6/16/2016 Chapter 1: Required Quiz:: Limits, Alternatives and Choices: ECON­2010­Su16­Wilson

ECON­2010­Su16­WilsonQuizzes
Chapter 1: Required Quiz:: Limits, Alternatives and Choices

SUMMER 2016

Account Home Chapter 1: Required Quiz:: Limits,

Announcements Alternatives and Choices
Dashboard Assignments
Due  Aug 6 at 10:25pm  Points  15
Discussions Questions  30  Time Limit  60 Minutes
Allowed Attempts  2
Grades 1
Courses
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Instructions
Pages
Groups Please complete the following Required Quiz.  Thirty multiple choice
Files questions are included which are drawn from a test­bank pool.  You
may retake this quiz to solidify the chapter concepts as Canvas will
Syllabus
keep your best score.  Your goal should be to score between 80­100
Calendar Quizzes percent in preparation for the Midterm.  Good Luck!

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Attempt Time Score
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LATEST Attempt 1 26 minutes 12.5 out of 15

Help
Score for this attempt: 12.5 out of 15
Submitted Jun 16 at 5:42pm
This attempt took 26 minutes.
 
Question 1 0 / 0.5 pts

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6/16/2016 Chapter 1: Required Quiz:: Limits, Alternatives and Choices: ECON­2010­Su16­Wilson

Account

   

Dashboard

Courses

Groups Refer to the diagram. Which of the following is a normative
statement?

Correct Answer  
Calendar
Point <i>C</i> is superior to point <i>B</i>
10 because it is important to enhance the future of
society.

Inbox You Answered  
Other things equal, the combination of outputs
represented by point <i>D</i> will result in more
Resources rapid economic growth than will the combination
represented by point <i>C</i>.

 
If society produces 2 units of tractors and 12 units
of bread, it is not using its available resources with
Help maximum efficiency.

 
If society is initially at point <i>C</i>, it must
sacrifice 6 units of bread to obtain one more unit of
tractors.

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6/16/2016 Chapter 1: Required Quiz:: Limits, Alternatives and Choices: ECON­2010­Su16­Wilson

incorrect
 
AACSB: Analytic
Blooms: Understand
Account Difficulty: 2 Medium
Learning Objective: 01­03 Distinguish
microeconomics from macroeconomics and positive
economics from normative economics.
Dashboard
Learning Objective: 01­06 Apply production
possibilities analysis; increasing opportunity costs;
and economic growth.
Topic: Positive and normative economics
Courses
Topic: Production possibilities model
Type: Graph

Groups

 
Question 2 0.5 / 0.5 pts
Calendar

10
(Last Word) Which of the following has to do with the
problem of distinguishing cause and effect in economic
Inbox reasoning?

Correct!  
Resources
The <i>post</i> <i>hoc,</i> <i>ergo</i>
<i>propter</i> <i>hoc</i> fallacy.

  The law of large numbers. 

  The fallacy of composition. 
Help

  The law of averages. 

https://slcc.instructure.com/courses/360739/quizzes/801088 3/30
6/16/2016 Chapter 1: Required Quiz:: Limits, Alternatives and Choices: ECON­2010­Su16­Wilson

correct
 
AACSB: Analytic
Accessibility: Keyboard Navigation
Account Blooms: Understand
Difficulty: 2 Medium
Learning Objective: 01­02 Describe the role of
economic theory in economics.
Dashboard
Topic: Theories, principles, and models

Courses
 
Question 3 0.5 / 0.5 pts

Groups
Answer the question on the basis of the following data:

Calendar

10    

Inbox

The data indicate that:
Resources

 
the relationship between consumption and after­
tax income is random.

Correct!  
Help consumers spend 90 percent of their after­tax
incomes.

 
consumers spend 80 percent of their after­tax
incomes.

  a tax reduction will reduce consumption. 

https://slcc.instructure.com/courses/360739/quizzes/801088 4/30
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correct
 
AACSB: Analytic
Blooms: Apply
Account Difficulty: 2 Medium
Learning Objective: 01­08 (Appendix) Understand
graphs; curves; and slopes as they relate to
economics.
Dashboard
Topic: Graphs and their meaning
Type: Table

Courses

 
Question 4 0.5 / 0.5 pts
Groups

Purposeful behavior means that:

Calendar
  people are selfish in their decision making. 
10

 
decision makers do not make mistakes when
Inbox
weighing costs and benefits.

