Q1. Economics is the study of
- how government can control markets to make allocations more efficient.
- how markets function to distribute goods equitably and facilitate growth.
- how individuals make decisions based on their own self-interest.
- how societies allocate their scarce resources to satisfy their unlimited wants.
Q2. ___________ would be concerned with the price of pharmaceuticals.
- A macro economist
- A micro economist
- Neither a micro economist nor a macro economist
- Both a micro economist and a macro economist
Q3. “If Penn State begins to fine students for littering, our classrooms would be cleaner” is an example of
- a positive statement.
- a normative statement.
- an empirical statement.
- a fallacy.
Q4. A statement of economic theory that abstracts from the nuances of reality is
- a map.
- a model.
- a graph.
- a variable.
Q5. You can either go to a movie, go to a concert, or go out to eat tonight. You decide that your first choice is going to a concert, second choice is going out to eat, and third choice is going to a movie. So, you go to a concert. The opportunity cost of this decision is
- both going out to eat and going to a movie.
- going to a movie.
- going to a concert.
- going out to eat.
Q6. A cost that has already been incurred is a(n)
- unnecessary cost.
- sunk cost.
- avoidable cost.
- marginal cost.
Q7. Your opportunity cost of cutting hair at your barbershop is $20 per hour. Electricity costs $6 per hour, and your weekly rent is $250. You normally stay open nine hours per day. What is the marginal cost of staying open for one more hour?
Q8. Economics Airlines currently spends $20,000 per month in airport fees and $10,000 per flight for fuel, crew, and airplane maintenance. Economics Airlines currently offers 5 flights from State College to Detroit. What is the marginal cost of operating a 6th flight?
Q9. Each donut that you consume for breakfast costs $.75. The first donut gives you $2.00 worth of pleasure, with each subsequent donut providing $.50 less pleasure than the previous one. What is the marginal benefit of the third donut?
Q10. Suppose that Noah is very good at typing and Emma is better at filing. However, Noah is assigned to a filing task while Emma is assigned to a typing task. An economist would say that this is a(n) _____________ allocation.
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