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Econ 1 Quiz 1 Practice

发布时间：2022-10-20

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Econ 1 Quiz 1 Practice

True/False

Indicate whether the statement is true or false.

1. A country has a comparative advantage if it has the ability to produce a good at a lower opportunity cost than another country.

____ 2. Economists often find it worthwhile to make assumptions that do not necessarily describe the real world.

____ 4. If an economy can produce more of one good without giving up any of another good, then the economy’s current production point is inefficient.

____ 5. Supply and demand together determine the price and quantity of a good sold in a market.

Multiple Choice

Identify the choice that best completes the statement or answers the question.

Table 3-4

Assume that the farmer and the rancher can switch between producing meat and producing potatoes at a constant rate.

	Labor Hours Needed to Make 1 Pound of		Pounds Produced in 24 Hours
	Meat	Potatoes	Meat	Potatoes
Farmer	8	2	3	12
Rancher	3	6	8	4

____ 1. Refer to Table 3-4. The farmer has a comparative advantage in the production of

a.	meat.
b.	potatoes.
c.	both goods.
d.	neither good.

____ 2. Refer to Table 3-4. The farmer should specialize in the production of

a.	meat and the rancher should specialize in the production of potatoes.
b.	potatoes and the rancher should specialize in the production of meat.
c.	both goods and the rancher should specialize in the production of neither good.
d.	neither good and the rancher should specialize in the production of both goods.

____ 3. Economists generally support

a.	trade restrictions.
b.	government management of trade.
c.	export subsidies.
d.	free international trade.

____ 4. A group of buyers and sellers of a particular good or service is called a(n)

a.	coalition.
b.	economy.
c.	market.
d.	competition.

____ 5. Which two groups of decision makers are included in the simple circular-flow diagram?

a.	markets and government
b.	households and government
c.	firms and government
d.	households and firms

____ 6. A decrease in quantity supplied

a.	results in a movement downward and to the left along a fixed supply curve.
b.	results in a movement upward and to the right along a fixed supply curve.
c.	shifts the supply curve to the left.
d.	shifts the supply curve to the right.

____ 7. An increase in the price of oranges would lead to

a.	an increased supply of oranges.
b.	a reduction in the prices of inputs used in orange production.
c.	an increased demand for oranges.
d.	a movement up and to the right along the supply curve for oranges.

Figure 6-6

____ 8. Refer to Figure 6-6. If the market price is $6, then there will be

a.	no surplus.
b.	a surplus of 20 units.
c.	a surplus of 30 units.
d.	a surplus of 40 units.

____

Table 4-4

Price	Firm A’s Quantity Supplied	Firm B’s Quantity Supplied	Firm C’s Quantity Supplied	Firm D’s Quantity Supplied
$0	10	0	0	0
$2	8	3	4	5
$4	6	6	8	10
$6	4	9	12	15
$8	2	12	8	20
$10	0	15	4	25

____ Refer to Table 4-4. If these are the only four sellers in the market, then when the price increases from $6 to $8, the market quantity supplied

a.	increases by 0.5 units.
b.	increases by 2 units.
c.	decreases by 4 units.
d.	increases by 42 units.

____ 10. If macaroni and cheese is an inferior good, then an increase in

a.	the price will cause the demand curve for macaroni and cheese to shift to the left.
b.	the price will cause the demand curve for macaroni and cheese to shift to the right.
c.	a consumer’s income will cause the demand curve for macaroni and cheese to shift to the left.
d.	a consumer’s income will cause the demand curve for macaroni and cheese to shift to the right.

____ 11. On a bowed production possibilities frontier, as you move down along the curve

a.	more of one good must be given up to receive one unit of the other good.
b.	the available production technology does not change.
c.	the opportunity cost increases.
d.	All of the above are correct.

____ 12.

Figure 7-12

____ Refer to Figure 7-12. When the price rises from P1 to P2, the quantity

a.	supplied rises from Q1 to Q2
b.	supplied drops from Q2 to Q1
c.	supplied does not change
d.	none of the above

____ 13. Which of the following is not a characteristic of a perfectly competitive market?

a.	Sellers set the price of the product.
b.	There are many sellers.
c.	Buyers must accept the price the market determines.
d.	All of the above are characteristics of a perfectly competitive market.

Table 5-3

The following table shows the demand schedule for a particular good.

Price	Quantity
$15	0
$12	5
$9	10
$6	15
$3	20
$0	25

____ 14.

Figure 2-7

____ Refer to Figure 2-7. Point K represents an outcome in which

a.	production is inefficient.
b.	some of the economy’s resources are unemployed.
c.	the economy is using all of its resources to produce hammers.
d.	the economy is using all of its nails to produce hammers.

Table 4-6

	An Increase in Supply	A Decrease in Supply
An Increase in Demand	A	B
A Decrease in Demand	C	D

____ 15. Refer to Table 4-6. Which combination would produce a decrease in equilibrium quantity and an indeterminate change in equilibrium price?

a.	A
b.	B
c.	C
d.	D