Question 1

Which of the following best describes the concept of opportunity cost?

Accepted Answer

The highest valued alternative that must be given up to engage in an activity.

Question 2

Suppose a government increases the carbon tax on gasoline. According to economic theory, what is the most likely outcome?

Accepted Answer

People will drive less because the higher price creates an incentive to reduce gasoline consumption.

Question 3

Which of the following is NOT one of the three fundamental economic questions?

Accepted Answer

How much profit will each firm earn?

Question 4

A country decides to produce more military equipment, resulting in fewer resources available for healthcare. This scenario best illustrates which economic concept?

Accepted Answer

Trade-off

Question 5

If the marginal benefit (MB) of taking a fifth university course equals the marginal cost (MC), what should a rational student do according to economic theory?

Accepted Answer

Take the fifth course, since MB = MC is the optimal decision point.

Question 6

Which of the following statements about centrally planned economies is correct?

Accepted Answer

The government decides how economic resources are allocated.

Question 7

A market economy is characterized by which of the following features?

Accepted Answer

Private ownership and decision-making shared by everyone.

Question 8

Which of the following best defines productive efficiency?

Accepted Answer

Goods and services are produced at the lowest possible cost.

Question 9

Suppose the price of coffee in Canada rises due to heavy rain in Colombia. What economic principle does this scenario illustrate?

Accepted Answer

Global events can impact local prices due to interconnected markets.

Question 10

Which of the following is an example of allocative efficiency?

Accepted Answer

A firm produces up to the point where the marginal benefit equals the marginal cost.

Question 11

If a government increases taxes on the wealthy to fund social programs, which economic concept is being emphasized?

Accepted Answer

Equity

Question 12

Which of the following best describes a mixed economy?

Accepted Answer

An economy that combines elements of both market and centrally planned systems.

Question 13

A student is deciding whether to attend an 8 am class or sleep in. The opportunity cost of attending the class is:

Accepted Answer

The value of sleeping in, which is the next best alternative.

Question 14

Which of the following is a positive economic statement?

Accepted Answer

Raising the minimum wage will increase unemployment among teenagers.

Question 15

If the demand curve for a good shifts to the right, which of the following is the most likely cause?

Accepted Answer

An increase in consumer income for a normal good.

Question 16

Which formula correctly calculates the percentage change in GDP from 2009 to 2010?

Accepted Answer

$$ \frac{	ext{GDP}_{2010} - 	ext{GDP}_{2009}}{	ext{GDP}_{2009}} 	imes 100 $$

Question 17

Which of the following best describes the difference between microeconomics and macroeconomics?

Accepted Answer

Microeconomics analyzes individual behavior and markets, while macroeconomics studies the economy as a whole.

Question 18

A firm is deciding whether to use more workers or more machines to produce its goods. This decision is most closely related to which fundamental economic question?

Accepted Answer

How will the goods be produced?

Question 19

Which of the following is an example of voluntary exchange?

Accepted Answer

A buyer and seller agree to trade coffee for money, and both are better off after the exchange.

Question 20

Suppose a country wants to achieve both productive and allocative efficiency. Which of the following must be true?

Accepted Answer

Goods are produced at the lowest cost, and the last unit provides a marginal benefit equal to marginal cost.

Microeconomics Foundations: Scarcity, Choice, and Economic Models

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