Eco 204 Week 1 Quiz

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University Of Arizona *

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204

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Economics

Date

Jun 23, 2024

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Uploaded by MegaMolePerson1027

Week 1 - Quiz Due Jun 24 at 1:59am Points 10 Questions 10 Time Limit 120 Minutes Allowed Attempts 2 Instructions Foundations of Economics [WLOs: 1, 2, 3] [CLOs: 1, 2, 3] Prior to taking this quiz, review Chapters 1, 2 and 3 from your textbook, Principles of Microeconomics. The quiz contains 10 multiple-choice questions and is worth 5% of your course grade. You will have 2 hours to complete the quiz, and it must be taken in one sitting. You will have two attempts to take this quiz. | Competencies Learned This activity will help you practice the following skills: e Economic Analysis o Mathematical/ Statistical Skills e Problem Formation/Solving Take the Quiz Again Attempt History Attempt Time Score LATEST Attempt 1 34 minutes 10 out of 10

(D Correct answers are hidden. Score for this attempt: 10 out of 10 Submitted Jun 21 at 10:43pm This attempt took 34 minutes. Question 1 1/1 pts Kalean goes to the University of Missouri. The opportunity cost of her education includes all but one cost. Which of the following costs doesn it not include? the cost of tuition and textbooks the cost of food and clothing recreation time she is giving up in order to study income she could have earned instead of going to college Question 2 1/1 pts Janet is taking a microeconomics course. An appropriate subject for one of Janet’'s papers would be how a plumber’s wage is determined inflation within the United States the gross national product (GNP) the U.S. economy compared to the Cuban economy Question 3 1/1 pts Along with the other social sciences, economics is specifically and primarily concerned with the behavior of human beings both as individuals and in groups the economic practices of international agencies the laws of mathematics as they apply to decision making the actions of international monetary agencies Question 4 1/1 pts What government function or functions promote price steadiness and full employment?

stabilization allocation both allocation and redistribution both allocation and stabilization Question 5 1/1 pts Which of the following is the study of “what is” rather than “what ought to be™? Institutionalism positive theory normative theory subjectivism Question 6 1/1 pts If left alone, a market-directed economy will invariably provide the correct economic choices provide the correct economic choices in many but not all cases generally protect consumers from monopoly avoid the production problems encountered in other economies Question 7 1/1 pts An example of investment—as defined in economics—would be building a new factory buying 100 shares of Apple stock buying U.S. government bonds using natural resources to produce a good Question 8 1/1 pts Which one of the following does NOT affect demand for a good”? the price of other goods the costs of productive resources

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expectations about future prices expectations about future income Question 9 1/1 pts Liam owns a herd of cows in a market-based, mixed-economy nation. Accordingly, which of the following statements is TRUE? Liam owns the herd, but he must follow government regulations. Liam owns the herd, and he can choose which government regulations are to his economic benefit. Liam’s decisions about his herd are based on his social community’s customs and beliefs. Liam must turn all control of production and distribution of the herd over to his government. Question 10 1/1 pts Which of the following statements is normative? Students’ grades and their attitudes are not related to their incomes. People who have college degrees have higher incomes on average than those who do not. Students’ tuition costs are currently more than the value of their postgraduate income. College students should take advantage of the many opportunities available to them in school. Quiz Score: 10 out of 10

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