 
Resources
people are immune from emotions affecting their
decisions.

Correct!  
people weigh costs and benefits to make
decisions.
Help

https://slcc.instructure.com/courses/360739/quizzes/801088 5/30
6/16/2016 Chapter 1: Required Quiz:: Limits, Alternatives and Choices: ECON­2010­Su16­Wilson

correct
 
AACSB: Analytic
Accessibility: Keyboard Navigation
Account Blooms: Remember
Difficulty: 1 Easy
Learning Objective: 01­01 Define economics and
the features of the economic perspective.
Dashboard
Topic: Economic perspective
Topic: Economics

Courses

 
Question 5 0.5 / 0.5 pts
Groups

The problems of aggregate inflation and unemployment are:

Calendar
  major topics of microeconomics. 
10

Correct!   major topics of macroeconomics. 

Inbox
  peculiar to command economies. 

Resources   not relevant to the U.S. economy. 

correct
 
Help
AACSB: Analytic
Accessibility: Keyboard Navigation
Blooms: Remember
Difficulty: 1 Easy
Learning Objective: 01­03 Distinguish
microeconomics from macroeconomics and positive
economics from normative economics.
Topic: Microeconomics and macroeconomics

 
Question 6 0.5 / 0.5 pts

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6/16/2016 Chapter 1: Required Quiz:: Limits, Alternatives and Choices: ECON­2010­Su16­Wilson

(Consider This) Consumers might leave a fast­food
restaurant without being served because:

Correct!  
they conclude that the marginal cost (monetary
Account
plus time costs) exceeds the marginal benefit.

 
Dashboard the environment is not conducive to a rational
choice.

 
Courses the lines waiting for service are not of equal
length.

Groups  
they are misinformed about the marginal cost and
marginal benefits of the food being served.

Calendar

10
correct
 
Inbox AACSB: Reflective Thinking
Accessibility: Keyboard Navigation
Blooms: Apply
Resources
Difficulty: 2 Medium
Learning Objective: 01­01 Define economics and
the features of the economic perspective.
Topic: Economic perspective
Topic: Economics

Help

 
Question 7 0.5 / 0.5 pts

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6/16/2016 Chapter 1: Required Quiz:: Limits, Alternatives and Choices: ECON­2010­Su16­Wilson

Account

 
Dashboard  

Refer to the tables. Opportunity costs of producing military
goods are:
Courses

  larger in Duckistan than in Herbania. 

Groups  
increasing in Duckistan but constant in Herbania. 

  constant in both Duckistan and Herbania. 
Calendar

10 Correct!   smaller in Duckistan than Herbania. 

Inbox

correct
Resources  
AACSB: Reflective Thinking
Blooms: Understand
Difficulty: 2 Medium
Learning Objective: 01­06 Apply production
possibilities analysis; increasing opportunity costs;
and economic growth.
Help
Topic: Production possibilities model
Type: Table

 
Question 8 0.5 / 0.5 pts

A production possibilities curve shows:

  that resources are unlimited. 

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6/16/2016 Chapter 1: Required Quiz:: Limits, Alternatives and Choices: ECON­2010­Su16­Wilson

Correct!  
the maximum amounts of two goods that can be
produced, assuming the full use of available
resources.

 
Account that people prefer one of the goods more than the
other.

 
Dashboard
combinations of capital and labor necessary to
produce specific levels of output.

Courses

correct
Groups  
AACSB: Analytic
Accessibility: Keyboard Navigation
Blooms: Remember
Calendar
Difficulty: 1 Easy
Learning Objective: 01­06 Apply production
10
possibilities analysis; increasing opportunity costs;
and economic growth.
Topic: Production possibilities model
Inbox

Resources
 
Question 9 0 / 0.5 pts

Help

   

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6/16/2016 Chapter 1: Required Quiz:: Limits, Alternatives and Choices: ECON­2010­Su16­Wilson

Refer to the diagram. The movement down the production
possibilities curve from point A to point E suggests that the
production of:

 
Account computers, but not bicycles, is subject to
increasing opportunity costs.

Dashboard You Answered  
both bicycles and computers is subject to
constant opportunity costs.

