ECO 365 Week 1 Practice The Fundamentals of Economic Quiz
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ECO 365 Week 1 Practice The Fundamentals of Economic Quiz

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ECO 365 Week 1 Practice The Fundamentals of Economic Quiz Complete the Week 1 The Fundamentals of Economics Quiz in McGraw-Hill Connect®. These are randomized questions. Note: You have unlimited attempts available to complete practice assignments. The highest scored attempt will be recorded. These assignments have earlier due dates, so plan accordingly. Grades must be transferred manually to eCampus by your instructor. Don’t worry, this might happen after the due date. The opportunity cost of an action is always equal to: the next-best alternative for the resources used to undertake the action. the things you could have done instead of the action you chose to undertake. the time you give up to undertake the action. the money you give up to undertake the action. The fish in the ocean are what type of market resource? Land Capital Entrepreneurial ability Labor Which of the following scenarios most accurately reflects the concept of scarcity? The steak Henry did not buy because he is a vegetarian. The Smith Household produces an average of three bags of trash a week. Sienna enjoys viewing flowers in the city garden during her walk. Brett is a farmer with an open field on which he can plant either soybeans or corn. Bob, the owner of a local deli in town, needs to purchase something that economists would label as “capital” to help him produce sandwiches. Which of the following is an example of capital? Ham for the sandwiches An additional worker A new idea that automates the making of sandwiches A meat slicer to cut ham for sandwiches In the circular flow model of the market system, households Multiple Choice buy products and resources. sell products and resources. buy products and sell resources. sell products and buy resources. Use the following graph of the market for milk to answer the question below. In this market, the equilibrium price is _______ and equilibrium quantity is _______. Multiple Choice $28 per gallon; 150 million gallons $1.00 per gallon; 35 million gallons $1.50 per gallon; 30 million gallons $1.50 per gallon; 28 million gallons Use the following graph to answer the question below. At a quantity of 130, marginal benefit equals ______ and marginal cost equals _____. Multiple Choice $1.60, $0.50 $1.00, $1.00 $0.50, $1.60 $1.60, $1.60 Use the following market data to answer the question below. Price per Unit Quantity Purchased by Consumer Quantity Sold by Producer $5 2,000 0 10 1,800 300 15 1,600 600 20 1,400 900 25 1,200 1,200 30 1,000 1,500 In the market shown in the table, the equilibrium quantity is Multiple Choice 900. 1,400. 1,600. 1,200. The problems of inflation and unemployment are Multiple Choice not relevant to the U.S. economy. major topics of microeconomics. major topics of macroeconomics. only relevant to European economies. The circular flow model illustrates Multiple Choice how natural and other resources are created. how money is created by the banking system. the importance of having a central plan for the economy. the interdependence of businesses and consumers. The economizing problem is essentially one of deciding how to make the best use of Multiple Choice limited resources to satisfy limited economic wants. unlimited resources to satisfy limited economic wants. unlimited resources to satisfy unlimited economic wants. limited resources to satisfy unlimited economic wants. Microeconomics is concerned with Multiple Choice how government debt affects aggregate economic activity. a detailed examination of specific economic units that make up the economic system. the establishing of an overall view of the operation of the aggregate economic system. the aggregate or total levels of income, employment, and output. The basic truth that underlies the study of economics is the fact that we all face Multiple Choice taxes. risk. scarcity. death. Which of the following is not a main function of the entrepreneur? Multiple Choice to make routine pricing decisions to make strategic business decisions to assume the risk of economic losses to innovate The four factors of production (or types of resources) are Multiple Choice land, labor, capital, and entrepreneurial ability. land, labor, capital, and money. labor, capital, entrepreneurial ability, and money. labor, capital, technology, and entrepreneurial ability. Which of the following is a land resource? Multiple Choice a machine for detecting earthquakes natural gas an oil drilling rig a farmer The main function of the entrepreneur is to Multiple Choice create market demand. make routine pricing decisions. purchase capital. innovate. The table below represents the demand for bottles of sunscreen at Daytona Beach on a sunny June day. Demand for Sunscreen Price (dollars) Quantity of Sunscreen Demanded (bottles) $4 7,200 6 6,800 8 6,400 10 6,000 12 5,600 If the price of a bottle of sunscreen is $8, what will be the quantity demanded? 