ResultsReporter

Outof34questions,youanswered25correctly,forafinalgradeof74%.
25correct(74%)
9incorrect(26%)
0unanswered(0%)

YourResults:
Thecorrectanswerforeachquestionisindicatedbya

INCORRECT Economicsisthestudyof
A)productiontechnology
B)consumptiondecisions
C)howsocietydecideswhat,how,andforwhomtoproduce
D)thebestwaytorunsociety

CORRECT

Aresourceisscarceifsupplyexceedsdemandatzeroprice
A)TRUE
B)FALSE

CORRECT

Theopportunitycostofagoodis
A)thetimelostinfindingit
B)thequantityofothergoodssacrificedtogetanotherunitofthatgood
C)theexpenditureonthegood
D)thelossofinterestinusingsavings

INCORRECT Amarketcanaccuratelybedescribedas
A)aplacetobuythings
B)aplacetosellthings
C)theprocessbywhichpricesadjusttoreconciletheallocationofresources
D)aplacewherebuyersandsellersmeet

CORRECT

Acommandeconomydecidesresourceallocationbygovernmentplanning
A)TRUE
B)FALSE

CORRECT

Inafreemarket_____________________
A)governmentsintervene
B)governmentsplanproduction
C)governmentsinterfere
D)pricesadjusttoreconcilescarcityanddesires

CORRECT

Inthemixedeconomy
A)economicproblemsaresolvedbythegovernmentandmarket
B)economicdecisionsaremadebytheprivatesectorandfreemarket
C)economicallocationisachievedbytheinvisiblehand
D)economicquestionsaresolvedbygovernmentdepartments

CORRECT

Positiveeconomicsstudiesobjectiveexplanationsoftheworkingsoftheeconomy
A)TRUE

B)FALSE

INCORRECT Normativeeconomicsforms___________basedon_____________
A)positivestatements,facts
B)opinions,personalvalues
C)positivestatements,values
D)opinions,facts

10

CORRECT

Microeconomicsisconcernedwith
A)theeconomyasawhole
B)theelectronicsindustry
C)thestudyofindividualeconomicbehaviour
D)theinteractionswithintheentireeconomy

11

CORRECT

Macroeconomicsisthestudyof___________________
A)individualbuildingblocksintheeconomy
B)therelationshipbetweendifferentsectorsoftheeconomy
C)householdpurchasedecisions
D)theeconomyasawhole

12

INCORRECT Aneconomicmodelisaphysicalrepresentationofaneconomy
A)TRUE
B)FALSE

13

CORRECT

Dataareimportantineconomicsbecause__________and__________
A)theysuggestrelationshipsforexplanation,allowtestingofhypotheses
B)theycanbeusedfortables,theycanbegraphed
C)theycanbeusedincomputers,governmentsusethem
D)theyprovideinterestinginformation,canbesummarised

14

INCORRECT Timeseriesdatashowinformation
A)aboutthesamepointintimeoverdifferentplaces
B)aboutdifferentpointsintimeoverthesamevariable
C)aboutdifferentvariablesoverdifferentplaces
D)aboutdifferentpointsintimeoverdifferentplaces

15

INCORRECT Indexnumbersexpressbasedatainrelationtosomerelativevalue
A)TRUE
B)FALSE

16

CORRECT

Theretailpriceindexisusedto______________
A)constructpricelists
B)compareshopprices
C)measurechangesinthecostofliving
D)noneoftheabove

17

CORRECT

Arealvaluecanbederivedfromanominalvalueby
A)adjustingforchangesovertime
B)adjustingfordatacollectionerrors
C)adjustingforpopulationchanges

D)adjustingforchangesinprices

18

CORRECT

Tofindthepercentagechangeinanumber,dividetheabsolutechangebytheoriginal
numberandmultiplyby100
A)TRUE
B)FALSE

19

CORRECT

Ifyourincomeduringoneyearis10,000andthefollowingyearitis12,000,thenithas
grownby
A)20%
B)2%
C)12%
D)16%

20

INCORRECT Astraightlinediagramcanbedrawnknowingthe______and_________
A)verticalaxisandhorizontalaxis
B)interceptandslope
C)scaleandslope
D)interceptandscale

21

CORRECT

Onagraph,apositivelinearrelationship
A)movesdowntotheright
B)movesuptotheleft
C)movesuptotheright
D)movesdowntotheleft

22

CORRECT

Ifthediagramofalineshowsthatlowervaluesontheverticalscaleareassociatedwith
highervaluesonthehorizontalscale,thisisanexampleof_____________
A)anonlinearrelationship
B)apositivelinearrelationship
C)ascatterdiagram
D)anegativelinearrelationship

23

CORRECT

Whenweknowthequantityofaproductthatbuyerswishtopurchaseateachpossible
price,weknow
A)Demand
B)Supply
C)Excessdemand
D)Excesssupply

24

INCORRECT Supplyisthequantityofagoodsellerswishtoselleachtimethemarketopens
A)TRUE
B)FALSE

25

CORRECT

Theequilibriumpriceclearsthemarketitisthepriceatwhich_________________
A)Everythingissold
B)Buyersspendalltheirmoney
C)Quantitydemandedequalsquantitysupplied
D)Excessdemandiszero
E)candd

26

CORRECT

Whenamarketisinequilibrium
A)Quantitydemandedequalsquantitysupplied
B)Excessdemandandexcesssupplyarezero

C)Themarketisclearedbytheequilibriumprice
D)Alloftheabove

27

CORRECT

________and________donotdirectlyaffectthedemandcurve
A)thepriceofrelatedgoods,consumerincomes
B)consumerincomes,tastes
C)thecostsofproduction,bankopeninghours
D)thepriceofrelatedgoods,preferences

28

CORRECT

Achangeinpricecancauseashiftofademandcurve
A)TRUE
B)FALSE

29

CORRECT

Ademandcurvecanshiftbecauseofchanging
A)incomes
B)pricesofrelatedgoods
C)tastes
D)alloftheabove

30

CORRECT

Asupplycurveisdirectlyaffectedby
A)technology
B)inputcosts
C)governmentregulation
D)alloftheabove

31

CORRECT

Anincreaseinpricewillcauseasupplycurvetoshifttotheleft
A)TRUE
B)FALSE

32

CORRECT

IfapriceincreaseofgoodAincreasesthequantitydemandedofgoodB,thengoodBisa
A)substitutegood
B)complementarygood
C)bargain
D)inferiorgood

33

CORRECT

Anincreaseinconsumerincomewillincreasedemandfora_______butdecreasedemand
fora_________
A)substitutegood,inferiorgood
B)normalgood,inferiorgood
C)inferiorgood,normalgood
D)normalgood,complementarygood

34

INCORRECT Priceceilingsareimposedincreasepriceabovethefreemarketequilibriumprice
A)TRUE
B)FALSE