Courses
Correct Answer  
both bicycles and computers is subject to
increasing opportunity costs.
Groups
 
bicycles, but not computers, is subject to
increasing opportunity costs.
Calendar

10

incorrect
Inbox
 
AACSB: Reflective Thinking
Blooms: Understand
Resources
Difficulty: 2 Medium
Learning Objective: 01­06 Apply production
possibilities analysis; increasing opportunity costs;
and economic growth.
Topic: Production possibilities model
Type: Graph
Help

Question 10 0.5 / 0.5 pts

The slope of the typical production possibilities curve:

  is constant as one moves down the curve. 

  is positive. 

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6/16/2016 Chapter 1: Required Quiz:: Limits, Alternatives and Choices: ECON­2010­Su16­Wilson

 
decreases as one moves southeast along the
curve.

Correct!  
increases as one moves southeast along the
Account curve.

Dashboard

correct
 
AACSB: Analytic
Courses
Accessibility: Keyboard Navigation
Blooms: Understand
Difficulty: 2 Medium
Groups Learning Objective: 01­06 Apply production
possibilities analysis; increasing opportunity costs;
and economic growth.
Topic: Production possibilities model
Calendar

10

 
Inbox Question 11 0.5 / 0.5 pts

Resources A nation's production possibilities curve is bowed out from
the origin because:

  wants are virtually unlimited. 

Correct!  
Help resources are not generally equally efficient in
producing every good.

 
the originator of the idea drew it this way and
modern economists follow this convention.

  resources are scarce. 

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correct
 
AACSB: Analytic
Accessibility: Keyboard Navigation
Account Blooms: Understand
Difficulty: 2 Medium
Learning Objective: 01­06 Apply production
possibilities analysis; increasing opportunity costs;
Dashboard
and economic growth.
Topic: Production possibilities model

Courses

 
Question 12 0.5 / 0.5 pts
Groups

Which of the following is a microeconomic statement?

Calendar
 
10 Unemployment was 6.5 percent of the labor force
last year.

Inbox
Correct!  
The price of personal computers declined 4.7
percent last year.
Resources

 
The real domestic output increased by 2.3 percent
last year.

 
Help The general price level increased by 3.1 percent
last year.

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correct
 
AACSB: Reflective Thinking
Accessibility: Keyboard Navigation
Account Blooms: Apply
Difficulty: 2 Medium
Learning Objective: 01­03 Distinguish
microeconomics from macroeconomics and positive
Dashboard
economics from normative economics.
Topic: Microeconomics and macroeconomics

Courses

 
Question 13 0 / 0.5 pts
Groups

Calendar

10

Inbox
   

Resources

Help Refer to the diagram. Which of the following is a positive
statement?

You Answered  
Because any society should stress economic
growth as its major goal, point <i>D</i> is
superior to point <i>C</i>.

 
A point inside the production possibilities curve is
superior to a point on the curve because the
former requires less work effort.

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Point <i>B</i> is preferable to point <i>C</i>
because the ultimate goal of economic activity is
to maximize consumption.

Correct Answer  
Account Given its resources and technology, this society is
incapable of simultaneously producing 3 units of
tractors and 15 units of bread.

Dashboard

incorrect
Courses  
AACSB: Analytic
Blooms: Understand
Groups Difficulty: 2 Medium
Learning Objective: 01­03 Distinguish
microeconomics from macroeconomics and positive
economics from normative economics.
Calendar
Learning Objective: 01­06 Apply production
possibilities analysis; increasing opportunity costs;
10 and economic growth.
Topic: Positive and normative economics
Topic: Production possibilities model
Inbox
Type: Graph

Resources

Question 14 0.5 / 0.5 pts

The point on the production possibilities curve that is most
Help desirable can be found by:

Correct!  
comparing marginal benefits and marginal costs. 

 
determining where least­cost production occurs. 

 
calculating where economic growth will be
greatest.

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6/16/2016 Chapter 1: Required Quiz:: Limits, Alternatives and Choices: ECON­2010­Su16­Wilson

estimating the marginal costs of both products in
real or physical terms.

correct
Account
 
AACSB: Analytic
Accessibility: Keyboard Navigation
Dashboard Blooms: Remember
Difficulty: 1 Easy
Learning Objective: 01­06 Apply production
possibilities analysis; increasing opportunity costs;
Courses and economic growth.
Topic: Production possibilities model

Groups

 
Question 15 0.5 / 0.5 pts
Calendar

10 Suppose that a fully employed economy produces only two
goods, hamburgers and flat­panel TVs. If the economy is
currently producing more than the optimal quantity of
Inbox
hamburgers, then to attain the optimal allocation of
resources it should:

Resources
  produce more of both goods. 

