
Economics Exam 1 Review
Authored by Derrek Behrens
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University
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27 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Scarcity exists because
currently available resources are not sufficient to produce everything people want and need.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
“The government should raise the minimum wage” is an example of a
Ceteris paribus statement
positive statement
normative statement
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following would most likely be studied in a microeconomics course
The relationship between national output and the rate of unemployment
The strategy used by the owners of a competitive firm to maximize profits
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Incorrectly concluding that because tax reform benefits some individuals, tax reform is also
beneficial for the economy as a whole is an example of the
fallacy of composition
fallacy of division
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is not an example of the factor of production or economic resource
referred to as capital?
An office building
computers used by a tax preparation business
lawn mowers owned by a landscaping business
money used to start a new business
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Scarcity forces society to address the basic economic questions of:
what outputs to produce?
how should outputs be produced?
who gets to consume the outputs produced?
scarcity forces society to address all of the above questions
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The opportunity cost to Sam of working three hours of overtime at $30 per hour instead of
going to the park with friends is
the $90 Sam earns by working overtime
the foregone enjoyment from going to the park with friends.
$0 because going to a park is free.
higher than if he was not being paid overtime wages.
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