ECN104 QUIZ 1 PART 6

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Toronto Metropolitan University *

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Economics

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Jan 9, 2024

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ECN 104 QUIZ 1 PART 6 36. Question:  What does the term "opportunity cost" represent in economics? a) The actual cost of a good or service b) The value of the next best alternative forgone when a decision is made c) The total cost of production d) The market price of a product 37. Question:  Which of the following is a characteristic of a perfectly competitive market structure? a) Many small firms b) Single seller c) Control over prices d) Identical products 38. Question:  What is the primary function of the Federal Reserve in the United States? a) Fiscal policy b) Monetary policy c) Tax collection d) Trade regulation 39. Question:  According to the law of diminishing marginal returns, what happens as additional units of a variable input are added to a fixed input? a) Marginal product increases b) Marginal product remains constant c) Marginal product decreases d) Total product increases 40. Question:  Which economic system is characterized by private ownership of the means of production and market-driven decision- making? a) Socialism b) Capitalism c) Communism d) Mixed economy 41. Question:

 What is the term for a situation where the government takes in less revenue than it spends in a given fiscal year? a) Fiscal surplus b) Budget deficit c) Fiscal deficit d) National debt 42. Question:  In the context of international trade, what does the term "protectionism" refer to? a) Free trade policies b) Barriers to restrict imports and protect domestic industries c) Trade liberalization d) Comparative advantage

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