Correct!   produce more TVs and fewer hamburgers. 

  produce more hamburgers and fewer TVs. 
Help
  produce fewer of both goods. 

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6/16/2016 Chapter 1: Required Quiz:: Limits, Alternatives and Choices: ECON­2010­Su16­Wilson

correct
 
AACSB: Analytic
Accessibility: Keyboard Navigation
Account Blooms: Analyze
Difficulty: 3 Hard
Learning Objective: 01­06 Apply production
possibilities analysis; increasing opportunity costs;
Dashboard
and economic growth.
Topic: Production possibilities model

Courses

 
Question 16 0.5 / 0.5 pts
Groups

The scarcity problem:

Calendar
Correct!  
10 persists because economic wants exceed
available productive resources.

Inbox
 
has been eliminated in affluent societies such as
the United States and Canada.
Resources

 
persists only because countries have failed to
achieve continuous full employment.

  has been solved in all industrialized nations. 
Help

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6/16/2016 Chapter 1: Required Quiz:: Limits, Alternatives and Choices: ECON­2010­Su16­Wilson

correct
 
AACSB: Analytic
Accessibility: Keyboard Navigation
Account Blooms: Understand
Difficulty: 2 Medium
Learning Objective: 01­04 Explain the individual's
economizing problem and how trade­offs;
Dashboard
opportunity costs; and attainable combinations can
be illustrated with budget lines.
Topic: Individual's economizing problem­budget
lines
Courses

Groups

Question 17 0.5 / 0.5 pts

Calendar Kara was out jogging and, despite being tired, decided to
run one more mile. Based on her actions, economists would
10
conclude that Kara:

Inbox
 
decided that the marginal cost of running one
more mile would outweigh the benefit of the
Resources
additional mile.

  must be an avid runner. 

 
was not very tired, so the marginal cost of the
Help extra mile was very low.

Correct!  
decided that the marginal benefit of running one
more mile would outweigh the cost of the
additional mile.

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6/16/2016 Chapter 1: Required Quiz:: Limits, Alternatives and Choices: ECON­2010­Su16­Wilson

correct
 
AACSB: Reflective Thinking
Accessibility: Keyboard Navigation
Account Blooms: Apply
Difficulty: 2 Medium
Learning Objective: 01­01 Define economics and
the features of the economic perspective.
Dashboard
Topic: Economic perspective
Topic: Economics

Courses

 
Question 18 0.5 / 0.5 pts
Groups

A production possibilities curve illustrates:

Calendar
  consumer preferences. 
10

  the distribution of income. 

Inbox
  market prices. 

Resources Correct!   scarcity. 

correct
 
Help
AACSB: Analytic
Accessibility: Keyboard Navigation
Blooms: Understand
Difficulty: 2 Medium
Learning Objective: 01­06 Apply production
possibilities analysis; increasing opportunity costs;
and economic growth.
Topic: Production possibilities model

 
Question 19 0.5 / 0.5 pts

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6/16/2016 Chapter 1: Required Quiz:: Limits, Alternatives and Choices: ECON­2010­Su16­Wilson

Which of the following statements is correct?

 
The dependent variable designates the "cause"
and the independent variable the "effect."
Account

Correct!  
The value of the dependent variable is determined
Dashboard by the value of the independent variable.

 
Dependent variables graph as upsloping lines;
Courses independent variables graph as downsloping lines.

 
Groups The value of the independent variable is
determined by the value of the dependent
variable.

Calendar

10
correct
 
Inbox AACSB: Analytic
Accessibility: Keyboard Navigation
Blooms: Remember
Resources
Difficulty: 1 Easy
Learning Objective: 01­08 (Appendix) Understand
graphs; curves; and slopes as they relate to
economics.
Topic: Graphs and their meaning

Help

Question 20 0.5 / 0.5 pts

Which of the following is not a main function of the
entrepreneur?

  To make strategic business decisions. 

