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ECO 204 PRINCIPLES OF MICROECONOMICS QUIZ

ECO 204 PRINCIPLES OF MICROECONOMICS QUIZ Question 1.1. In what type of economic system are the basic economic questions answered in the same way as in the past? (Points : 1) A planned economy A traditional economy A command economy A market economy Question 2.2. In economics, scarcity means that (Points : 1) there are not sufficient resources to produce everything that people want. poverty will always exist. a country can never feed all of its citizens. the price of a good may increase more rapidly than the general price level. there is not enough of a particular good for people to buy all they want at the prevailing price. Question 3.3. Which of the following is a macroeconomic issue? (Points : 1) The price of butter The number of new cars produced The growth rate of total output The price of products sold in the steel industry The price of cell phone service Question 4.4. Capital consists of (Points : 1) the assets of a firm. the assets of the government. the assets of upper-income groups. aids to production created by humans. stocks and bonds. Question 5.5. Which of the following would be described as capital by an economist? (Points : 1) Government bonds Corporate bonds Petroleum reserves owned by a corporation Common stocks traded on a national exchange The power lift in a service station Question 6.6. If beans are inferior goods, a decrease in income will (Points : 1) cause beans to sell at a lower price. increase the production of beans. shift the demand curve for beans to the left. shift the demand curve for beans to the right. rotate the supply curve in a clockwise manner. Question 7.7. What will cause a change along the supply curve? (Points : 1) The supplier's expectations The supplier's costs The price of the good The price of all other goods Question 8.8. In what kind of economy is a central planning board or commission typically used to answer the basic economic questions? (Points : 1) Traditional Supply Command Market Question 9.9. Microeconomics might include the study of (Points : 1) how a plumber's wage is determined. the gross national product. microorganisms. inflation. other countries. Question 10.10. Macroeconomics is the study of (Points : 1) individuals in an economy. anything large. the interaction of consumers and producers in markets for particular goods and services. the overall price level and the levels of unemployment and output. the small aspects of large entities.