Econ Timed Quiz 1

A  MP3 players and CD players are inferior goods.

B  MP3 players and CD players are substitutes.

C  MP3 players and CD players are normal goods.

A  market stability.

B  equilibrium.

C  supply schedule.

A  supply curve to the right.

B  demand curve to the right.

C  supply curve to the left.

A  460 million gallons to 600 million gallons

B  460 million gallons to 700 millions gallons

C  600 million gallons to 460 million gallons

A  As the price of milk decreases, the quantity of milk demanded will increase.

B  As the price of milk increases, the quantity of milk demanded will increase.

C  As the demand for milk increases, the price of milk will also increase.

A  460 million gallons to 700 millions gallons

B  600 million gallons to 460 million gallons

C  460 million gallons to 600 million gallons

A  A change in consumer tastes and preferences.

B  Government regulation of production.

C  A decrease in the price of inputs to production.

A  private companies control the government.

B  there is no private property.

C  economic decision-making happens through markets.

A  law of supply

B  market equilibrium.

C  price and supply model.

A  Good weather and heavy winter rain increases the supply of agricultural products. This means that at any given price, a higher quantity will be supplied. Conversely, a drought would shift the

B  supply curve to the left.

C  supply curve to the right.

A  income (budget) limitations.

B  the prices of the goods that we may purchase.

C  utility.

A  The revenue sacrificed will help to make the audience more diverse.

B  The revenue sacrificed represents a very small share of the show’s revenues.

C  The revenue sacrificed is worth the boost it gives to her image as lines form for tickets.

A  Are the benefits of cleaner water greater than the additional costs of the new filtration system?

B  Are the total benefits of having a city water supply greater than the total cost?

C  Is it worth paying twice as much for the same amount of water?

A  the opportunity cost of producing more of something will remain constant.

B  technology can advance.

C  some land or labor is more productive in one use than another.

A  close friends and family.

B  strangers.

C  humankind as a whole.

A  total benefit.

B  marginal benefit.

C  opportunity cost.

A  opportunity costs.

B  sunk costs.

C  monetary costs.

A  the opportunity cost of producing more of something will rise.

B  production of different types will compete for limited resources.

C  of diminishing returns.

A  the budget constraint demonstrates diminishing returns.

B  the budget constraint depicts an inverse relationship, or a trade-off.

C  the production possibilities model demonstrates diminishing returns.

A  conjecture.

B  value judgements.

C  facts.

A  there is a trade-off between X and Y.

B  the relationship between X and Y is direct.

C  the relationship between X and Y is indirect.

A  is a constant relationship between x and y.

B  are two variables that are negatively related.

C  is no relationship between x and y.

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  cause

B  result

C  effect

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

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

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

A  expensive.

B  productive.

C  profitable.

A  the theory behind the model needs to be refined.

B  the model is valuable.

C  the assumptions of the model are generally accurate.

A  productive.

B  expensive.

C  profitable.

A  predicting outcomes.

B  producing data.

C  graphing equations.

A  human resources

B  human capital resources

C  livestock