  To assume the risk of economic losses. 

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  To innovate. 

Correct!   To make routine pricing decisions. 

Account

correct
 
Dashboard AACSB: Analytic
Accessibility: Keyboard Navigation
Blooms: Remember
Difficulty: 1 Easy
Courses Learning Objective: 01­05 List the categories of
scarce resources and delineate the nature of
society's economizing problem.
Topic: Society's economizing problem
Groups

Calendar
Question 21 0.5 / 0.5 pts
10

Inbox

Resources

   

Help

Refer to the diagram. The concept of opportunity cost is
best represented by the:

Correct!  
move from <i>B</i> on <i>PP</i>₁ to
<i>C</i> on <i>PP</i>₁.

 
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6/16/2016 Chapter 1: Required Quiz:: Limits, Alternatives and Choices: ECON­2010­Su16­Wilson

move from <i>B</i> on <i>PP</i>₁ to
<i>E</i> on <i>PP</i>₂.

 
move from <i>D</i> inside <i>PP</i>
₁ to <i>B</i> on <i>PP</i>
₁.
Account

 
shift of the production possibilities curve from
Dashboard <i>PP</i>₁ to <i>PP</i>
₂.

Courses

correct
 
Groups
AACSB: Analytic
Blooms: Understand
Difficulty: 2 Medium
Learning Objective: 01­07 Explain how economic
Calendar
growth and international trade increase
10 consumption possibilities.
Topic: Unemployment, growth, and the future
Type: Graph
Inbox

Resources
 
Question 22 0.5 / 0.5 pts

Which of the following statements pertains to
macroeconomics?
Help

 
The Pumpkin Center State Bank increased its
interest rate on consumer loans by 1 percentage
point.

Correct!   National income grew by 2.7 percent last year. 

 
A decline in the price of soybeans caused farmer
Wanek to plant more land in wheat.

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6/16/2016 Chapter 1: Required Quiz:: Limits, Alternatives and Choices: ECON­2010­Su16­Wilson

Because the minimum wage was raised, Mrs.
Olsen decided to enter the labor force.

correct
Account  
AACSB: Analytic
Accessibility: Keyboard Navigation
Dashboard Blooms: Understand
Difficulty: 2 Medium
Learning Objective: 01­03 Distinguish
microeconomics from macroeconomics and positive
Courses economics from normative economics.
Topic: Microeconomics and macroeconomics

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Question 23 0.5 / 0.5 pts
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Refer to the diagram. The movement from curve a to
curveb could be explained by an increase in the quantity
and/or quality of society's productive resources.

Correct!   True 

  False 

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6/16/2016 Chapter 1: Required Quiz:: Limits, Alternatives and Choices: ECON­2010­Su16­Wilson

correct
 
AACSB: Reflective Thinking
Blooms: Apply
Account Difficulty: 2 Medium
Learning Objective: 01­06 Apply production
possibilities analysis; increasing opportunity costs;
and economic growth.
Dashboard
Topic: Production possibilities model
Type: Graph

Courses

 
Question 24 0.5 / 0.5 pts
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Economic theories:

Calendar
 
10 that are true for individual economic units are
never true for the economy as a whole.

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Correct!  
are generalizations based on a careful observation
of facts.
Resources

 
are abstractions and therefore of no application to
real situations.

 
Help are useless because they are not based on
laboratory experimentation.

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6/16/2016 Chapter 1: Required Quiz:: Limits, Alternatives and Choices: ECON­2010­Su16­Wilson

correct
 
AACSB: Analytic
Accessibility: Keyboard Navigation
Account Blooms: Remember
Difficulty: 1 Easy
Learning Objective: 01­02 Describe the role of
economic theory in economics.
Dashboard
Topic: Theories, principles, and models

Courses
 
Question 25 0.5 / 0.5 pts

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The marginal benefit curve is:

Correct!  
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downsloping because successive units of a
10 specific product yield less and less extra benefit.

 
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upsloping because successive units of a specific
product yield less and less extra benefit.

Resources
 
downsloping because of increasing marginal
opportunity costs.

 
upsloping because of increasing marginal
Help opportunity costs.