6,000 bottles 1,600 bottles 8,000 bottles 6,400 bottles Marcus budgets $120 a week for groceries. When the price of all food goes up by 10% he buys less salmon. This can best be explained by: diminishing marginal utility. the substitution effect. the income effect. a change in income. Which of the following scenarios is an example of a person interacting outside of a market? Mark places his comic book collection up for sale on eBay. Young buys fresh radishes at the local farmers’ market. Melissa votes for her favorite performer at a local talent show. Isabella agrees to fix Miguel’s sink if Miguel paints Isabella’s porch. Tastes and preferences generally do not change for goods or services in markets. False True When economists speak of “demand” in a particular market, they refer to Multiple Choice the whole demand curve or schedule. how much of an item buyers want to buy at a given price. one point on the demand curve. one price-quantity combination on the demand schedule. In understanding and analyzing “demand,” we focus on how much of a product the buyers are Multiple Choice willing and able to buy at different prices. actually buying now and in the recent past at various prices. willing and wanting to buy at different prices. willing and able to buy with their given income. The most important purpose of a market is to Multiple Choice bring buyers and sellers together so they can trade. bring buyers and sellers together so they can argue. bring buyers and sellers together so they can barter. increase the sellers’ wealth. An increase in the demand for music downloads indicates that more music downloads are Multiple Choice demanded because sellers are selling more music downloads. demanded even if prices of music downloads stay the same. demanded because sellers are putting music downloads on sale. demanded because music download prices have decreased. All else held constant, an increase in the price of tablets will result in a Multiple Choice leftward shift of the demand curve for tablets. movement up and to the left along the demand curve for tablets. rightward shift of the demand curve for tablets. decrease in the demand for tablets. When economists say that the demand for a product has decreased, they mean that Multiple Choice the product has become more expensive and thus consumers are buying less of it. consumers are now willing and able to buy less of this product at each possible price. the demand curve has shifted to the right. the product has become particularly scarce for some reason. When the price of a product increases, consumers shift their purchases to other products whose prices are now relatively lower. This statement describes Multiple Choice the income effect. the rationing function of prices. the substitution effect. an inferior good. Prices usually allocate resources efficiently because they allocate Multiple Choice consumption to the highest cost of good or service. consumption to the lowest value good or service. resources to the highest value good or service. resources to the lowest value good or service. If the price of Pepsi decreases, all else held constant, then we’d expect to see a consequent shift of the demand curve for Multiple Choice Coke to the left. Pepsi to the left. Pepsi to the right. Coke to the right. The horizontal axis of a graph that shows a market demand curve indicates the Multiple Choice different prices at which a product can be purchased. various quantities of a product at which the market will be cleared. quantities that consumers are willing and able to buy at various prices. number of consumers who are in the market for a product. All else held constant, the law of demand suggests that as Multiple Choice the price of tablets decreases, the quantity of tablets demanded will decrease. income increases, the quantity of tablets demanded will increase. the price of tablets decreases, the quantity of tablets demanded will increase. the demand for tablets increases, the price of tablets will increase. In moving along a demand curve, which of the following is not held constant? Multiple Choice price expectations the price of the product for which the demand curve is relevant people’s tastes and preferences consumer incomes Economists use the term “demand” to refer to Multiple Choice a particular price-quantity combination on a stable demand curve. a schedule of various combinations of market prices and quantities demanded. anupsloping line on a graph that relates consumer purchases and product price. the total amount spent on a particular commodity over a fixed time period. Imagine that the market supply of peaches comes from Georgia (GA) and South Carolina (SC). The supply schedule below shows the quantity of peaches supplied in each state at each price. Individual and Market Supply of Peaches Quantity of Peaches Supplied (pounds) Price (dollars per pound) GA SC Market $10 20,000 18,000 38,000 38,000 8 16,000 15,000 31,000 31,000 6 12,000 12,000 24,000 24,000 4 8,000 9,000 17,000 17,000 2 4,000 6,000 10,000 10,000 Instructions: Enter your answers as a whole number. 1. In the table, complete the column labeled “Market.” 1. How many pounds of peaches will be supplied to the market when the price is $6 per pound? 