Question 1

Which of the following best describes the main focus of economics compared to other social sciences?

Accepted Answer

Economics focuses on the choices people make in response to scarcity and the incentives they face.

Question 2

Which of the following is an example of a 'good' in economic terms?

Accepted Answer

A bottle of water from a vending machine

Question 3

Which of the following is NOT one of the four factors of production?

Accepted Answer

Money

Question 4

In economics, what does the term 'human capital' refer to?

Accepted Answer

The knowledge and skills that increase the productivity of labor

Question 5

Which of the following statements is a positive statement?

Accepted Answer

If the government increases the minimum wage, unemployment will rise.

Question 6

Suppose you have the following alternatives for your Saturday night: Study ($$50 value), Go to a concert (100 $$value), Watch a movie ($$30 value), or Work a part-time job (80 $$value). If you choose to go to the concert, what is your opportunity cost?

Accepted Answer

$80

Question 7

Which of the following best illustrates the economic definition of efficiency?

Accepted Answer

A situation where it is not possible to make someone better off without making someone else worse off

Question 8

Which of the following is an example of a marginal decision?

Accepted Answer

Choosing to eat one more slice of pizza

Question 9

Which of the following is a normative statement?

Accepted Answer

The government ought to reduce taxes to help the poor.

Question 10

A new tax on cigarettes is imposed to reduce teen smoking rates. This is an example of:

Accepted Answer

Changing incentives to influence behavior

Question 11

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

Accepted Answer

Microeconomics focuses on individual people and businesses, while macroeconomics focuses on national and global economies.

Question 12

Which of the following is an example of acting out of self-interest but not selfishness?

Accepted Answer

Donating money to charity because it makes you feel good

Question 13

Which of the following is NOT a reward for one of the four factors of production?

Accepted Answer

Dividends for entrepreneurship

Question 14

Suppose a new technology allows workers to produce twice as many cars per hour. In economic terms, this increase is best described as:

Accepted Answer

An increase in human capital

Question 15

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

Accepted Answer

The highest-valued alternative that must be given up to get something

Question 16

A government wants to encourage more people to use public transportation. Which of the following is the most effective economic approach?

Accepted Answer

Change the incentives by lowering bus fares or increasing gas taxes

Question 17

Which of the following is an example of a service?

Accepted Answer

A massage at a spa

Question 18

Which of the following is a real-world example of a tradeoff?

Accepted Answer

Choosing to spend your evening studying instead of going to a party

Question 19

Which of the following is NOT a key idea in how economists view human decisions?

Accepted Answer

People always act selfishly

Question 20

Suppose a university increases the price of parking permits. According to economic theory, what is the most likely result?

Accepted Answer

Fewer students will buy parking permits

Principles of Macroeconomics: Foundations and Core Concepts

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