Fedak Microeconomics Quiz 1

Front 1

Suppose you observe that the sun sets every evening after the six o'clock business report. If you concluse that the six o'clock business reports makes the sun set, you are guily of the fallacy of:

a.) division
b.) composition
c.) false cause
d.) social science
e.) cavalier comparison

Back 1

c.) false cause

Front 2

Inefficient productions exists when the economy is ____________ the production possibilities curve.

a.) operating inside
b.) operating on
c.) operating outside
d.) moving along
e.) moving beyond

Back 2

a.) operating inside

Front 3

If a production possibilities curve were bowed in or convex to the origin of a graph, it would demonstrate:
a.) increasing costs
b.) decreasing costs
c.) constant costs
d.) fluctuating costs
e.) zero costs

Back 3

b.) decreasing costs

Front 4

Normative economics is based on:

a.) The determiniation of "what is"
b.) positive statements
c.) untestable assertions
d.) economic principles
e.) objective facts

Back 4

c.) untestable assertions

Front 5

The principle stating that, for virtually all goods and services, there is a negative relationship between price and quantity demanded, ceterus parabus, is the "Law of":

a.) scarcity
b.) increasing costs
c.) variable proportions
d.) supply
e.) demand

Back 5

e.) demand

**missed on quiz 1

Front 6

The difference between iron ore depositis and the stell produced from these deposits that is later used to make factory equipment illustrates the difference between:

a.) labor and natural resources
b.) labor and capital
c.) natural resources and capital
d.) natural resources and entrepreneurship
e.) labor and entrepreneurship

Back 6

c.) natural resources and capital

Front 7

Macroeconomics s most likely to be concerned with:

a.) amount of unemployment in a specific industry.
b.) economic behavior of a particular household
c.) economic behavior of specific parts of the economy
d.) "Forest" of economic behaviro, rather than the indiviual "trees"
e.) "trees" of economic behavior rather than the entire "forest"

Back 7

d.) "Forest" of economic behaviro, rather than the indiviual "trees"

**missed on quiz 1

Front 8

Economics is different from other social sciences because it's primarily concerned with the study of ________; it is similar to other social sciences because they are all concerned with the study of __________;

a.) unlimited resources; economic systems
b.) human interactions; limited resources
c.) social behavior; scarcity
d.) scarcity; human interactions
e.) people; unlimited resources

Back 8

d.) scarcity; human interactions

**missed on quiz 1

Front 9

The relationship between 2 variables that move in opposite directions is said to be:

a.) independent
b.) neutral
c.) positive
d.) direct
e.) negative

Back 9

e.) negative

**missed on quiz 1