econ 102 (2009)

econ 102 (2009) - Quiz Chapter 18 Your response has been...

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Quiz 1.1 Submitted by dson1 on 1/22/2009 9:23:26 PM -------------------------------------------------------------------------------- Points Awarded 23 Points Missed 1 Percentage 96% 1. A friend recommends a movie and you go see it, expecting that you will like it. However, you think it is the worst movie you have seen in years, and wish you hadn't wasted your money on it. This situation A. shows the rationality assumption is false because you were worse off for seeing the movie. B. shows that you behaved irrationally because you didn't get enough information about the movie before seeing it. C. is consistent with rational behavior because you had thought that you were going to like the movie. Points Earned: 1/1 Your Response: C 2. Economics is the study of A. why people want certain goods and services rather than other goods and services. B. how people spend their income. C. how people allocate their resources to satisfy their wants. D. how to get rich. Points Earned: 1/1 Your Response: C 3. Which of the following situations is the best example of scarcity? A. People in Haiti have fewer goods and services than people in the U.S. B. Chinese incomes are rising, enabling consumers to buy more goods. C. Ugandans find that their incomes are decreasing and cannot buy as much as they had in the past. D. Bolivian farmers wish to build more homes, sheds and barns but do not have enough lumber to construct all of these buildings. E. All of the above are situations that exhibit scarcity. Points Earned: 0/1 Your Response: C 4. Suppose you are studying economics. If you weren't studying economics, you would be studying literature, raising your grade in that class by a letter grade. If you weren't studying literature, you would be working, making $500. If you weren't working, you would be playing cards with friends. If you weren't playing cards with friends, you would be sleeping, which would improve your quiz score at your early-morning accounting class in the morning by 3 points. The opportunity cost of studying economics is A. 3 points on the accounting quiz. B. the enjoyment of playing cards with friends. C. $500. D. a letter grade in literature. E. all of the other possible activities listed.
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Points Earned: 1/1 Your Response: D 5. Because of scarcity, every economic decision involves A. a trade-off. B. a free good. C. a trade-in. D. an increasing cost. Points Earned: 1/1 Your Response: A 6. The basic task that economists expect the market to resolve is A. the desire for meaning. B. the problem of scarcity. C. the fear of want. D. the tendency of the economy to stagnate. Points Earned: 1/1 Your Response: B 7. If you intentionally did something to make yourself worse off, you would be violating the: A. Ceteris Paribus assumption. B. time consistency assumption. C. rationality assumption. D. the normative assumption. Points Earned: 1/1 Your Response: C 8. Economics is a social science rather than a "hard" science like physics because A. economists abstract from reality in creating their theories.
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This note was uploaded on 06/18/2011 for the course ECON 101 taught by Professor Vicek during the Spring '11 term at Parkland.

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econ 102 (2009) - Quiz Chapter 18 Your response has been...

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