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Test Canvas : Self-Test Quiz - Chapter 01
Microeconom ics, 3e
Test Canvas: Self-Test Quiz - Chapter 01
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Total Questions 20
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1. Multiple Choice: Economists would most likely disagree...
Question Economists would most likely disagree with which of the following statements?
2. Multiple Choice: Macroeconomics is the branch of econo...
Question Macroeconomics is the branch of economics studying:
Answer how prices are determined.
why trade-offs exist.
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Points: 1
Points: 1
3. Multiple Choice: Economists generally agree that peopl...
Question Economists generally agree that people are most likely to change their behavior
when they:
4. Multiple Choice: Economists would most likely agree wi...
Question Economists would most likely agree with which one of the following statements?
Answer
When transactions occur voluntarily, the seller gains and the buyer loses.
Points: 1
Points: 1
5. Multiple Choice: Most individuals choose careers in wh...
Question Most individuals choose careers in which they specialize in producing only one
type of good or service, yet as consumers they have access to a wide variety of
goods and services. What principle allows for this?
6. Multiple Choice: In his book The Wealth of Nations, Ad...
Question In his book The Wealth of Nations, Adam Smith used the example of pin-making to
illustrate the advantages of:
Answer
equity.
7. Multiple Choice: An opportunity cost arises:
Question An opportunity cost arises:
Answer only when a monetary cost is incurred.
Points: 1
Points: 1
Points: 1
8. Multiple Choice: Exchanges taking place in a market sy...
Question Exchanges taking place in a market system:
9. Multiple Choice: The condition of scarcity means that:
Question The condition of scarcity means that:
Answer
when the government produces something, there is no opportunity cost.
10. Multiple Choice: The purpose of an economic system is to:
Question The purpose of an economic system is to:
Answer eliminate scarcity.
Points: 1
Points: 1
Points: 1
11. Multiple Choice: The focal point of economic inquiry is:
Question The focal point of economic inquiry is:
Answer
the stock market.
the value of the dollar.
12. Multiple Choice: An economic system is in __________ w...
Question An economic system is in __________ when no individual would be better off by
making a different choice.
Answer
chaos
decline
Points: 1
Points: 1
13. Multiple Choice: An economy is __________ if it has ex...
Question An economy is __________ if it has exploited all opportunities to benefit someone
without making anyone else worse off.
14. Multiple Choice: Economic theory asserts that people w...
Question Economic theory asserts that people will behave in ways that:
Answer
will be unfair to others.
15. Multiple Choice: An equilibrium outcome is one in which:
Question An equilibrium outcome is one in which:
Points: 1
Points: 1
Points: 1
16. Multiple Choice: Which one of the following statements...
Question Which one of the following statements is not true of a market economy?
Answer
Productive resources are scarce.
17. Multiple Choice: Market failure results when the:
Question Market failure results when the:
18. Multiple Choice: Adam Smith used the idea of the invis...
Question
Points: 1
Points: 1
Points: 1
Adam Smith used the idea of the invisible hand to refer to the ability of market
economies to:
19. Multiple Choice: After finishing high school, LeBron J...
Question After finishing high school, LeBron James decided to enter the NBA rather that
going to college to begin his studies to become a doctor. This choice between the
two careers can best be described by:
Answer
equilibrium.
scarcity.
20. Multiple Choice: If market failures exist, the market ...
Question If market failures exist, the market can become efficient when:
Points: 1
Points: 1
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