ECON 2143 exam 1 Questions AND Correct Answers
1) Which of the following best defines economics?
A) Economics teaches how to limit our wants.
B) Economics studies how to choose the best alternative when
coping with scarcity.
C) Economics helps you earn as much money as possible.
D) Economics analyzes all aspects of human behavior in
general.
E) Economics is concerned with prices and quantities of goods
and services, both at the individual level and at the industry
level. - ✔✔B
2) Which of the following BEST describes macroeconomics?
A) It analyzes the aggregate effects on the national economy
of the choices made by individuals, firms, and governments.
B) It studies the choices that individuals and businesses make
when coping with scarcity.
C) It examines how the choices that individuals affect
governments.
D) It is not a social science because its predictions cannot be
tested.
, E) Proving causation is never a problem for macroeconomics. -
✔✔A
3) Suppose that, instead of taking this test, you could either
have worked and earned income or partied and had a
pleasurable time. Your opportunity cost of taking the test is
the
A) forgone work.
B) forgone party.
C) forgone working and partying.
D) forgone working or partying, depending on which was your
next best choice.
E) test because you are taking it. - ✔✔D
4) Which of the following is an example of a positive economic
statement?
A) Voter ID laws should be strictly enforced in all states.
B) Illegal immigration is the biggest threat to national security
that we face today.
C) Medicare recipients should only be allowed to visit a doctor
for non-emergency reasons on Mondays, Wednesdays, and
Fridays.
1) Which of the following best defines economics?
A) Economics teaches how to limit our wants.
B) Economics studies how to choose the best alternative when
coping with scarcity.
C) Economics helps you earn as much money as possible.
D) Economics analyzes all aspects of human behavior in
general.
E) Economics is concerned with prices and quantities of goods
and services, both at the individual level and at the industry
level. - ✔✔B
2) Which of the following BEST describes macroeconomics?
A) It analyzes the aggregate effects on the national economy
of the choices made by individuals, firms, and governments.
B) It studies the choices that individuals and businesses make
when coping with scarcity.
C) It examines how the choices that individuals affect
governments.
D) It is not a social science because its predictions cannot be
tested.
, E) Proving causation is never a problem for macroeconomics. -
✔✔A
3) Suppose that, instead of taking this test, you could either
have worked and earned income or partied and had a
pleasurable time. Your opportunity cost of taking the test is
the
A) forgone work.
B) forgone party.
C) forgone working and partying.
D) forgone working or partying, depending on which was your
next best choice.
E) test because you are taking it. - ✔✔D
4) Which of the following is an example of a positive economic
statement?
A) Voter ID laws should be strictly enforced in all states.
B) Illegal immigration is the biggest threat to national security
that we face today.
C) Medicare recipients should only be allowed to visit a doctor
for non-emergency reasons on Mondays, Wednesdays, and
Fridays.
