Mircoeconomics 2302 – Assessment: Lesson 2 Quiz

Assessment: Lesson 2 Quiz

Question 1 (6063065): _________ production involves the human resource called Labor.

Type: Multiple Choice
Points awarded: 1.00 / 1.00

Correct answer(s):  Most
Some
All
None of the above
________________________________________
Question 2 (6063082): Thomas Malthus predicted that economic activity would evolve in cycles of ___________________ .

Type: Multiple Choice
Points awarded: 1.00 / 1.00

Correct answer(s):  inflation and deflation
misery and catastrophe
global warming and ice ages
natural sunspots
________________________________________
Question 3 (6063109):
What is the opportunity cost of moving from B back to A ?
Type: Multiple Choice
Points awarded: 1.00 / 1.00

Correct answer(s):  2 units of clothing
4 units of clothing
9 computers
6 computers
________________________________________
Question 4 (6063107):
What is the benefit of moving from B to C ?

Type: Multiple Choice

Correct answer(s):  3 units of clothing
9 units of clothing
2 computers
4 computers
________________________________________
Question 5 (6063070): The ability of people to conceive an idea (innovate), bring together resources, and take the risk when starting a business are all part of ________________ .

Type: Multiple Choice
Points awarded: 1.00 / 1.00

Correct answer(s):  Consumption
Investment
Entrepreneurship
None of the above
________________________________________
Question 6 (6063077): In the Wealth of Nations, the distribution of income and wealth was explained by the concept of ______________________.

Type: Multiple Choice
Points awarded: 1.00 / 1.00

Correct answer(s):  war and imperialism
accumulating gold and silver
productivity (output per worker)
the money multiplier
________________________________________
Question 7 (6063106):
In the graph above, the point  D  represents values resulting in ____________.
Type: Multiple Choice
Points awarded: 1.00 / 1.00

Correct answer(s):  inflation
efficiency
unemployment
growth
________________________________________
Question 8 (6063103): A shift in a PPC/PPF to the right (or outward) illustrates Growth which may be generated by __________________ (better utilizing existing resources) or by acquiring more resources over time.

Type: Multiple Choice
Points awarded: 1.00 / 1.00

Correct answer(s):  working overtime
increasing imports
improved Technology
using first (or low) gear
________________________________________
Question 9 (6063085): ____________ argued that capitalism would lead to socialism and then to communism as armies of unemployed workers would force economic change.

e: Multiple Choice
Points awarded: 1.00 / 1.00

Correct answer(s):  Thomas Malthus
Robert Owen
Karl Marx
David Ricardo
________________________________________
Question 10 (6063099): ______________ is when a resource is not fully utilized, such as your when your Economics professor has to sweep the streets as a primary job.
Type: Multiple Choice
Points awarded: 1.00 / 1.00

Correct answer(s):  Under-employment
Unemployment
Inflation
Economic Efficiency
________________________________________
Question 11 (6063090): In America during the early 1900’s Labor Unoins became an economic force as the role of workers became fundamental for economic ___________.
Type: Multiple Choice
Points awarded: 1.00 / 1.00

Correct answer(s):  growth
inflation
recession
deflation
________________________________________
Question 12 (6063057): __________ efficiency is gaining the most output to maximize consumer utility with a given amount of input.
Type: Multiple Choice
Points awarded: 0.00 / 1.00

Correct answer(s):  Productive
Industrial
Economic
Human
________________________________________
Question 13 (6063062): The Standard of Living of a nation is determined by the __________ available and how they are used.
Type: Multiple Choice
Points awarded: 1.00 / 1.00

Correct answer(s):  quarks or quirks
only quirks, not quarks
resources or factors
only quarks, not quirks
________________________________________
Question 14 (6063093): _____________ of concepts is one important means of understanding Economics.
Type: Multiple Choice
Points awarded: 1.00 / 1.00

Correct answer(s):  Digitizing
Nono-engineering
Visualization
Mastication
________________________________________
Question 15 (6063075): The evolution toward the ________________ system occurred in a gradual process as societies adapted to new technologies and the need for skilled labor.
ype: Multiple Choice
Points awarded: 1.00 / 1.00

