Unit 1 - Quiz 1.pdf - Quiz 1 9*57 PM ECON 248v9...

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2017-10-16, 9*57 PM Quiz 1 Page 1 of 14 ECON 248v9 Macroeconomics Question 1 Correct Mark 1.00 out of 1.00 Flag question Question 2 Correct Mark 1.00 out of 1.00 Flag question Started on Saturday, 14 October 2017, 8:43 PM MDT State Finished Completed on Monday, 16 October 2017, 9:56 PM MDT Time taken 2 days 1 hour Marks 20.00/30.00 Grade 66.67 out of 100.00 All of the following statements, except one, are valid examples of the way economists use the term scarcity . Which one is the exception? Select one: a. Households face a scarcity of income. b. Individuals face a scarcity of time. c. Economies face a scarcity of resources. d. The world faces a scarcity of ideas. e. Firms face a scarcity of quali fi ed workers. The correct answer is: The world faces a scarcity of ideas. All of the following topics, except one, are valid macroeconomic topics. Which one is the exception? Select one: a. the e ff ect of the government budget de fi cit on in ation b. the reasons the labour force in a country decreases c. the reasons the average price level in a country falls d. the cause of increasing unemployment e. the reasons the price of co ff ee uctuates
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2017-10-16, 9*57 PM Quiz 1 Page 2 of 14 Question 3 Correct Mark 1.00 out of 1.00 Flag question Question 4 Correct Mark 1.00 out of 1.00 Flag question Question 5 Correct Mark 1.00 out of 1.00 Flag question The correct answer is: the reasons the price of co ff ee uctuates The fact that human wants cannot be fully satis fi ed with available resources is called the problem of Select one: a. normative economics. b. marginal cost. c. the big tradeo ff . d. scarcity. e. opportunity cost. The correct answer is: scarcity. The two big economic questions Select one: a. involve self-interest only. b. involve both self-interest and social interest. c. do not arise from scarcity. d. involve only social interest. e. involve neither self-interest nor social interest. The correct answer is: involve both self-interest and social interest. To earn income, people sell the services of the factors of production they own. Land earns ________ ; labour earns ________; capital earns ________; and entrepreneurship earns ________. Select one: a. pro fi t / wages / rent / interest b. wages / interest / pro fi t / rent c. pro fi t / interest / wages / rent d. interest / pro fi t / rent / wages
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2017-10-16, 9*57 PM Quiz 1 Page 3 of 14 Question 6 Correct Mark 1.00 out of 1.00 Flag question Question 7 Correct Mark 1.00 out of 1.00 Flag question Question 8 Correct e. rent / wages / interest / pro fi t The correct answer is: rent / wages / interest / pro fi t Factors of production is a term that can be used interchangeably with Select one: a. models. b. consumer goods. c. either resources or inputs.
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