
ECO 121
Business
University
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When an economist points out that you and millions of other people are interdependent, he or she is referring to the fact that we all
rely upon the government to provide us with the basic necessities of life.
rely upon one another for the goods and services we consume.
have similar tastes and abilities
are concerned about one another’s well-being
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Refer to Figure 3-3. If Enid must work 0.25 hour to produce each taco, then her production possibilities frontier is based on how many hours of work?
40 hours
100 hours
400 hours
1600 hours
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The opportunity cost of an item is
the number of hours that one must work in order to buy one unit of the item.
what you give up to get that item
always less than the dollar value of the item
always greater than the cost of producing the item
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Refer to Figure 3-4. The opportunity cost of 1 novel for Jordan is
1/3 poem
3 poems
4 poems
12 poems
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Refer to Table 3-9. Barb has an absolute advantage in
both setting up and testing computers and a comparative advantage in setting up computers
both setting up and testing computers and a comparative advantage in testing computers
neither setting up nor testing computers and a comparative advantage in setting up computers
neither setting up nor testing computers and a comparative advantage in testing computers
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Refer to Table 3-11. Varick has a comparative advantage in the production of
wheat
cloth
both goods
neither good
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The value of the housing services provided by the economy's owner-occupied houses is
included in GDP, and the estimated rental values of the houses are used to place a value on these housing services
included in GDP, and the actual mortgage payments made on the houses are used to estimate the value of these rental services
excluded from GDP since these services are not sold in any market
excluded from GDP since the value of these housing services cannot be estimated with any degree of precision
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