Correct answer(s):  Market
Utopian
Fantasy
Euro-centric

SET-II
Question 1 (6063067): The ability of people to produce is determined by their ____________________ .
Type: Multiple Choice
Points awarded: 1.00 / 1.00

Correct answer(s):  skill
knowledge
training
All the above
________________________________________
Question 2 (6063059): ___________  efficiency is gaining the most output with a given amount of input, but not relating output to consumer utility.
Type: Multiple Choice
Points awarded: 0.00 / 1.00

Correct answer(s):  Economic
Productive
Industrial
Human
________________________________________
Question 3 (6063092): Workers formed unions and eventually these were recognized as a legal entity having the right of _________________ .
Type: Multiple Choice
Points awarded: 1.00 / 1.00

Correct answer(s):  habeus corpus
collective bargaining
a fair trial
multiple votes
________________________________________
Question 4 (6063087): ___________ economics led to the creation of the communist state in Russia.

Type: Multiple Choice
Points awarded: 1.00 / 1.00

Correct answer(s):  Smithian
Owenian
Oprah
Marxist
________________________________________
Question 5 (6063077): In the Wealth of Nations, the distribution of income and wealth was explained by the concept of ______________________.

Type: Multiple Choice
Points awarded: 1.00 / 1.00

Correct answer(s):  war and imperialism
accumulating gold and silver
productivity (output per worker)
the money multiplier
________________________________________
Question 6 (6063101): A shift in a PPC/PPF to the______________ illustrates Growth which may be generated by better utilizing existing resources (improved Technology) or by acquiring more resources over time.

Type: Multiple Choice
Points awarded: 1.00 / 1.00

Correct answer(s):  left (or inward)
right( or outward)
first (or low) gear
none of the above
________________________________________
Question 7 (6063110):
What is the benefit of moving from B back to A ?
Type: Multiple Choice
Points awarded: 1.00 / 1.00

Correct answer(s):  2 units of clothing
4 units of clothing
9 computers
3 computers
________________________________________
Question 8 (6063106):
In the graph above, the point  D  represents values resulting in ____________.
Type: Multiple Choice
Points awarded: 1.00 / 1.00

Correct answer(s):  inflation
efficiency
unemployment
growth
________________________________________
Question 9 (6063083): __________________ theory did not take into account the advancement of technology and systems changes.

Type: Multiple Choice
Points awarded: 1.00 / 1.00

Correct answer(s):  Thomas Malthus’
Robert Owen’s
Karl Marx’s
David Ricardo’s
________________________________________
Question 10 (6063069): The ability of people to conceive an idea (innovate), bring together resources, and take _________ when starting a business are all part of Entrepreneurship.
Type: Multiple Choice
Points awarded: 1.00 / 1.00

Correct answer(s):  obscene profit
big losses
the risk
none of the above
________________________________________
Question 11 (6063107):
What is the benefit of moving from B to C ?

Type: Multiple Choice
Points awarded: 1.00 / 1.00

Correct answer(s):  3 units of clothing
9 units of clothing
2 computers
4 computers
________________________________________
Question 12 (6063093): _____________ of concepts is one important means of understanding Economics.

Type: Multiple Choice
Points awarded: 1.00 / 1.00

Correct answer(s):  Digitizing
Nono-engineering
Visualization
Mastication
________________________________________
Question 13 (6063100): Under-employment is when a resource is not fully utilized, such as when _____________________________________________.

Type: Multiple Choice
Points awarded: 0.00 / 1.00

Correct answer(s):  your Economics professor cannot find even a street sweeping job
c. or d. below
an office building stands 80% empty
a computer network runs at only 50% of capacity
________________________________________
Question 14 (6063073): The transition away from ___________________ systems began as the manor life yielded to the city life in the 17th and 18th centuries in Europe.

Type: Multiple Choice
Points awarded: 1.00 / 1.00

Correct answer(s):  Fantasy and Utopian
Market and Autocratic
Command and Market
Traditional and Autocratic
________________________________________
Question 15 (6063061): The _____________ of a nation is determined by the resources available and how they are used.

Type: Multiple Choice
Points awarded: 1.00 / 1.00

Correct answer(s):  Sovereignties
Standard of Living
Quarks
Quirks

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