ECON111 Week 3 Quiz

ECON111 Week 3 Quiz

University

10 Qs

quiz-placeholder

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ECON111 Week 3 Quiz

ECON111 Week 3 Quiz

Assessment

Quiz

Other

University

Hard

Used 289+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

Which of the following variables have followed the so-called ‘hockey-stick’ trajectory—that is, little to no growth for most of human history followed by a sudden and sharp change to a positive growth rate?

GDP per capita

Labour productivity

Within-country inequality

Atmospheric CO2 concentration

2.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

GDP per capita is not a perfect measure of welfare for which of the following reasons?

It does not take into account environmental quality.

It does not include firms' costs of production.

Production in the home is given too much weight in its calculation.

Its value is not related to the distribution of income.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

With reference to the information in this table, which of the following statements is true?

Greta has an absolute advantage in the production of apples only.

Carlos has an absolute advantage in the production of both goods.

Neither Carlos nor Greta have a comparative advantage in the production of either good.

Carlos has a comparative advantage in producing apples.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economics is best defined as

the study of how people interact with each other and with their natural surroundings in producing their livelihoods, and how this changes over time.

the study of how to make money in business.

a tool of the neo-liberal hegemony which is utterly unrelated to anything that happens in the world.

whatever it is that academic economists currently publish in journals.

5.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

Capitalist economies can fail to achieve superior economic performance if which of the following is true?

Important markets are not competitive.

Private property is not secure.

Governments fail to invest sufficiently in essential goods and services, such as education.

Firms are owned and managed by people who survive because of their connections to government or their privileged birth.

6.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

Which of the following statements are correct?

In economics, a model is a simplified representation (diagrammatical or physical) that helps us to understand what is going on by focusing attention on what is important.

Ceteris paribus is an assumption used in economic models where the important variables that you are focusing on are kept constant.

An equilibrium is a self-perpetuating situation that does not change, even when a force for change is introduced from the outside that alters the basic data describing the situation.

An economic rent is the benefit you receive above what you would have earned from your reservation option.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

This diagram shows 5 technologies that use labour and energy (via coal) to produce the same output of cloth. From the diagram, what can we conclude?

Technology D is more energy-intensive than technology C.

Technology B dominates technology D.

Technology A is the cost-minimizing technology at all prices of coal and wages.

Technology C can sometimes be a cheaper technology than A.

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