Econ 101 » Spring 2020 » Econ 101 Quiz 1
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Question #1
The circular flow diagram demonstrates
A.
a direct relationship between groups in an economy.
B.
mathematical equations.
C.
a trade-off that scarcity imposes.
Question #2
What is one way to express economic theory?
A.
macroeconomic data
B.
mathematical equations
C.
data analysis
Question #3
What combination of model characteristics are frequently used it the most effective models?
A.
Linear and inverse.
B.
Useful and simple.
C.
Graphical and can be expressed as a mathematical function.
Question #4
The ability of a model to predict outcomes (accurately) is an indicator that,,
A.
the theory behind the model needs to be refined.
B.
the model is valuable
C.
the assumptions of the model are generally accurate.
Question #5
If a data line on a graph has a slope of zero it means there
A.
is no relationship between x and y.
B.
is a constant relationship between x and y.
C.
are two variables that are negatively related.
Question #6
In the case of a positive relationship between two variables, all else remaining constant:,,
A.
the values of the two variables will move in the same direction.
B.
graphically, the data line representing the relationship between the variables has a positive slope.
C.
the value of the two variables will move in opposite directions from each other.
Question #7
From the graph above, one could conclude that, all else remaining constant
A.
the relationship between X and Y is direct.
B.
the relationship between X and Y is indirect.
C.
there is a trade-off between X and Y.
Question #8
If a data line on a graph slopes upward as it goes to the right, it is depicting that
A.
as the value of one variable falls, the value of the other rises (all else constant).
B.
the relationship between the variables on the axes is inverse.
C.
the relationship between the variables on the axes is direct.
Question #9
In order to calculate an economic equation to understand its economic implications, what must one remember to do?
A.
Multiple and divide from right to left.
B.
Start with the last variable of the equation.
C.
Follow the correct order of operations.
Question #10
If an economist is trying to predict the outcome from particular causes and effects, what is the best tool(s) for her to use in order to test out her economic model?
A.
mathematical functions
B.
dialectic dialogue
C.
environmental absolutes
Question #11
Lynne sat down to calculate the economic equation, y=12+7x18, for her economics course. What should she remember to do in order to find Y?
A.
Start with the first variable of the equation.
B.
Follow the correct order of operations.
C.
Multiple and divide from right to left.
Question #12
Functions are often described as cause and effect in economics. In an economics function, if the variable is on the right-hand side and is doing the explaining, it represents a(n)________?
A.
cause
B.
effect
C.
result
Question #13
As life would have it, we all come to forks in our paths when we need to make a choice, knowing that…
A.
the impacts of our choices can always be quantified in dollars.
B.
the correct choice depends upon how much we need to give up.
C.
the opportunity cost of one’s decision should be maximized.
Question #14
As life would have it, we all come to forks in our paths when we need to make a choice, knowing that…
A.
the correct choice depends upon the opportunity cost of a choice.
B.
the opportunity cost of one’s decision should be maximized.
C.
the impacts of our choices can always be quantified in dollars.
Question #15
What will we never do in a world of scarcity?
A.
Meet all of society’s wants.
B.
Use all economic resources such that we satisfy the maximum amount of wants.
C.
Satisfy all basic human needs.
Question #16
What is NOT included in economic capital?
A.
tools
B.
buildings & equipment
C.
money
Question #17
Society gains advantages through trade because of its ability to,,
A.
refine tasks associated with production.
B.
attain absolute advantage in our trade with other nations.
C.
specialize resources to the uses where opportunity cost is minimized.
Question #18
Because of our limited money, time, and effort, we are best off when we allocate those things…
A.
by constantly assessing the opportunity costs of our choices
B.
by choosing what society as a whole would want.
C.
with the objective of maximizing opportunity costs.
Question #19
In a world of scarcity, we will never…
A.
satisfy all basic human needs.
B.
meet all of society’s wants.
C.
use all economic resources such that we satisfy the maximum amount of wants.
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