Basic Economic Concepts Discussion Assignment

Basic Economic Concepts Discussion Assignment
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Basic Economic Concepts Discussion Assignment
1. The study of economics is correctly defined as
(A) the methods used to satisfy our limited material wants with
unlimited productive resources
(B) how best to predict the fluctuations in the stock market
(C) how best to satisfy our unlimited wants with limited and scarce
material resources
(D) the methods used to disseminate limited resources among a
population’s scarce material wants
(E) the study of the interaction and allocation of limited resources
and market structures
2. Deirdre has one free hour to practice the piano for an upcoming
school concert or work at the library for $7 per hour or babysit her
neighbor’s 12-year-old son for $10 per hour. She chooses to
practice the piano. What is the opportunity cost of practicing the
piano?
Basic Economic Concepts Discussion Assignment
(A) The opportunity cost would be $17 because she chose not to
participate in these activities.
(B) Without knowing the marginal value of practicing the piano,
there is no way of knowing the true opportunity cost.
(C) The opportunity cost would be $20 because it is necessary to
calculate one additional hour of babysitting to make it profitable.
(D) The opportunity cost would be $10 because it would be the most
profitable alternative.
(E) The opportunity cost would be $3 because it is the monetary
difference between two alternative choices.
3. After dedicating two hours to studying for the AP economics exam,
Seth chooses to spend an additional hour studying. Which of the
following is most likely TRUE?
(A) The marginal benefit of the additional hour is at least as great as
the marginal cost of the additional hour.
(B) The marginal cost of the additional hour is less than the
marginal benefit of the additional hour.
(C) Both the marginal benefit and marginal cost are always equal in
this scenario.
(D) The marginal benefit of the second hour is less than the
marginal benefit of the additional hour.
(E) The marginal cost of the second hour is greater than the
marginal cost of the additional hour.
Brooks Industries is a leading producer of guitars and stereos. Use the
following production possibilities curve for questions 4 and 5.
4. Which two points would best represent economic growth?
(A) From A to D
(B) From D to C
(C) From A to B
(D) From E to C
(E) From E to B
5. The concave shape of the production possibilities curve implies the
notion of
(A) opportunity costs
(B) comparative advantage
(C) marginal analysis
(D) allocation of limited resources with unlimited material wants
(E) MB = MC
Basic Economic Concepts Discussion Assignment
6. It is beneficial for two countries to trade only when there is
(A) a mutually beneficial trade agreement
(B) increasing returns to scale
(C) decreasing returns to scale
(D) an absolute advantage in production between the two countries
(E) a comparative advantage in production between the two
countries
7. If a society overallocates its resources, then
(A) consumer spending would increase due to an increase in
demand
(B) marginal benefit would be greater than marginal cost
(C) opportunity cost of producing one more unit would increase
exponentially
(D) marginal benefit would be less than marginal cost
(E) marginal benefit would equal marginal cost
8. Both Richard and Michele can mow the lawn and walk their dog on
Sunday morning. For every half hour of walking the dog, Richard
can mow twice the amount of lawn Michele can. According to this
information,
(A) Michele walks the dog because she has absolute advantage in
mowing the lawn
(B) Richard walks the dog because he has comparative advantage in
mowing the lawn
(C) Richard mows the lawn because he has comparative advantage
in mowing the lawn
(D) Michele mows the lawn because she has comparative advantage
in mowing the lawn
(E) Michele walks the dog because she has comparative advantage
in walking the dog
9. In a command economy,
(A) market prices are determined through supply and demand
(B) market prices are determined through supply and demand and
some government interventions
(C) market prices are determined by a central plan designed by the
government
(D) market prices are determined through supply and demand and
some barter system
(E) market prices are determined through the resources backing of
the gold and silver supply
10. Which of the following will cause an outward shift of the
production possibilities curve?
(A) A grant for educational training for employees
(B) A decrease in a nation’s birthrate, thus decreasing the labor
force
(C) A natural disaster creating extreme limitations of a vital natural
resource
(D) A shortage of skilled workers
(E) An increase of unskilled workers
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