24,000 pounds Which of the following scenarios would likely shift the supply of cars to the left (decrease in supply)? Automobile workers become more productive. The price of cars decreases. The price of steel and aluminum increase. The price of automotive paint decreases. Use the figure below to answer the following question. An increase in price, all else held constant, would cause a change from Multiple Choice point 4 to point 5. point 5 to point 1. point 3 to point 4. point 1 to point 3. In order to derive the market supply curve from individual supply curves, we add up the Multiple Choice total number of sellers in the market at a given time. various quantities that individual sellers are willing and able to supply at different prices. costs that all individual sellers incur in producing the product. various prices that individual sellers are charging for the quantities of the product available. Use the figure below to answer the following question. The diagram shows three supply curves for apples. Which of the following would cause the supply of apples to shift from S1 to S3? Multiple Choice a decrease in the price of resources used to produce apples a decrease in the price of apples in the market a decrease in the number of apple farmers an increase in the number of apple farmers Use the figure below to answer the following question. The diagram shows three supply curves for cars today. Which of the following would cause the supply of cars to shift from S1 to S2? Multiple Choice expectations of lower car prices in the future a decrease in the number of car producers an increase in the price of cars in the market expectations of higher car prices in the future Use the figure below to answer the following question. The figure shows three supply curves for wheat. Which of the following would cause the supply of wheat to shift from S1 to S2? Multiple Choice an increase in the price of water an increase in the price of wheat a new tax on wheat production a decrease in the price of water Use the figure below to answer the following question. The figure above shows three supply curves for wheat. Which of the following would cause the quantity of wheat supplied to increase from point a to point b? Multiple Choice a decrease in the price of wheat a subsidy for wheat production a tax on wheat production an increase in the price of wheat The vertical axis of a graph that shows a market supply curve indicates the Multiple Choice number of sellers who are in the market for this product. various quantities of output at which the market will be cleared. cost of the amount of output produced. prices at which firms would be willing and able to sell their different products. Use the figure below to answer the following question. The figure above shows three supply curves for wheat. Which of the following would cause the supply of wheat to shift from S1 to S2? Multiple Choice a subsidy for wheat production an increase in the price of wheat a decrease in the price of wheat a tax on wheat production Use the figure below to answer the following question. The figure above shows three supply curves for wheat. Which of the following would cause the supply of wheat to shift from S1 to S2? Multiple Choice a decrease in consumer incomes, assuming wheat is a normal good a change in consumer tastes away from wheat bread the development of a more effective insecticide against cutworms an increase in the price of fertilizer Use the figure below to answer the following question. The figure above shows three supply curves for wheat. Which of the following would cause the supply of wheat to shift from S1 to S3? Multiple Choice a subsidy for wheat production a decrease in the price of wheat a tax on wheat production an increase in the price of wheat Use the figure below to answer the following question. The figure above shows three supply curves for wheat. Which of the following would cause the quantity of wheat supplied to decrease from point b to point a? Multiple Choice an increase in the price of wheat a tax on wheat production a decrease in the price of wheat a subsidy for wheat production In understanding and analyzing “market supply,” we focus on how much all firms Multiple Choice have sold in the recent past at various prices. want to supply at a given price. are willing and able to supply at different prices. will supply in the future at various prices. All else being equal, if the price of a product decreases, we would expect Multiple Choice quantity supplied to decrease. supply to decrease. demand to increase. quantity supplied to increase. When economists say that the supply for a product has increased, they mean that the Multiple Choice product has become particularly scarce for some reason. supply curve has shifted to the left. product has become more expensive and thus consumers are buying less of it. supply curve has shifted to the right. Which of the following can best be characterized as a subject of macroeconomics? An examination of how much of a particular good gets produced An examination of inflation An examination of consumer behavior An examination of where goods come from Which of the following can best be characterized as a subject of microeconomics? An examination of how much of a particular good gets produced An examination of inflation An examination of an economy’s overall level of production An examination of a country’s imports and exports

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ECO 365 Week 1 Apply: The Fundamentals of Economics Homework Review the Week 1 The Fundamentals of Economics Quiz in preparation for this assignment. Complete the Week 1 The Fundamentals of Economics Homework in McGraw-Hill Connect®. These are randomized questions. Note: You have only one attempt..
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