ECON 1580: Introduction to Economics-
Questions & Detailed Verified and 100%
Accurate Solutions
According to the textbook, economics is a:
a. social science
Ch # 1
A/an _______ does not pose the problem of scarcity; one use of the good is not an
alternative to another use.
a. free good
Ch # 1
Water is considered a scarce good rather than a free good because:
a. it has alternative uses.
Ch # 1
The Case in Point on the oil extraction suggests that one reason oil may become more costly
is that:
a. we will have to give up more and more valuable alternatives to extract oil.
Ch # 1
,The opportunity cost of something is:
d. what is given up to acquire it.
Ch # 1
The BEST example of making a choice at the margin is:
c. a coffee drinker drinking another cup of coffee.
Ch # 1
The study of a single firm and how it determines prices would fall under:
b. microeconomics.
Ch # 1
Each of the following statements about the use of models in the study of economics is true
EXCEPT:
a. models fit the observed facts exactly.
Ch # 1
Suppose you observe that the sun sets every evening after the six o'clock business report. If
you conclude that the six o'clock business report makes the sun set, you are guilty of the
fallacy of:
,c. false cause.
Ch # 1
An example of a normative statement is:
d. Everyone in the country needs to be covered by national health insurance.
Ch # 1
Resources from nature that can be used to to produce other goods and services are called:
b. natural resources.
Ch # 2
Increasing the level of education in the United States will:
d. lead to workers possessing greater human capital.
Ch # 2
A person who seeks to earn profits by finding ways to organize factors of production is
called a/an:
c. entrepreneur
Ch # 2
, When moving along a production possibilities curve, the opportunity cost to society of
getting more of the good on the horizontal axis:
c. is measured by the amount of the other good that must be given up.
Ch # 2
Efficient production implies that it is:
c. not possible to produce more of one good without producing less of another good.
Ch # 2
In market capitalism:
a. factors of production are privately owned and decisions are made privately.
Ch # 2
Government's role of taxing some citizens and transferring income to others is considered:
c. redistributing income
Ch # 2
Technology is:
a. knowledge that can be applied to the production of goods and services.
Ch # 2
Questions & Detailed Verified and 100%
Accurate Solutions
According to the textbook, economics is a:
a. social science
Ch # 1
A/an _______ does not pose the problem of scarcity; one use of the good is not an
alternative to another use.
a. free good
Ch # 1
Water is considered a scarce good rather than a free good because:
a. it has alternative uses.
Ch # 1
The Case in Point on the oil extraction suggests that one reason oil may become more costly
is that:
a. we will have to give up more and more valuable alternatives to extract oil.
Ch # 1
,The opportunity cost of something is:
d. what is given up to acquire it.
Ch # 1
The BEST example of making a choice at the margin is:
c. a coffee drinker drinking another cup of coffee.
Ch # 1
The study of a single firm and how it determines prices would fall under:
b. microeconomics.
Ch # 1
Each of the following statements about the use of models in the study of economics is true
EXCEPT:
a. models fit the observed facts exactly.
Ch # 1
Suppose you observe that the sun sets every evening after the six o'clock business report. If
you conclude that the six o'clock business report makes the sun set, you are guilty of the
fallacy of:
,c. false cause.
Ch # 1
An example of a normative statement is:
d. Everyone in the country needs to be covered by national health insurance.
Ch # 1
Resources from nature that can be used to to produce other goods and services are called:
b. natural resources.
Ch # 2
Increasing the level of education in the United States will:
d. lead to workers possessing greater human capital.
Ch # 2
A person who seeks to earn profits by finding ways to organize factors of production is
called a/an:
c. entrepreneur
Ch # 2
, When moving along a production possibilities curve, the opportunity cost to society of
getting more of the good on the horizontal axis:
c. is measured by the amount of the other good that must be given up.
Ch # 2
Efficient production implies that it is:
c. not possible to produce more of one good without producing less of another good.
Ch # 2
In market capitalism:
a. factors of production are privately owned and decisions are made privately.
Ch # 2
Government's role of taxing some citizens and transferring income to others is considered:
c. redistributing income
Ch # 2
Technology is:
a. knowledge that can be applied to the production of goods and services.
Ch # 2
