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 obtain something.

Question 2

A rational choice, according to microeconomics, is made by:

Accepted Answer

Comparing the benefits and costs to achieve the greatest benefit over cost for the person making the choice.

Question 3

Which of the following is NOT a factor of production?

Accepted Answer

Money

Question 4

In the context of economic graphs, what does a positive (direct) relationship between two variables look like?

Accepted Answer

A line that slopes upward.

Question 5

Suppose you are deciding how many hours to study for an exam versus how many hours to work at your part-time job. The decision to allocate your next hour is an example of:

Accepted Answer

A marginal choice.

Question 6

Which statement is an example of a positive statement?

Accepted Answer

"Increasing the minimum wage will lead to higher unemployment among teenagers."

Question 7

If the slope of a line on a graph is calculated as $$\Delta y / \Delta x$$, what does a negative slope indicate?

Accepted Answer

The variables move in opposite directions.

Question 8

Which of the following best illustrates the fallacy of composition?

Accepted Answer

Assuming that what is true for the individual is also true for the whole group.

Question 9

A scatter diagram is used in economics to:

Accepted Answer

Show the relationship between two variables for multiple observations.

Question 10

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

Accepted Answer

The additional gain from spending one more hour studying.

Question 11

If a government wants to reduce carbon emissions, which economic principle could it use to change people's behavior?

Accepted Answer

Increase incentives for low-carbon choices by raising the marginal cost of high-carbon activities.

Question 12

Which of the following is a normative statement?

Accepted Answer

"The government should provide free healthcare to all citizens."

Question 13

In the context of the production of goods and services, which factor of production earns interest?

Accepted Answer

Capital

Question 14

When plotting the relationship between price and quantity of ice cream consumed while holding temperature constant, economists are using:

Accepted Answer

Ceteris paribus.

Question 15

Which of the following best describes the role of economic models?

Accepted Answer

They describe some aspect of the economic world, including only features needed for the purpose at hand.

Question 16

Suppose the average price of movie tickets increases from $$8.50 to 9.00$$, and the quantity sold decreases from 1.5 billion to 1.2 billion. What is the slope of the line connecting these two points?

Accepted Answer

$$\frac{1.2 - 1.5}{9.00 - 8.50} = \frac{-0.3}{0.5} = -0.6$$

Question 17

Which of the following scenarios best illustrates a tradeoff?

Accepted Answer

Choosing to spend Saturday night studying instead of going out with friends.

Question 18

Which of the following is an example of a relationship that has a maximum or minimum?

Accepted Answer

The relationship between the number of hours worked and productivity, which increases up to a point and then decreases.

Question 19

Which of the following is a plausible flaw in reasoning when interpreting economic data?

Accepted Answer

Assuming that because event A happened before event B, A caused B (post hoc, ergo propter hoc).

Question 20

If a scatter diagram shows no clear pattern between two variables, what can be concluded?

Accepted Answer

The variables are unrelated.

Chapter 1: What Is Economics? & Appendix: Graphs in Economics – Study Notes

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