QUIZ 1- Summer 2014 - with answers

QUIZ 1- Summer 2014 - with answers - Quiz 1 1 Economics is...

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Quiz # 1 1. Economics is primarily the study of: a) the problem of scarce resources relative to human wants 2. Macroeconomics mainly focuses upon: a) the economy as a whole 3. A microeconomist would most likely study: a) how consumers respond to a change in gasoline prices 4. Suppose you have a $20 iTunes gift card with which you can buy or download songs or videos. Songs cost $1.00 each and videos cost $2.00 each. The opportunity cost of one video: a) increases as more videos are purchased b) is $1.00 c) is constant and equal to ½ song d) is constant and equal to 2 songs 5. Two rational individuals will always make the same choices when faced with the same circumstances. a) False 6. Which of the following would lead to an inward shift of a nation's production possibilities curve? a) a decrease in the size of the working-age population
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