study_q_-_midterm_1_s08

study_q_-_midterm_1_s08 - Study Questions for Midterm 1 ECN...

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Study Questions for Midterm 1 ECN 1B Spring 2008 Please note that these questions are for you to get more practice. They may or may not be similar to exam questions . 1) Consider the market for soft drinks shown in the figure above. Moving from point a to point c means that a. the marginal benefit of each additional soft drink falls b. the opportunity cost of another soft drink increases c. people's incomes have decreased d. the price of a soft drink has increased 2) Consider the market for soft drinks shown in the figure above. Suppose the economy is at point a . What would result in a movement to point b ? a. an increase in the price of bottled water b. a decrease in the price of bottled water c. an increase in the opportunity cost of soft drinks d. a decrease in the relative price of a soft drink 3) "Every time I wear my school's colors on Saturday, our team wins its football game." This statement is an example of a. ceteris paribus fallacy b. fallacy of composition c. post hoc fallacy d. a normative economic statement
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4) Economics is best defined as a. how people make money and profits in the stock market. b. making choices from an unlimited supply of goods and services. c. making choices with unlimited wants but facing a scarcity of resources. d. controlling a budget for a household. 5) Which of the following are considered factors of production used to produce goods and services? I. Land II. Labor III. Capital IV. Entrepreneurship a. I and II only b. I and II only b. I, II and III only c. I, II, III and IV 6) Joy is training to become a chef. The skills she is obtaining from her training and education will increase what type of resource? a.
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This note was uploaded on 04/03/2010 for the course ECN 001B 1b taught by Professor Baghermodjtahedi during the Spring '10 term at UC Davis.

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study_q_-_midterm_1_s08 - Study Questions for Midterm 1 ECN...

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