Question 1

Which of the following best describes the first principle of economics?

Accepted Answer

People try to optimize; they attempt to choose the best available option.

Question 2

An economic system is said to be in equilibrium when:

Accepted Answer

No individual can benefit by changing their own behavior.

Question 3

Which principle of economics involves using data to test theories and determine causality?

Accepted Answer

Empiricism

Question 4

Suppose a government is deciding between building a new hospital or investing in electric buses. What economic concept is most relevant to this decision?

Accepted Answer

Budget constraint

Question 5

If a student chooses to travel for a year before attending university, what is the opportunity cost of this decision?

Accepted Answer

The income and experience they would have gained by attending university immediately

Question 6

Which of the following is an example of a trade-off?

Accepted Answer

Choosing to spend more on healthcare means less can be spent on education.

Question 7

A budget constraint can be mathematically represented as:

Accepted Answer

$$  P_x x + P_y y \leq I  $$

Question 8

Which of the following statements about equilibrium is correct?

Accepted Answer

Equilibrium is a situation where no agent has an incentive to change their behavior.

Question 9

The free rider problem is most likely to occur in which scenario?

Accepted Answer

A group project where some members do not contribute but still benefit from the grade

Question 10

Which of the following best illustrates the concept of opportunity cost as described by Dwight D. Eisenhower?

Accepted Answer

Building a bomber means forgoing the construction of schools, hospitals, and roads.

Question 11

Which of the following is a positive economic statement?

Accepted Answer

Some people took more than one piece of candy and not everyone got a piece.

Question 12

Microeconomics is primarily concerned with:

Accepted Answer

The incentives and choices facing individuals, firms, and governments.

Question 13

Which of the following is NOT a feature of empiricism in economics?

Accepted Answer

Determining causality from correlation alone

Question 14

If a country must choose between spending on green development or healthcare, what concept does this illustrate?

Accepted Answer

Scarcity and trade-offs

Question 15

Which equation best represents the opportunity cost of choosing option A over option B?

Accepted Answer

$$ Opportunity\ Cost = Value\ of\ Best\ Alternative\ Forgone $$

Question 16

Which of the following is an example of a negative externality in equilibrium?

Accepted Answer

Too much pollution in a city due to industrial activity.

Question 17

Why is economics sometimes called the 'Dismal Science'?

Accepted Answer

Because it deals with the allocation of scarce resources, often leading to difficult choices and trade-offs.

Question 18

Which of the following is a normative economic statement?

Accepted Answer

Each student should just take one piece so that everyone gets a piece.

Question 19

If driving 3 miles saves you $$10 on a 20 $$book, but also saves $$10 on a 1$$,000 computer, which concept helps explain why people are more likely to drive for the book than the computer?

Accepted Answer

Relative savings and perceived value

Question 20

Which of the following best describes the scope of economics?

Accepted Answer

Economics studies how agents make choices among scarce resources and how those choices affect society.

Principles and Scope of Economics: Foundations for Microeconomics

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