Canvas Microeconomics Analysis Chapter 1 Quiz

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?

  • $276
  • $26
  • $250
  • $37

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?

  • $30,000
  • $43,000
  • $10,000
  • $50,000

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?

  • $.75
  • $.25
  • $1.00
  • $1.75

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.

  • inefficient
  • uneconomical
  • wasteful
  • corrupt

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