Module 1 Quiz

A  travelers who value convenience more than those waiting in line and are willing to pay additional club fees for the option of avoiding them.

B  more important than travelers waiting in the longer lines at the rental car counter.

C  experienced travelers that know that making online reservations is the best way to avoid long lines at the rental counter.

A  The decision must have been made haphazardly and is therefore irrational.

B  The decision is rational in the sense that it reflects the junior’s preference for a senior trip over new automobiles.

C  The decision is irrational because anyone can see that choosing a high school trip over a much needed new automobile is an improper use of scarce resources.

A  the values of the two variables will move in the same direction.

B  graphically, the data line representing the relationship between the variables has a positive slope.

C  the value of the two variables will move in opposite directions from each other.

A  graphically, the data line representing the relationship between the variables has a positive slope.

B  the value of the two variables will move in opposite directions from each other.

C  the values of the two variables will move in the same direction.

A  human capital resources.

B  human resources.

C  climate.

A  reduce its production of race car tires in order to commit resources to learn how to better produce airplane tires.

B  abandon the production of airplane tires to fully specialize in the production of race car tires and then trade with Company Z for airplane tires.

C  produce both race car tires and airplane tires on its own and sell its excess race car tires to Company Z for additional airplane tires.

A  a single point (X=5) and a vertical line upwards from that point.

B  a straight line along the horizontal axis beginning at the point X=5.

C  a horizontal line from the origin with slope equal to 5.

A  profitable.

B  productive.

C  expensive.

A  Price is most commonly represented at the 0,0 intersection of the y and x-axis.

B  Price is most commonly represented on the x-axis.

C  Price is most commonly represented on the y-axis.

A  environmental absolutes

B  dialectic dialogue

C  mathematical functions

A  1.25 hours

B  5.5 hours

C  2.5 hours

A  there are limited wants.

B  the world has unlimited productive resources.

C  the world has limited productive resources.

A  miss out on an opportunity to specialize in their business or trade.

B  can produce a greater quantity of those goods or services.

C  produce less output than if each person or group were to complete the project alone.

A  output cost

B  societal cost

C  opportunity cost

A  31.998

B  3,180

C  12

A  Follow the correct order of operations.

B  Multiply and divide from right to left.

C  Start with the last variable of the equation.

A  output costs.

B  trade-offs.

C  societal demands.

A  profitable.

B  productive.

C  expensive.

A  is no relationship between x and y.

B  is a constant relationship between x and y.

C  are two variables that are negatively related.

A  the theory behind the model needs to be refined.

B  the assumptions of the model are generally accurate.

C  the model is biased.