scan0001 - Exam Name MDL TIPLE CHOICE Choose the one...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Exam Name ___________________________________ MDL TIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) The study of economics is best described as a study of 1) A)the factors that influence the stock and bond markets. B)capitalism. C)how people earn a living. D)the choices made in producing goods and services. E)coping with scarcity, and choices made as a result of scarcity in a society. 2)The economic choices made by individuals, businesses, and governments and the interactions of 2) those choices answer which three major economic questions? A)Why?, How much?, and At what price? B)What?, How?, and Why? C)Where?, What? and How? D)At what price?, What?, and Why? E)What?, How?, and For Whom? 3) The opportunity cost of a decision is measured in terms. of 3) A)time. B)sunk cost. C)the next best thing given up. D)the price of a new opportunity that arises. E)the price of the alternative we choose. 4) The marginal cost of an activity is a measure of ____________the activity. A)what is forgone with everyone unit increase in B)sunk cost of C)the total cost of D)the benefit derived from everyone unit decrease in E)the benefit derived from everyone unit increase in 4) __ 5) A slope is measured as the 5) A)change in the value of variable on the y-axis divided by the change in the value of the variable on the x-axis. B)change in the value of variable on the x-axis divided by the change in the value of the variable on the y-axis. C)value of the variable measured on the y-axis minus the value of the variable measured on the x-aXIS. D)value of the variable measured on the x-axis divided by the value of the variable measured on the y- axis. E)value of the variable measured on the y-axis divided by the value of the variable measured on the x- axis. A-I
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
6) Which type of graph is most useful in determining if two variables are correlated? 6) A)variable-correlation figure B)scatter diagram C)time-series D)cross-section E)None of the above answers is correct. 7)Suppose you decide to attend summer school and that this is considered a rational choice. When 7) making this choice, A)you considered the marginal cost and marginal benefit of your choice. B)you have made a positive statement. C)you have used the ceteris paribus assumption. D)you must ignore the problem of scarcity. E)you must have considered the social interest. 8) To help unscramble cause and effect, economists 8) A)answer the "what" question. B)answer the "how" question. C)must use the ceteris paribus assumption. D)must use normative statements. E)use the concept of opportunity costs. 9) Items bought by businesses to help produce other goods and services are called 9) A)capital goods. B)exports of goods and services.
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 22

scan0001 - Exam Name MDL TIPLE CHOICE Choose the one...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online