Economics Unit One Quiz

What is the primary focus of the quiz preparation in this video?

• None of the above

• Answers to the exam questions

• Types of questions on the exam

• Exact questions on the exam

What is the fundamental concept that this economics course revolves around?

• Opportunity cost

• Supply and demand

• Scarcity

• Comparative advantage

What does a point inside the production possibilities curve indicate?

• Full employment

• Unemployment

• Economic growth

• Inflation

How is opportunity cost represented on the production possibilities curve?

• By drawing a new curve

• By moving along the curve

• By shifting the curve

• By calculating total output

What is the opportunity cost of moving from point B to C on the production possibilities curve?

• 1 capital good

• 10 capital goods

• 1 consumer good

• 10 consumer goods

Which of the following is easier to identify: absolute advantage or comparative advantage?

• Neither is easy

• Absolute advantage

• Both are equally easy

• Comparative advantage

If Bill can mow six lawns and Sam can mow five, who has the absolute advantage?

• Sam

• Bill

• Both have the same advantage

• Neither has an advantage

In microeconomics, what concept is introduced that involves maximizing satisfaction?

• Scarcity

• Comparative advantage

• Utility maximization

• Supply and demand

What happens to price and quantity when there is a decrease in supply?

• Price and quantity both decrease

• Price and quantity both increase

• Price increases, quantity decreases

• Price decreases, quantity increases

What is the utility per dollar spent if good X provides 8 utils and costs $4?

• 8 utils per dollar

• 4 utils per dollar

• 2 utils per dollar

• 1 util per dollar