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6/16/2016 Chapter 1: Required Quiz:: Limits, Alternatives and Choices: ECON­2010­Su16­Wilson

correct
 
AACSB: Analytic
Accessibility: Keyboard Navigation
Account Blooms: Remember
Difficulty: 1 Easy
Learning Objective: 01­06 Apply production
possibilities analysis; increasing opportunity costs;
Dashboard
and economic growth.
Topic: Production possibilities model

Courses

 
Question 26 0 / 0.5 pts
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Refer to the diagram. The combination of computers and
bicycles shown by point F:

You Answered  
is unattainable given currently available resources
and technology.

  suggests that opportunity costs are constant. 

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6/16/2016 Chapter 1: Required Quiz:: Limits, Alternatives and Choices: ECON­2010­Su16­Wilson

is irrelevant because it is inconsistent with
consumer preferences.

Correct Answer  
is attainable but implies that the economy is not
using all its resources.
Account

Dashboard incorrect
 
AACSB: Analytic
Blooms: Understand
Courses Difficulty: 2 Medium
Learning Objective: 01­06 Apply production
possibilities analysis; increasing opportunity costs;
Groups and economic growth.
Topic: Production possibilities model
Type: Graph

Calendar

10

Question 27 0.5 / 0.5 pts
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Marginal analysis means that decision makers compare the
extra benefits with the extra costs of a specific choice.
Resources

Correct!   True 

  False 

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6/16/2016 Chapter 1: Required Quiz:: Limits, Alternatives and Choices: ECON­2010­Su16­Wilson

correct
 
AACSB: Analytic
Accessibility: Keyboard Navigation
Account Blooms: Remember
Difficulty: 1 Easy
Learning Objective: 01­01 Define economics and
the features of the economic perspective.
Dashboard
Topic: Economic perspective
Topic: Economics

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Question 28 0 / 0.5 pts
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Resources

Refer to the tables. Suppose that the amount and quality of
resources are the same in both countries. We can conclude
that:
Help

 
Herbania is technologically better than Herbania at
producing both military goods and civilian goods.

Correct Answer  
Herbania is technologically superior to Duckistan
in producing civilian goods.

You Answered  
Duckistan is technologically better than Herbania
at producing military goods.

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6/16/2016 Chapter 1: Required Quiz:: Limits, Alternatives and Choices: ECON­2010­Su16­Wilson

 
the total opportunity cost of producing 4 units of
military goods is the same in both countries.

Account
incorrect
 
AACSB: Reflective Thinking
Dashboard
Blooms: Understand
Difficulty: 2 Medium
Learning Objective: 01­06 Apply production
possibilities analysis; increasing opportunity costs;
Courses
and economic growth.
Topic: Production possibilities model
Type: Table
Groups

 
Calendar 0.5 / 0.5 pts
Question 29
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Refer to the diagram. Given production possibilities curve a,
the combination of civilian and war goods indicated by
pointX is unattainable to this economy.

  True 

Correct!   False 

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6/16/2016 Chapter 1: Required Quiz:: Limits, Alternatives and Choices: ECON­2010­Su16­Wilson

correct
 
AACSB: Reflective Thinking
Blooms: Apply
Account Difficulty: 2 Medium
Learning Objective: 01­06 Apply production
possibilities analysis; increasing opportunity costs;
Dashboard and economic growth.
Topic: Production possibilities model
Type: Graph

Courses

Groups Question 30 0.5 / 0.5 pts

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10

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Refer to the budget line shown in the diagram. The absolute
value of the slope of the budget line is:

  one­half. 

 
<i>P_D</i>/<i>P_C</i>. 

Correct!  
<i>P_C</i>/<i>P_D</i>. 

 
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6/16/2016 Chapter 1: Required Quiz:: Limits, Alternatives and Choices: ECON­2010­Su16­Wilson

MU<i>_C</i>/MU<i>_D
</i>.

correct
Account
 
AACSB: Analytic
Blooms: Apply
Dashboard Difficulty: 3 Hard
Learning Objective: 01­04 Explain the individual's
economizing problem and how trade­offs;
opportunity costs; and attainable combinations can
Courses be illustrated with budget lines.
Topic: Individual's economizing problem­budget
lines
Groups Type: Graph

Calendar Quiz Score: 12.5 out of 15

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Last Attempt Details:

Time: 26 minutes
Resources
Current Score: 12.5 out of 15

Kept Score: 12.5 out of 15

1 More Attempt available

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