is causation, and this is not necessarily true.

10. There is no such thing as a free lunch is a saying that expresses the idea that

A. opportunity costs are incurred whenever a choice is made.

B. association is not necessarily causation.

C. the fallacy of composition is responsible for many errors in economic thinking.

D. food is very expensive these days because of inflation.

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Aug 08, 2017

Quiz Edited by
ProProfs Editorial Team
Feb 19, 2013

Quiz Created by
Nfaizah