ECON 210 MICROECONOMICS

MODULE 1 - GRADED QUIZ_ CHAPTERS 1 & 2_ ECON 210 MICROECONOMICS Due Oct 20 at 11:59pm Points 100 Questions 25 Time Limit 60 Minutes Allowed Attempts 2 Instructions Graded Quiz Before the end of the module week, take the module quiz. The purpose of the quiz is to assess your mastery of the knowledge and skills presented in your assigned textbook readings. To prepare for the graded quiz, take the Module 1 - Practice Quiz: Chapters 1 & 2. Time Limit: The quiz contains 25 multiple choice questions, and you have 60 minutes to complete it. At the end of the time limit, the quiz will close and be automatically submitted for grading. You will get a notification pop-up approximately 10 seconds before time expires. If you leave the quiz for any reason, the timer will continue, and the quiz will automatically submit when the time is up. If you lose your Internet connection, you may reconnect and return to the quiz where you left off as long as time has not expired. If you encounter technical difficulties, please contact your instructor. Grading: Your quiz will be automatically graded so you will see scores right away. You will not be able to see your answers. Attempts: You may take the quiz twice, and the highest score becomes your final score. Attempt History Attempt Time Score KEPT Attempt 2 60 minutes 92 out of 100 LATEST Attempt 2 60 minutes 92 out of 100 Attempt 1 56 minutes 92 out of 100  Correct answers are hidden. Score for this attempt: 92 out of 100 Submitted Oct 20 at 7:32pm This attempt took 60 minutes. Question 1 4 / 4 pts Which of the following is an example of a positive economic statement? If you drop a ball from the top of a building, it will fall to the ground. The U.S. public should devote more resources to education. The poor should pay lower taxes and the rich should pay higher taxes. Soap operas should be taken off television. Question 2 4 / 4 pts Which of the following statements is false? Microeconomics is the branch of economics that deals with human behavior and choices as they relate to relatively small units-an individual, a firm, an industry, and a single market. Normative economics addresses what should be. Positive economics attempts to determine what is. Positive and normative economics both address what should be. Macroeconomics is the branch of economics that deals with human behavior and choices as they relate to highly aggregate markets. Question 3 4 / 4 pts How is scarcity related to competition? Scarcity is an effect of competition. Competition is an effect of scarcity. Scarcity produces disutility and competition produces utility. Both scarcity and competition are effects of a rationing device. Both scarcity and competition are effects of opportunity cost. Question 4 4 / 4 pts Which of the following is a normative macroeconomics statement? The increase in the nation's money supply helped push the nation's unemployment rate down in the short run. The local government ought to spend more on recreational facilities. The central bank should increase the nation's money supply. Ford Motor Company's new advertising campaign ended up hurting General Motors' sales. Question 5 4 / 4 pts Opportunity cost is the alternative forfeited when a choice is made. most recently considered least-valued most highly-valued most convenient Question 6 4 / 4 pts A three-word synonym for the term ceteris paribus is "it is proved." "in my opinion." "under this assumption." "nothing else changes." Question 7 4 / 4 pts Entrepreneurship is accumulated technical knowledge in using labor and capital. knowledge of the particular natural resources to be found in a given area. the talent for organizing the use of land, labor and capital, among other things. skill in influencing government regulators and legislators. Question 8 4 / 4 pts The need to make choices is most closely related to the economic concept of utility. disutility. efficiency. opportunity cost. inefficiency. Question 9 4 / 4 pts What is the most prominent rationing device you will likely find at your campus bookstore? Dollar price None of these options Anti-theft tags on the high-priced items Brute force Question 10 4 / 4 pts Many people buy one newspaper per day, but rarely do they buy two of the same newspapers on the same day. What is the economic justification for this behavior? The marginal benefit of purchasing the second newspaper equals the marginal cost of purchasing that paper. None of these options are an appropriate economic justification for this behavior. The marginal benefit of purchasing the second newspaper exceeds the marginal cost of purchasing that paper. The marginal cost of purchasing the second newspaper exceeds the marginal benefit of purchasing that paper. Question 11 4 / 4 pts A mandatory seatbelt law ends up raising the number of traffic fatalities if it lowers fatalities per accident from 0.10 to 0.07 while raising the number of accidents per period from 35,000 to any more than 38,500. 37,450. 35,000. 50,000. Question 12 4 / 4 pts Most states have instituted mandatory seatbelt laws to reduce traffic fatalities. An economist may point out that an unintended effect of these laws is a decrease in driving speed, further reducing fatalities. an increase in driving speed, reducing the number of accidents. an increase in the price of automobiles, further reducing fatalities. an increase in risky driving behavior, increasing fatalities. Person A Good X Good Y 200 0 150 50 100 100 50 150 0 200 Person B Good X Good Y 0 160 40 120 80 80 120 40 160 0 in the production of . neither good X nor good Y; neither good X nor good Y both good X and good Y; neither good X nor good Y neither good X nor good Y; both good X and good Y X; Y Y; X Question 14 4 / 4 pts Refer to Exhibit 2-6. Which graph depicts society's choice to produce more of good X and less of good Y? 2 3 1 None of the choices are correct. 4 Strategy Score in Economics Score in Statistics 1 93 81 2 77 92 Question 16 4 / 4 pts If there is an increase in the amount of good B foregone as every additional unit of good A is produced, the PPF between goods A and B would be a bowed-inward curve. not exist. be a straight line. be a bowed-outward curve. Question 17 4 / 4 pts Refer to Exhibit 2-6. Which graph depicts the result of a decrease in the unemployment rate? None of the choices are correct. 2 4 3 1 Question 18 4 / 4 pts Refer to Exhibit 2-1. Scarcity exists neither at point C nor at point A. at point C but not at point A. at both point C and at point A. at point A but not at point C. Question 19 4 / 4 pts Points inside (below) the production possibilities frontier (PPF) are attainable and productive inefficient. preferable to points that lie on the PPF. unattainable attainable and productive efficient. Question 20 4 / 4 pts Refer to Exhibit 2-1. A movement from point B to point D is necessarily a movement from a productive inefficient point to another productive inefficient point? is necessarily a movement from a productive efficient point to a productive inefficient point? could only happen through economic growth. is a movement from a productive efficient point to another productive efficient point? Strategy Score in Economics Score in Statistics 1 93 81 2 77 92 Question 22 4 / 4 pts Refer to Exhibit 1-1. The efficient length of time for the student to study in the situation portrayed in this diagram is 4 6 There is not enough information provided to answer the question. 2 8 Incorrect usefulness. Point X Y A 5 18 B 12 16 C 18 14 D 30 12 Quiz Score: 92 out of 100