devry econ312n Week 1 Quiz latest 2016 july

1) The line in the graph shows a relationship between two? variables, x and y.

What is the slope of the? curve?

The slope of the curve is ____.

?>>> If the slope is? negative, use a minus sign. If the slope is? positive, do not use a plus sign.

2) The opportunity cost of a pound of butter is? ______ at point A than at point B.

The opportunity cost of a ice cream is? ______ at point B than at point A.

A.

greater?; greater.

B.

less?; less.

C.

less?; greater

D.

greater?; less

3) The table shows data on the quantities of music videos and singles downloads sold.

??

Year

Quantity of

music videos sold

Quantity of downloads sold

?(millions per? year)

2006

23

??600

2008

13

?1,050

2010

9

?1,150

??

Draw three points that represent the data in the table.

Draw a curve through the points.

The relationship in the graph? _______.

A.

is negative

B.

shows two variables that are unrelated

C.

is positive

4) Does the following statement describe actions taken in? self-interest or actions that serve the social interest or? both?

Philip Knight the owner of Nike is worth $ 5 billion dollars. Nike pays its workers in Asia 20 cents an hour to produce a pair of sneakers which sells for $ 100.

A.

Philip Knight?'s action is taken in both ?self-interest and in the social interest.??

B.

Philip Knight is serving the social interest but not? self-interest.??

C.

Philip Knight?'s action is taken in ?self-interest but not in the social interest.??

D.

Philip Knight?'s action is neither serving the social interest nor taken in? self-interest.

5) Apple Computer Inc. decides to make iTunes freely available in unlimited quantities.

This decision means that? ______.

A.

tunes are no longer scarce and the incentive to listen to tunes listen to tunes changes

B.

tunes remain scarce but the incentive to listen to tunes listen to tunes changes

C.

tunes remain scarce and the incentive to listen to tunes listen to tunes remains the same

D.

tunes are no longer scarce and the incentive to listen to tunes listen to tunes remains the same

Apple's decision is a? _______ decision.

A.

microeconomic

B.

Macroeconomic

6) The table shows some data on the quantity of ice cream consumed at different prices and at different temperatures.

Price

?(dollars per scoop ?)

Quantity of ice cream consumed? (gallons per? day)

50 degrees

70 degrees

90 degrees

0.50

20

25

40

1.50

10

15

30

2.50

5

10

25

Draw the relationship between the quantity of ice cream consumed and the price of ice cream when the temperature is 50 degrees F.

Label the curve 50 degrees

7) Every? week, Hassan skates for one hour?, and his grade on each economics test is 7575 percent.

????

Last? week, after skating for one hour?, Hassan considered skating for another hour. He decided to skate for another hour and cut his study time by one hour.

????

But last? week, his economics grade fell to 7070 percent.

????

Given that Hassan did the second hour of skating?, what can you conclude about his marginal benefit and marginal cost of the first hour of skating??

A.

The marginal benefit from the first hour of skating exceeded its marginal cost.

B.

The marginal cost of dropping 55 percentage points on an economics test exceeded the marginal benefit from a second hour of skating.

C.

The marginal cost of the first hour of skating exceeded its marginal benefit.

D.

The marginal benefit from the first hour of skating exceeded the marginal cost of dropping 55 percentage points on an economics test.

E.

There is no relationship between the marginal benefit from the first hour of skating and the marginal cost of the first hour of skating

8) We describe a point in a graph by its coordinates.

The x?-coordinate gives the distance in the? ______ direction from the? ______ to the point. The y?-coordinate gives the distance in the? ______ direction from the? ______ to the point.

??

A.

?horizontal; x?-axis; ?vertical; y?-axis

B.

?horizontal; y?-axis; ?vertical; x?-axis

C.

?vertical; x?-axis; ?horizontal; y?-axis

D.

?vertical; y?-axis; ?horizontal; x?-axis

On the? graph, drag the point at? (0,0) to the point where

x? = 00 and y? = 55.

9) The table gives information about the relationship between the variables x and y.

x

1

2

3

4

y

1

4

9

16

Draw the four points described in the table.

????

Draw a curve through the points to show the relationship between x and y.

????

The relationship between x and y is? ______.

A.

positive becoming steeper

B.

positive and linear

C.

positive becoming less steep

D.

negative becoming steeper

10) A possible headline from the local media? is:

?"Global terrorism remains a threat?"

This headline provides an example of a? ______.

A.

positive statement about a macroeconomic issue

B.

positive statement about a microeconomic issue

C.

normative statement about a microeconomic issue

D.

non dash economic normative statement

E.

non dash economic positive statement

11) The table shows some data on ice cream consumption at different prices and at different temperatures.

Price

?(dollars per scoop ?)

