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Unit 1 Practice Exam UNIT 1 PRACTICE EXAM 1. Economics is a social science that (A) is primarily concerned with money 5. Which of the following statements is positive? (B) is primarily concerned with how resources are (A) An economy that produces more butter than used guns is better off than an economy that (C) relies solely on the scientific method for analysis produces more guns than butter (D) is primarily concerned with maximizing spiritual (B) Nations should concentrate their resources on well-being producing wholesome consumer goods as (E) is purely normative opposed to the weapons of war (C) The production possibilities frontier is concave 2. Macroeconomics focuses on to the origin because of the law of increasing (A) government and its laws that affect commerce costs. (B) individuals and their resource use (D) Nations ought to devote at least some of their (C) corporations and their production levels resources to national defense. (D) the resource use of the entire nation (E) Nations would do better by producing toward (E) money the middle of their production possibilities frontiers as opposed to the extreme points near 3. Given the table below what is the opportunity cost the axes. of wheat in France? Labor hours needed to 6. The primary focus of microeconomics is produce a unit of: (A) families and how they make money. Country Wheat Cloth (B) firms and how they make profits. France 5 10 (C) individual units within the overall economy. England 20 20 (D) government. (E) small countries. (A) ½ cloth (B) ½ wheat 7. Economists use the term “capital” to mean (C) 2 cloth (A) money. (D) 2 wheat (B) plant and equipment. (E) ¼ cloth (C) where the central government is located. (D) the center of the economy. 4. Given the table below, which statement is true? (E) a major idea. Labor hours needed to produce a unit of: 8. Land refers to Country Wheat Cloth (A) all productive resources. France 5 10 (B) all natural resources. England 20 20 (C) farmland only. (D) real estate. (A) England has the absolute advantage in both products (E) chattels. (B) France should specialize in and export wheat while England should specialize in and export wheat 9. What you give up to pursue another alternative is (C) France has the comparative advantage in wheat known as (D) England has the comparative advantage in wheat (A) capital. (E) France has the absolute advantage in wheat while (B) land. England has the absolute advantage in cloth (C) money cost (D) the price of the product (E) opportunity cost. 10. Given the following table 13. When an economy produces a combination of goods that lies on the production possibilities (combinations that can be produced frontier, using resources fully and efficiently) (A) resources are being used fully and efficiently. Apples Oranges (B) prices are constant. 0 20 (C) opportunity cost is constant. 7 10 (D) resources will never be depleted. 14 0 (E) prices will rise. the opportunity cost of apples is 14. The law of increasing costs (A) 10/7 oranges does not apply to guns and butter. (B) 7/10 oranges (A) is the result of resources not being perfectly (C) 10/7 apples adaptable between the production of two (D) 7/10 apples goods. (E) 70 percent (B) implies that prices will rise when the costs of making a good rise. 11. Given the following tables (C) causes the production possibilities frontier to be a straight line. (combination that can be produced (D) implies that opportunity costs will rise as using resources fully and efficient) production levels fall. Soup Nuts 15. Which of the following is a fundamental economic 0 15 question? 1 10 (A) Who will get how much of each good and 2 5 service? (B) Who should pay taxes? the opportunity cost of soup is (C) Who will work? (A) 5 nuts (D) Who will make the economic decisions? (B) 5 soup (E) Who will be allowed into the economy? (C) 20 percent (D) 500 percent 16. In a command economy (E) constant (A) the market dictates the answers to the fundamental economic questions. (B) competition help answer the fundamental 12. When opportunity cost is constant across all economic questions. production levels, the productions possibilities (C) state and local governments respond to the frontier is fundamental economic questions. (A) concave to the origin. (D) the central government dictates the answers to (B) convex to the origin. the fundamental economic questions (C) undefined. (E) laws are set up to answer the fundamental (D) shifted. economic questions. (E) a straight diagonal line slopping downward from left to right. 17. Market economics (A) rely on markets to coordinate economic 22. Which one of the following states a central activity. element of the economic way of thinking? (B) rely on the government to address the (A) Scarce goods are priceless. fundamental questions. (B) Incentives matter--if the personal cost of a (C) rely on elected officials to make the most choice increases, individuals will be less important economic decisions. likely to choose it. (D) rely on courts to ensure people and firms get (C) The realism of the assumptions is the best test what they deserve. of an economic theory. (E) are more equitable than command economies. (D) When deciding how to allocate time, the concept of opportunity cost is meaningless. 18. Prices in capitalist economics are (A) unfair. 23. Which one of the following is a positive economic (B) determined by supply and demand. statement? (C) determined, in most cases, by the federal (A) An increase in the price of butter causes government. consumers to buy less butter. (D) a reflection of our basic values. (B) Social conscience demands that we increase (E) a means to achieve equality. the minimum wage. (C) Taxes should be raised to halt inflation. 19. What do economists mean when they state that a (D) The sales tax on food should be repealed. good is scarce? (A) There is a shortage or insufficient supply of 24. Goods are scarce because the good at the existing price. (A) of greed; if human beings were not so selfish, (B) It is impossible to expand the availability of goods would be less scarce. the good. (B) the desire for goods is far greater than their (C) People will want to buy more of the good availability from nature. regardless of price. (C) of competition, if people were not so (D) The amount of the good that people would competitive, it would be possible to satisfy like to have exceeds the supply that is freely our desire for material things. available from nature. (D) of private property; if things were not owned privately, scarcity could be eliminated. 20. Rationing is (A) the allocation of a limited supply of a good or 25. Which of the following is true? resource among users who would like to have (A) Economic analysis assumes that people act more of it. only as the result of selfish motives. (B) a function that can only be performed by (B) Charitable behavior is inconsistent with the market prices. basic postulate of economics. (C) a function that is unnecessary except in cases (C) Using scarce resources to meet a need in one where markets are used to allocate goods and area will reduce our ability to meet needs in resources. other areas. (D) essential only when the price of a product is (D) The economic way of thinking stresses that set above market equilibrium. good intentions usually lead to sound economic policy. 21. The expression, "There's no such thing as a free lunch" implies that 26. Economics is the study of: (A) everyone has to pay for his own lunch. (A) how choices are made because of scarcity. (B) the person consuming a good must always pay (B) how the values and preferences of people are for it. formed. (C) costs are incurred when resources are used to (C) how to operate a business. produce goods and services. (D) how to make money in the stock market. (D) no one has time for a good lunch anymore. 27. The benefit (or satisfaction) that an individual 32. The opportunity cost of an action is expects to derive from an activity is called (A) the monetary payment the action required. (A) opportunity cost (B) the total time spent by all parties in carrying (B) utility out the action. (C) marginal cost (C) the value of the opportunity or opportunities (D) scarcity that must be sacrificed in order to take the action. 28. A firm producing cans buys three tons of (D) the cost of all alternative actions that could aluminum per day at $200 per ton. If it buys four have been taken. tons per day, it receives a quantity discount on all units and pays only $175 per ton. The marginal 33. The economic way of thinking stresses that cost of the fourth ton per day is (A) changes in personal costs and benefits (A) $100. generally fail to exert much impact on (B) $175. behavior. (C) $700. (B) incentives matter--when an option becomes (D) $225. more expensive, people will be less likely to choose it. 29. "There is no such thing as a free lunch." This (C) if one individual gains from an economic statement best reflects the fact that activity, then someone else must lose, and in the same proportion. (A) consumers are unwilling to pay for a good (D) if a good is free, its production will not unless it provides them with value. consume valuable scarce resources. (B) an opportunity cost is always present when scarce resources are used to produce a good.
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