Quiz1 - a. 25% b. 50% c. 75% d. 100% Figure 3-2 5) Refer to...

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ECO 201 Quiz # 1 Summer 2007 Dr. Antonio Saravia   MULTIPLE CHOICE.  Choose the one alternative that best completes the statement or answers the question.  1)
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When economis ts emphasiz e that only individua ls choose, they imply that
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A)
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collectives do not exist. B)
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only individuals exist. C)
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only individuals can assess the expected costs and benefits of an action. D)
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all of the above. 2)
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Economi c theory suggests that A)
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as a rule, people cooperate more effectively when they're selfish compared to when they're generous. B)
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a great deal of effective cooperation can occur in the presence of very little generosity and also without a great deal of government guidance and control. C)
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social order is maintained only when people act in the public interest. D)
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none of the above. 3)
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In the economic way of thinking, choice implies A)
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responsibility. B)
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waste. C)
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regret. D)
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sustainability. E)
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sacrifice. 4) Approximately what percentage of the world's economies experience scarcity?
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Unformatted text preview: a. 25% b. 50% c. 75% d. 100% Figure 3-2 5) Refer to Figure 3-2. Ben has a comparative advantage in a. cones and Jerry has a comparative advantage in ice cream. b. ice cream and Jerry has a comparative advantage in cones. c. neither good and Jerry has a comparative advantage in both goods. d. both goods and Jerry has a comparative advantage in neither good. Table 3-4 Hours needed to make one unit of: Amount produced in 2400 hours: Cars Airplanes Cars Airplanes U.S. 40 160 60 15 Japan 50 150 48 16 6) Refer to Table 3-4. Japan has a comparative advantage in a. airplanes and the United States has an absolute advantage in cars. b. cars and the United States has an absolute advantage in airplanes. c. cars and the United States has an absolute advantage in neither good. d. airplanes and the United States has an absolute advantage in both goods. 1) C 2) B 3) E 4) D 5) A 6) A...
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This note was uploaded on 04/18/2008 for the course ECO 201 taught by Professor Saravia during the Spring '08 term at American University of Sharjah.

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Quiz1 - a. 25% b. 50% c. 75% d. 100% Figure 3-2 5) Refer to...

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