Quantity of ice cream consumed? (gallons per? day)

50 degrees

70 degrees

90 degrees

0.50

20

25

40

1.50

10

15

30

2.50

5

10

25

Draw three points that show the quantity of ice cream consumed and the temperature when the price of ice cream is? $1.50.

Draw a curve to show the relationship between the quantity of ice cream consumed and the temperature when the price of ice cream is? $1.50.

Label the curve? $1.50.

12) The graph shows the identical production possibilities of two? countries, A and B. They face an increasing opportunity cost of economic growth.

???

The production possibilities of country B are growing faster than country A.

???

Draw a point at which country A might be producing. Label it A.

Draw a point at which country B might be producing.

Label it B.

???

Draw country? A's PPF after one year. Label it PPFA.

Draw country? B's PPF after one year. Label it PPFB?

The graph illustrates that the opportunity cost of economic growth is? ______ .

A.

technological change

B.

capital accumulation

C.

forgone current consumption

D.

human capital

13) The news headline ?" Wal-Mart to carry 'morning dash after' contraception Wal-Mart to carry 'morning-after' contraception,?" deals with the? ______ questions of economics.

A.

how

B.

why

C.

for whom

D.

what

E.

what and how

The news headline ?" Fiber replaces aluminum in airplanes?" deals with the? ______ questions of economics.

A.

why

B.

what and for whom

C.

for whom

D.

what and how

E.

how

The news headline ?"Construction workers win as city rebuilds" deals with the? ______ questions of economics.

A.

where

B.

how

C.

for whom

D.

what and for whom

E.

What

14) Look at? today's newspaper and find an example of a want that is not satisfied.

We? can't anticipate what will be happening on the day that you look at your newspaper? (or Web news? source). But here are five? headlines, only one of which is an example of a want that? isn't satisfied.

Which one is? it?

A.

Harry Potter is a box office hit

B.

Bottomless cup found

C.

Lottery jackpot hits $ 100 million

D.

Poorest neighborhoods get worst schools

E.

Never get lost with GPS

15) The table shows a? farm's production possibilities.

If the farm uses its resources? efficiently, what is the opportunity cost of an increase in chicken production from 300 pounds to 500 pounds a? year?

The opportunity cost of an increase in chicken production from 300 pounds to 500 pounds a year is

_____________ a year.

16) The figure shows the production possibilities frontier for Mario's a pizza and pasta producer.

Draw a point at which the firm achieves production efficiency. Label it Efficient.

???

Draw a point that is attainable but inefficient. Label it Inefficient.

When production is inefficient? ?______.???

A.

the firm can produce more pasta only by only by producing less pizza

B.

there is a trade off between there is a trade off between pizza and pasta

C.

all resources are assigned to tasks for which they all resources are assigned to tasks for which they are the best match are the best match

D.

the firm can produce more pasta without producing less pizza

17) The table shows Robinson? Crusoe's production possibilities.

If Crusoe increases production of berries from 84.0 pounds to 104.0 pounds and his production is? efficient, his opportunity cost of a pound of berries is ____ pounds of fish.

???>>> Answer to 1 decimal place.?

Crusoe's opportunity cost of an extra pound of berries _________ as he produces more berries.

18) The table shows part of? Crusoe's production possibilities.

Possibility

Fish

?(pounds)

Berries

?(pounds)

A

0

4040

B

1212

3636

C

2222

3030

Use the table to fill in the columns on the right and calculate? Crusoe's opportunity cost of a pound of berries as he spends more time picking berries.

??

?>>> Answer to 2 decimal places.

If Crusoe produces? efficiently, his opportunity cost of a pound of berries _________ as he spends more time picking berries.

19) LOADING... Click on the icon to read the news? clip, then complete the following steps.

Draw the PPF for ethanol and other goods and services for the United States. Label it.

Draw the PPF for ethanol and other goods and services for Brazil. Label it.???

Brazil has the comparative advantage in producing ethanol.?

??

Choose the correct statement.

A.

Both Brazil and the United States could gain from specialization and trade because Brazil would get ethanol at a lower price and the United States would get other goods and services at a lower price.

B.

Only Brazil would gain from this trade.

C.

Only the United States would gain from this trade.

D.

Both Brazil and the United States could gain from specialization and trade because the United States would get ethanol at a lower price and Brazil would get other goods and services at a lower price.

20) The people of Leisure Island have 50 hours of labor a day that can be used to produce entertainment and good food.

The table shows the maximum quantity of either entertainment or good food that Leisure Island can produce with different quantities of labor.

An output of 100100 units of entertainment and 150150 units of good food is? ______.

??

A.

sometimes attainable and sometimes? unattainable; sometimes efficient and sometimes inefficient

B.

unattainable and efficient

C.

attainable and efficient

D.

attainable and inefficient

E.

unattainable and inefficient

With a production of 100100 units of entertainment and 150150 units of good? food, the people of Leisure Island do not face a trade off.