Midterm Quiz

QUESTION 1

A point inside the production possibilities frontier represents an economythat is utilizing resources efficiently.

True

False

4 points

QUESTION 2

The law of demand states that there is a direct relationship betweensupply and demand.

True

False

4 points

QUESTION 3

“As the price of gasoline rises, consumer demand decreases. In addition,the quantity demanded of compact cars increased, causing their priceto rise.” This statement contains two errors: demand and quantitydemanded are confused twice.

True

False

4 points

QUESTION 4

Antiques would tend to have highly price inelastic supply curves.

True

False

4 points

QUESTION 5

If the spot oil price in petroleum markets is rising, then we can expect thesupply curves of products using petroleum as an input to shift rightward.

True

False

4 points

QUESTION 6

A supply curve is negatively sloped, while a demand curve is positively sloped. If given a graph of them both, that will be evidenced by computingeach curve’s X axis divided by its Y axis when devising a 90-degree angle.

True

False

4 points

QUESTION 7

Opportunity cost is the lowest valued benefit that must be sacrificed asthe result of choosing an alternative.

True

False

4 points

QUESTION 8

A change in quantity demanded is a movement along the same demandcurve.

True

False

4 points

QUESTION 9

Excess demand in the market will cause the price of a product to decline.

True

False

4 points

QUESTION 10

Government actions, such as price floors and ceilings, can actually reduce employment and raise market inefficiency

True

False

4 points

QUESTION 11

Households play a dual role of providing the factors of production whilepurchasing the goods and services of firms.

True

False

4 points

QUESTION 12

The law of supply states that there is a negative relationship between priceand quantity demanded.

True

False

4 points

QUESTION 13

As globalization and world trade proliferates, individual markets withincountries’ economies become more competitive.

True

False

4 points

QUESTION 14

A substitute good is a determinant of supply.

True

False

4 points

QUESTION 15

Demand is measured on the vertical axis and supply on the horizontalaxis.

True

False

4 points

QUESTION 16

An increase in consumer income will affect the supply of any given product.

True

False

4 points

QUESTION 17

For economies that rely on decentralized decision making, the most important decisions are made by the government.

True

False

4 points

QUESTION 18

In the circular flow model, firms own economic resources, and householdsbuy the manufactured products and services.

True

False

4 points

QUESTION 19

Joint output of individuals or nations will be maximized when goods are exchanged between parties in accordance with the law of “comparative advantage”.

True

False

4 points

QUESTION 20

The “Law of diminishing returns” states that as any activity is extended,it eventually becomes increasingly easier to pursue the activity further.

True

False

4 points

QUESTION 21

“The big corporations in this country, like ExxonMobil and GM, havedeep pockets and need to be hiring more people.” This isa positive statement about economic policy.

True

False

4 points

QUESTION 22

The production possibilities frontier assumes that the level of technologyvaries when applying the model.

True

False

4 points

QUESTION 23

Equilibrium is a state of balance between supply and demand.

True

False

4 points

QUESTION 24

The smaller percentage of one’s net budget one has to allocate moneyto a particular product, the more price inelastic will be the demandfor that product.

True

False

4 points

QUESTION 25

In the production possibilities frontier, a nation’s boundary will shift inward if they export more than they import, likely leading to inflationarypressures in the economy.

True

False

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